- Newsletter
- September 17, 2018
The Dubai Financial Services Authority or popularly known as DFSA and the Monetary Authority of Singapore, MAS, jointly got into a Fin-Tech agreement, which would help to provide a better framework for collaboration and referrals done between the teams involved in innovation at both the ends.
The agreement is done to make both the authorities commit to create an environment supporting the steadfast development of various financial services while using latest technology.
The DFSA’s Chief Executive Ian Johnston said, “We are pleased to formalise an agreement with MAS to support the growth of innovation in financial services. Co-operation between MAS and the DFSA will help create synergies and greater understanding between our two markets and will enable FinTech firms to extend their reach globally.” The agreement is based on a referral system that aims to help the authorities in referring various innovator enterprises between their respective innovation and development functions. It also outlines a clear process-map which outlines how to share and utilize information available on innovation in each relevant market.
In addition, the agreement talks about the vision and goals of both the authorities to jointly work on new innovation projects while applying major technologies like digital or mobile payments, flexible platforms (API), distributed ledgers, blockchain, big data, and other latest technologies. MAS and DFSA are also the members of the newly-established Global Financial Innovation Network, GFIN. This network consists of a total of 12 financial regulators and other global organisations. The GFIN wants to carry out joint projects and then share their experiences of various financial advancements to enhance economic stability, reliability, and customer outcomes and inclusion.
There are various regulators from countries like United Kingdom, Australia and Hong Kong as members of GFIN. The GFIN also further builds upon the mutual relationships between each regulator. An example of this is that the DFSA has mutual Fin-Tech co-operation agreements with Investment Commission and Australian Securities, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, and the Malaysian Securities Commission.
These agreements enlarge the on-going association between the MAS and DFSA who have signed an MoU since 2008, which gives administrative co-operation in the banking, insurance and other capital markets. It also helps in a give and take of information for various purposes.
- Newsletter
- September 17, 2018
The United Arab Emirates is known as a country which encourages new businesses in the mainstream media and also in widely-followed surveys done to gauge competitiveness. Many steps and initiatives have been taken in recent months to turn Dubai and Abu Dhabi into places where doing any new business is easy and cost-effective and where people can start and run their own businesses without any hassles.
Openness for business
Recently, the UAE Cabinet announced a couple of major amendments.
1. Guidelines for Long-Term Residency Visas
As per the new visa regulation, 10-year residency visas will be offered to professionals and experts in medical, Science, research and other technical fields, and also for all innovators. It will also include a five-year residency visa for all the students living and studying in the UAE and it could be extended for up to 10 years for ‘exceptional students’.
2. 100% or Complete Foreign Business Ownership
This step was like a master stroke, which will give a push to the economy and also pull in more foreign investments. The announcement said that UAE will now allow global investors in some sectors to completely (100%) own their company by the end of this year.
As of now, the foreigners were permitted to own up to 100% of their enterprise by business set up in Dubai free zone or choosing one of the various Free Zones in the UAE; or else, the limit for foreign ownership in UAE was set at 49%.
This proves that the UAE government aims to remain as the global leader and also as the “business hub” for global investors, thus making company registration in Dubai attractive.
More Steps to Cut Down the Business Costs
Corporate Fines Slashed
In May end, the Dubai’s Department of Economic Development (“DED”) talked about Decree No. 20 of 2018, which gave exemption to various companies, which function in the Emirate, from paying the fines that were imposed on them, and which also helped in the renewal process of licenses. HE Sami Al Qamzi, who is the Director General of Dubai’s DED, said that [the Decree] will prove beneficial as it will increase the financial advantages of the business owners whose licenses have expired, restore the needed legal records and licenses, and assist the entrepreneurs in Dubai to improve their competitive edge.
It was further clarified that this waiver of the fines was applicable to fines issued before 14 April 2018. Companies, which have received fines since that time, can pay the pending amounts owing in installments by a special arrangement with the DED. The businesses were given a timeline till the end of this year for renewal of their licenses to run their business in Dubai.
Added Benefits
3 Year AED 50bn Stimulus Package
The Executive Committee of the Abu Dhabi Executive Council also spoke about a three-year AED50 billion (US$13,624 million) financial stimulus proposal.
