- ARTICLE,SINGAPORE
- August 27, 2024
Forward-thinking entrepreneurs in Germany look to establish their businesses in Singapore, as the country offers a host of commercial opportunities. Singapore continues to enjoy its reputation as a global business hub. The strategic location of Singapore, strong legal framework, and robust ties with Germany make it a lucrative destination for German businesses.
However, the process of company setup in Singapore is simple and requires entities to understand the legal compliances. In this article, we have comprehensively discussed the process of establishing your business in Singapore.
5 Reasons Why German Companies Look to Start a Company in Singapore
1. Strategic location
The strategic location of Singapore in Southeast Asia draws established firms and startups from Germany. The country is positioned as a gateway to the Asia-Pacific region and offers seamless access to fast-growing markets like India, China, and the ASEAN countries.
Singapore is a central hub for global trade, with some of the busiest sea and air routes in the world. Thus, German businesses can efficiently manage supply chains, distribution networks, and logistics operations across Asia.
2. Business-friendly environment
3. Robust legal framework
4. Attractive tax system
German businesses can take advantage of various tax incentives like the Pioneer Certificate Incentive and the Development and Expansion Incentive. This significantly reduces the effective tax rate for qualifying companies.
Most importantly, businesses in Singapore need not pay any capital gains tax. The government has signed numerous double taxation treaties, including one with Germany.
5. Hub for innovation and technology
Singapore is a leading innovation and technology hub in Asia, attracting German brands known for their research and development. Thanks to the Smart Nation initiative of the government and support for sectors like clean energy, biotech, and fintech crafts an environment conducive to the growth of foreign businesses.
German companies are primarily known for their excellence in engineering and technology. They can collaborate with local and regional partners, access government grants and incentives for R&D, and stay at the forefront of technological developments in their industry.
A Step-By-Step Guide for German Enterprises to Set Up a Business Singapore
1. Choose the right business structure
At the outset, German entities need to choose the most appropriate business structure in Singapore. A private limited company is the most popular choice for foreign enterprises, including Germans. This type of company is a separate legal entity. Thus, it limits the liability of its shareholders and directors to their investments. A private limited company can have 1-50 shareholders, with at least one director who must be a resident of Singapore.
With this structure, German entrepreneurs enjoy flexibility in ownership and management, besides remaining protected in terms of liabilities. Depending on your business needs, you might also consider other structures like a limited liability partnership or sole proprietorship, though these come with different risk profiles and obligations.
2. Appoint a local agent
Foreign entrepreneurs, including Germans, need to appoint a local rate service provider or a registered filing agent to incorporate a business in Singapore. For non-residents, there is no option for self-registration in the country.
Working closely with a local agent, German companies can streamline the incorporation process, fulfilling all the legal and regulatory requirements. The agent will help you file the necessary documents, comply with the Companies Act, and maintain statutory records. Besides incorporation, the local agent can provide valuable assistance with key tasks like opening a corporate bank account and applying for business licenses and permits. Reputed professionals like the IMC Group also coordinate with German enterprises to manage ongoing compliance like filing tax and annual returns.
3. Apply for a work pass
If you plan to relocate to Singapore to manage your business, you to obtain a valid work pass. In this regard, the Employment Pass and the EntrePass are the most common options.
The Employment Pass is designed for foreign professionals with managerial, executive, or specialized skills. It requires a minimum salary threshold and is generally easier to obtain if you have strong qualifications and experience.
On the other hand, the EntrePass is tailored for entrepreneurs with innovative and scalable business ideas. This pass has specific criteria related to your business plan, innovation, and potential economic contribution to Singapore.
4. Take advantage of bilateral and regional ties
Germany and Singapore have a strong economic partnership. With professional guidance from leading consultants, German companies can take advantage of these treaties. Both countries are signatories to the European Union-Singapore Free Trade Agreement (EUSFTA). Thus, you can take advantage of tariff elimination, reduced non-tariff barriers, and enhanced market access for goods and services.
Both Singapore and Germany are members of the ASEAN-EU Business Council. Naturally, this promotes trade and investment opportunities between the regions. German entrepreneurs can also tap into support from organizations like the Singaporean-German Chamber of Industry and Commerce, the German Centre for Industry and Trade, and the German Embassy in Singapore. These institutions offer networking opportunities, market insights, and guidance tailored to German companies operating in Singapore.
Consult Business Setup Experts for Comprehensive Assistance
- Article, U.A.E
- August 21, 2024
As a South Korean entrepreneur, you must be eyeing an expansion into the Middle East to tap the global opportunities. Dubai continues to be a lucrative destination as a focal point of businesses, offering a business-friendly environment and world-class infrastructure. Dubai also shares strong economic ties with South Korea.
Entrepreneurs in South Korea looking for company formation in Dubai will find this guide helpful. We have comprehensively discussed the legalities, license requirements, and procedures to set up a business in Dubai in this article.
