Asiabiz Service’s website has been subject to sustained DDoS (Distributed Denial of Service) attacks that have disrupted its website recently. DDoS attacks aim to cripple or disable a website or server by overwhelming it with external communications requests. This then renders the site or server effectively unavailable.

Asiabiz Services has lodged a police report along with server data logs of the IP addresses and the methods used for the DDoS attacks.

“Instigating DDoS attacks is a serious criminal offence and we intend to protect our rights by pursuing this to the full extent of the law. We have received credible information about the identity of the instigator and are investigating the matter. In view of this, we’re gathering all evidence that will help us in this cause. We are appealing for concrete evidence that will help us bring this case to a close. All information will be kept strictly confidential,” said Mr. Rikhil Kumar, Manager of Asiabiz Service’s IT Department.

“We also apologize to our customers for any inconvenience caused. Please note that the site security has not been compromised and Asiabiz.com is running smoothly. If you have difficulty placing your order online please call or email us directly,” added Mr. Kumar.

If you have any leads or information regarding the DDoS attacks, please reach Asiabiz Services at asiabizddos(at)gmail(dot)com

The Financial Investor Scheme (FIS) and the Global Investor Program (GIP) were introduced in 2004 to allow foreign investors and HNWIs two possible routes to attain the Singapore permanent resident (PR) status.

The Financial Investor Scheme (FIS), which was introduced by the Monetary Authority of Singapore (MAS), allowed foreign HNWIs to earn their Singapore permanent residency if they park a minimum of S$10 million in Singapore for five years. However, many analysts have argued that the FIS did not help create jobs for Singaporeans or add much value to the economy. Some analysts also said that the FIS has played a part in inflating property prices. As such, MAS will terminate the scheme by 30 April 2012.

Moving forward, the Global Investor Program (GIP), which was introduced by Contact Singapore will be the main route for foreign investors and HNWIs to pursue Singapore permanent residency. Under the current system, the GIP offers two options.

The first option is to invest at least S$2.5 million in either a start-up that has opted to form a Singapore company or an expanding Singapore company which has an annual revenue of at least S$30 million. The other option is to invest a minimum of S$2.5 million in a GIP-approved fund which would then serve key industry sectors.

Analysis by Asiabiz shows that the Global Investor Program creates more value than the Financial Investor Program to Singapore’s economy as it links high-potential Singapore start-ups directly to funds needed in the initial stages of their growth. This would in turn help start-ups develop their capabilities and get to the level of growth that allows them to expand operations.

Additionally, the streamlining of the PR scheme for investors could not come at a better time as it connects growing enterprises to funding that catalyzes the next steps of their development. In sum, the GIP connects smaller to medium-sized Singapore businesses to the funds and connections they need to grow the business.

Adding his comments, Mr. James Nuben, Head of Tax Division, Asiabiz Services, said, “Merging the two investor programs makes sense as both schemes are similar. Furthermore, having just one scheme eliminates unnecessary bureaucracy and helps streamline Singapore permanent residency applications.  As the demand for Singapore permanent resident status remains robust, we are optimistic that more funds will go directly to deserving enterprises. This will in turn benefit Singapore’s economy and boost its reputation as a Asia’s business epicenter.”

Form C-S is an abridged version of the original Singapore corporate tax Returns Form C. It is made available to eligible small companies filing their tax returns from YA 2012 onwards.

Compared to the original Form C, which extends up to seven pages, Form C-S consists of only three pages. This means that eligible companies need only furnish essential tax and financial information when filing their tax returns via Form C-S. In comparison, Form C requires the submission of supporting documents such as financial statements and tax computation as well.

With effect of July 2012, qualifying Singapore companies have the option of e-filing their Form C-S. This option allows them to enjoy the following as well:

• filing convenience as some fields including estimated tax payable are auto-computed;
• a two-week deadline extension (15 December) and
• instant confirmation when the Form has been filed successfully.

In order to qualify for filing Form C-S, a firm must fulfil the following:

1. Must have

• opted for Singapore Company Registration and
• earned under S$1 million in revenue that is taxable at 17%.

2. Is not making any of the following claims:

• research & development tax allowance;
• carry-back of current year capital allowances or losses;
• group relief;
• investment allowance or
• foreign tax credit.

Companies that do not meet the eligibility criteria for Form C-S must submit file Form C together with all required supporting documents instead.

Commenting on the simplified tax filing process, Mr. James Nuben, Head of Tax Division, Asiabiz Services said, “Form C-S demonstrates Singapore’s commitment to creating a more inclusive business environment for small businesses. By making the filing process easier for qualifying companies, entrepreneurs can focus on optimizing the business and improving their strategy.”

