Singapore is an island nation with a global footprint. Its excellent strategic location coupled with its outward-looking open economy has made it one of the most sought-after attractions for business around the world. This small island nation with a stable political environment, strong rule of law and a highly skilled workforce has warranted it to receive accolades as being the second best place in the world for doing business. With these distinguishing traits and merits, Singapore has grown to become the fourth largest business centre in the world. In this article, we will share with you what you should know when incorporating a company in Singapore. 

Factors that contribute to Singapore’s strong foundation 

• A thriving economy and a highly productive workforce

Singapore’s economy is built on commerce, finance, and manufacturing. The country’s current account surplus is expanding. Singapore makes effective use of its strong financial position by subsidising housing, education, transportation, and health care. All of these characteristics combine to make the country’s economy exceptionally strong and well-managed. Despite starting off with limited natural resources, Singapore has managed to build a robust ecosystem. 

For expats, Singapore continues to be the world’s most liveable place which ensures a high quality of life. Singapore has maintained their ranks to be in the upper tiers due to its outstanding infrastructure, low crime rates and access to reliable healthcare services and excellent sports infrastructure. Apart from that Singapore is a stable country with a corruption-free political system which contributes to another reason why Singapore is attractive for its thriving economy, high productive workforce and stable political system. 

• Efficient process for incorporating and running a new company

Singapore has been regularly acknowledged as the world’s best location to conduct business, according to the World Bank’s annual assessment out of 189 economies around the world. It takes as quick as 15 minutes to register a company online here; the fastest in Southeast Asia.

The cost of forming a company in Singapore is low with business owners paying SGD 315 to the Singapore Registrar. Entrepreneurs and business owners looking for additional capital in Singapore also have a variety of possibilities. Start-ups and established firms can employ a comprehensive variety of sector-specific initiatives and incentives to ensure their continuous growth. 

• Strategic geographical location and infrastructure 

Singapore is a progressive country that has substantially invested in infrastructure projects, allowing it to fulfil the ever-changing needs of its citizens and corporate sector. It features a world-class transportation system that includes well-planned subway, bus, taxi, bicycle and pedestrian networks. The country has many strategically-located transportation hubs and pedestrian-friendly sidewalks. Which makes it incredibly simple for the community to travel across the city relatively carbon-free. 

Singapore itself is strategically located and is accessible by a multitude of international logistic facilities. As a result, transporting materials and goods in and out of Singapore is relatively easy. Besides a well-developed transportation infrastructure, Singapore has a strong financial network environment and reliable high-speed internet access. The country is projected to devote more funds to infrastructure projects that support its sustainability goals and efforts in the future years.

What is Required When Incorporating a Company? 

Some practical considerations when setting up a company in Singapore:

• Before registering a business in Singapore, you must first get approval for your company name from the Accounting & Corporate Regulatory Authority (ACRA).  
• Within 6 months from incorporation, a company secretary must be appointed. Please note that a sole director is restricted to act as the company secretary.
• To form a private company limited by shares in Singapore, you will need a physical registered office’s address based in Singapore. 
• You must have at least 1 dollar in the currency of the shareholder’s choice unless a higher capital requirement is prescribed in a required license for paid-up capital. You can increase this amount at any time after incorporation. Ordinary shares, preference shares, and other types of shares are all possible. 
• You must have at least one local Resident Director. This person could be a citizen, a permanent resident, or someone who has a valid work pass. 
• All companies unless exempted are required to file the Register of Registrable Controllers (RORC) within 30 days from incorporation. The RORC is a register that identifies the UBO’s (Ultimate Beneficial Owners) of a company. This information is not available to the public.

 

Annual Compliance Obligations for Singapore Companies :

• Prepare financial statements 
• Hold the Annual General Meeting within 6 months from the financial year end of the company 
• File the Annual return within 7 months from the financial year-end.
• Tax: file the estimated chargeable income with the IRAS 
• Tax: file Annual Tax Return with IRAS and pay taxes if any are due

Conclusion 

Singapore is a well-governed country that provides a business-friendly environment for new entrepreneurs. Its healthy economy, strategic geographic location, attractive tax policies and outward-looking policies make it an attractive place for incorporating a company. At Ledgen, we will guide and help you manage the processes accurately and efficiently. 

Our dedicated team of professionals at Ledgen are ever ready to guide you. We work in tandem with our clients from multinationals to local businesses enabling them with foresight, agility and accuracy to cement their leadership in the world’s fastest-growing economies.  