- Why Choose Dubai as a Business Location?
- Different Business Structures in Dubai
- Types of Trade Licenses in Dubai
- Steps to Set Up a Business in Dubai
- Documents Required for Business Setup In Dubai
- Crucial Things to Consider While Setting Up a Business in Dubai
- Get Expert Assistance for Setting Up A Business In Dubai
Why Choose Dubai as a Business Location?
1. Strategic location
2. Business-friendly environment
3. World-class infrastructure
4. Government initiatives
5. Economic ties between UAE and South Korea
Different Business Structures in Dubai
During the business setup in Dubai South Korean entrepreneurs can choose between two main structures.
- Mainland: Businesses in the mainland of Dubai can trade both locally and internationally. The process is straightforward, with the option to apply for a business license in just one day. Mainland companies allow broader access to the local market but require a local sponsor who owns 51% of the business.
- Free zones: New companies in South Korea that expand to Singapore can ideally set up their ventures in the free zones. Here, enterprises can enjoy several benefits like tax advantages and simplified procedures. Some of the popular free zones in Dubai are the Dubai Silicon Oasis, the Dubai Airport Free Zone (DAFZA), and the Jebel Ali Free Zone (JAFZA).
Types of Trade Licenses in Dubai
The Department of Economic Development (DED) in Dubai issues four types of business licenses:
- Commercial License: For trading businesses.
- Professional License: For service-oriented companies.
- Industrial License: For manufacturing and packaging businesses.
- Tourism License: For businesses in the tourism sector, issued jointly by DED and the Department of Tourism and Commerce Marketing (DTCM).
Steps to Set Up a Business in Dubai
Determining the Type of Business
Choose a trading name
Obtain a license
Working closely with one of the reputed business setup consultants in Dubai, entities need to apply for the relevant business license. This depends on whether you are operating in the mainland or a free zone.
Register and incorporate your business
Obtain a Business Visa
Documents Required for Business Setup In Dubai
South Korean enterprises need to furnish the following documents as a part of their business setup process in Dubai.
- Passport copies of shareholders and directors
- Visa copies (if applicable)
- Business plan
- No Objection Certificate (NOC) from the sponsor (if applicable)
- Proof of address
- Memorandum of Association and Articles of Association (for company formation)
Crucial Things to Consider While Setting Up a Business in Dubai
Banking Options
On-going Compliance and Support
Get Expert Assistance for Setting Up A Business In Dubai
- Article, U.A.E
- August 21, 2024
- Why Do You Need ICA Smart Services UAE
- Essential Things About ICA Smart Services UAE
- How to Use Smart Services from ICA in the UAE
- What ICA Smart Services Can Do for You UAE
- What Part ICA Smart Services Play in Setting Up A Business In Dubai
- The Golden Visa and ICA Smart Services
- How To Find Out About Your Visa Status
- How To Ask for An Extension On Your Visa
- How Does ICA Smart Services Help You Get a New Visa
- How To Get an Exit Permit
- How To Cancel Your Visa Through ICA Smart Services
- How Can You Keep Track of Your ICA Smart Service Application
- Conclusion
Why Do You Need ICA Smart Services UAE
The ICA Smart Services platform is now available under the United Arab Emirates Federal Authority for Identity and Citizenship (ICA). It simplifies access to and efficiency of many government services. The UAE’s more excellent strategy is to make more digital calls for this website. The aim is to make applications for visas, residency permits, and other relevant services readily available for individuals and businesses.
ICA Smart Services are available to everyone in the UAE, including non-residents. It allows them to handle their residence and immigration requirements from far off. Among the several things the tool enables you to accomplish are applying for and renewing an Emirates ID, obtaining an entrance permit, or renewing a visa.
Essential Things About ICA Smart Services UAE
Visa and Residency Services
Emirates ID Services
Residency Visa Services in Dubai
Golden Visa Applications
Payment and Fee Management
Document Verification and Attestation
How to Use Smart Services from ICA in the UAE
Step 1: Create an Account
Step 2: Login and Navigate the Dashboard
Step 3: Select the Desired Service
Step 4: Complete the Application
Step 5: Make Payment
Step 6: Track Your Application
What ICA Smart Services Can Do for You UAE
Convenience and Accessibility
Time Efficiency
Secure and Transparent Transactions
Real-Time Updates
Support for Multiple Services
What Part ICA Smart Services Play in Setting Up A Business In Dubai
Facilitating Business Setup
It is essential to have the ICA Smart Services tool for business setup services in Dubai. It makes applying for visas, resident permits, and document proof easier. The tool lets business owners handle their visas and their workers. For a smooth setup process, it ensures all the paperwork is in order.
It is beneficial that the platform can run multiple apps simultaneously. It’s helpful for companies that need to hire a lot of people. ICA Smart Services frees business owners to focus on the more essential parts of their business by easing the load of paperwork.