The plans for the project, with a goal to support Abu Dhabi’s financial development by coming up with 10 major initiatives was announced. Some of these initiatives are detailed below:
- Abu Dhabi Office Space Exemption: All new enterprises, which register themselves in Abu Dhabi are exempt from the obligation of needing an office space here for up to two years.
- Boosting Development and Competitive Edge: Various new partnerships in public-private sectors in the Emirate of Abu Dhabi: The proposals marked for the 3Q18 also talk about motivating and organising local production and providing support to SMEs to enhance their competitive edge in domestic market, in addition to the issuance of dual licenses for enterprises in Abu Dhabi Free Zones to help them to operate outside of the free zones and to contribute in the government tenders.
- Instant Licences: In Q4 of 2018, the Executive Committee will come out with its plan for the execution of instant licensing systems in the category of commercial licenses and all services that the Government provides. This is in addition to the reassessment of the building guidelines for infrastructure, housing properties, commercial spaces and also industrial sectors, as well as the developmental needs and community facilities of other housing areas in Abu Dhabi, Al Ain and Al Dhafra.
- Newsletter
- September 17, 2018
Have you heard that Ajman Media City Free Zone is the newly-made free zone in the UAE? Ajman Media City Free Zone has its headquarters in the Emirate of Ajman and is established with the goal of taking care of the dreams of new entrepreneurs and enterprises from across the globe.
Ajman Media City Free Zone is committed to start a new archetype in the media free zone space of the UAE and thus catalyze the demand of Ajman to grow as the new investment destination.
The AMCFZ is developed as a user-friendly zone, which will make the emirate of Ajman as one of the top international economic destinations for all the investors and enterprises, which is also the vision of Ajman 2021.
The go-ahead on no-deposit regulation offers motivation to new entrepreneurs:
This path-breaking decision eliminated all the security deposits, which were earlier taken to pursue visa process for new enterprises and companies who decide to base themselves in Ajman Media City Free Zone. The aim is that new entrepreneurs can get considerable benefits commercially and also don’t face any hassles in setting up a new company in UAE.
There are many challenges that any new investor faces while establishing a new venture like the expenses of setting up, the guidelines and regulatory necessities, and accessibility of a sustainable framework, which helps in setting up and function effortlessly.
Strategic Collaborations in Major Global Markets
While talking about latest developments in the global markets, the Executive Director of the AMCFZ, Mahmoud Khalil Al Hashemi said, “In India, we have successfully created long-term alliances with two of the largest media conglomerates, The Times of India and Hindustan Times. A MoU has been signed with The Hindustan Times already and the second MoU with the Times of India Group will be finalised soon. As part of the collaboration, the AMCFZ will identify value propositions, projects and events that can be localised for the UAE market and be brought to Ajman.”
Likewise, Egypt is another major market for the Ajman Media City, AMC. Over the coming months, the AMC is going to connect with some other major markets globally and conduct some road shows, presentations and also business visits with an aim to reinforce the relationship with various regional nations. The free zone is also getting a positive feedback globally and the exclusive services that AMC is offering will also propel the growth of Ajman, while enabling the emirates to enhance its role to bring a huge boost economically in the UAE.
Features of Ajman Media City Free Zone:
- The presence of clients is not needed
- The entrepreneurs can own their business completely or 100%
- 100% repatriation of the investment and profits
- No levying of corporate or personal income tax
- Multiple business activities can be done under a single license
- The license is issued within one day
- Easy registration process
- Permission to set up the business without issuing a visa
Types of enterprises in Ajman Media City Free Zone:
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch of a Local Company
- Branch of a Foreign Company (BFC)
How can you set up a company in Ajman Media City Free Zone?
IMC is one of the few leading business consultancies in the UAE, which is known for offering you hassle-free, trustworthy corporate services. Our professionals can assist you in establishing a Freezone company in Ajman Media City or business set up in Dubai free zone.
Our professional consultants have the required know-how to set up and manage the functioning businesses in the free zone and help you with company formation in Dubai. Our experts will help you at each step and guide you in the end-to-end process of establishing a Freezone entity without any glitches.