Contact Ledgen today to get started. 

Hong Kong has a good track record of dealing with economic shocks. The openness of Hong Kong’s economy makes it sensitive to downturns in trade and investment flows. However, the region has an ability to rebound quickly once conditions change. 

Following the sharp 6.1% contraction in 2020, Hong Kong’s economy started to rebound in 2021 as the Covid-19 pandemic was gradually brought under control in the territory. In real terms, GDP increased by 6.4% in 2021. However, Hong Kong’s economy remains largely hobbled due to the ongoing Covid-19 controls that severely limit non-Hong Kong ID holders to travel to the territory. 

The Hong Kong’s government plan to revive economy 

• Mainland Opportunity through the Belt and Road Initiative 

By leveraging the benefits of ‘one country, two systems,’ Hong Kong can open up more opportunities for growth. Hong Kong’s unique position as a gateway and intermediary city enables the region to integrate and connect with multiple countries. Hong Kong will be able to achieve higher development by actively participating in the national dual circulation development strategy and grasping the opportunities presented by the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative.

• Hong Kong Budget 2022  – supporting measures to fight the pandemic, revitalise the economy and relieve the community’s burden

In this year’s budget, the HKSAR Government announced several economic measures to direct more resources to relieve people’s hardship and provide small to medium-sized enterprises (“SMEs”) with some breathing space so as to stabilise the economy and maintain public confidence. These measures include a 100% reduction in profits tax for businesses (subject to a ceiling of HK$10,000 per case), issuance of consumption vouchers of HK$10,000, subsidy of HK$10,000 for the temporarily unemployed and rental waiver for businesses that have to be closed due to the Covid rules.

This year’s budget aims to generate a leveraging effect that benefits citizens and businesses by stabilising the economy and easing people’s burdens. The revised estimated surplus of HK$18.9 billion for 2020/21, as compared with the original estimate of a deficit of HK$101.6 billion, demonstrates that Hong Kong has a strong financial health and the economy is able to return to the normal track once the epidemic situation is over.

Development of Vital Sectors in Hong Kong 

• Financial Services 

Hong Kong is one of the most vibrant international financial centres in the world.  The contribution of the financial services sector to Hong Kong’s Gross Domestic Product increased from 14% in 2005 to 23% in 2020. The Closer Economic Partnership Arrangement (CEPA) gives Hong Kong’s financial service providers and professionals greater market access and flexibility in their Mainland expansion and serves as a gateway for foreign firms seeking access to Mainland China. 

Hong Kong offers growth opportunities for sub-sectors including Private Banking/Wealth Management, Asset Management, Private Equity, Insurance, Banking, Capital Market and Corporate Treasury Centres & Asset Financing. 

The Hong Kong Monetary Authority unveils “Fintech 2025”, its new strategy for driving fintech development of Hong Kong.  This new fintech strategy aims to encourage the financial sector to adopt technology comprehensively by 2025, as well as to promote the provision of fair and efficient financial services for the benefit of Hong Kong citizens and the economy.  The five focus areas include all banks go fintech, future-proofing Hong Kong for Central Bank Digital Currencies, creating the next-generation data infrastructure, expanding the fintech-savvy workforce and nurturing the ecosystem with funding and policies.

• Retail and e-Commerce 

The rapid rise of e-commerce has affected the traditional retail industry in Hong Kong, as it has in every other area of the world. Customers and merchants can now communicate through a multitude of channels, and retailers should establish a business strategy that accounts for this change. Ultimately, having a digitised approach such as the well-known omnichannel strategy can establish meaningful consumer interaction via a connected ecosystem.  

Creating an omnichannel plan has been the top of many retailer’s management agenda. To create such a roadmap, retailers must first gain a comprehensive understanding of the whole consumer journey, from browsing to shopping to payment, fulfilment, and use to post-purchase social sharing and interaction. This has thus created a huge opportunity for growth for e-retailers and businesses in Hong Kong. 

Preparing Hong Kong for the Future

• Leveraging Digitalization  

Digital transformation is about preparing your company for the future, resulting in improved employee experiences, more efficient operations, and new revenue sources. In Hong Kong as with other parts of the world, there is an upward trend of adapting to digitalization driven by both push and pull factors. Some of the ways businesses are digitizing are:   

• Using no-code app configuration, which democratises innovation
• Connecting applications to create a cohesive system
• Using software robots to automate commercial processes
• Using the industrial Internet of Things to connect company assets

• Rethinking Business Strategy 

As Hong Kong is phasing towards a post-pandemic era, many business executives are rethinking and resetting their strategy to build resilience. They would evaluate where and how the crisis has strained or broken their existing models, as well as the dangers and possibilities that this offers. Their business leaders are also engaging in an agile, options-based procedure that allows them to identify and analyse their impact on the company’s near and long-term prospects.

