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Buy a Shelf Company in Singapore: An Ultimate Guide for You
  • Article, Singapore

Buy a Shelf Company in Singapore: An Ultimate Guide for You

Singapore has many attractive opportunities that enable foreigners to do their business here. So, if you are also looking to start a business in Singapore without much hassle, you can buy shelf corporations in Singapore. Buying a shelf company becomes better for people who do not wish to go through the tiring process of forming a company in Singapore.

An Overview of Shelf Company in Singapore

A shelf company, also known as a ready-made company or shelf corporation, is a pre-registered company that has little nor no recent activities. It provides entrepreneurs with the opportunity to acquire an established company without going through the complexities of starting from scratch.

So, if you do not wish to create the company from scratch single-handedly, then it is completely legal to buy a shelf company for sale in Singapore. You may call it a ‘readymade’ company. The main benefit of using Shelf Company is that you can quickly and easily penetrate the market. It is possible because you can avoid the lengthy and rather complex process of company formation.

How Can You Purchase a Shelf Company in Singapore?

The acquisition of ready-made shelf companies in Singapore is a good idea among business persons who wish to start their business as soon as possible. It enables one to avoid undertaking the procedures to start a company as it can be carried out instantly.

Below, you will discover how you can find, acquire, and incorporate shelf companies easily in Singapore.

Step 1: Know the Pros and Cons of Buying a Shelf Company in Singapore

The first step you should do is to evaluate whether a shelf company aligns with your business needs and preferences. Keep in mind that you have the option to form a new company in Singapore, thus you might want to evaluate all the benefits and drawbacks of purchasing a shelf company. You can check the pros and cons of purchasing a shelf company that we have provided in the table above.

Step 2: Consult with a Professional

In case you have zero knowledge regarding incorporation procedures in Singapore, it is high time to get assistance from trustworthy experts. However, selecting the right business consultant is crucial because the latter’s advice and recommendations will determine how your business is compliant with laws and rules on background checks, negotiations, and even legal processes.

Step 3: Check Company Profile and Compliance

Nevertheless, it is crucial to realize whenever you buy a shelf company in Singapore, it fits all the legal procedures that have been developed by ACRA. You have to cross-check the details of the selected shelf company with ACRA. You should also verify compliance with AGM, accounting, annual returns, the company’s financial statements, and corporate tax returns.

Step 4: Negotiate and Sign the Sale-Purchase Agreement

In this step, you need to negotiate with the owner of a shelf company regarding the cost to offer the transfer of ownership. Here, the business owner has to confirm that there are no liabilities connected with the shelf company. So, before signing the agreement, it should be recommended to go through the entire sale-purchase agreement again and again to see that no risk is missed.

Ownership Structure: Foreigners can own 100% of shelf companies in Singapore, making them attractive for international entrepreneurs.

Source: Piloto Asia

Step 5: Transferring Ownership

After the sale is complete, you can legally take possession of the shelf company. The jurisdictions of transfers include pointing out the new owner’s information in the pertinent contracts. This should involve informing other bodies as well as the Singapore Accounting and Corporate Regulatory Authority which is abbreviated as ACRA.

Step 6: Amend Constitution of the Company of Incorporation

After the shares are bought back in full, you may wish to revise the Constitution of the company. This step enables you to perform key updates of the shelf business for sale, for example, changing your directors, shareholders, or even the company name.

Step 7: Register Current Updates of the Company

If you have to change something in the company’s profile, concerning its name, location, and other vital information – you should notify all of these changes to ACRA. This is important for the purpose of compliance with legal necessities as disclosed in the case.

Step 8: Open Bank Account in Singapore

For the sake of convenient business running, all companies need to open a corporate bank account in Singapore. Therefore, open a corporate bank account when you already have the company and register it as yours.

If the company already has a bank account, you must update the authorized signatory and other related information, such as the company name, registered address, shareholder details, and directorship.

Are Shelf Companies in Singapore Illegal?

Absolutely, not. The shelf companies in Singapore are fully legal. This type of company is perfect for those who wish to skip the complicated and lengthy registration process. This is because shelf company registration is already done by its previous owner. You just have to check all the documentation and compliance in place.

Furthermore, if the current owner wishes to sell the company, it provides a favorable option for the existing owner.

The Difference Between a Shelf and Shell Company

Shelf Company: A dormant, legally registered entity that is intended for sale to someone who wants a company with a clean history and immediate business operability.