Supporting Entrepreneurs with Residency Visa Services
Long-term residency cards for themselves and their families are frequently necessary for entrepreneurs looking to create a business setup in Dubai. There is an easy way to apply for and update residency cards through ICA Smart Services. These things make it easy for business people to live and work in Dubai and grow their companies.
In addition, the website lets people apply for the UAE’s Golden Visa. It is a long-term residency choice that investors and business owners like.
The Golden Visa and ICA Smart Services
Understanding the Golden Visa
It is possible to get a Golden Visa every year for a long time. People from other countries can live, work, and go to school in the UAE without a national backer. In most cases, the visa is good for five or ten years. It depends on whether the application meets the requirements.
The Golden Visa is available to people in the following groups:
- People who put money into real estate or public investments
- Business leaders and entrepreneurs
- People with specific skills, like doctors, engineers, and scholars
- Outstanding students and graduates from colleges in the UAE
Applying for a Golden Visa
- Eligibility Check: People who want to apply for the Golden Visa must make sure they meet the requirements before they do so. It includes having specific interests, running a business, or having skills that the UAE government recognizes.
- Document Submission: Those applying must send in the supporting papers. Some examples are financial certificates, college credentials, and job contracts. The ICA Smart Services platform makes it safe to share these files.
- Application Review: After being sent in, the proper officials look into the UAE application to ensure it meets all the requirements. In real-time, the tool lets applicants see how their entry is going.
- Approval and Visa Issuance: The individual gets the Golden Visa if approved. It lets them live in the UAE permanently. You can refresh the visa when it runs out if you still meet the requirements.
How To Find Out About Your Visa Status
- Log in to ICA Smart Services: Start by using your details to log in to your ICA Smart Services account.
- Navigate to the Visa Status Section: Find the choice to check visa status on the screen. "Visa Services" or a similar area is usually where you can find it.
- Enter Your Details: You'll have to give specific information, like the number of your visa application, your passport number, and your date of birth. To avoid mistakes, make sure the information is correct.
- Submit and View Status: After completing the form, click "Submit." The tool will show you what's going on with your visa. Also, it will show any steps or approvals that are still underway.
- Receive Notifications: ICA Smart Services also lets you set up automatic email or text message alerts that let you know when your visa status changes.
How To Ask for An Extension On Your Visa
- Access Your ICA Account: To access "Visa Services," log in to your ICA Smart Services account.
- Select Visa Extension Option: Select "Extend Visa" from the list of visa options. It will show you the steps you need to take to extend your present visa.
- Input Required Information: You must give information about your visa, ID number, and how long you want to stay.
- Upload Supporting Documents: Depending on the type of visa, you might need to send in extra paperwork. Some of these are proof of where you live, health insurance, or proof of work.
- Review Fees and Make Payment: The platform will show you how much it costs to extend your visa. Use the safe way that ICA Smart Services gives you to finish the payment.
- Submit Application: Send in your application once you've given all the necessary information and paid the fee. You can check on its progress right from the app.
How Does ICA Smart Services Help You Get a New Visa
- Log in to ICA Smart Services: First, go to the ICA site and log in to your account.
- Navigate to Visa Renewal: Select "Renew Visa" from the list of visa options. This choice will walk you through the exact needs for your type of visa.
- Enter Renewal Information: To start the renewing process, you'll need to enter information about your current visa, your passport number, and other necessary data.
- Upload Supporting Documents: Depending on the type of visa you have, you may need to show extra proof, like proof of work, housing, or health insurance.
- Review and Make Payment: It is possible to pay the renewal fees online through the site. Before you make the payment, ensure all the information is correct.
- Submit and Track: Send in your renewal application after making the payment. You can find out how your renewal is going through ICA Smart Services.
How To Get an Exit Permit
- Log in to ICA Smart Services: Log in to your account and go to the area for visa services.
- Select the Exit Permit Service: Scroll down to the visa services menu and find the "Exit Permit" choice. People leaving the UAE and needing to cancel their visas can use this service.
- Enter Your Departure Details: Give information about your exit, such as the date of your flight, where you're going, and why you're leaving the UAE.
- Upload Required Documents: Usually, you'll need to give the UAE immigration officials a copy of your passport, your current visa, and any other papers they ask for.
- Pay the Exit Permit Fee: The platform will show you how much the exit pass costs. You can use ICA Smart Services to pay for it online.
- Submit and Receive Permit: After applying, you'll get the exit pass online. You have to show this at the airport when you leave.
How To Cancel Your Visa Through ICA Smart Services
- Log in to ICA Smart Services: Log in to your account to start the process of canceling your visa.
- Choose the Visa Cancellation Option: Choose "Cancel Visa" from the list of visa options. There is an exceptional choice for people needing to end their visas.
