What do you need to know about corporate advisory in Singapore?
- Business incorporation services
- Offshore business solutions
- Taxation and compliance advisory
- Strategic planning and expansion
- Financial and accounting solutions
Overview
- Singapore stands out as a premier financial hub, providing an ideal environment for businesses to thrive.
- Navigating the intricacies of regulations, taxation, and strategic growth can be challenging, which is where corporate advisory services come into play.
- At Legatcy, we provide customised solutions tailored to the specific needs of our clients, whether they are starting a new business or seeking to improve their existing operations.
As one of the world’s leading financial hubs, Singapore offers a conducive environment for businesses to flourish. Corporate advisory services guide businesses in navigating regulations, taxation, and strategic growth.
At Legatcy, we provide tailored solutions designed to meet the unique needs of each client, whether they are starting a new venture or seeking to optimise their existing operations. We offer a wide range of services that help our clients to be well-equipped to navigate the market landscape.
Gaining insight into Singapore corporate advisory can empower businesses to seize opportunities and overcome challenges effectively. This article will explore the different aspects of corporate advisory services in Singapore and how they can support your business journey.
Business Incorporation Services
Corporate advisory firms are instrumental in guiding businesses through the incorporation process, ensuring compliance with necessary legal issues such as registration, licenses, and permits. Advisers help secure approval for company names from the Accounting and Corporate Regulatory Authority (ACRA) and prepare documents like the company constitution and details of directors and shareholders.
Businesses must meet specific legal requirements, such as appointing at least one local director and a company secretary within six months of incorporation. The registration process is efficient, thanks to Singapore’s BizFile+ platform, allowing companies to complete registration in a matter of days. Advisory firms also assist with additional services, such as nominee directors, helping businesses establish themselves smoothly in the country.
Offshore Business Solutions
Establishing offshore companies in Singapore offers businesses significant advantages, from tax efficiency to a strong legal infrastructure. Our team at Legatcy assists companies in capitalising on these advantages by structuring offshore entities that minimise tax liabilities and protect assets.
With a competitive corporate tax rate of 17% and extensive Double Taxation Avoidance Agreements (DTAAs), Singapore is an ideal location for businesses seeking tax optimisation. The country’s transparent legal system and regulatory framework also provides a stable environment for foreign investments and intellectual property protection.
Our firm guides businesses through the process of selecting the right offshore structure, maintaining compliance with legal requirements, and facilitating market expansion.
Taxation And Compliance Advisory
As briefly stated above, Singapore’s taxation system is designed to promote a business-friendly environment, offering companies one of the lowest corporate tax rates globally at 17%. Along with this, various tax incentives help businesses reduce their tax burden. The territorial tax system ensures that only locally-sourced income is taxed, while foreign earnings are generally not taxed unless remitted to Singapore.
However, strict compliance with Inland Revenue Authority of Singapore (IRAS) regulations is necessary to avoid fines and maintain smooth business operations. Companies must file both their Estimated Chargeable Income (ECI) and annual tax return, and those revenues with over SGD 1 million are required to register for Goods and Services Tax (GST). Corporate advisers assist businesses in optimising their tax strategies, securing exemptions, and ensuring timely compliance with IRAS to avoid penalties and maximise tax savings.
Strategic Planning And Expansion
Advisers assist in evaluating market trends, examining industry dynamics and monitoring economic indicators to pinpoint growth opportunities. Through comprehensive competitive assessments, they help businesses identify their direct and indirect competitors, utilising SWOT analysis to highlight areas for differentiation and improvement.
At Legatcy, we facilitate the exploration of growth avenues, such as mergers and acquisitions, by evaluating potential targets and formulating effective market entry strategies. We then develop a customised business strategy to focus on specific client requirements with clearly defined objectives and risk management plans to ensure long-term success. With ongoing implementation support, our team tracks progress against key performance indicators (KPIs) and makes necessary adjustments, fostering agility and responsiveness to market changes.
Financial And Accounting Solutions
Collaborating with companies, advisers develop customised accounting systems tailored to their unique requirements. This ensures accuracy and efficiency through integrated HR, Point of Sale (POS), and accounting software. They focus on implementing cost-saving strategies by identifying potential areas for expense reduction and assisting in effective budgeting and forecasting to enhance cash flow management.
Regular internal and external audits help businesses evaluate their financial health and maintain compliance with regulations, fostering truth among stakeholders. Advisers also offer guidance in navigating tax compliance and adhering to financial reporting standards to ensure accurate representation of financial performance. They equip companies with the insight needed to make informed decisions, drive sustainable growth, and improving overall operational efficiency.
Key Takeaway
Engaging with Singapore corporate advisory services helps businesses who are seeking to thrive in a corporate landscape. Our team at Legatcy are dedicated to delivering personalised strategies that align with your business goals while keeping compliance with local regulations.
With Legatcy as your partner, you gain valuable insights and support that can drive your business toward sustainable growth in Singapore. Reach out to us today to explore how our advisory services can support your business objectives.