Shell Company: A non-operational entity often used to hold assets or facilitate transactions, but sometimes associated with fraud or tax evasion.

A shell company is a company that does not own or conduct any business at all. It only exists on paper, and that paper is intended only to be used for fraudulent or illicit activity. On the other hand, a Shelf company is a company that has gone through the registration process. It contains all legal means, and its directors are willing to commence the business processes.

Reasons for Buying a Shelf Company in Singapore

If one needs to set up a shelf company in Singapore, there an ample options available in the market. There are a few reasons that a foreigner or local may wish to buy a shelf company for sale in Singapore:

Double Taxation Avoidance Agreements

Singapore has agreements with other countries stating that if someone already pays tax on his income in any of those countries will not be taxed again in Singapore.

Intellectual Property (IP) Laws

The Singaporean IP system is good because it affords high protection to owners of IP. The legal system available leans on civil and criminal remedies.

Free Trade Agreements

Singapore has also signed FTAs with many other countries. These agreements facilitate transactions and confirm that there are no implanted taxes on Singapore’s export products to other countries.

Legal Compliance: Approximately 80% of shelf companies are compliant with ACRA regulations upon purchase, but thorough checks are still recommended.

Source: WealthBridge

Benefits of Buying a Shelf Company in Singapore

Shelf companies in Singapore offer multiple advantages to all business owners. Some of them are:

  • Shelf companies are ready and formed already meaning that one will not have to go through the process of forming them.
  • They have a pre-set structure and they are financed, reducing initial setup expenses.
  • Some have established clientele bases and suppliers which can help in the preparations when entering the market.
  • Shelf companies have more likelihood of getting business loans given that most lenders like to fund companies with at most 2-3 years of existence.
  • Foreign shareholders are allowed to have 100% ownership.
  • Another point is that every old shelf company for sale is considered to have higher credibility compared to newly developed businesses.

Disadvantages of Purchasing a Shelf Company in Singapore

Of course, there are some drawbacks to buying a shelf company in Singapore as well.

  • The first one is that you are not in complete control of the company like the way you may have with a company starting from scratch.
  • You may not know but if you buy aged shelf companies for sale in Singapore, it is more costly than the newly formed shelf companies.

Conclusion

Buying a shelf company for sale in Singapore can be a perfect decision for those who do not want to start from scratch. However, it is important to do some background checks and ensure to purchase a reputable one. Then, follow the steps described above to seamlessly purchase a shelf company in Singapore to achieve your business goals.

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Singapore-Employment-Pass---Navigating-the-Changes-in-2024
  • Article, Singapore

Singapore Employment Pass: Navigating the Changes in 2024

In order to keep up with the evolving dynamic workforce, Singapore has brought in new rules to their Employment Pass. The adjustments to employment pass in Singapore has been made to encourage foreign talent while also bringing transparency and fairness in the hiring process.

Some of the major modifications across the employment pass here include increasing the EP qualifying salary, strict rules of job advertisement is. The newer changes also bring about the introduction of Complementarity Assessment Framework (COMPASS). This blog explores some of the major changes in the major changes in Singapore Employment Pass in 2024.

Major Changes in Singapore Employment Pass

Some of the notable changes in the Singapore Employment Pass as of 2024 are as follows:

Who is eligible

To qualify for EP applications, candidates will need to pass a 2-stage eligibility framework:

  1. Earn at least the EP qualifying salary, which is benchmarked to the top 1/3 of local PMET salaries by age.
  2. Unless exempted, pass the points-based Complementarity Assessment Framework (COMPASS).

Note: Employers and employment agents can use the enhanced Self-Assessment Tool (SAT) to check a candidate’s eligibility before they apply.

Increase in Salary Threshold

  • The minimum qualifying salary for Singapore Employment Pass was increased effective from September 1, 2023.
  • The latest salary requirements for the EP have been updated. Earlier it was $5,000 per month with a slightly higher minimum of SGD 5500 for roles in the financial service sector. For professionals in their 40s, the minimum salary increased up to 10,500 and 11, 500 for financial services for those whose age is beyond 45 years.
  • Starting from January 1, 2025, the minimum wage will rise and go up to SGD 5600 and SGD 6200 for finance. So, this update will be applicable to new applicants and renewals from January 1, 2026.
  • The salary requirement will be different depending on their age in the finance sector.

