Why You Need Legal Management Service in Singapore
Singapore is known to be business-friendly and also promotes the aspect of globalization. However, operating a business in Singapore is never without challenges. Having a team of trusted professionals capable of offering legal management service in Singapore can be of great help when faced with such uncertain times. Formation of company in Singapore may seem easy, but keeping up with the statutory requirements and compliance issues can be quite a challenge.
According to the companies act, every company incorporated in Singapore is required to have at least one director who is a resident of Singapore. When you hire a nominee director in Singapore who doesn’t understand the statutory and compliance requirements, then there is a high likelihood of being summoned in Court. When you have a reputable corporate services provider that offers legal management service in Singapore, it makes handling court cases less daunting and time-consuming.
Here are some of the reasons why you need legal management services in Singapore;
Challenges in compliance with the common reporting standard
Foreign investors opening businesses in Singapore are more likely to be faced with challenges related to compliance with the common reporting standard. Singapore is committed to implementing the common reporting standard (CRS), and companies are expected to adhere to the given terms of reporting. Failure to observe compliance has the potential of attracting penalties and may lead to a court summons. Engaging a team of legal experts for legal management services in Singapore can be of great help as they are well versed in the legal framework in Singapore and will be able to advise effectively on key issues.
The penalties that may be charged due to failure to comply with the Accounting and Corporate Regulatory Requirements (ACRA) can be huge and can hinder the smooth business operations. With the help of a corporate service provider Singapore that offers a range of professional services, including legal services, you can be guided accordingly. They can also help with setting up measures in place that ensured deadlines are adhered to according to the laid requirements.
Discrepancies in Paying Taxes
Singapore has in place a territorial tax system with some forms of taxes administered by the Inland Revenue Authority of Singapore (IRAS). Therefore, companies are required to register with SingPass or CorpPass if they are to access the central provident board portals to pay taxes. Companies that are also seeking for Singapore Tax Residency Certificate are also expected to pass management and substance tests, which is imposed by IRAS. It takes working with a corporate service provider Singapore who understands the dynamics of the business environment and all that should be adhered to if a foreign company is to operate effectively. The need for legal management service in Singapore is key, as they will be there to help in case of any legal challenge.
Working with a firm that offers a range of corporate services such as Onestop-ca.com can be of great help, especially to foreign companies considering establishing businesses in Singapore.
Originally published by onestop-ca.com