“Furthermore, the latest move complements the recent roll-out of enhanced policies such as the Productivity and Innovation Credit Scheme and Capability Development Programme. We are optimistic that the latest slew of measures will altogether encourage more entrepreneurs to form a Singapore company,” added Mr. Nuben.

The enhanced Capability Development Programme, which supports initiatives such as new technology adoption, manpower training, innovation, service quality as well as productivity enhancement and branding, is effective on 1 April 2012 and will run until 31 March 2015.

Via the enhanced Capability Development Programme, eligible SME will enjoy 70% subsidy of qualifying CDP costs. Analysis by Asiabiz Services shows that the 20% subsidy hike will help SMEs mitigate rising business costs and have the opportunity to restructure their business for growth as they adjust to the new reality of a tighter domestic labor market.

Additionally, SPRING Singapore will bump up the CDP funding by an additional S$200 million.
The increased funding will help SPRING reach out to 1800 more SME game-changing projects.

Analysis by Asiabiz Services shows that the Capability Development Programme complements the recently-enhanced Productivity and Innovation Credit Scheme (PIC Scheme). The enhanced CDP funding significantly lifts the burden of higher costs needed to invest in capability-strengthening activities.

The PIC Scheme, on the other hand, is a Singapore corporate tax scheme that offers 400% tax savings or 60% cash payouts to enterprises that are investing in activities to move up the productivity and innovation value chain.

Affirming the view, Mr. James Nuben, Head of Tax Division, Asiabiz Services said, “On top of the PIC Scheme, the enhanced CDP funding is an additional resource for small enterprises to tap. The funding offered through the CDP is set to benefit firms that have not been able to realign their business although they want to.”

“Over the next three years, we anticipate that these measures will help existing small businesses to improve their capabilities and motivate more entrepreneurs to chose Singapore company incorporation. In turn, this will bolster Singapore’s economy,” Mr. Nuben added.

EDB will also enhance its portfolio of trade treaties including avoidance of double taxation (DTAs), free trade (FTAs) and investment guarantees to enhance Singapore’s reputation as the best possible environment for business operations.

Singapore Company Registration consultancy Asiabiz Services supports this move and recognizes it as a means to further enhance its capabilities to meet the needs of a growing number of pharmaceutical, electronics, aerospace and financial firms that have set up their regional or global headquarters here.

Analysis by Asiabiz Services shows that in an economy consisting mostly of services (70%), the manufacturing sector, which makes up approximately a quarter of the economy, will remain vital to the nation’s future development. International manufacturers of pharmaceutical, electronic and aerospace products are also in good stead to benefit from a growing base of commodities and natural resources firms in Singapore.

Commenting on EDB’s plans, Mr. James Nuben, Head of Tax Division, Asiabiz Services said, “We recognize this as a step in the right direction. In the face of tightened immigration controls on basic-skilled foreign workers, these impending measures, together with existing policies, will help firms mitigate the short-term pains and compel them to take advantage of the various tax incentives as they participate in Asia’s growth story.”

AsiaBiz Services has recognized that firms are eligible for headquarters tax awards when they choose Singapore as their preferred location for a regional or global head office.

Regional headquarters award confers eligible firms with a 15% concessionary corporate tax rate for 3 to 5 years on incremental qualifying overseas income. The international headquarters award, on the other hand, is open to all firms that opt for Singapore company incorporation. Prospective firms that exceed the qualifying criteria for this award stand to receive customised incentive packages with lower concessionary Singapore corporate tax rates from EDB.

“On top of the various tax schemes offered to Singapore firms, the headquarters tax awards in turn equips international firms with additional tax savings that could be channeled towards their regional expansion needs. It is one of the incentives that has compelled firms like Rolls Royce, Abbott Laboratories and TriQuint Semiconductor Inc to set up their headquarters in Singapore. We therefore anticipate the impending measures to bolster Singapore’s manufacturing sector,” added Mr. Nuben.

Accounting and Corporate Regulatory Authority (ACRA) recently unveiled its maiden publication “ACRA & I – Being an Effective Director”, a handbook for “new or aspiring” directors, to better understand their responsibilities and knowledge of their legal and compliance requirements. Asiabiz welcomed the launch of the book which is part of the initiatives by ACRA to promote voluntary compliance among companies.

The handbook provides comprehensive information such as common statutory requirements under the Companies Act, such as statutory reporting, capital maintenance and fiduciary duties. The guidebook includes case studies, red flags, and sample forms, to assist directors in better assessing, reporting and managing various situations in the course of their duties. The 157 page book costs only S$15 and online downloads are available for free. This will help many of the directors to avoid expensive mistakes and propagate the practice of voluntary compliance and prevent enforcement actions by ACRA.

