Viewpoints
2020-06-15
Guide to Starting a Pet Shop in Singapore Nowadays, as millennial and Generation Z consumers have come into adulthood, they have embraced the pet-owning and pet-loving lifestyles to a far greater extent than their elders. The pet industry has been experiencing explosive growth recently. In this case, one may grab the business opportunity by setting up his or her own pet shop in Singapore. In order to start a pet shop in Singapore, you must register a business with Accounting and Corporate Regulatory Authority of Singapore (“ACRA”). After that, you would need to have a pet shop licence which issued by Animal & Veterinary Service (“AVS”), a cluster of the National Parks Board before the pet shop is allowed to display, sell, distribute, or export pets. Pet Shop Licence You will need a licence from AVS before your pet shop is allowed to display, sell, distribute, […]
2020-06-11
Introduction to Telecommunication Licences in Singapore Persons who want to operate telecommunications systems and provide telecommunication services are required to be licensed by Infocomm Media Development Authority (IMDA). In general, such licensees must be a company incorporated under the Singapore Companies Act, Chapter 50. IMDA adopts a licensing approach which differentiates between Facilities-Based Operations (FBO) Licence and Services-Based Operations (SBO) Licence type of operations. The following provides an overview. Services-Based Operations (SBO) Licence The Services-Based Operations (SBO) Licence allows an operator to provide services-based telecommunications services in Singapore. For operators who intend to: (1) Lease telecommunication network elements (such as transmission capacity and switching services) from any IMDA-licensed Facilities-Based Operator (FBO) to provide their own telecommunication services. (2) Resell telecommunication services of FBOs to third parties; or (3) Deploy telecommunication network, systems and facilities within their own property boundaries, but wish to offer […]
2020-06-09
Guide to Starting a Traditional Chinese Medicine Business in Singapore Traditional Chinese Medicine (TCM) plays an important role in our daily life, recently the cooperation between TCM and Western Medicine has been increasing, which also boosted the market for Traditional Medicine, the benefits of TCM are widely recognized by consumers. TCM in Singapore has a history that goes back to more than a century. Internationalization of TCM enterprises Singapore is one of the countries in Southeast Asia with comparatively good development of TCM. Beside the domestic listed Eu Yan Sang International Ltd, there are other listed TCM companies from China, such as Pharmesis International Ltd. and Tianjin ZhongXin Pharmaceutical Group Corp Ltd. The Singapore government also encourages TCM enterprise to list on the Singapore stock exchange, which has a relatively large pool of international capital and relatively low listing requirement. Compared with Hong Kong and some other international bourses, […]
2020-06-08
Guide to Relocating/Settling Down in Singapore Singapore is considered by many investor/business owner as the gateway to ASEAN by having one of the lowest corporate tax rates and the government business-friendly policies make its easy for foreign companies to relocate or set up their office in Singapore. A number of famous entrepreneurs (UK billionaire James Dyson and the owner of Haidilao Hot Pot Zhang Yong) had relocate their headquarter/office to Singapore in order to take advantage of the great number of business opportunities and benefits is offers. This article will give you an overview on the reason to relocation to Singapore, the procedure as well as how to settle down in Singapore. The Advantages of Singapore (1) Extensive Double Tax Treaties Singapore has an extensive network of double tax agreements (DTA), with more than 80 counties across the global. The key benefits of a […]
2020-06-08
Shanghai will Further Innovation and Open Wider and Expand Foreign Investment With the closing of the third session of the 13th National People’s Congress. The two sessions in this special period attracted the attention of the whole world. At the meeting, “stabilizing foreign investment” became a hot topic. Many representatives and members of the committee made suggestions to reduce the negative list and further the market access eased. Shanghai has been the first choice for foreign capital to enter the Chinese market for a long period. Under the background of the current global war, “epidemic”, the global economy is full of various uncertainties, and international capital is looking for a safer “haven”. This year’s government work report pointed out that in the face of changes in the external environment, we should unswervingly expand opening, stabilize the industrial chain supply chain, and promote reform and development through opening up. Shanghai […]
2020-06-02
