2020-08-15
CPF Account The Central Provident Fund (CPF) is a comprehensive social security system that enables working Singapore citizens and permanent residents to set aside funds for their retirement. It also covers healthcare, home ownership, family protection and asset enhancement. The Central Provident Fund (CPF) is a compulsory social security savings scheme funded by contributions from employers and employees. The CPF is an important pillar of Singapore’s social security system to meet our retirement, housing and medical needs. The Government also helps supplement the CPF savings of low-wage workers through schemes such as Workfare, and provides medical savings for senior citizens. […]
2020-08-15
Audit Services by FOZL Assurance PAC FOZL Assurance PAC Will provide your business with: External audit, internal audit, and non-statutory audit (special audit) services such as: External audit services: Statutory and international standard audits Review of the accounting system and internal controls Financial due diligence Internal audit services: Assist companies in developing and implementing a “risk-based audit model” Assistance with risk assessment, evaluation and testing Recommendations for the establishment of a sound system of internal controls Provide additional professional resources to the company’s internal audit department Liaison with external auditors on annual statutory audits/audit procedures In addition to statutory audits, […]
2020-08-15
Audit Requirement What is an audit? The term audit usually refers to the audit of financial statements. A financial audit is an objective examination and assessment of an organization’s financial statements to ensure that the financial records fairly and accurately reflect the transactions they purport to represent. The audit may be performed internally by employees of the organization or by an outside firm of certified public accountants. There are three main types of audits. External Audits, Internal Audits, and Tax Audits. An external audit is usually performed by a certified public accounting (CPA) firm and produces the auditor’s opinion, which […]
2020-06-12
Prepare Financial Statements Each set of accounts is usually unique and non-repeatable. Financial statements are usually prepared by trained accountants who understand the requirements for each set of accounts. A person with no accounting training may be incapable of coming up with a proper set of financial statements. Thus, our advice is to hire the right person – a professional accountant – to ensure that the preparation of the financial statements can be completed with minimal trouble. In order to prepare a set of financial statements effectively, you need the following information on hand: The general ledger and management account […]
2020-05-04
Infringement The use of registered trade marks in the course of trade without the consent of the trade mark owner constitutes infringement. Using the same trade mark on the same goods or services, or using an identical mark on similar goods or services, or using a similar mark on the same goods or services, will cause confusion to the public and will also constitute infringement. The use of signs similar to Singapore’s well-known trade marks on goods or services that are different from the well-known trade marks may also constitute infringement if there may be confusion, indicating that it is […]
2020-04-09
Finance and Treasury Centre (FTC) Incentive The Finance and Treasury Centre Incentive is aimed at encouraging companies to grow treasury management capabilities and use Singapore as a base for conducting treasury management activities for the region. Typically, an FTC is part of a larger presence of a company in Singapore, which may include manufacturing, R&D or a range of headquarters activities. An approved company under the FTC programme is eligible for a concessionary tax rate of 8%, based on income derived from qualifying activities. This will be based on qualifying income derived from qualifying FTC services to approved network companies […]
2020-04-09
Global Traders Programme (GTP) The Global Trader Programme (GTP) was introduced in 2001. The objective of the program is to boost Singapore’s position as the preferred regional base for the trading operations of global traders. Well-established international players in their industry that have a wide trading and distribution network and are committed to expanding their operation from Singapore may apply to qualify for GTP. This would include large size commodity traders, large manufacturers, and large-scale distributors. An approved company under the GTP programme is eligible for a concessionary tax rate of 10%, based on income derived from qualifying activities. The […]
2020-04-09
International Headquarters (IHQ) Award The IHQ programme is an initiative designed by the Singapore government to support companies that intend to set up or expand their global or regional headquarters activities in Singapore. Depending on the scope of activity, applicant companies can also apply for the Pioneer Certificate Incentive (PC) and the Development and Expansion Incentive (DEI) which aim to encourage companies to develop capabilities and conduct new or expanded activities in Singapore. An approved company under the IHQ/PC/DEI programme is eligible for a concessionary tax rate of 10%, based on income derived from qualifying activities. The qualifying activities will […]
2020-04-09
Incentive and License Advisory In today’s complex business and regulatory environment, companies need to understand and leverage on government policies to govern and enhance their businesses. FOZL assist clients in keeping abreast of the latest developments and policies in Singapore. This will allow them to be aware of vital information that may have an impact on their operations and investments. FOZL will aid clients in reviewing their business and future plans as well as apply for suitable subsidies and tax programmes from the relevant government agencies such as: Economic Development Board (EDB) Enterprise Singapore (ESG) Maritime Ports Authority (MPA) Monetary […]
2020-04-09
Collaboration Many foreign companies are looking for local partners to expand their sales networks. Usually this is done in the form of regions, product licenses or alliances. In certain cases, partnerships cannot be strengthened due to cultural differences, language barriers or ignorance of local business models. At FOZL, we can assist our clients in finding the right partner to help them promote their products and services. Through introductions, discussions, and joint projects, we help to build strong relationships between foreign and local partners. Consultation/contact For information on the services offered, please email wf@fozl.sg to schedule a free consultation session.
2020-04-09
Seller Advisory Companies interested in seeking foreign investment or partnerships are welcome to share their requirements with FOZL. FOZL will handle the information in a way that ensures confidentiality and will assist the company in writing a trailer to share with potential investors or partners. Interested parties can schedule a meeting by emailing wf@fozl.sg. Below is the basic information that needs to be provided.
2020-04-09
Buyer Advisory In 2019, M&A transactions in Singapore totalled $35.3 billion, a 125% increase from 2018. This is due to the fact that many assets were arranged to be held in Singapore, as the country is seen as a safe haven for capital. In addition, more than $36.3 billion of overseas funds were also deposited in Singapore. This creates an ecosystem of buyers and sellers where buyers are looking for assets with untapped capital growth potential while sellers are separately recycling cash by selling assets. In order to enable companies to smoothly target acquisitions, FOZL assists clients in a structured […]
2020-04-09
Introduction to Transfer Pricing Transfer pricing (TP) is an accounting practice used to determine the prices of inter-company pricing transactions or arrangements between related parties. These can include transfers of intellectual property, tangible goods, services, loans or other financing transactions. Companies should keep in mind that the definition of “related parties” may vary between jurisdictions depending on the specific regulations and contexts. Under the Singapore Income Tax Act (ITA) section 2(1)【1*】, “related party” is defined as when either party directly or indirectly controls the other, or they are under the common control of another party, whether directly or indirectly. The […]