Frequently Asked Questions

General

You can head to the Contact Us page if you have any inquiries, or alternatively email to info@assemblyworks.co. 

If you have a decision in mind, feel free to call us directly at 9088 3183 to schedule a meeting with us!

Our campaigns are special promotions for us to reach out to specific and niche group of people who requires our help.

Our current ongoing campaigns include Dependent Pass holders campaign and the XERO Campaign. Head to our campaigns page to check out more!

We have a very young and driven team who are very approachable yet professional at the same time. 

We offer many services, allowing you to stick to Assembly Works and thus have more control over the reports.

We have recently opened an office in Malaysia. 

It is located at 57-2ND FLOOR, PERSIARAN BAYAN INDAH 11900 BAYAN LEPAS PENANG .

Company Incorporation

The time it takes to register a Singapore company could be completed within a day. However, it may take 14 days to 2 months if the application needs to be referred to any relevant government agency for approval.

Sole Proprietorship is not an incorporated company but a business firm. We advise this business structure to our clients only when their business is highly risk-free.

  • It has no separate legal entity from its proprietor.
  • The owner has unlimited liability towards its debts and losses.
  • The income of a sole proprietorship is considered as that of its owner.
  • The owner pays personal income tax (0%-22%).

 

Private Liability Company (Pte Ltd) is a favoured business structure for Singapore business registration.

  • It can have 1-50 shareholders (owners).
  • It needs at least one local director who is ordinarily resident of Singapore.
  • A private limited company has a separate legal identity from its owners.
  • It has the rights of a natural person.
  • It has perpetual existence.
  • Pte Ltd limits the liability of its shareholders to the amount they have invested in its shares.
  • It pays corporate tax (0%-17%).

The banks & financial institutions consider Pte Ltd more credible than a sole proprietorship or partnership. They can easily raise funds for expansion of their business activities.

 

Limited Liability Company (LLC) is under the Singapore Company Law, two or more individuals and/ or corporate can register a partnership.

  • LLP has separate legal existence from its owners.
  • Its liability of its owners depends on their carelessness, actions or inactions leading to LLP’s loss.
  • The partners need to pay personal income tax (0%-22%) on their income from LLP.

A limited liability partnership combines the benefits of a partnership and a company. It allows them to pool their complimenting skills & earn a profit.

The Singapore government wants to have someone who it can hold responsible in case the company breaks laws; for example, it does not pay its taxes, violates any laws, or steals money from customers, etc. If Singapore did not have the nominee director requirement then the foreign owners of the company could simply abscond and abandon the company. To prevent this situation, the Singapore government has imposed the local director requirement with the assumption that the person who acts as an nominee director for a company will undertake necessary due diligence to make sure that the company continues to comply with the law.

The nominee director does not play any role in operating the company but is appointed simply to satisfy Singapore’s regulatory requirements.

Corporate bank account is necessary for your business’ financial transactions.

There are more than 127 banks in Singapore. Depending on your business needs, you can choose any of them for your purpose. You will need the following documents to open a bank account.

  • Accurately filled & duly signed forms for opening a corporate bank account
  • Residential address proof of stakeholders in the company like directors, other signatories, & the ultimate beneficiary owner
  • Certified copy of Certificate of Incorporation of your company
  • Company’s business profile from ACRA
  • Signed resolution to open account by the Board of Directors & Signatories to the account
  • Certified copy of company’s M&AACertified copy of company’s M&AA
  • Certified copies of Passport or of SingPass
  • Certificate of Incumbency & Certificate of Good Standing(For Offshore Accounts Only)

ACRA stipulates that every company must appoint a company secretary within 6 months of its incorporation. The company secretary will be the primary officer in charge of numerous administrative and reporting responsibilities a company is required to adhere to by law. These statutory requirements include the filing of annual returns, and recording and filing of board resolutions.

Typically, companies engage the services of a corporate secretarial firm in Singapore to provide them with corporate secretarial services. A corporate secretarial firm will provide the hiring company with a named company secretary. Here are the various responsibilities and roles of a company secretary that ensure legal compliance for your company.

No. You do not need to be physically in Singapore to incorporate your company, everything can be done virtually and online. From the set up to opening a bank account we will support you, so you don’t need to travel to the country.

The ACRA fees for:

  • Company name application is S$15 (Reserved for 60 days, to extend it, you need to pay extra fees)
  • Company registration fee is S$300

Accounting

No, you will not. With you updating us on your track records, it keeps you more updated than having an in-house accountant who might require more time. With you outsourcing your accounting to us, you will have more time to focus on what you do best.