How has Hong Kong fare post-pandemic?

Hong Kong’s economy will undergo a revival after the Covid-19 pandemic is brought under control with the help of citywide efforts and the support of the central government. The 2022 Budget proposes multiple measures to focus on strengthening Hong Kong’s position as an international trade and financial centre. It also proposed various tax and non-tax measures supporting the development of family offices, the maritime and port sector and innovation and technology sector.

Hong Kong is still one of the best places to start a business. The city is not a stranger to crises that are bound to happen as a result of globalisation and international trade. From the 1998 Financial crisis to the SARS epidemic, Hong Kong had braved the storm to bounce back stronger. 

Conclusion 

The pandemic was an unanticipated disaster that affected the entire world. But despite the challenges, the Hong Kong administration shows strong signals that look promising for the future of the city. The government’s actions and efforts have made sure organisations are adapting to new norms in order to withstand the challenges and barriers that lie ahead. Hong Kong remains a relevant business hub today, offering a nurturing environment for enterprises to thrive.

Navigate your way through post-pandemic challenges and opportunities with Ledgen. Incorporate your business in Hong Kong with the help of capable professionals ready at your service. 

Get in touch with Ledgen today.

Hong Kong is one of Asia’s known tax havens. It has one of the world’s most enterprise-friendly tax schemes that follows a straightforward, low-rate tax structure. Taxation in Hong Kong is proportional to income, while businesses here are subjected to a unique profits tax. And for a lot of prospects looking to start a business in the region, many are eager to know what are some of the tax reliefs they can make use of.   

Read more: Why You Should Set Up a New Business in Hong Kong This Year 

In this article, we shall be talking about what you need to know about profits tax in Hong Kong. Then, let’s explore several tax reliefs and incentives for businesses set up in Hong Kong. 

About Hong Kong Profits Tax  

• Who is liable to pay Profits Tax? 

Tax is imposed on partnerships, corporations, trustees and people who are engaged in trades, professions or businesses run in Hong Kong. 

• What are the rates? 

Corporations in Hong Kong are subject to a statutory tax rate of 16.5% on assessable profits whereas unincorporated firms are charged at 15%.    

With effect from the year of assessment 2018/19,  a Two-Tiered Profits Tax Regime has been implemented. The Two-Tiered Profits Tax Regime lowers the tax rate for the first HK$2 million of assessable profits for both corporations and unincorporated companies to 8.25% and 7.5% respectively and it aims to significantly reduce the tax burden of most tax-paying small and medium-sized enterprises (SMEs). 

The Two-Tiered rates are available to only one “entity” within a group of “connected entities” for a given year of assessment.

• The Territorial Source Principle of Taxation 

Hong Kong adopts a territorial source principle of taxation. Only profits which have a source in Hong Kong are taxable here. Profits sourced elsewhere are not subject to Hong Kong Profits Tax.

Corporations (either domestic companies or foreign companies), partnerships, trustees and bodies of persons carrying on a trade, profession or business in Hong Kong are subject to tax on Hong Kong-source profits (excluding profits arising from the sale of capital assets).  

• Are dividends and capital gains taxable? 

Dividends and capital gains are generally not taxable. 

Dividends paid from profits that are already subjected to Hong Kong tax are not taxable in the hands of shareholders. Dividends received from foreign companies are not taxable as they are not Hong Kong-source income.

While there is no capital gains tax in Hong Kong, gains from the disposal of assets may be considered as trading gains which are taxable under profits tax if the disposal constitutes a transaction in the nature of trade.