- Article
- September 14, 2018
Oman is one of the most dynamic countries in the Arabian Peninsula. The rapid growth in the economy has helped Oman to perform better than the other countries. Oman is very reliant on its oil assets but now this business is not as attractive as it was before. Therefore, Oman has opened its doors for foreign investment and new industrial set up to build themselves as a stronger nation.
This has resulting in an inflow of a lot of companies in Oman. This article will focus on the procedure of registration of a company in Oman.
The following are the basic requirements for company registration in Oman:
- There must be minimum 2 shareholders
- There must be minimum 1 director of any nationality
- The company must have a registered office
- The minimum capital required is OMR 150,000
- Identity card and a copy of the passport of the all shareholders and signatories
- The certificate from the bank of initial capital deposit
- Approved signatory form having signature and names of all the authorized signatories
- Documents relating to company formation in Oman
- Forms for company registration
- Company Statues
- Certificate of Chamber of Commerce and Industry affiliation certificate
Steps to Register a Company in Oman
Step 1:
The first step for a non-resident to register a company in Oman is to secure a name for the company. The name must be one of a kind and it should not have words or terms that are denied in Oman. The name must be approved by the Ministry of Commerce and Industry. If the name is not acknowledged, the investor must submit a new alternative name.
Step 2:
After the approval of the name, the company must deposit the required capital of the business with a local bank. If the sum is not deposited, the further registration proceedings of the company will be kept at halt.
Step 3:
There are many sorts of activities that an outside business can do in Oman. This step involves applying for business licenses or permits depending on the type of business that you undertake. This is an important part of company registration as the rules related to an industry would be determined on the basis of the business permit.
Step 4:
In this step, the foreign company must submit the documents of their organization to the Tax branch of the Finance Ministry.
Step 5:
In this stage of company registration, the organization is referred for getting a Municipality License.
Step 6:
The next step for enrolling a foreign company in Oman is registering itself with the Royal Oman Police. It is a compulsory activity for any foreign organization.
Step 7:
The foreign company must register itself with the Ministry of Manpower. This is done so that the government authorities have the data of how many local workers is the foreign company willing to hire and how many expats work in the organization.
Step 8:
In this step, the company enrolls for representatives’ social protection for getting social protection.
Step 9:
This is the last step for registering a company in Oman. The company must make an organization seal containing the name of the organization and organization logo. This will conclude the registration of the company as a foreign private limited company.
The above mentioned steps will help you easily float a company in Oman.
IMC Group provides the services of registration of a company in Oman. With our service and advice, a foreign investor can set up a business entity in the country. We ensure that the company registration process in Oman is quick and a hassle-free experience for you. For more information, you can get in touch with us and we will be happy to assist you.
- Article
- September 11, 2018
Singapore has always received good attention when it comes to Foreign Direct Investment (FDI). The liberal and competitive tax policies are one of the major contributors for inviting FDI in the country. In order to attract investments and rapid growth, the government of Singapore has introduced several policy measures like Tax Exemption Scheme, SME Cash Grant, Corporate Income Tax Rebate and Product & Innovation Credit (PIC) Scheme.
With various tax exemption schemes in place, more and more businesses are eyeing to set up business in Singapore. This in turn is giving rise to consulting firms providing taxation services in Singapore.
If you are planning to set up your business in Singapore, here are few things which can help you to save your taxes.
Let us first know the eligibility criteria to avail the tax exemptions for new start-ups in Singapore.
Eligibility Criteria
In order to be eligible for tax exemption scheme, the following conditions must be fulfilled:
- The incorporation of the company must be in Singapore
- The company must be a tax resident in Singapore
- The company should not have more than 20 shareholders
- The company should not be a property developing company or an investment holding company
Let us learn about the different tax benefits in Singapore.
Tax Benefits in Singapore
- The corporate tax rate in Singapore has been reduced from 20% to 17% since 2010. The lower tax rate attracts foreign companies to conduct business activities in Singapore.
- Businesses in Singapore get the benefit of claiming 100% tax exemption if the business income is under $ 100,000. Moreover, businesses are exempt of 50% tax on the next $ 200,000.
- To help the entrepreneurs overcome the tax burden, the Singapore government has introduced Tax Exemption Scheme with a lot of incentives in the Assessment Year of 2005.