  1. It allows you to free up management’s time from administrative and regulatory tasks to focus on higher-level decision-making, that is crucial for the company’s leads and sales.
  2. Eliminate accountant and account turnover rates. We offer our services on a long-term services.
  3. Reduce confidentiality and privacy issues when sharing these information with internal staff.

Accounting is the process by where a company’s financials are recorded, summarized, analyzed, consulted and reported on. 

Bookkeeping is the recording part of this process, in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database.

Both are crucial when it comes to long-term growth.

Taxation

Income earned by the company in the preceding financial year will be taxed in the following year. This means that income earned in the financial year 2016 will be taxed in 2017. The current prevailing corporate income tax rate is 17%.

Capital gain is not taxable in Singapore.

Companies shall submit two corporate income tax forms to IRAS yearly:

  • Estimated Chargeable Income (ECI) form is due for filing within 3 months from financial year-end.
  • Corporate Income Tax Returns is due for filing every 30 November of the following year of financial year-end.

Subject to certain requirements, new start-up companies are eligible to a tax exemption of 100% on the first S$100,000 chargeable income and 50% on the next S$200,000 chargeable income, for the first 3 YA.

Companies can continue to claim a partial tax exemption of 75% on the first S$10,000 chargeable income, and 50% on the next S$290,000 chargeable income provided that certain requirements are met.

Certain industries sectors are entitled to a tax concession of a lower tax rate of 5% or 10% instead of 17%, subject to the Ministry of Finance’s approval. Concession application needs to be submitted to the International Enterprise (IE) Singapore.

Payroll

Yes, definitely. Since our charges are by per headcount, there is more flexibility in our services.

It takes about 1-2 working days to process. We will submit the monthly payroll report to you as well.

Unlimited. Especially when it doesn’t require a long time to proceed with the payroll process.

Grants Support

Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.

Eligible SMEs will receive the following support:

  • Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
    • Overseas market promotion (capped at S$20,000)
    • Overseas business development (capped at S$50,000)
    • Overseas market set-up (capped at S$30,000)
  • Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:

  • Core Capabilities: Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
  • Innovation and Productivity: Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
  • Market Access: Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.

The SkillsFuture Work-Study Certificate (WSCert) is part of the suite of SkillsFuture Work-Study Programmes (WSPs) offered by Institute of Higher Learning (IHLs) and appointed private training providers. WSCert provide individuals with more opportunities, to develop new skills and knowledge, and build on what they have acquired in school, through a work-study arrangement.

Participating employers can recruit local graduates and prepare them to take up suitable job roles. The programme is designed in collaboration with industry to ensure relevance to employers in the sector.

The Ministry of Manpower (MOM) and Workforce Singapore (WSG), in collaboration with the Public Service Division (PSD) and various government agencies, have launched the SGUnited Jobs Initiative and SGUnited Traineeships Programme to create jobs over the next one year.

This is a concerted effort as part of the Resilience Budget to create more opportunities for jobseekers and workers affected by the current COVID-19 situation, as well as match them to jobs available, including new jobs created as a result of COVID-19. The initiative also seeks to help businesses that are recruiting for the eventual recovery, as well as those with short-term manpower needs due to disruptions in labour supply.

STP is an initiative by Enterprise Singapore to help SMEs engage and attract local talents from ITE, Polytechnics and Universities to join them. Under STP, SMEs can offer student internships and are eligible for up to 70% support covering the internship month stipend.

Human Resources

Letter of Consent (LOC) is for eligible pass holders to work in Singapore, i.e. Dependant’s Pass holders, LTVP/LTVP+ holders who are spouse or unmarried children of a Singaporean or permanent resident.

  • Who can apply? An employer or appointed employment agent needs to apply for the LOC.
  • Is it renewable? Yes.
  • No foreign worker levy or quota required.

All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid pass. Find out which pass is suitable, if they are eligible and how to apply.

The Employment Pass (EP) allows foreign professionals, managers and executives to work in Singapore. Candidates need to earn at least $4,500 a month and have acceptable qualifications. Employers must also demonstrate that they have fairly considered all jobseekers.