- Provide Cancellation Details: Type in the information about the visa you want to cancel. These include why you're canceling your new visa status or where you plan to go.
- Upload Necessary Documents: Along with your passport, present visa, and any other necessary papers, you may need proof of your identity.
- Pay the Cancellation Fee: The platform will show you how much it costs to cancel your visa, and you can pay that fee online.
- Submit and Receive Confirmation: Complete the necessary steps and send your removal request. Keep proof of cancellation in your notes.
How Can You Keep Track of Your ICA Smart Service Application
- Log in to Your Account: First, use your username and password to enter your ICA Smart Services account.
- Access the Application Tracking Tool: Find a choice on the screen that says "Application Status" or something similar. This area is where you can keep track of the progress of all the apps you have open.
- Enter Application Details: You'll need to enter information about an application to see its progress. This is your service application number, ID number, and the service type you requested.
- Real-Time Updates: The tracking tool gives you the information in real-time. It lets you know if your application was accepted, is still processing, or if you need to take any other steps.
Conclusion
ICA Smart Services UAE is a vital tool. As a result, it has changed how people and companies in the UAE handle their visa, registration, and ID needs. The UAE government has made it easier than ever to deal with the complicated parts of life in the Emirates by giving people a quick, easy, and safe place. You can get the help you need to achieve this from ICA Smart Services. The platform will remain essential to the UAE’s digital development even as it changes.
Are you ready to make getting a visa and living in Dubai easier? Check out ICA Smart Services UAE right now to start your journey toward a stress-free experience. Contact Intuit Consultancy immediately for expert advice on business services in Dubai. We can help you reach your business goals!
- NEWSLETTER,SINGAPORE
- August 14, 2024
Singapore continues to stand out as a global financial hub, offering a plethora of investment opportunities to global enterprises. This is largely driven by the stable economic environment in the country. The robust regulatory framework and strategic government initiatives make it a great place to expand your business.
As we move into the second half of 2024, private clients, both domestic and international, are increasingly drawn to the dynamic market in Singapore. This is evident from the resilience, innovation, and sustained growth in this global business hub. Naturally, forward-thinking businesses are looking for private client and family advisory services from established consultants.
The Economic and Financial Landscape in Singapore
Resilience has been one factor defining the economy of Singapore, even in the face of global economic challenges. The nation’s strong GDP growth stemming from its prudent fiscal policies continues to attract investors. Other factors driving stability and growth are its sound financial institutions and strategic initiatives. In the second half of 2024, Singapore’s GDP is likely to grow significantly. The diverse economic base driving the country’s economy includes finance, technology, healthcare, and logistics.
Experts point out the critical role of the government in maintaining a conducive investment environment in Singapore. Initiatives such as the Smart Nation strategy and the Green Plan 2030 are not only fostering innovation but also creating new avenues for investment. These investments, along with Singapore’s strategic location, make it an ideal gateway for investors looking to tap into the broader ASEAN region.
Public Market Investment Opportunities
The public markets in Singapore continue to offer compelling opportunities for investors. The Singapore Exchange (SGX) remains a preferred platform for both equity and bond investments. With strong corporate governance and a well-regulated environment, the country appeals to foreign investors. In the second half of 2024, sectors like technology, healthcare, and real estate investment trusts (REITs) will deliver a strong performance. This is likely to be driven by structural growth trends and favorable policies of the government.
For instance, the technology sector has witnessed significant growth due to increased investments in digital infrastructure and innovation. Similarly, REITs focused on commercial and industrial properties are poised for growth. The strong real estate market further supports this growth, establishing its status as a regional business hub.
Private Equity and Venture Capital Prospects
Over the last decade, the private equity market in Singapore has witnessed transformative growth. This attracts substantial investment from both domestic and international investors. Sectors like fintech, healthcare, and green energy have been recording high growth. Investors can benefit from robust returns on their investments from these sectors. It’s advisable to partner with specialist fund managers with deep knowledge in these sectors. With local expertise, enterprises can explore the complex market in Singapore.
This has led to a vibrant ecosystem where innovative startups in sectors like AI, e-commerce, and health tech are flourishing. Private clients also have the opportunity for co-investing in these sectors and capitalize on the potential for high returns while diversifying their investment portfolios.
Sector-Specific Investments in Singapore
Singapore boasts a diversified economy, offering several sector-specific investment opportunities. The technology sector remains a cornerstone of economic growth. It is driven the commitment of the government to digital transformation. Other potential sectors under technology are fintech, cybersecurity, and artificial intelligence, all of which are poised for substantial growth in the coming years.
Healthcare is another sector with strong investment prospects. Areas like biotechnology and health-tech are increasingly drawing investors. The aging population in Singapore, along with the increasing demand for advanced medical services are driving growth in this sector. The focus of the government on healthcare innovation and its support for medical research make it an attractive area for private equity and venture capital investments.
