ADVANTAGES OF ACCOUNTING SOFTWARE

Social security or Central Provident Fund (CPF) contributions are compulsory for Singapore citizens and permanent residents who are working in Singapore. Foreign persons working in Singapore are not qualified for the CPF scheme. The Central Provident Fund (CPF) is a compulsory savings plan for employees in Singapore. It funds a range of social security schemes, including retirement, healthcare and housing, and is maintained by the CPF Board. Under the Scheme, the employer and employee are required to make monthly offerings at the existing contribution rates which depend upon the wage and age group of the employee. Both are required to make CPF contribution on the employee’s Ordinary Wage and Additional Wage subject to an Annual Wage Ceiling. Prior to 1 January 2016, the wage cap for Ordinary Wage is SGD5,000 per month while the Annual Wage Ceiling is SGD85,000. From 1 January 2016, the wage cap for the Ordinary Wage is revised to SGD6,000 per month while the revised Annual

Singapore tax policy is excellent, and this is why the country is often regarded as the tax haven. Factors like low and competitive tax rates, exemption schemes and a series of tax incentives make the nation more attractive for the foreign investors. Most prominently, the government of the country liberalized the Singapore taxation rules on foreign sourced income. As per the Singapore Tax Act, Section 10(1), the Singapore corporate tax is levied on the income earned from Singapore or received in Singapore from outside the country. Specifically, income earned outside Singapore is subject to taxation in Singapore. However, some exceptions are there. Foreign sourced income is only taxable if it has an office or branch in Singapore. Under the Section 10 (25) of Singapore Tax Act, foreign-sourced income is taxed only when the income is received in Singapore in following ways: The income that is transferred, remitted or brought into Singapore Any amount of income received from

Once you decided to register company in Singapore, it is essential that you know the type of business entity that you want to incorporate. Your decision can influence the amount you pay in taxes , the image and insight of your business among your clients and suppliers, formalities for your business is required to do, the personal accountability you face, the ability to have a loan of money, and the possibility to expand your business. 1. Limited Liability Company A Limited Liability Company (LLC) is a company limited by shares i.e. its liabilities are limited to the amount of share capital. LLC is a business entity registered under the Singapore Companies Act and a separate legal entity from its members. In a LLC, the liabilities of the owners are limited to the assets in the company and their individual assets are protected from business liabilities. A Singapore LLC can be of the following types: Private Limited Company (Pte. Ltd.): This type of LLC is a first choice for a

Singapore Accounting Software aims to simplify business management system, in order to that they develop an inventory software.  It is designed to be as intuitive to use as possible, so after a speedy installation, you’ll be well organized your inventory processes within minutes. The UBS inventory software made by Singapore Accounting Software has the following powerful tools and functions which helps management greatly in their daily operation function. Different level of data access security Real-time update of stock item Multi-currency transactions, Multi-location reporting Multi-delivery order to 1 invoice Assembly of Bill of Materials Detail B.O.M Reporting Multi-Users, company, delivery address Accurate costing method Unlimited formula for stock computation Serial number tracking Forecast quantity of items Multi-level of quick and fast search function of inventory Inventory Profit margin reporting, Inventory aging report Backorder inventory Multi-level