Since the liberalization of its economy, Singapore has tended to its Small and Midsized Enterprises (SMEs) through their tender years. Now, it is the turn of SMEs to reciprocate and take "Brand Singapore" overseas.
(PRWEB) June 08, 2015
SBS Consulting delivers top-of-the-rank Singapore company incorporation services. SBS’s new guide gives useful information to the budding entrepreneurs on the business structures, business plan, registered address for Singapore office, finance, promotion, and marketing, and in acquiring qualified support staff facilities.
“The giants like Google, Facebook, and Yahoo started off as the small companies. They capitalized on their potential and became global entities. The Singapore authorities have recognized this fact. They expect one of them to follow the same path. They have also launched schemes to help Singapore SMEs in taking their business abroad,” said Ms. Meena, the business head of SBS Consulting.
Singapore’s territorial-based taxation system and single-tier corporate income tax compel an entrepreneur to opt for a Singapore company formation ( http://www.sbsgroup.com.sg/singapore-business-formation-company-registration/ ). The startup companies registered in Singapore are eligible for the Start-up Tax Exemption (SUTE) scheme. They benefit from it for the first 3 years of their existence. Their initial chargeable income of up to S$100,000 is tax-free. Their income between S$100,000 - S$300,000 attracts 8.5% of corporate income tax and that above S$300,000, attracts 17% of tax.
The recent changes in the foreign labor policy implemented by the Ministry of Manpower have adversely affected many SMEs. Singapore authorities have taken an initiative to help businesses in reducing their reliance on the costly foreign workforce. They have offered schemes to promote automation in the workplace. It will increase the efficiency and productivity of Singapore businesses.
There are various schemes to deal with the problems faced by the SMEs like restructuring, overseas support and financing, and employee training. The Budget 2015 rated Productivity and Innovation Credit (PIC) as one of the popular schemes amongst SMEs.
“The PIC scheme encourages the SME owners to invest in innovation and productivity improvements. They can choose any of the six qualifying activities identified under this scheme. It offers up to 400% in tax deductions and/or 60% of the invested amount as the cash discount. Singapore authorities have decided to do away with the PIC bonus scheme from the year of assessment 2015. However, they are going to support the PIC+ and main PIC scheme until the year of assessment 2018,” commented SBS Consulting.
Market Readiness Assistance Grant is a very useful grant for the SMEs in penetrating a new overseas market. Singapore Budget 2015 makes additional provisions for the SMEs that want to take their business activities to the foreign shores. For this purpose, the authorities have updated IE Singapore’s grant scheme and raised the funding support level for the SMEs from 50% to 70%.
The International Growth Scheme is a new scheme under which the qualifying Singapore companies will receive a 10% concessionary tax rate on incremental income earned from the qualifying activities.
“These schemes, taken together, signify the resoluteness of the authorities who want to establish Singapore as a name to reckon with to the consumers living abroad. They give a reason to a Singapore entrepreneur to go for Singapore company incorporation ( http://www.sbsgroup.com.sg/ ) and explore the foreign waters,” added Ms. Meena.
About SBS Consulting:
SBS Consulting is a Singapore-based company. The firm takes pride in its professional corporate business services. This Singapore company registration ( http://www.sbsgroup.com.sg/singapore-business-formation-company-registration/ ) firm offers top-notch services like bookkeeping, accounting, auditing, and taxation. Its under-the-one-roof services also include immigration and visa, and GST, ECI, and XBRL filing.
The firm has acquired a large client base in Singapore. The new, small, midsized, and multinationals in the Singapore, choose to hire SBS Consulting to discharge their corporate functions.
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 6536 0036