Real estate, on the other hand, continues to be a key sector. The property market in Singapore has shown resilience and steady growth. Opportunities look great in both residential and commercial real estate, particularly in areas witnessing infrastructure developments and urban renewal projects. REITs focused on sustainable and green properties are also gaining traction.
Supportive Government Policies
What Strategy should International Investors adopt?
For international private clients, it’s imperative to adopt a diversified and strategic approach while investing in Singapore. Enterprises must leverage local expertise by partnering with established fund managers and consultants like the IMC Group. These experts provide the much-needed private client services in Singapore, providing invaluable insights into the market. With professionals on the side, businesses can navigate the complexities and make the most of the sophisticated financial structures in Singapore to maximize returns.
- NEWSLETTER,SINGAPORE
- August 14, 2024
In recent years, Asia has witnessed a remarkable surge in the popularity of single-family offices (SFOs). This marks a transformative evolution in the region’s wealth management industry. Particularly, this shift has been fuelled by the rapid expansion of private capital markets while major Asian economies witnessed robust growth. Affluent families have realized the increasing need for professional wealth management. Naturally, single family office in Singapore is undergoing a steady growth.
Expanding Private Capital Markets
Wealth Accumulation in Asia
The Need for Professional Wealth Management
Government Support and Regulatory Frameworks
Government policies and regulations in key Asian financial centers have further intensified the growth of SFOs. For instance, Singapore has streamlined regulations with attractive tax incentives. This makes it a global hub for family offices. By the end of 2023, Singapore had more than 1,400 SFOs, thanks to government initiatives that support training programs. Other aspects fuelling the growth of SFOs included global networking and philanthropic endeavours.
Similarly, Hong Kong has implemented measures to position itself as a leading destination for family offices. These include tax concessions, the Capital Investment Entrant Scheme, and talent development initiatives. A comprehensive service provider network has also been developed in Hong Kong. Besides, Hong Kong’s development of art storage facilities and philanthropic centres further enhances its appeal to wealthy families looking for a supportive ecosystem for their financial and philanthropic activities.
Beyond traditional wealth management, SFOs in Asia are embracing a broader vision. This includes asset diversification, sustainability, impact investment, and philanthropy. As wealthy families continue to align their investments with values, the focus increasingly shifts towards sustainable and socially responsible assets.
Philanthropy has become a central theme in the SFO landscape. Many families are leveraging their resources and expertise to drive significant social change. As they establish philanthropic foundations to support educational initiatives and tackle environmental challenges, SFOs are playing a crucial role in strengthening philanthropy across Asia.
The Future of Wealth Management in Asia
As Asia continues to consolidate its position on the global economic stage, family offices are set to play an increasingly pivotal role in strengthening the wealth potential of the region. SFOs are preserving wealth and reshaping the future of wealth management in Asia. The rise of family offices marks the dawn of a new era in which wealth is managed with a long-term and impact-driven perspective.
Now that you know why Singapore is the ideal hub for your family office, it’s time to contact professionals like the IMC Group for comprehensive consultancy solutions.
- NEWSLETTER,U.A.E
- August 14, 2024
In the wake of the newly implemented corporate tax regime in the UAE, businesses must diligently adhere to transfer pricing (TP) rules. For entities, it is crucial to ensure that these transactions comply with the arm’s length principle to avoid penalties and maintain tax integrity.
In this edition, we will take a look at the critical role that transfer pricing plays in the corporate tax framework in the UAE.
- What Does Transfer Pricing Refer To?
- The Significance of Transfer Pricing Compliance
- Which Businesses Need To Comply With Transfer Pricing?
- Transfer Pricing for Free Zone Entities
- Steps to Comply with TP Requirements
- Professional Assistance for Fulfilling TP Requirements and Corporate Tax Regulations
What Does Transfer Pricing Refer To?
- Intra-group loans and purchases
- Sales and asset sharing
- Management services and agency commissions
- Intellectual property transfers and royalty payments
- Cost-sharing agreements and guarantees
- Leases and remuneration, including salaries, fees, bonuses, and retirement benefits for partners and directors
The Significance of Transfer Pricing Compliance
- Preventing financial penalties: Adhering to TP regulations helps businesses avoid hefty fines and tax disputes.
- Ensuring fair profit allocation: TP practices ensure that profits are distributed fairly, preventing tax base erosion.
- Enhancing credibility: Accurate TP practices boost the credibility of a company with tax authorities, investors, and stakeholders.
Which Businesses Need To Comply With Transfer Pricing?
Any business engaged in Controlled Transactions must adhere to TP rules. Companies with substantial revenues, particularly the ones that are a part of multinational groups, face stringent scrutiny for documentation. Even smaller entities must adopt best practices to avoid tax disputes.