Strict Job Advertisement Policy

  • Employers who want to hire international talent as per EP policy must have the position enlisted in MyCareersFuture for around 14 consecutive days.
  • This requirement will be applicable for positions that have more than ten employees.It helps to bring fairness in the job sector for locals, giving them enough opportunity to apply for the same.

Introduction of COMPASS

  • Complementarity Assessment Framework (COMPASS) became valid on September 1, 2023.
  • It will evaluate different factors for the individuals such as work experience, qualifications and salary to determine that the candidate is eligible for EP.

 

All the candidates must earn 40 points to pass the COMPASS.

  • Individual characteristics: Includes education and compensation up to 20 points.
  • Qualifications: Based on the shortage occupation list and S Pass quota of your firm, you will get a maximum of 20 points.
  • Firm-related attributes: Firm’s diversity and support to local employment, for a total of up to 20 points.
  • Economic contribution: The industry your company is in and the strategic economic value. Up to 20 points.

Exemptions from COMPASS

Candidates are exempted from COMPASS if they meet any of these conditions:

  1. Have a fixed monthly salary of at least $22,500 (similar to the prevailing Fair Consideration Framework (FCF) job advertising exemption from 1 September 2023)
  2. Are applying as an overseas intra-corporate transferee
  3. Are filling the role for 1 month or less

Educational Verification

Candidates should also use their qualification points as per the COMPASS assessment requirements. To get an employment pass in Singapore, they must also submit proof of verification and qualification through the EP application process.

What is the EP application process in Singapore?

In order to attain the pass, you will have to appear for the Singapore personalised Employment Pass Online Assessment. You will have to undergo a detailed process to get the pass, which includes:

  • You need to submit the pass for the EP.
  • Once that is approved, the authorities will provide the In-Principle Approval Letter.
  • The E-pass will be provided by the Ministry of Manpower, upon raising the request.
  • After that is processed, you will receive a notification letter.
  • Then, you must register fingerprints and a photo to complete the identification process.
  • After the process is complete, you will receive the Employment Pass card.

The card will usually be processed within ten business days. However, the processing time may increase for international companies.

Get Singapore Employment Pass Help with Us

At IMC, we are dedicated to offering you the best assistance in achieving the Singapore Employment Pass. If you have any queries or doubts about the procedure, we can help you. We have a streamlined process, and our experts can help you understand the process and fee.

We’re committed to making the process easy and smooth for you. So, if you’re struggling, contact us today to know more!

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Navigating Immigration Options in Singapore: Your Gateway to Business Success
  • Newsletter, Singapore

Navigating Immigration Options in Singapore: Your Gateway to Business Success

Singapore stands out as a prime destination for entrepreneurs and investors in today’s evolving global landscape. While countries like the U.S., Canada, and the U.K. have tightened their immigration policies, Singapore has embraced a more welcoming approach!

Singapore offers robust company incorporation processes and a range of innovative immigration schemes that will take your business to the next level.

Choosing the Right Immigration Program

Whether you’re an entrepreneur or an investor, here are some essential programs to consider:

Global Investor Program (GIP)

Designed for high-net-worth individuals, the Global Investor Program offers a direct pathway to permanent residency. With investment options ranging from 10 million to 200 million SGD, this program is ideal for entrepreneurs ready to substantially impact Singapore.

Family Office Route

For wealthy investors, the family office structure offers tax advantages and a clear route to permanent residency. With flexible investment levels and global investment opportunities, it’s an excellent option for those looking to establish long-term family wealth.

Self-Employment EP for Business Owners

Running a small or medium-sized business? The self-employed Employment Pass (EP) is an accessible option that allows you to qualify for permanent residency by establishing a company and hiring locals. With no minimum turnover requirement, this is a popular choice among entrepreneurs.

Diverse Talent Attraction Schemes

Singapore also offers visa options designed for specialized talents, including:

  • One Pass: For professionals earning over 30,000 SGD monthly.
  • Personalized Employment Pass (PEP): For those earning above 22,500 SGD with no employer sponsorship needed.
  • EntrePass and Tech Pass: For innovative entrepreneurs and tech leaders in high-growth industries.

Why Singapore?

Singapore’s clear criteria, attractive tax benefits, and rapid processing times make it the perfect destination for business leaders. Whether you want to establish a company or invest in long-term opportunities, now is the time to explore Singapore’s immigration options!

