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 […]
Guide to Starting A Private Educational Institution Business in Singapore
Guide to Starting A Private Educational Institution Business in Singapore As a country whose natural resource is only its people, Singapore has a world-class and widely appreciated education system. The public schools are increasingly becoming popular among immigrants, the Ministry of Education conducts an annual admissions exercise during September/October for new international students who wish to join the public schools. International students need to apply for a Student’s Pass in order for them to study in Singapore. Besides public schools, there are lots of private or foreign-system schools set up their campus in Singapore, they offer a curriculum similar to the kid’s home country, which is also welcomed by immigrants. For example, Singapore’s top local schools ACS International, Hwa Chong International and SJI International, established their own international schools by offering secondary and post-secondary education. Private School in Singapore Singapore has established Private Education Act which required […]
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 […]
Guide to Taxation System in Taiwan
Guide to Taxation System in Taiwan Introduction The Taiwan tax system is a general term of the Taiwan tax regulations and audit management systems. The current taxation in Taiwan can be divided into two types, the national tax and local tax (municipal and country(city) tax) from the tax revenue right. The national tax includes profit-seeking enterprise income tax, individual income tax, estate tax and gift tax, commodity tax, business tax, tobacco and alcohol tax, futures transaction tax, securities transaction tax, customs duty and mining tax. The local tax (municipal and country(city) tax) includes land tax (land value tax, land value-added tax), stamp tax, vehicle license tax, house tax, deed tax, entertainment tax and special tax. At present, the tax revenue in Taiwan accounts for about 70% of the total revenue, and the income tax is the most important tax, it accounts for about 40% of the […]
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 […]
Notice of Singapore Tax and Annual Return Filing Extension
Notice of Singapore Tax and Annual Return Filing Extension As part of its support to taxpayers in light of the latest measures to manage the COVID-19 situation, the Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) announced the automatic extension of deadlines for tax filing for individuals and businesses as well as filing annual returns. Q: What is the extended filing due date for individual income tax? A: Income tax for Individuals (including sole proprietors and partnerships) were originally due on 18 Apr 2020 has been extended to 31 May 2020. This is an automatic extension no application is required. Q: Is there any extension for filing of Estimated Chargeable Income (ECI)? A: Since the ECI filing deadline is 3 months after the financial year end, the extension of filing of ECI will only granted to the companies with Financial Year […]
Vietnam Company Annual Compliance Requirements and Fees
Vietnam Company Annual Compliance Requirements and Fees This guide provides a summary of the various maintenance and compliance requirements for the Vietnam Company that incorporated in accordance with the Vietnam Investment Law 2014 and an estimation of the costs likely to be incurred to comply with those requirements. Section 1 is about the preparation of the monthly financial statement of the Vietnam Company. Every Vietnam Company is required to prepare a financial statement every month and submit the financial statement to the Department of Taxation in Vietnam. Section 2 and Section 3 describes the information of Corporate Income Tax (CIT) and Value-Added Tax (VAT) of the Vietnam Company. Section 4 of this guide states the requirement of the Annual Audit for the Vietnam Company. Section 5 states the requirements to employ employees in Vietnam, including the introduction of social insurance, medical insurance, unemployment insurance, etc. Section 6 lists out […]
General Guide to Director’s Liability in Australia
General Guide to Director’s Liability in Australia When a director breaches a duty in Australia, the consequences depend on whether it is a general law duty or a statutory duty that is breached, and also what sort of remedy is being sought. A breach of a statutory duty may be so serious that a civil or even criminal penalty is imposed on the director. Summary 1. Business Judgement Rule Defence The narrow business judgment rule defence applies not only to the obligation to act cautiously, but also to the satisfaction of similar obligation in common law and in equity. The business judgment rule relates to a decision making, not only for an unintentional inaction. Therefore, the directors will need to make or avoid from making a decision. If they refrain from making a decision, that must be a considered action. The fact that all the criteria for the defence are […]