Companies above the documentation threshold must maintain both a master file and a local file as prescribed by the Federal Tax Authority (FTA). SMEs should also follow these guidelines to remain safe from any issue related to Controlled Transactions Successful businesses expanding overseas seek transfer pricing services from established service teams of professionals.
Transfer Pricing for Free Zone Entities
Steps to Comply with TP Requirements
A comprehensive approach to adhere to transfer pricing policies includes:
- Analyzing related party transactions: Assessing functions, assets, and risks.
- Applying suitable pricing methods: Determining the most appropriate methods for pricing.
- Benchmarking: Identifying and analyzing comparable transactions or companies to establish an arm’s length range of prices or profit margins.
Professional Assistance for Fulfilling TP Requirements and Corporate Tax Regulations
Amidst the evolving tax regime in the UAE, it’s imperative for entities above the documentation threshold to maintain a master file and a local file as prescribed by the FTA. Advance Pricing Agreements (APAs) can provide pre-emptive clarity on transfer pricing methods, reducing the risk of disputes. Businesses must partner with one of the reputed tax consultants like the IMC Group for a detailed understanding of corporate tax requirements in 2024. The experts will take care of your transfer pricing requirements, ensuring proper compliance with tax regulations.
- NEWSLETTER, INDIA, Singapore
- August 13, 2024
India and Singapore are well-poised to drive a new era of global transformation. With increased sustainability, equity, and opportunity, the two Asian countries offer tremendous business potential to rapidly expanding firms. Singapore President Tharman Shanmugaratnam pointed out this lucrative commercial prospect during his speech at the 20th anniversary of the ISAS (Institute of South Asian Studies) at the National University of Singapore. He stated that although there’s a global trend of re-emerging industrial policies among major economies, both India and Singapore have the agency and capability to shape a stable and prosperous future.
Naturally, forward-thinking businesses will be looking for company formation in India and Singapore to capitalize on the growth potential.
A Shift in Global Economic Policies
Shanmugaratnam pointed out a significant resurgence of industrial policies like subsidies and tax breaks strengthened specific domestic industries. These policies resemble the ones formulated in the 1960s and 70s, and are making a comeback at a significant rate. The IMF states that in 2023, there were as many as 2,500 such interventions. Among these, two-thirds were designed to domestic interests over foreign competition.
However, such actions were not necessarily based on fresh evidence or a comprehensively evaluated reassessment of economic prosperity. Rather, they were based on competitive and reactive impulses among nations.
India and Southeast Asia: Strategic Middle Powers
Shanmugaratnam also pointed out that India and Southeast Asia are responsible middle powers. They have the potential to collaborate with nations sharing a similar mentality to reinforce multilateralism. Although multilateralism isn’t free from flaws, it has been crucial in restoring global stability. It has benefitted countries across various economic spectrums for decades.
President Shanmugaratnam also outlined how neither India nor Singapore is entangled in the major geopolitical conflicts, which gives a unique advantage to both the nations. He highlighted that the majority of the populations in these regions are optimistic about their future. This is a rare sentiment in today’s world. With over a quarter of the global population and 15% of the world’s GDP, India and Southeast Asia are also the fastest-growing regions globally. This positions them as crucial players in the upcoming decade.
Strategic Recommendations for the Future
- Focusing on domestic capabilities: Rather than engaging in protectionist policies, he stated that countries should invest in developing their own capacities. Innovation, driven by a competitive environment, continues to be the fundamental driver of long-term economic growth.
- Collaboration across sectors: Organizations often find developing individual potential and upgrading skills to be a complex task. It requires close cooperation between governments, businesses, unions, community organizations, and educational institutions. Therefore, these efforts should be supported by inclusivity to maintain political consensus for open and fair economic policies.
- Building global coalitions: India and Southeast Asia need to work with other responsible partners to tackle global challenges. For instance, the transition to sustainable energy calls for collective efforts. In this way, the region can shape a more stable and prosperous global future.
Strengthening Bilateral Relations
Professional Assistance to Form a Company in Singapore
At a time when the world is witnessing economic uncertainty with shifting global policies, India and Southeast Asia have the potential to lead by example. These two countries need to focus on innovation, collaboration, and strategic partnerships to secure their own national interests as well as contribute to a more equitable and sustainable global business ecosystem.
Emerging brands looking to expand overseas are seeking professional advisory services from the IMC Group during their company formation in Singapore. With experts guiding these entities on the right track, businesses can quickly capitalize on the tremendous commercial potential in Singapore.
- NEWSLETTER, GLOBAL
- August 13, 2024
The Challenges of Data Immaturity
SMEs often find themselves grappling with issues related to data accuracy, consistency, and completeness. These organizations mostly store data in isolated silos across various functions and units of business. This only gives a fragmented view of the organization. CFOs find it challenging to handle comprehensive data with this disjoint approach since they need to reconcile disparate reports from different departments without a centralized source.