How IMC Can Support Your Immigration Journey

If you’re ready to take the next step, IMC is here to guide you every step of the way. From selecting the most suitable immigration program to handling all the necessary paperwork, we provide tailored solutions to fit your specific needs. Our team of experienced consultants will help you navigate the application process, ensuring compliance with all local regulations and maximizing your chances of approval.

Additionally, we’ll assist with company incorporation, finding the best investment opportunities, and advising on tax benefits. Whether you’re applying for the Global Investor Program, establishing a Family Office, or pursuing a Self-Employment EP, we ensure a seamless and hassle-free experience.

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Family-Offices-in-Singapore-Shaping-the-Future-of-Wealth-Management
  • Newsletter, Singapore

Family Offices in Singapore Shaping the Future of Wealth Management

In recent years, the family office ecosystem in Singapore has been on a phenomenal growth trajectory. While the country had only 400 single family offices in operation in 2020, the number has grown manifold to 1,650 in 2024. The second minister for finance and transport and deputy chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat, revealed these astounding figures while speaking at the Global-Asia Family Office Summit.

He also spoke about the strong financial norms and pro-business regulations in the country, demonstrating why the country continues to be a preferred destination for wealthy families in Asia and various other countries around the world. Interestingly, wealthy families are looking for a leading single family office in Singapore to manage their assets and maintain their legacy across generations.

Singapore’s Economy Booms with Economical Progress

The assets under management (AUM) in Singapore have recorded an overgrowth of 8% in 2023. The five-year compound annual growth rate stands at an impressive 10%. In 2025, the Asia-Pacific region is likely to grow by 4.9%. Thus, Singapore is all set to benefit as a prime financial focal point serving the region.

You might be wondering why Singapore is the ideal hub for your family office. Chee demonstrated the key role Singapore has been playing in wealth management. He highlighted the importance of local banks like DBS, UOB, and the Bank of Singapore, along with global financial institutions like HSBC and Citi.

A recent survey involving the leading private banks in the country revealed that in the first quarter of 2024, the assets of their clients increased by 9.5% compared to the same quarter in the previous year. The same trend was evident in the Global Wealth Report of the BCG. It revealed that, between 2023 and 2028, Singapore is projected to grow at 8.5% per annum, which is faster than any other wealth centre around the globe.

The Role of Single Family Offices in Singapore

Chee pointed out the role of single family offices in Singapore beyond wealth management. These firms generate jobs and invest in local ventures.

He also expressed his support for the growing interest of Singapore in philanthropy. This reveals the impact that single family offices can have, both through social and financial contributions. In Singapore, single family offices are supporting causes like educating autistic and dyslexic individuals, besides providing elderly care.

Chee stated that Singapore is enhancing philanthropic activities through various programmes like the 2021 Philanthropy Advisory Skills which was launched by MAS, and the professional certification on philanthropy from the Asia Centre for Changemakers in 2023.

With supportive policies from the government and initiatives for talent development, Singapore is poised to remain a leader in Asia as well as the world in family office services and wealth management. The IMC Group continues to be an experienced advisor for single family office in Singapore, helping wealthy families and HNWIs in Singapore manage their wealth.

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Why Do Foreign Investors Choose Singapore for Business Expansion? 7 Compelling Reasons
  • Newsletter, Singapore

Why Do Foreign Investors Choose Singapore for Business Expansion? 7 Compelling Reasons

Singapore continues to be a favorable avenue for investment, particularly among global firms. Foreigners consider this country to be one of the best places to start their business. With its bustling environment and dynamic commercial environment, Singapore has emerged as a favourite destination for global investors and entrepreneurs.

The sound commercial infrastructure in the country and the easy access to regional markets make Singapore a great place to invest. The country has a transparent legal system that reduces investment risks. Thus, businesses from different verticals enjoy the ease of conducting commercial activities. Although the Singapore company formation process is relatively easy, successful firms seek professional support from experts to streamline their path.

Read on to understand why Singapore continues to be the favourite destination for establishing your business.

7 Reasons Why Foreign Investors Choose Singapore

In this edition, we have curated seven compelling reasons explaining why foreign investors want to form their companies in Singapore.

1. Supportive business environment

With the right support from experts, establishing your business in Singapore can be rewarding. Thanks to the efficient regulatory environment and business-friendly norms, you can grow your venture with ease. Besides, Singapore ranks high in terms of ease of doing business globally. The transparent regulatory environment in the country encourages foreign investors channel more funds into various sectors.