- Companies can claim capital allowances to reduce tax liability. The claim for capital allowance can be made 100% on the assets.
- Product and Innovation Credit is a new scheme implemented by the Singapore government that allows claiming enhanced capital allowances of 300% instead of 100%. This new scheme is efficient in reducing the tax cost for a company.
All the above exemptions and benefits have resulted in the rise of SMEs and other businesses in Singapore. The local government is making constant efforts to make the tax structure more lucrative for the investors and business entrepreneurs. The tax reforms in Singapore have led to a boost in the growth of the economy and employment.
How Can We Help?
IMC Group provides taxation services in Singapore. We are a well-established organization offering services like accounting, payroll, taxation, etc. to business enterprises in Singapore.
With our expertise, business enterprises can avail the right tax exemptions available to them. We ensure that our services lead to savings in the tax expenses of the company. You can approach us for further information by mailing us or giving us a call on our registered number.
- Article
- September 11, 2018
Singapore surely seems like a green pasture for everyone who is thinking business. Its geographic location, international connectivity and transport infrastructure and business-friendly laws make it a great choice for various companies and also individuals who want to start their own dream business. Today, Singapore is touted as an Asian hub for various global industries, which include finance, communications and also shipping. It also acts as a centre for the oil industry and has done big investments in this field. Other than that, Singapore has ample research facilities into microelectronics, biomedicine and is hence a heaven for STEM professionals. In addition, Singapore also boasts of a regulatory framework, which supports business owners and people thinking of company formation in Singapore. Another important point is that this country offers a better standard of living for expats and that surely is a big way to attract them. Today, the world is becoming smaller with the use of additional communication channels and affordable transportation. The number of people who are ready to move out of their home country to start their own business, is increasing day by day.
As per the World Bank Report 2018, Singapore ranks at the 2nd position when it comes to ease of doing any business. This ranking is a big motivator to many entrepreneurs who are thinking of start-ups. And thus, Singapore keeps luring business owners company registration in Singapore from India.
Is this question of how you should go about registering a company in Singapore bothering you? Believe us on this; it’s is not at all a big thing. The process to register a new company in Singapore is very simple and streamlined. Even if you decide to register a company in Singapore from India, you can easily hire a good incorporation services provider to do the same for you.
You can decide for any business structure to register your enterprise depending on whether you are an individual or a corporation. The business structures you could opt from are:
- Private Limited Company (Pte Ltd)
- Sole Proprietorship
- Limited Liability Partnership (LLP)
- Subsidiary Company
- Branch Office
- Representative Office
How it works?
Singapore is the right choice to establish your dream business. Having said that, you should be ready with your unique business idea, detailed plans, campaigns for marketing your product or services, and required market surveys or research results. You must be sure of your targeted customers too.
Mostly, Indian entrepreneurs go for a company set up in Singapore to do their business in India. They usually consider registering a subsidiary company in India, which can utilize the cost-effective talent pool of professionals available here.
The subsidiary has to pay the dividends to its parent company based in Singapore. The good part is that the dividends earned are exempted from taxes according to the trade treaty done between India and Singapore.
Concessionary Tax Rates under GTP, RHQ and IHA Schemes
Singapore government has come up with many campaigns to lure and invite foreign investors and corporate. They offer many concessions to entrepreneurs who go in for company registration in Singapore. Many Indian companies also gain advantage out of these schemes after they relocate their head office to Singapore.
Some of the popular schemes are Global Trade Program (GTP), the International Headquarters Award (IHA), and Regional Headquarters Award (RHQ).
- RHQ scheme – Entrepreneurs get a tax rate of 15% on their income from some listed activities for consecutive three years. They are permitted to enjoy these concessionary benefits for additional two years, provided they meet some prescribed conditions
- International Headquarters Award (IHA) – If they qualify for IHA, they get even lower tax slabs of 10% or 5%. But, they have to exceed the criteria mentioned for the RHA by a huge margin
- The global trader programme (GTP) – This scheme offers incentives to entrepreneurs who have Singapore as their regional base. They get 10% or 5% concessionary tax slab on their qualifying income
Treaties are very conducive to Cross-Border Trade
Foreign Tax Credit Scheme (FTC)
Singapore Corporate Tax
The corporate tax in India ranges between 25%-29%. In addition to this, these businesses have to pay some other charges like cess and surcharges.