As companies grow, they acquire new systems. Challenges related to data immaturity tend to grow more pronounced. The task of compiling and reporting business activities can turn out to be a time-consuming ordeal. Ultimately, CFOs fail to generate valuable insights and drive strategic decisions.
Strategies for Addressing Data Immaturity
SMEs should adopt a multifaceted approach to overcome data silos and improve data management. Successful firms seek CFO advisory services from professional teams to streamline their operations. Here are some recommended strategies that should work for them.
1. Invest in integrated platforms
2. Empower a data champion
3. Develop an incentivized data framework
The Benefits of Embracing Data Analytics
1. Better efficiency
2. Intelligent business insights
3. Competitive advantage
Strategic Recommendations for CFOs
1. Develop internal capabilities
2. Enhance skill development
3. Collaborate with responsible partners
Virtual CFO Services for SMEs
The strategic use of data in the competitive business ecosystem defines the key to survival and growth. Leading SMEs across the globe seek virtual CFO services from established teams like the IMC Group. Adopting integrated systems and fostering a data-centric culture with professional assistance can help them address these challenges head-on. With dedicated assistance from virtual CFOs, SMEs can capitalize on fresh opportunities and maintain a competitive edge in an increasingly data-driven world.
- NEWSLETTER,U.A.E
- August 13, 2024
The corporate tax framework in the UAE for free zone entities has been structured to foster economic growth, providing businesses with a favourable tax environment. Companies operating within specific free zones significantly benefit from a 0% tax rate on qualifying income. However, it’s imperative for organizations to understand the essentials regarding qualifying and non-qualifying activities and know the clauses that the tax regime presents to them.
Forward-thinking companies look out for professional assistance for business set up in Dubai. In this edition, let’s have a look at the prime conditions businesses should fulfil to qualify for the Free Zone Person (QFZP) Status.
Conditions to Meet to Qualify as a Free Zone Person
- Juridical person: The entity must be incorporated, established, or registered within a free zone.
- Adequate assets: The entity must maintain adequate assets, full-time employees, and operating expenditures within the free zone.
- Qualifying income: The income of the business should be derived from transactions with other free zone persons, activities classified as qualifying, or the ownership/exploitation of qualifying intellectual property.
- Arm’s Length principle: Transactions with related parties must comply with this principle to ensure fair market value.
- Transfer pricing documentation: Proper documentation must be maintained for transfer pricing.
- Audited financial statements: The entity must prepare and maintain audited financial statements.
- De Minimis requirements: Non-qualifying revenue should not exceed the lower of AED 5 million or 5% of total revenue.
Identifying Qualifying Activities
Production of goods within the free zone
- Trading in minerals, energy, raw metals, and agricultural commodities
- Owning, managing, and operating ships
- Fund and wealth management services
- Treasury and financing services
- Distributing goods from designated zones
- Logistics services
Non-Qualifying Activities
- Transactions with natural persons
- Insurance and banking activities
- Leasing and financing
- Ownership or exploitation of immovable property outside the free zone
De Minimis Requirements
Dealing with Real Estate
General Anti-Avoidance Rule (GAAR) Provisions
4 Compliance Strategies Recommended by Tax Experts
Here are a few compliance strategies that tax experts recommend businesses.
- Maintaining adequate substance: Companies must ensure they have sufficient assets, employees, and operational expenditures within the free zone to retain their QFZP status.
- Proper transfer pricing: Businesses need to comply with the arm’s length principle and maintain comprehensive transfer pricing documentation. This ensures that transactions with related parties reflect fair values and are ready for scrutiny from tax authorities.
- Fulfilling de minimis requirements: Organizations must monitor the sources of their revenue regularly to ensure compliance with de minimis requirements. In case they exceed the threshold, they may lose their QFZP status as well as the associated tax benefits.
- Complying with GAAR: For businesses, it’s important to assess their tax arrangements and make sure that they remain commercially substantive, and aren’t designed only for tax benefits. A proactive stance regarding GAAR provisions significantly mitigates the risk of adverse tax assessments and penalties.
- Article, U.A.E
- August 9, 2024
- What is the UAE's ICP Smart Services
- What ICP Smart Services Can Do for You
- Why Using ICP Smart Services Is a Good Idea
- Who Needs to Sign Up for ICP Smart Services
- How To Sign Up for ICP Smart Services
- Instructions On Using ICP Smart Services
- How to Use ICP Smart Services to Get a Visa
- How to Fill Out an ICP Golden Visa Form
- Tracking Your Visa Application in ICP Smart Services
- Conclusion
What is the UAE's ICP Smart Services
What ICP Smart Services Can Do for You
Visa Services
Emirates ID Services
Passport Services
Residency Services
Security Clearance and Permits
Why Using ICP Smart Services Is a Good Idea
Convenience
Efficiency
Transparency
User-Friendly Interface
Cost-Effective
Who Needs to Sign Up for ICP Smart Services
- UAE Nationals: People who live in the UAE must sign up for ICP Smart Services to use many government services. These include issuing passports, managing Emirates IDs, and keeping civil status records.