Guide to Lease an Office Premises in Singapore Lease Duration In general, the duration of a lease agreement in Singapore is between 2 to 3 years with an option to renew at the end of the lease term. Rent The monthly rental fee includes base rent and service charges calculated per square feet of floor area and 7% of GST (Goods and Service Tax) if the landlord is GST-registered. In overall, Singapore office base rent rates and service charges averaging from S$4.50/sqft to S$10.00/sqft and S$0.70/sqft – S$1.20/sqft respectively depending on the locations and buildings. Service charges is charged for the general management services provided by the landlord such as building maintenance, security, cleaning, and maintenance of central air-conditioning of the building. Deposits and stamp duty payable A refundable security deposit equivalent to three months gross rent is common practice and payable by the […]
2020-06-02
Invest in Qianhai China Qianhai is located at the western part of Shenzhen, eastern coast of the Pearl River which sits at the crossroad of the main development axis of the Pearl River Delta and coastal functional expansion belt. Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter as Qianhai Cooperation Zone) is the only platform supported by the government to encourage the cooperation between Shenzhen and Hong Kong in modern service industry. The functions of Qianhai Cooperation Zone are as follows: Shenzhen-Hong Kong cooperation pilot zone, institutional innovation zone, modern service industry agglomeration zone, structural adjustment zone. It focuses on the development of innovative finance, modern logistics, headquarters economic, technology and professional services, communications and media services, business services. Qianhai Cooperation Zone is also part of China (Guangdong) Pilot Free Trade Zone, Qianhai & Shekou Area of Shenzhen. Qianhai Cooperation Zone overlaps the functions and policies of […]
2020-05-20
Guide to Hong Kong Distance Business Programme (“D-Biz Programme”) Under the Anti-Epidemic Fund, the Innovation and Technology Commission (ITC) has launched the Distance Business “D-Biz Programme” to support enterprises to continue their business and services during the epidemic. The Programme provides funding support through fast-track processing for enterprises to adopt IT solutions for developing distance business. Funding Scope The Programme covers 12 categories of IT solutions relating to distance business: Online business Online order taking and delivery, and smart self-service systems Online customer services and engagement Digital customer experience enhancement Digital payment / mobile point of sale Online / cloud-based financial management systems Online / cloud-based human resources management systems Remote document management, cloud storage and remote access services Virtual meeting and conference tools Virtual team management and communications Cybersecurity solutions Other online / custom-built / cloud-based business support systems * Application projects should be commenced […]
2020-05-11
Tax Differences Between Setting Up a Branch and a Subsidiary in Taiwan For a foreign entity that is seeking to do business in Taiwan, a branch and a subsidiary are two commonly utilized methods. From an accounting perspective, a branch is equivalent to an extension of the parent organization and maintains its accounts jointly with the parent. The parent company is fully liable for the branch’s liabilities and legal claims. In comparison, a subsidiary is a separate corporate entity set up by the holding company. It maintains a separate set of books and its liabilities and legal claims cannot be passed on to the parent. When a foreign corporation expands its business in Taiwan, it usually involves in trading of common products, warehouse registration, manufacturing for domestic sale or export sale, or further invest in other business entities in exchange for shares. Which is the most tax-efficient business […]
2020-05-06
Introduction to Individual Income Tax in Taiwan Individual Income Tax (IIT) in Taiwan, is a tax levied on an individual’s earnings and is only levied on Taiwan-sourced income. Aggregated income is the combination of all earnings of the taxpayer, net of various exemptions and deductions, and is taxed at a defined rate. Tax residence and non-tax residence had been introduced to different tax rates. Individual income taxpayers are divided into residents and non-residents. The resident is generally taxed at the progressive rate and the non-resident at a fixed rate applicable to the types of income generated. Tax Basis Taiwan’s IIT is taxed based on the “territorial principle” and, with the following exceptions, is only levied on Taiwan-sourced individual income: (1) Taiwan citizens who have earnings from Mainland China (e.g. salaries from working in Mainland China) are subject to Taiwan income tax, but income tax paid in Mainland […]