Corporate Service
Guide to Taiwan Employment Services License
Guide to Taiwan Employment Services License According to the definition as “Employment Service Act” and “Regulations for Permission and Supervision of Private Employment Services Institution”, Employment Services is an institution to search the suitable jobs for seekers and collect the labor force for requesters, which services include recruitment, introduction, alteration of jobs and the physical check-up and entry or exit of employees, etc. from the request of employers. Any of individual or incorporation who intends to offer the abovementioned services shall apply for Employment Services License at Ministry of Labor in Taiwan. Ministry of Labor is the authority responsible for the issue and supervision of Employment Services License. To apply for Employment Services License in Taiwan, the applicants have to meet the requirements that the applicants’ employees shall hold the professional Employment services licenses. In the circumstance of a company which total number of employees is less than 5 persons, […]
What is Tax Compliance Auditing
What is Tax Compliance Auditing There are three types of declaration method commonly used by Taiwan Companies: tax declaration reviewing on paper with a standard profit rate, ordinary declaration (general declaration) and tax compliance audit. The so-called tax compliance audit is the appointment of a certified public accountant(CPA) to audit and check the corporate income tax declaration form. Who needs Tax Compliance Auditing Company with losses when initially set up, but expected to have profits after 2 or 3 years The loss of the tax compliance audit year can be used to offset the profits for the next 10 years; for the surtax 5% on undistributed profit, if your company have tax compliance audit in the year of loss, it can be used to offset the surtax on profit in the future. In other words, the loss can not be used to offset the profit in the future […]
What is Financial Report Auditing
What is Financial Report Auditing Financial report auditing is similar to tax compliance audit, but unlike that was based on the compliance with tax regulations to complete. Take small and medium enterprises as an example, according to the current regulations, the company have the following situations should conduct the financial report auditing: The company with actual capital more than TWD 30 million or reaching a certain scale; (“to a certain scale” means that the amount of capital does not reach TWD30 million but the net revenue is TWD 100 million; or the number of employees participating in labor insurance is 100 people.) Or the company that borrows more than TWD 30 million from financial institutions. Who needs Financial Report Auditing Those who meet the following conditions must apply for the financial report auditing: Capital Amount more than TWD 30 million (inclusive); Handle promissory note guarantee or borrowing more than […]
Taiwan Incorporation Payroll Services
Taiwan Incorporation Payroll Services 1. Employees Payroll Basic Services and Fees No. Description Duration 1 Calculation of staff labor insurance Monthly 2 Calculation of staff health insurance Monthly 3 Calculation of staff retirement pension Monthly 4 Calculation of staff salary Monthly 5 Prepare payroll slip of employee, provide a total amount of monthly salary to the accounting staff to release the salary Monthly 6 Prepare pay advice of each employee Monthly 7 Send the pay advice to the employee through email individually (Client please provide the email address of employee to us) Monthly 8 Declaration of withholding and non-withholding statement Yearly 9 Prepare and print withholding statement Yearly 10 2nd Generation of National Health Insurance Service (NHI) (1)Recognition of items to be deducted Monthly (2)Calculate 2nd Generation NHI payable by employer and employee and prepare the insurance payment slip Monthly (3)Prepare 2nd Generation NHI withholding statement, for employees […]
Foreign Company Taiwan Branch Compliance and Maintenance Guide
Foreign Company Taiwan Branch Compliance and Maintenance Guide Unless otherwise stated, the foreign company Taiwan Branch stated in this quotation referred to the limited company incorporated under the Taiwan Company Act and Business Registration Act. The compliances in this Guide are applicable to limited company as well. When a foreign company Taiwan branch is established, in accordance with the provisions of Taiwan Company Act, the company must always have a Taiwan address for company registration, prepare annual business report, prepare financial statements, tax declaration in every two months and hire an accountant to audit its annual financial statement, etc. This Guide is divided into 6 sections, mainly introduce the various declaration, maintenance responsibilities and related expenses after the establishment of a foreign company Taiwan branch. Section 1 -5 mainly describe the maintenance and compliance requirements for a Taiwan branch, while Section 6 shows the minimum necessary fees […]