  • Who can apply? An employer or appointed employment agent needs to apply on behalf of the candidate.
  • Minimum salary: Fixed monthly salary of at least $4,500 (more experienced candidates need higher salaries).
  • What is the duration? For first-time candidates, up to 2 years; For renewals, up to 3 years.
  • Is it renewable? Yes.
  • Passes for family: Available for eligible pass holders.
  • Foreign worker levy or quota: No foreign worker levy or quota required.
  • Medical insurance: Employers can choose whether to provide medical insurance for EP holders.

For eligible foreign entrepreneurs who are keen to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.

For high-earning existing Employment Pass holders or overseas foreign professionals. The PEP offers greater flexibility than an Employment Pass.

STP is an initiative by Enterprise Singapore to help SMEs engage and attract local talents from ITE, Polytechnics and Universities to join them. Under STP, SMEs can offer student internships and are eligible for up to 70% support covering the internship month stipend.

Therefore, how do we recruit interns with a 70% salary support through SME talent programme?

 

To be eligible for STP, companies must meet the following criteria:

  • Have a minimum of 30% local shareholding
  • Have group annual sales turnover of not more than S$100 million OR group employment size of not more than 200 workers
  • Possess sound Human Resources systems and commitment towards talent development
  • Be willing to participate in Enterprise Singapore’s Human Resource Maturity Diagnostics (HRMD)

 

To be eligible for STP students must meet the following criteria:

  • Singapore Citizen or Singapore Permanent Resident
  • Full-time student from ITE, NYP, NP, RP, SP, TP, NTU, NUS, SUSS, SIT, SMU or SUTD
  • Should not be previously supported by STP (Internship) under the same Company

The SkillsFuture Work-Study Programme (WSP) was first launched at the Institutes of Higher Learning (IHLs) in 2015, in the form of SkillsFuture Earn and Learn Programme (ELP). The work-study modality of learning facilitates a stronger linkage between the curriculum taught in school, and the needs of the workplace.

Who is eligible to participate in the SkillsFuture Work-Study Programme? 

  • Most Work-Study Programmes are available to Singaporeans and Singapore Permanent Residents who are within three years of either graduation from the ITE and Polytechnics or the Operational Ready Date for full-time National Servicemen. 

Who are the employers under Work-Study Programmes, and how are they selected?

  • Partner companies must be Singapore-registered or -incorporated. These companies are selected based on their ability and commitment to providing quality workplace training and meaningful career development opportunities for participants. Partners come from various sectors and include both MNCs and SMEs.

Consultancy by AW

IFRS3 measures the cost of the acquisition at the fair value of the consideration paid; allocates that cost to the acquired identifiable assets and liabilities on the basis of their fair values; allocates the rest of the cost to goodwill; and recognises any excess of acquired assets and liabilities over the consideration paid (a ‘bargain purchase’) in profit or loss immediately

Source: https://www.ifrs.org/issued-standards/list-of-standards/ifrs-3-business-combinations/

The core principle in IAS 36 is that an asset must not be carried in the financial statements at more than the highest amount to be recovered through its use or sale. If the carrying amount exceeds the recoverable amount, the asset is described as impaired. The entity must reduce the carrying amount of the asset to its recoverable amount, and recognise an impairment loss. IAS 36 also applies to groups of assets that do not generate cash flows individually (known as cash-generating units).

Source: https://www.ifrs.org/issued-standards/list-of-standards/ias-36-impairment-of-assets/

IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). When measuring fair value, an entity uses the assumptions that market participants would use when pricing the asset or the liability under current market conditions, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise fulfil a liability is not relevant when measuring fair value.

PR Application

Given that your child is below the age of 21 years old and unmarried, you will be exempted from miltary services, however your children are not

The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:

  • Core Capabilities: Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
  • Innovation and Productivity: Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
  • Market Access: Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.

You would need the PR application forms (Form 4A, the document list and the explanatory notes.

Prepare all supporting documents – education, employment, certificates etc.

The assessment method is very stringent and rigorous, to offer the most deserving candidate with the status of Permanent Resident.

It takes approximately 4-6 months. In some cases, the process takes longer, depending on the discretion of ICA. 

You can always check your PR status and approval online.

However, there is a limited PR approvals at 30,000 per year, which is a small proportion as compared to the high demand. Thus rejection rate is ihgh as well.

You will be required to make an appointment with ICA within 2 months of receival of letter.

Everyone in the application will be required to do a compulsory check-up (medical). 

Do bring along all supporting documents along too.

Virtual Office

You can choose to opt out, and personally be the one in charge of any calls referral.

Head over to our Company Incorporation Page, and we will guide your from there.

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