2. Tactical location

Located centrally at the junction of the main sea routes in Southeast Asia, Singapore gives an easy access to foreign companies. The country is placed strategically in the heart of Asia and provides a unique gateway to its expanding market. This opens up the way to imports and exports.

Thus, foreign companies investing in Singapore can gain easy access to the new markets as well as the established ones in Asia. This helps them enhance their operations and grow inter-organizational networks.

3. Favorable Tax System

The tax system in Singapore is one of the most business-friendly ones across the world. This is one of the key factors attracting foreign investors. While corporate tax rates in Singapore are low, businesses operating in the country also receive various tax incentives and exemptions.

Moreover, Singapore has established double taxation treaty agreements with several nations. Thus, foreign companies investing in Singapore enjoy reduced tax liabilities.

4. Transparent Legal System

Singapore continues to enjoy its reputation as one of the most honourable states in the world in terms of legal stability and transparency. The country boasts a strong legal system that prompts foreign investors to make confident decisions while expanding to the country. Besides, the existing norms in Singapore protect the IPRs of global firms. Resolving legal issues takes minimal time in the country.

5. Skilled Workforce

Singapore boasts a highly skilled workforce that helps foreign companies pool talent. With professional training and education, the workforce in Singapore is teeming with skills needed to suit various fields.

 The country is committed to develop talent, promoting professional learning to enhance the quality of skills. Thus, businesses expanding to the country can hire skilled professionals and remain competitive in the market.

6. Advanced Infrastructure

After Singapore company formation, foreign companies can take advantage of the world-class infrastructure in the country. The country has an effective telecommunication system, transportation facilities, and modern offices. With a strong transportation system and operational efficiency, businesses experience a favorable environment in the country.

From high-speed internet to world-class highways, Singapore offers all the facilities that help companies conduct business and relocate their employees.

7. Key Financial Hub

Over the years, Singapore has established itself as one of financial hubs in the world. Its banking market is robust, and offers different types of financial products.

In Singapore, investors can benefit from the presence of several multinational banks that open up tremendous prospects of financing, investments, and financial management. Thus, global firms can control their finances and seek funds for further expansion and seize opportunities.

Professional Consultancy Services to Start a Business in Singapore

In this edition, we have comprehensively covered why foreign investors are looking to expand their operations to Singapore. Ambitious international companies often wonder how to start a business in Singapore as a foreigner. The IMC Group is one of the most trusted teams of consultants to guide businesses at every step during their company formation in Singapore. With personalized service and professional insights, foreign companies can establish their businesses and embrace the growth trajectory in Singapore.

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Top 5 Industries Leveraging PEO/EOR Services in Singapore for Business Growth
  • Article, Singapore

PEO/EOR Services in Singapore: Top 5 Industries Leveraging Benefits

The business world in Singapore is changing at a rapid pace which proves this time to be the best for starting a business here. The company-friendly policies and business regulations can leverage the benefit of global EOR & PEO services. Considering the bustling economy of Singapore and convenient bordering policies, it is the central hub for businesses. In fact, Singapore happens to be the headquarters for several Asian companies.

Singapore PEO policies can act as a crucial intermediary that will help in handling all the legal and administrative requirements of your business. If you want to start a business in Singapore, it is essential to adopt an experienced workforce while also keeping up with these policies. The market is continually evolving, leading to fluctuating needs for emerging industries and services. To maintain a competitive edge, explore the top five sectors that can gain the most from PEO or EOR solutions during their growth.

Manufacturing and Construction

Big construction and manufacturing companies are outsourcing their employment processes to streamline their HR management and payroll tasks. As a result, these businesses will have sufficient time to finish their international projects, plan their resources, distribution, and more. Collaboration is extremely crucial across the manufacturing and construction industry.

Driving newer and better opportunities from abroad can help to streamline all business operations, across newer countries too. Therefore, with the help of EOR and PEO guidelines, they can get access to a wide pool of skilled talent.

Technology

The technical sector is constantly evolving with major developments across cyber security, network infrastructure, and data analytics. Therefore, for companies involved with PEO and EOR services, it is important to hire internationally. Sourcing professionals internationally can help in getting better resources.

