Asiabizservices Provides GST Registration 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Franco Gibson Friday, December 17, 2010
First introduced in 1994 in Singapore, GST, the abbreviated form of Goods and Services Tax is a broad-based consumption tax levied upon imported goods and nearly all supplies of goods and services in Singapore.

“GST registration is compulsory for businesses that engage in producing taxable supplies or goods or services and maintaining an annual turnover of S$1 million or more,” says Asiabizservices emphasizing that businesses may also voluntarily register for GST. Nonetheless, in such a circumstance, businessmen should be aware of the implications of GST registration.

Asiabizservices advices that before making the decision on voluntary registration, businessmen must make a cost-benefit analysis and evaluation of ensuing responsibilities and obligations. “The administrative cost of being GST-registered may overshadow the benefits.”

To cite an example, there occurs the need to consider the cash flow outlay businessmen encounters as they would have to account for and pay GST to Comptroller despite not receiving any payments from their clients. Many businessmen engage the services of an accountant or of a professional accounting firm to make it certain that they are not on a losing end.

In case the Comptroller discerns that a businessman’s intention of making taxable supplies fails and is not content with the businessman’s intent on creating taxable supplies from the beginning, the input tax claimed may be withdrawn.

IRAS provides criteria upon which the basis for approval for voluntary registration of GST is determined. These encompass companies with the intention of making taxable supplies, companies already engaging in making taxable supplies and earning annual turnover of more than S$1 million, and companies making exempt supplies of financial services dubbed as international services.
“A businessman supplies goods outside Singapore may also qualify for voluntary registration,” Asiabizservices adds with the motive of emphasizing that companies may claim input tax obtained in the course of business.

Moving forward, the taxable supplies cover the range of goods and services delivered to Singapore, supplied abroad from Singapore and any international services rendered from Singapore. From the point when a business enterprise becomes liable, it should register for GST within 30 days. Only after registration shall the company commence on charging its clients for GST at prevailing rate or as output tax. An input tax may also be charged to clients upon purchasing goods or availing the services assuming that certain conditions are satisfied. Imported goods are also levied for GST which Singapore Customs collects.

Asiabizservices provides thorough consultation on Singapore GST registration. It may upon the decision of investors register their companies for GST in their behalf. For many years since its inception, Asiabizservices has been instrumental in helping business organizations expand.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Franco Gibson
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