Singapore is consistently ranked as one of the best places in the world for doing business. Not only foreigners incorporating in Singapore, even local entrepreneurs are advised to engage the services of a corporate service provider to register a Singapore company, as the process can be complicated and involve legal obligations as they may not be fully familiar with the Singapore company law and compliance requirements. The team at NNRoad have a thorough understanding of the latest global economic situation and have all the necessary tools and techniques to achieve your set-up goals.
- Advise with the initial capital amount, if applicable.
- Assist with the selection of entity name.
- Assist with the identification of key persons in the entity (e.g. director, shareholder, secretary, etc.).
- Consult with the entity location, address registration.
- Prepare and file entity registration.
- With respect to foreign company investment, provide documents certifying the profile, authority and authenticity of the signature of the foreign company and its representatives.
Since it is not legal for a company to hire an employee in Singapore without having a legal entity in Singapore, the only solution for a foreign company to hire an employee is to get the employee hired by a licensed PEO/EOR service provider in the country. NNRoad’s Employee Leasing/Employment service allows foreign companies to legally hire employees in Singapore, without having a legal entity in Singapore or where direct employment is not preferred by the company.
- The hiring of and termination of employees/local labor contracts (contract administration).
- On-boarding and off-boarding employees.
- Contingent workforce management.
- Complete payroll solution and statutory benefit administration.
- Providing documents associated with employment.
- Mandatory insurance compliance according to the local laws and contribution to government bureaus.
- Employee tax management: Submission of IRA8 or IR21 form to IRAS.
Many companies have employees based in Singapore, including both residents and non-residents, and based on the employee’s residency status there are many different aspects to pay including contributions to the Central Provident Fund (CPF), maternity pay and leave and income tax plus the foreign worker's levy. Managing your payroll, therefore, can become a time-consuming and complicated process. By outsourcing your payroll administration to NNRoad you can be assured of unparalleled service experience and compliance with the regulatory requirements.
- Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
- Calculation of gross salary, salary deductions (i.e. social security insurance), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, commission, allowance, severance, etc.
- Payroll disbursement - Issuing payment notice to the Company for payroll distribution to employees and employee’s expense claim.
- Employee’s enrollment and un-enrollment to the mandatory benefit plans.
- Calculation and contribution of mandatory benefit plans.
- Maternity benefits management for expectant women employees.
- Year-End Adjustment and Annual Declaration.
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act, NNRoad provides accounting and bookkeeping service that helps you fulfil the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
- Full set accounting services in compliance with Singapore legislation and accounting standards.
- Reconciliation of Bank Accounts.
- Preparation of Profit/Loss statement and Balance Sheets.
- Preparation of Trial Balance of Accounts.
- Corporate and Personal Tax consultancy services in compliance with local tax laws.