However, Singapore surely promises many advantages over India because its corporate tax lies between 0%-17%. This island nation also gives various tax incentives, exemption schemes and rebates, which lowers the tax paid by the Singapore companies to 8.5%-9%.
Another fact is that the Singapore government encourages start-ups and exempts their initial chargeable income of up to S$100,000. The existing companies also enjoy a rebate of 30% in the corporate tax. Besides that, the goods and services consumption in Singapore is taxed uniformly at 7%.
In addition, Singapore is a politically stable country with liberal taxes, strong communication networks, best-in-class infrastructure, and also dependable connectivity with other parts of the world through sea and air. Therefore, you should harbor no doubts when planning company formation in Singapore.
- Article
- September 6, 2018
Saudi Arabia is one of the richest and developed countries in the entire world. The county also ranks among the 25 largest economies in the world along with being the largest economy in the Middle East and North Africa Region. Moreover, it is one of the fastest growing countries in the world with the per-capita income projection of USD $33,500 by the year 2020.
Apart from being a developed economy, Saudi Arabia also enjoys cost advantage owing to the low domestic cost of energy and industrial land in the region. The Saudi government also plays a significant role in encouraging private investors and other GCC and MENA economies to invest in the kingdom by offering subsidies, incentives and duty-free access. All the above factors make Saudi Arabia an attractive place to do business.
Although the primary source of revenue for the oil-rich country is generated from the oil production sector and its sub-sectors but with the Vision 2030, times are changing and there is a significant shift from oil production sector to the investment in the other business sectors. Now there are huge opportunities for investors in many other sectors.
If you are interested in investing in Saudi Arabia and are looking for the best business ideas to start, we can help you out. We have curated a list of 7 most profitable business ideas and opportunities in Saudi Arabia. You can get inspiration from these money-spinning businesses ideas and dip your feet in.
Business Investment Opportunities in Saudi Arabia
- Financial Services
The banking sector in Saudi Arabia is very stable and has not experienced much turmoil even at the time when there was a global financial crisis. Moreover, the Saudi Stock Exchange (Tadawul), which is presently the largest in the Gulf region is actively looking for foreign participation. It is eyeing to develop the derivatives market and start up a future market to sell the products other than just oil.
- Professional Services
There is a constant demand for professional services in Saudi Arabia in the field of finance, engineering, medical, nursing, etc. The competition in the market is low because of the shortage of competent professionals from the domestic market, which makes it a good sector to enter into.
- Agriculture Business
The soil and climate of Saudi Arabia does not support the cultivation of majority of crops and therefore most of the agricultural produce that is consumed in the country is imported from neighbouring countries. However, few crops like date palms, wheat, barley, etc. survive in spite of these harsh climatic conditions and can be cultivated indigenously. There is a lot of demand for these crops and hence there is immense scope in doing agriculture business of either cultivation or import.
- Healthcare Business
Healthcare is a flourishing sector in Saudi Arabia owing to the government support and funding. Moreover, the country has one of the largest markets for medical equipment and healthcare products in the entire Middle East. Seeing the huge opportunity, you can invest in the healthcare sector.
- Solar Energy
The extreme hot climate of the country compliments the production of solar energy. In order to reduce fuel pollution, the government is also encouraging investment in the solar power creation as an alternative source of power. It makes for a great business opportunity and you can invest in the production and sales of solar panels, solar installations, etc.
- Water and Wastewater
Water is a scarce resource in Saudi Arabia due to the hot climatic conditions. Moreover, the country uses a lot of energy to generate water which in turn creates a carbon impact and is not good. This leads to a growing demand for new sources of water and finding ways to efficiently use water. You can take the advantage of this opportunity and start a business related to the water and wastewater sector.
- Education
The country spends a lot on the education sector. The Saudi government takes active participation in educating young Saudis by building new educational institutes and funding overseas degrees and training programmes. The government is, therefore, encouraging foreign investment in education to meet the growing demands.