Hong Kong Tax Reliefs & Incentives 

The Hong Kong SAR government offers several preferential tax regimes to encourage different industries or activities. Let’s look at some of them below: 

• Enhanced tax deduction for Research and Development (“R&D”) expenditures

• Tax exemption for privately offered onshore and offshore funds for transactions on specified assets 

• Tax Concession (0% tax) for carried interests received by a qualifying recipient from the provision of investment management services in Hong Kong for a certified investment fund

• Concessionary tax rate of 8.25% for qualifying profits derived by a qualifying corporate treasury center
• Tax exemption for gains from qualified debt instrument 
• Concessionary tax rate of 8.25% for profits derived from the business of reinsurance of onshore and offshore risks and qualifying onshore and offshore captive insurance businesses
• Concessionary tax rate of 8.25% for qualifying aircraft leasing activities and qualifying aircraft leasing management activities
• Concessionary tax rate of 0% for qualifying profits derived from qualifying ship leasing activities 
• Concessionary tax rate of 0% or 8.25% for qualifying profits derived from qualifying ship leasing management activities

Furthermore, foreign tax credits can be claimed if foreign taxes are payable/paid by a Hong Kong tax resident on income derived from a territory that has entered into a Double Taxation Agreement with Hong Kong SAR and the same income is subject to tax in Hong Kong.

Reach out to Ledgen Group today for more information and in-depth expert advice on Hong Kong tax relief opportunities. 

Conclusion 

Businesses are encouraged to start or expand their business in Hong Kong thanks to the attractive tax schemes and incentives provided. But managing tax compliance can be tricky especially when you’re growing your business in a new country. This is why getting tax professionals for advisory and outsourced assistance could benefit you in the long-run.  

Ledgen Group is a trusted partner for tax and statutory compliance, with operations in key Asian cities including Hong Kong. Contact us today to outsource your tax operation the right and efficient way.   

Introduction

All companies operating in Malaysia are required to be registered with the Suruhanjaya Syarikat Malaysia under the Companies Act 2016 (the “Companies Act”). The Suruhanjaya Syarikat Malaysia (SSM) is a statutory body in Malaysia formed from the merger of the Registrar of Companies (ROC) and the Registrar of Businesses (ROB). It is the authority which regulates companies and aids Malaysians to incorporate a business. 

The SSM is an agency under the Ministry of Domestic Trade and Consumer Affairs. Every company operating in Malaysia must be registered under the SSM for it to be considered a legitimate business entity. In this article, we will give you a summary of the incorporation process and what you need to successfully register a business in Malaysia. 

Read more: 7 Reasons Why You Should Venture into Malaysia This Year 

What is a Company Incorporation 

A company incorporation is the process by which a company is formally constituted and brought into existence. 

Why Incorporate a Company?  

• Protects the assets of the owner from the company’s liabilities
• Allows for quick ownership transfer to another party
• When compared to personal income, it frequently gets a lower tax rate due to availability of tax incentives which may not be available to other types of business
• Loss carryforwards are usually subject to less tax constraints
• Easier access to capital funding via the sale of shares to investors and bank borrowings
• Availability of audit exemption for eligible small companies
• Single tier dividends declared to shareholders are tax exempted

Summary of Incorporation Process in Malaysia 

This process can be done online via the MyCoID 2016 portal. You can incorporate your company personally through the portal as a director or promoter of the proposed company, but you would need to go through a one-time off verification procedure over the nearest SSM counter. Usually, new business owners would engage a company secretarial service like Ledgen Group to do it for them to save the hassle and avoid any complications. 

Basic requirements

1. Company name
   You must have SSM’s approval for your proposed company name before you can proceed with registration.
2. Shareholder(s)
   You must have at least 1 shareholder and they can be either an individual or a corporate entity.
3. Director
   – At least 1 director must be living in Malaysia with a principal place of residence in Malaysia.
   – At least 2 directors must be living in Malaysia if you are setting up a private company limited by shares.
4. Company secretary
   You must appoint a licensed company secretary within 30 days of incorporation.
5. Registered office address
   You must provide a local registered office address in Malaysia where all communications and notices may be addressed.
6. Paid-up capital
   The minimum paid-up capital is RM1, but it is recommended to have a reasonable amount depending on your business activity.
7. Business nature
   You must specify your company’s primary business activities when registering with SSM.

Documents Required 

• Documents are not needed to be presented or uploaded to the MyCoID 2016 portal throughout the application process except under  special circumstances when proof of documentation is requested by the SSM. 
• Information and facts provided to SSM needs to be proclaimed to be true and accurate by the applicant. 
• If the company engages someone else (outsourcing firms, agents, etc) to make an application on its behalf, scanned copies of shareholders or directors ID is required. Any other form of proof of documentation will usually be demanded for verification purposes. 