Financial Statement Audit Service Fee Schedule
Financial Statement Audit Service Fee Schedule 1、 Timeline Month Services Action to be taken by client Oct ~ Dec ※ Arranging working field period before year-end. ※ In response to working field period, preparing for data and document. Dec ※ According to the date of inventory physical count of the client, auditors will observe the physical count procedure on the same day. ※Receiving the blank confirmation letter has been stamped by the client. ※ Arranging the date of inventory physical count and give auditors a notice in the earlier. ※Stamping the confirmation letter. Jan (Next year) ※ Sending the confirmation letter out base on client book balance of bank account、A/R、A/P、 Deposit balance、investment account and lawyer’s name and address etc. ※ Providing the book balance and contact window of bank account、A/R、A/P、 Deposit balance、investment account and lawyer’s name and address etc. on 31st Dec. before 5th Jan. Feb ~ May (Next […]
U.S. Employer Identification Number Application Procedures and Fees
U.S. Employer Identification Number Application Procedures and Fees Our service fee for handling the EIN application is USD300. The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (FTIN), is a unique nine-digit number (for example, 12-3456789) assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. EIN just like a Social Security Number (SSN) for your personal identification number. The EIN number allows you to communicate with the Internal Revenue Service (IRS) in the dealing of all the tax matters of your company. You may also need EIN for bank account opening, business license application or other reasons. The EIN is issued by the Internal Revenue Service (IRS) upon application. You can apply for EIN via website, fax or mail. Expedited service is not available. To complete […]
U.S. Individual Taxpayer Identification Number Application Procedures and Fees
U.S. Individual Taxpayer Identification Number Application Procedures and Fees In the United States, to facilitate tax collection, the Internal Revenue Service (IRS) requires that it is necessary to submit corresponding tax identification numbers when filing federal tax returns. If you plan to open a corporate bank account or a personal bank account in the United States, the tax identification number of the company’s responsible person or individual is also one of the required documents. Individual identification number includes Social Security Number (SSN) and Individual Taxpayer Identification Number (ITIN). Social Security Number (SSN) is the tax identification number for individuals who are U.S. citizens, U.S. green card holders, or temporary working residents. SSN is nine-digit numbers issued by Social Security Administration (SSA), similar to the “ID card number” which is issued by China. Individual Taxpayer Identification Number (ITIN) is the tax identification number for individuals who are not […]
Open U.S. Business Bank Account Remotely （For Existing Company）
Open U.S. Business Bank Account Remotely （For Existing Company） U.S. business bank accounts, also known as commercial bank accounts or business bank accounts. Kaizen can offer the opportunity for foreign investors to open U.S. business bank accounts remotly for their U.S. companies. For exsiting U.S. companies, the owner can cooperate with Kaizen to open the U.S. business bank account remotely instead of visiting U.S. in person. Features of U.S. Business Bank Account (1) Open the U.S. bank account within 2 business days; (2) Only need USD 5,000 for initial deposit; (3) Low account maintainance fee to reduce account management cost; (4) Service includes checking and saving accounts opening and a free checkbook gift; (5) In additional to USD accounts, clients can also apply for muti-currency accounts to support major settlement currencies in the world (EUR, HKD, GBP and etc.); (6) Open the online banking and mobile banking […]
Introduction to Individual Income Tax in Singapore
Introduction to Individual Income Tax in Singapore Singapore has one of the lowest tax rates in the developed countries and is considered as “a global legal tax haven”. Singapore’s low tax rate, and its favourable tax policies, stable living environment have made the Singapore business environment even more attractive to global investors. The highest corporate income tax rate in Singapore is 17%, the highest Individual Income Tax rate is 22%, and there are no capital gains or inheritance taxes. This article will give a brief introduction to the tax principles, tax rates, the definition of tax resident and the filing requirements of Individual Income Tax in Singapore, and will be provided as a reference for Kaizen’s clients who are considering investment and immigration to Singapore. In revising this article, we have taken into account the laws and regulations in force as of 28 February 2020 and the relevant policies […]