- Residents: Everyone in the UAE must register to handle services linked to residency. It includes getting new IDs, asking for Emirates ID cards, and changing personal information about their status.
- Visitors: ICP Smart Services lets people visiting the UAE apply for visas and extend their stay. It makes sure that everything goes smoothly and efficiently during their stay.
- Businesses: ICP Smart Services is what companies in the UAE must use to keep track of their employees' visas and residency permits. It is essential for those thinking about company formation in Dubai and its regulations.
- Expatriates: People living and working outside the UAE must register to manage their residency and job status. It makes the process of living and working in the country easier and faster.
How To Sign Up for ICP Smart Services
- Visit The Official Website: Open the official page of ICP Smart Services.
- Make An Account: Press the "Sign Up" or "Register" button. Type in your name, email address, and phone number, among other things. For your account, make a nickname and password.
- Check Your Email: You will get an email with a proof link. Click the link to confirm your email address is correct.
- Complete Your Profile: Sign in to your account and add details to finish your page. These include your Emirates ID number - for residents - or your passport number - for visitors.
- Send In the Papers: Upload whatever documentation the service you wish to utilize requests, such as a copy of your Emirates ID or your passport.
- Turn On Your Account: After you send in and verify all of your information, your account will activate. It will let you use all the services that they offer.
Instructions On Using ICP Smart Services
- Sign In To Your Account: Enter your login and password to access the ICP Smart Services portal.
- Select The Service You Require: Review the service offering and choose the one you require.
- Complete The Application Form: Complete the application form with all the pertinent data. Verify all the material to prevent delays using accuracy.
- Upload The Documents You Need: You can send your application back with any necessary papers found here.
- Pay The Fees: Take advantage of the online payment choices to pay the service fee.
- Send in the Application: Recheck your application to ensure everything is correct. Send in the application and write down the reference number so that you can keep track of it.
- Stay up to Date: You will get email or text message updates about the progress of your application. Sign in to your account to see real-time changes and the progress of your task.
How to Use ICP Smart Services to Get a Visa
- Sign In to Your ICP Account: Type in your login information to get into your account.
- Click On Visa Services: Go to the main page and choose "Visa Services."
- Pick The Type of Visa: Choose the type of visa you want to apply for, such as a work visa, a residential visa, or a tourist visa.
- Fill Out the Application Form: Give all the information they need, like your name, address, card number, and trip plans.
- Upload Documents to Support: Attach any necessary papers, like copies of your passport, photos, and any other documents given to you.
- Pay the Visa Fee: Pay the visa fee online.
- Send In Your Application: Go over your application and send it in. Write down the application reference number to keep track of it.
- Get Your Visa: If approved, you will get your visa by email. Print out the ticket and bring it on your journey if you need to.
How to Fill Out an ICP Golden Visa Form
Investors, business owners, and skilled workers can get a lot out of the Golden Visa UAE, which is a long-term residency card. Using the ICP Smart Services site, here’s how to apply for the ICP Golden Visa:
- Sign In to Your ICP Account: Use your login information to enter your ICP Smart Services account.
- Choose Application for A Golden Visa: Go to the "Golden Visa" area and pick the kind of Golden Visa you can get. For instance, an investment, a developer, or a highly skilled worker.
- Fill Out the Application Form: Submit a lot of information about your past, your skills, and why you want to get a Golden Visa.
- Upload The Documents You Need: You can attach proof of funding, business ownership, or professional skills.
- Pay The Fee for The Application: Use the online payment method to pay the money for the Golden Visa application fee.
- Send In Your Application: Go over your application and send it in. Keep the reference number close by so you can check on the progress of your application.
- Get Your Golden Visa: You will be told when you are approved, and the Golden Visa will be sent to you. You can pick up your visa at the designated office or have it sent to your home.
Tracking Your Visa Application in ICP Smart Services
- Sign In to Your ICP Account: Type in your login information to get into your account.
- Click On Application Tracking: Go to the menu and choose "Track Application."
- Enter the Application Reference Number: Type in the reference number you received when you sent in your application.
- Check On Your Application: The system will show you how your application is doing right now. Check to see if your entry has been accepted, is still being reviewed, or needs more information.
- Sign Up to Get Notifications: Real-time alerts sent to the email or phone number you provided will keep you updated. There will be quick communication if the state of your application changes.
Conclusion
Living and doing business in Dubai, UAE, has never been easier, thanks to the ICP Smart Services. Using this tool, you can save time, focus on what’s essential, and ease many bureaucratic tasks. You can easily and quickly address your government needs with the ICP Smart Services. Leverage IMC Services to enhance your experience in the UAE with ease and efficiency.
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