The above mentioned are few of the profitable and booming business ideas in Saudi Arabia. Apart from the above, you can also start a business in construction, mining, Information Technology, security and defence sector.
The process for company registration in Saudi Arabia is very simple and hassle-free. You can get in touch with IMC Group for any help related to starting up a business in Saudi Arabia.
- Article
- September 6, 2018
Bahrain is truly a cosmopolitan, which has a modern and liberal approach, and is a haven for entrepreneurs. Being single-mindedly focused on economic diversification, Bahrain is the perfect choice for investors because of various competitive advantages it offers.
The upward trend in investments in Bahrain:
The statistics show that Bahrain has been one of the fastest growing economies in the GCC showing a growth of 3.9%. This upward trend comes with the fact that the non-oil sector expanded by around 5% in the year 2017. In addition, Bahrain’s location is another advantage, as it offers convenient connectivity by road, air and sea to all the expanding $1.5 trillion Gulf economies. Add to it the fact that Saudi Arabia is only a 30-minute drive, all the business set-ups here get the advantage of the most competent gateway to the area’s largest market.
The data shows that the total foreign investment done in Bahrain last year crossed the $730m mark. Bahrain also won the title of Expats’ favorite destination to live and work in the year 2017. This rank is also proven by the fact that the total expats working and dwelling in Bahrain are much more than the Bahraini citizens. Let’s see some more important factors and amendments that could affect the incoming foreign investment in Bahrain.
The law regarding Bahrain residency sponsorship:
The law dealing with the residency sponsorship laws acts as a major influence affecting the investments flowing into Bahrain.
To help further economic growth, the Kingdom of Bahrain is coming up with a new residency sponsorship law. A very similar residency law has been already announced by UAE and Qatar to deal with the negative impact of falling oil prices since 2014, and also to encourage higher volumes of foreign investments with the help of newer policies.
To understand this better, let’s take a quick look at the existing Residency sponsorship law operating in Bahrain.
The differences between the old and new residency sponsorship laws:
Presently, Bahrain residency sponsorship can be easily extended to up to three years to a max. The new residency sponsorship, however, can be extended up to 10 renewable years.
In line with this, Qatar also plans to let the expats living there to enjoy the rights to have permanent residency sponsorship. UAE too announced that the new residency law will allow the foreign investors to have 100% ownership of a company.
New regulations of Bahrain:
As per World Bank’s report in 2017, the Kingdom of Bahrain ranks as the world’s 66th best country to set up and run a business in. It also scored very high on various other important factors such as ease of starting or setting up a business and fetching construction permits, electricity, etc.
Bahrain has also taken some major steps or changes by launching Bahrain’s Real Estate Regulation Authority (RERA) in the month of March 2018.
The main purpose of RERA is to oversee Bahrain’s property market, which is the kingdom’s main economic sector. RERA has taken many important steps to achieve its aim in initial few months like putting regulations around the real estate investments in Bahrain, planning advanced training and development courses for real estate professionals and managing investors’ complaints in a better manner.
The kingdom’s non-petroleum economic sectors:
The GDP of the kingdom has gone up by 3.9%. This proves the sustainable growth rate that this nation has been able to maintain over the past few years. The GDP growth rate last year was 3.6% as compared to 3.2% growth rate in 2016.
There are numerous reasons for this increasing growth rate including kingdom’s ever-increasing concentration on developing the non-petroleum sectors as they contribute about 80% of the GDP, and which also have shown a growth of 5% in 2017. The data shows that in 2017, the kingdom’s tourism and hospitality sector grew by 9.5%, the real estate sector expanded by about 5.5%, and the financial services’ sector expanded by approximately 5%.
What’s the future of investments in Bahrain?
Due to all the positive moves, we can say that the foreign investments flowing into Bahrain will continue at an increasing pace in the coming years.
Having said that, the GCC region is also a dynamic and competitive region, which offers multiple attractions for investors. Therefore, it is imperative to offer solutions to existing roadblocks and also adopt various initiatives, which can help to get ahead the competitors.
Let’s take an example here. Talking about the new residency sponsorship laws; extending the duration of the residency sponsorship of Bahrain to a maximum of 10 years is surely a winning step. However, if we see the example of UAE, it has gone an extra mile by enabling foreigners to enjoy 100% ownership of its companies.