Recruiting talent from around the world can drain valuable time and resources, which are better allocated elsewhere. By partnering with a PEO or EOR service, businesses can focus on their core operations without the burden of managing international hiring complexities.

Additionally, data management becomes more streamlined with the support of a PEO or EOR. Upgrading to new systems or managing employee information can often slow down operations. Outsourcing these tasks to a PEO or EOR allows for a smoother transition and ensures modernization efforts are efficient and hassle-free.

Service and Retail

EOR and PEO services are extremely crucial in the service and retail industry to form better relationships with international clients. Attracting skilled professionals to contribute their expertise is essential for the growth of any company in this sector. Businesses depend on their employees to drive success and sustain their competitive edge.

EORs connect businesses and clients worldwide, enabling companies to deliver their top-tier consulting, education, and customer services to diverse regions without facing the challenges of hiring and integrating new employees.

Pharmaceuticals

The pharmaceutical industry is one of the major industries leveraging the power of EOR & PEO services. The sector has grown massively post pandemic as people started prioritizing their health and safety. The pharmaceutical industry is constantly evolving even today, which is why it is important to collaborate with international companies for better growth opportunities.

The EOR services will help to guide these pharmaceutical businesses about the legal procedure. They can become more compliant with the terms and conditions. As a result, our EOR & PEO services will ensure that your business connects with reliable companies for better business growth.

Renewable and Non-Renewable Energy Generation

The energy sector is constantly evolving, with its impact not only on the real estate sector but also on the production of energy-related services. There’s an increased demand for a sustainable future, which is also one of the driving forces behind the growth of this sector.

Since it is an expensive procedure, it is important to get the right people to do the job. Having our EOR and PEO assistance will not only help you set up the business appropriately but also get the right individuals. Thus, we will help you manage the business while scaling your workload, thereby allowing you to make the most of it.

Choose the Best Global EOR & PEO Services

With IMC Group by your side, you will receive expert support in managing your global workforce through our specialized EOR & PEO services in Singapore. Our exclusive Global Mobility solutions help businesses expand internationally with ease, facilitating seamless growth and compliance across borders. We have successfully assisted numerous businesses over the years expand their operations internationally. Contact us to know more!

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Payroll Made Easy: A Business Guide on Payroll Management Solutions in Singapore
  • Article, Singapore

Payroll Made Easy: A Business Guide on Payroll Management Solutions in Singapore

Payroll management is one of those very important yet daunting tasks a business has to undertake, especially in a well-regulated market like Singapore. The challenges in the process can be overwhelming, from compliance with statutory requirements to the compensating of employees. That is where the payroll management solution like IMC Group comes in. As a highly recognized payroll management solution provider in Singapore, it takes pride in offering streamlined payroll management services.

Importance of Payroll Management to Any Business in Singapore

Poor payroll management exposes you to several risks: legal penalties, financial losses, and ruined relationships with employees. Payroll management ensures more than just processing salaries to make your business compliant with strict Singapore regulations.

Effective payroll management solutions in Singapore will help you avoid all pitfalls and enhance employee satisfaction and operational efficiency. IMC Group provides powerful payroll solutions to handle such complicated tasks and allows you to focus on growing your business.

Key Strategies for Effective Payroll Management in Singapore

A strategic approach will have to be implemented to ensure compliance, accuracy, and efficiency for effective payroll management. These key strategies will help businesses in Singapore streamline their payroll processes and avoid the most common setbacks.

Understand Statutory Requirements

Compliances related to government regulations, such as CPF contributions, income tax, and other statutory requirements, are some of the most important aspects of payroll management in Singapore. This is where IMC Group’s payroll solution ensures that you stay updated with all changes and necessary fillings with authorities.

Outsource Payroll Management

Payroll outsourcing will save your business time and reduce risks due to errors. They ensure your employees get their salaries at the right time. Reliable providers like IMC Group offer a fully managed payroll solution. The one-stop global payroll solution helps you view your payroll online and streamline the entire process of calculations, compliance, and reporting.

Handle Overtime Pay and Employee Benefits

Effective overtime pay and employee benefits management is crucial in retaining a compliant and motivated workforce. When you outsource finance and accounting services, you get support from payroll experts. It eliminates all guesswork in correctly calculating overtime, public holiday pay, and other benefits. They bring more clarity and transparency to both the employer and the employee.