Steps to incorporating a company in Malaysia 

Step 1: Decision-making for company name reservation 

• No fee is taken to check the availability of the company name proposed. 
• A filing fee of RM 50 is required to reserve a name with the SSM for a period of 30 days.  During the period of reservation, the SSM will not allow the use of the reserved name by any other person. The approved name can be reserved with SSM for a maximum period of 180 days at a fee of RM 50 for every 30 days interval. 

Note: If you are certain about the selection of your company name, you can go ahead with the incorporation process. 

Step 2: Submitting information about the company (Super Form) 

• After receiving approval for the company name proposed, you need to fill up a form (Super Form) 
• The information that is required to fill in are 

1. Proposed name of the company,
2. The type of company, 
3. The description of proposed nature of business of the company, 
4. Details of the director/ shareholder/ promoter of the proposed company, 
5. Declaration from the director or promoter that he/she is not an undischarged bankrupt either in or outside of Malaysia 
6. He/she has not been convicted of any offence whether in or outside of Malaysia 

Step 3: Declaration of compliance and payment of incorporation fee 

• RM 1,000 is the fee for companies limited by shares and unlimited companies 
• RM 3,000 for companies limited by guarantee

Step 4: Review from SSM 

• After Step 1, Step 2 and Step 3 are completed, SSM will review the details submitted. 
• The review process usually takes 1 or 2 working days if there is no rejection or queries by SSM. 

Step 5: After incorporation processes 

• A registration number is given to the company 
• Notice of Registration is sent to the applicant to confirm the above detail.

Note: A Notice of Registration is concluding evidence that a company is confirmed and declared incorporated. The company may purchase a Certificate of Incorporation from the Companies Commission of Malaysia at a prescribed fee.

What you need to know after company incorporation 

The company is considered brought to life after the incorporation process is completed. 

You’ll need to appoint a company secretary if you don’t have one. Then, you need to set up a bank account and proceed with other requirements under the Companies Act. You are required to confirm and have all necessary licences, permits or approval from any body necessary before running the company operations. 

Extra documents will be required for submission to SSM for public limited companies before starting business operations. 

The company number and its name must appear on the seal, and all business letters, statements of account, invoices, official notices, publications, bills of exchange, cheques or letter of credit of or purporting to be issued or signed by or on behalf of the company under Section 20(2) of the Companies Act, 2016.

Conclusion 

The Malaysian government has taken steps to help incorporate a business and make it as simple as possible. Nonetheless, the whole process can involve a lot of paperwork and lengthy in-person meetings. Incorporating your Sdn Bhd should be a stepping stone to launching your firm, not a time and energy-draining venture. 

Company incorporation can be challenging, especially if you’re new to Malaysian regulations. Company secretary partners are there to help you solve registration and incorporation issues using expert help and professional advice. 

Ledgen is a trusted partner for statutory compliances service in Singapore, Malaysia and Hong Kong. We provide various services which also include company incorporation and secretarial services. Contact us today to get your company incorporation processes done easily and hassle-free.  

Introduction 

It’s undeniable that tax and compliance management is growing more difficult. Tax compliance teams today need more skills, expertise, and knowledge than ever before, especially with the increasing regulatory complexity that they must grasp. This intricacy raises the need of having skilled professionals to manage a company’s taxation issues, putting even more pressure on the recruitment and retention of these highly sought-after talents.

As a result, an increasing number of businesses are trying to outsource certain portions of their statutory compliance work, relying on third-party vendors for assistance. It also helps that the tax outsourcing market has evolved to provide new services and technologies to solve problems in the 21st century. 

So what about your organisation and situation? Would outsourcing tax compliance be beneficial to your business? Today, we’ll look at both sides of the argument to provide insights on tax outsourcing. 

The Pros of Hiring an Outsourced Partner for Tax Compliance 

• Cost-Effective 

Outsourcing tax compliance can be cost-efficient for your business if and when the cost of hiring and training in-house is greater than the cost of outsourcing to a third-party partner. 

Getting the right outsourced partner for your statutory compliance can be helpful because they have the right expertise to cover the necessary issues pertaining to tax and compliance. Most of these tax professionals are well-trained in their field and have relevant certifications. With outsourcing, you will receive the expertise of a professional with years or even decades of experience at your service. Compared to hiring a full-time in-house of the same calibre, outsourcing can be seen as more viable and cost-effective.    

• Complying Accurately to Local Regulations 

Corporate tax compliance can be hard to maintain as an ongoing process. Poor tax management can be costly to your business if it does not comply with numerous local regulations. This can lead to a variety of legal charges and consequences. 