This year has seen some crucial changes and updates in the economy of Bahrain and it is quite predictable that there are some more changes planned in the near future.
- Article
- September 5, 2018
With so much on their plate, the business owners and management nowadays prefer hiring a good accounting service provider for small business in Singapore. This eases their pressure regarding compliance-related tasks in a big way.
Outsourcing Accounting Services
Earlier, only big multinational organizations engaged with professional accounting services to get their non-core tasks done. But nowadays even smaller businesses are following suit and hiring accounting services for small business in Singapore because it helps in optimizing one’s business output and performance. The third-party accounting service-provider also helps in accurate calculation of taxes, financial statements, payroll and making other important reports. This also impacts the way your business grows.
Engaging with an accounting service-provider if you have a small business in Singapore is that as a new set-up, you would not need to form an in-house department for these requirements and hence will save cost. Hiring employees could be expensive as you need to pay salary and benefits, and it also requires other expenses like a bigger infrastructure. Outsourcing accounting services will save you from dealing with regular amendments and changes in various rules and regulations, employee absenteeism or resignations, other problems like buying latest versions of accounting software etc.
Other Accounting Services Benefits and Best Practices for Small Businesses
Enhanced Efficiency and Productivity – Outsourcing accounting services enables proper management and control of inventory and hence results in efficient
- Article
- September 1, 2018
What is an Employment Pass (EP)?
Those individuals who seek to be employed as a manager, executive or specialist in Singapore must apply for an Employment Pass. It is issued by Singapore’s Ministry of Manpower (MOM) to the foreign applicants. With this visa, the applicants can live and work in Singapore. They are also allowed to travel in and out of Singapore without applying for entry visas.
Let us know who is eligible for Employment Pass.
Eligibility for an Employment Pass
Application for an Employment Pass is open to all nationalities. However, the foreign professionals are eligible for Employment Pass if:
- They have a job offer in Singapore
- Their job is specialised, managerial or executive
- They earn a monthly minimum salary of $3,600. The salary for experienced applicants needs to be further higher
- They have qualifications which are acceptable like a degree from the university, specialist skills or professional qualifications
Different Employment Passes and Eligibility Criteria
There are different types of employment passes namely P1, P2 and Q1. Let us understand each of them in detail.
- P1 Pass
To apply under P1 Pass category, individuals are required to have a monthly salary of $ 8,000 or above. They must have professional and academic qualification. Family members including parents, spouse and children can accompany P1 Pass holders. Family does not include parents in law.
- P2 Pass
To apply under P2 Pass category, individuals are required to have a monthly salary of $ 4,500 or above. Educational qualifications and family criteria are same as in case of P1 Pass.
- Q1 Pass
To apply under Q1 Pass category, individuals are required to have a monthly salary of $ 3,000 or above. If the applicant wishes to bring his/her spouse and children, he must earn $ 4,000 or more. Parents and parents in law are not allowed for applicants under Q1 Pass. Educational qualifications required are the same as in the case of P1 Pass.
Application for Employment Pass
The application for Employment Pass can be submitted only by the employer or an authorised employment agent. The processing time for an online application is about 7 working days. A manual application takes about 5 weeks of processing time. To make the entire process easy and hassle-free, IMC Group visa services in Singapore are helpful while submitting the documents along with Employment Pass application.
Now let us learn about the options available in the scenario of rejection of Employment Pass application.
Rejection and Appeal for Employment Pass
The number of applications getting rejected for Employment Pass has been on increase since 2014 due to stricter norms. If the reason for rejection is addressable then it is advisable to appeal. The appeal must be made within 3 months of the application rejection. The employer or authorised third party who submited the application holds the right to appeal. The only mode to make an appeal is online and it takes at least 3 weeks to process.
How Can We Help?
IMC Group provides immigration services in Singapore. We offer a full spectrum of work visa processing services including reviewing your candidacy, applying for your work pass, tracking your application, acting as a liaison with MOM and processing work pass renewals. We ensure that the applicants have a smooth and hassle-free experience while submitting application for Employment Pass.
Secure your work visa with us. For more information, you can reach us via email or phone.
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