Safeguard Data Security and Privacy

Payroll contains sensitive information regarding employees; therefore, it requires security to be applied. To that effect, trustworthy payroll solutions like IMC Group incorporate powerful encryption and adhere to PDPA standards set by Singapore. This way, it gives assurance that data breach and unauthorized access concerns are put to rest.

Conclusion

Payroll management helps to not only keep enterprises of any scale in compliance but also instils confidence in the workforce, making processes seamless. These good practices will enable organizations in Singapore to avoid challenges with payroll processing, protect sensitive information, and smoothen processes for continued success.

So, simplify your payroll management by letting IMC Group take the stress from compliance to payroll processing with comprehensive payroll solutions. The expert team ensures accuracy, security, and efficiency in all areas, so you will be free to grow your business.

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Share Buybacks India vs Singapore
  • Article, Singapore

Buy Back Scenario: India vs Singapore

India

With the effect from October 2024 there will be significant changes in the tax regime for buy back of shares.

The new rule will shift the tax burden from companies to shareholders. Current tax rate of 20% paid by the company will be eliminated.

Moving forward, the proceeds from buy back will treated in the same fashion as of dividend and will be taxed in their individual’s respective slab rates.

The resident shareholders will end in increased tax burden particularly in higher tax brackets.

Non-resident shareholders tend to benefit from the new tax regime under tax treaties for dividend income with option to claim credit for Indian taxes & their home jurisdiction.

Singapore

As per Singapore tax laws, buy back of shares are treated as capital expense in nature. The SG entity is liable to pay stamp duty of 0.2% on value of shares or purchase price at the time of buy back of shares.

In the hands of the shareholder, proceeds received from buyback would be considered as capital gain.

Any gain or loss from sale of share are generally viewed as personal investments and stands exempted in the hands of the shareholder.

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  • NEWSLETTER, INDIA, Singapore

Strategic Collaborations between India and Singapore to Shape Global Transformation

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

Shanmugaratnam offered three key recommendations to help businesses explore the global landscape and capitalize on emerging opportunities.
  • 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

Shanmugaratnam expressed optimism about the future of bilateral relations between Singapore and India. He appreciated the leadership of the Indian Prime Minister Narendra Modi, stating that his recent electoral victory reflects the positive impact of his policies on the lives of millions of Indians. As India continues to grow under the same leadership, it will strengthen and deepen the bilateral ties between Singapore and India.

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.

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Family Offices in Singapore Shift Focus: Direct Investments in Private Companies
  • Newsletter, Singapore

Family Offices in Singapore Shift Focus: Direct Investments in Private Companies

With the mission to deliver higher monetary returns to their clients, family offices in Singapore are shifting their focus and investment strategies. A large number of family offices are opting to invest directly in private companies rather than through traditional channels. This shift marks a significant trend in investment tactics, driven by their unique competencies and the objective to grow long-term capital. The success of a single family office in Singapore defines its popularity among wealthy families and individuals.

The Rise of Direct Investments

A survey reveals that as much as 62% of family offices have made at least six direct investments in private companies last year. This approach involves purchasing stakes in companies or providing direct lending, bypassing traditional investment vehicles.

In 2024, 71% of family offices have decided to increase their direct investments or maintain their existing levels. This trend explains the role of family offices in private markets. These organizations have been potentially reshaping the dynamics of private equity, besides fostering innovation in investment strategies.

Benefits and Challenges

Direct investments allow family offices to leverage their entrepreneurial expertise and management skills that they gained while running private companies. As they invest in a long-term horizon that traditional financial institutions often fail to match, they offer patient capital. However, direct investments pose challenges like specialization in the industry and carrying out thorough due diligence. This explains why many family offices are turning to wealth management firms and investment consultants like the IMC Group for expertise. With professional assistance, they can manage potential investments and mitigate risks.

Co-investing and Strategic Partnerships

Family offices are increasingly co-investing alongside traditional private equity firms. This is a collaborative approach that reduces fees and enhances the potential for higher returns by sharing interests and diversifying portfolios.

Direct investments in private companies capture the illiquidity premium. This strategy falls in line with the long-term wealth preservation goals of family offices, thereby ensuring stability and sustainability across generations.

As family offices continue to evolve into formidable players in private markets, their strategic investments and partnerships are set to influence the future landscape of global investments.

The IMC Group continues to be a trusted partner for family offices investing. With dedicated assistance from experts, a professional consultation can put the investments in the right avenues.

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