However, an outsourced partner can assist you in staying current and meeting your tax compliances. They will also ensure accurate reporting and filing to keep your business looking clean and professional for your stakeholders. Thus, outsourcing your tax can work for businesses of all types and sizes to ensure compliance and legitimacy. 

• Extra Help During Peak Tax Filing Season

Instead of hiring a set of long-term employees, it can perhaps be better to get temporary help to file and submit tax returns every fiscal year. This can make sense particularly if your business is not directly involved in tax planning and submissions all-year long. 

Every year, taxpayers scramble to submit their tax return in time to avoid penalties. For many businesses, tax submission means filing accurate and complete tax returns to their local tax authority. This activity can be daunting and confusing to many. 

This is why hiring an outsourced tax compliance partner will ease up your work during peak tax filing seasons because they have the experience and knowledge to know what is needed to meet the compliance requirements. 

• Free Up Your Hands 

For many managers and business owners, doing taxes can be lengthy and time-consuming. The time they should have spent to maximise business goals. If you can relate to the issue of time when it comes to submitting and reporting tax queries, then outsourcing could be helpful for you. 

Moreover, certain periods of high rate of employee turnover can cause uncertainty and inconsistency in your business. But outsourcing compliance can help stabilise your internal workload. You are then able to focus on work and pertinent business matters while your outsourced service provider deals with the fine print. 

The Cons of Hiring an Outsourced Partner for Tax Compliance

• Communication, Distance and Openness 

One of the possible setbacks some companies face when outsourcing is the difficulty in maintaining good communication between the outsourced team and their team. When outsourcing, you cannot simply walk over to their desk and ask about the company’s taxes. In addition, some of your employees may not feel at ease speaking with an external party over sensitive data, compared to a familiar face in their team.

To counter this issue, you should seek out an outsourced agency which can maintain good communication and rapport. The ideal partner will also have procedures in place on how to report and communicate effectively. Trust and rapport-building are  thus important to establish a good working relationship between partners. 

• Transparency 

Transparency can be an issue when working with an outsourced tax partner. A good tax outsourcing service provider will make all fees transparent; no hidden charges. If a client chooses to terminate the contract, there should be a fair termination clause stated in the agreement. Companies should also look for a dependable outsourcing solution with clear cost structures and customizable packages that allow them to scale up or down as needed.

• Security Risk 

In an age where all tax compliance data are digitised and automated, data security has been a rising concern. Improper storage or management of company data could jeopardise the privacy and security of your company. 

Therefore, when choosing the right tax compliance provider, ask about how the firm handles private and confidential data. A good provider would have a strong IT procedure to ensure the security of your business data. 

• Limited Range of Services  

The last con of tax outsourcing is when the outsourcing agency only offers limited services and a small scope of work. Worse if the service packages could not be customised. This can lead to more time as you would need to find someone else who can work on the areas not covered.   

This issue can be solved when you find the right outsourced partner who can match what you need while offering a wider range of services other than taxes. Outsourcing providers such as Ledgen Group do not stop at tax compliance services but also offer Accounting, HR & Payroll and Company Incorporation. With a bigger job scope at your disposal, you will save time and effort whenever you need something done and have a centralised dependable figure to rely on. 

Choosing the Right Tax Compliance Partner for You

In short, to mitigate and reduce the setbacks mentioned, you should opt to find a tax partner who is willing to be transparent, have a clear process, can communicate effectively, has a high security standard, and can scale with you with an extensive range of services. One way to be sure of your option is by doing a thorough check on the agency’s background. What were the feedback and reviews from past clients, for example? Apart from that, you can also look at their track record, size of their operations and reputation.  

Conclusion

There are great advantages and benefits to be reaped when you work with the right tax compliance partner. The cons of outsourcing can be mitigated by choosing the right partner who has a good understanding of the field. 

Ledgen is an efficient and experienced outsourcing service provider with a presence in Singapore, Hong Kong and Malaysia. We have dealt with multiple clientele from different industries by ensuring that their tax and statutory compliance is well-managed. 

Our team can assist you with tax services such as corporate tax, personal tax, and Goods & Services Tax where applicable. One of our unique differentiation from other firms is our ability to work in a short notice period so that you can receive a quick turnaround time. Our tax professionals are ready to advise you on tax regulations matters to ensure compliance is met. Get in touch with our experts today.