Rikhil says “as an agency helping clients in their Singapore company registration requirements, we have observed that most of them are not aware of their statutory obligations as a director of a company. As a full service agency, we do take care of the compliance requirements of our clients but when we take up new companies, they have records of default which could have been easily avoided with some awareness and alertness. Though agencies like Asiabiz can edify and help the clients who come under their purview there is still a large section which needs awareness. With such awareness comes adherence to regulatory requirements which will result in improved corporate governance culture. This little move will help us get there and we are sure that this will be widely commended by the industry participants.”

Commenting on the timely launch Rikhil says, “With the number of small companies growing and spike in new Singapore company formation there is a urgent need for public education and awareness and ACRA has come out with the book at the right time. In early 2010 ACRA spelt out an agenda to inculcate a culture of voluntary corporate compliance without resorting to penal actions, and this initiative is part of it. Being aware of their duties will help the directors to implement adequate internal systems and processes which would ensure continuing prompt compliance with the legal and statutory requirements. Lack of awareness results in costly mistakes that is a drain on the resources for both the defaulting company as well as ACRA, so overall this can be regarded as a measure to promote productivity.”

About the Publisher:
With clients ranging from small-medium enterprises to large Fortune 100 companies, our goal is to help new businesses with the first step of their journey to success. Our in-house propriety software as well as the Singapore company incorporation website, has proved to be a cost-effective and expeditious tool for entrepreneurs in setting up and running their businesses.

Asiabizservices Pte Ltd
Our Address: 120 Telok Ayer Street, Singapore 068589
Phone: (+65) 6303 4614
Fax: (+65) 6303 2670
Website: http://www.asiabizservices.com/

In 2009, the government implemented a resilience package amounting to S$20.5 billion to help Singaporean residents and citizens retain their job and maintain their capacity to support their respective families.

Part of the resilience package focuses on accelerating the investments for future. By this, the government equips its citizens with world-class education in their youth, broadens training opportunities in their working stage, and provides the best care services during their silver years.

To continue with its pursuit of making the city-state a global entrepreneurial city, the government imposed incentives for investments across the industries, assists in up-building innovative capabilities among its small and large businesses, stimulates bank lending with provisions for loan losses, enhances business cash flow and competitiveness, and mitigated its corporate tax rate by a point at 17% taking effect on 2010.

It renewed bilateral trading agreements and free trade agreements with different countries in Asia Pacific.

In the third quarter of 2010, the prime minister announced a GDP growth of 18%, a stark difference from the government’s forecasted 12%. By the end of the current year, the government expects an additional 100,000 employees to join the labor force.

Doing business is easiest in Singapore. Foreign investors are permitted to own 100% of the company shares, have the liberty to repatriate their earnings, and can import their capital.

AsiaBiz Services, a company dedicated in assisting foreigners in registration and incorporation of companies exclaims that in 2010, hundreds of clients from Asia and beyond approached the company to spearhead the company setup and processing of necessary working visas.

Asiabiz Services specializes in rendering professional services to foreigners including accounting and Nominee Director Services and processing of Employment Pass, Entrepreneur Pass, and Dependent Pass.

The Infocomm Development Authority of Singapore (IDA) added that it has plans to invest S$1.1 billion in about 350 ICT tenders for this financial year (FY) which ends on 31 March 2011.

IDC senior market analyst Gerald Wang said this increase in spending is certainly good news for the industry.

Mr Wang said that he expects 50 per cent of the new tenders released in 2010 to multiply business opportunities for a wide range of vendors, as these small projects are less than S$500,000 each.

Mr James Nuben of Asiabiz Services says that the number of foreign individuals incorporating a Singapore company to run ICT-focused businesses such as building and releasing online micro-transaction games for social networks, or provide cloud-computing services, has also been steadily increasing.

“The growth potential for foreign investors setting up companies to expand the ICT industry is very huge and Singapore is a great place to incorporate a company because it provides a very safe environment for businesses to grow,” said Mr Nuben.

Asiabiz Services specialises in Singapore company formation and staff relocation services, including work visa applications for foreigners.

Even though the Government appears to be spending less by awarding S$1.6 billion and S$1.12 billion worth of ICT contracts in FY2008 and FY2009 respectively, the figures do not reflect the actual increment.

Instead, the figures appear to drop because they included huge one-time projects that include the Standard ICT Operating Environment (SOEasy) and the Next-Generation National Broadband Network (NGNBN). The regular ICT expenditure has actually been increasing consistently when the huge projects are not included in the spending numbers.

“After deducting the NGNBN project’s sum of S$250,000, the S$1.1 billion projected spending for this year is significantly more than last year’s S$870 million. I expect future government projects in Singapore to focus on building upon what has already been built before,” said Mr Wang.

ICT spending with a focus on cloud computing, social networking, business analytics and technology will help the Government strengthen their collaboration with citizens and reach out to citizens.

“Proposals that will allow the government agencies to reduce huge upfront capital expenditures and manage operational expenses will be the most well-received,” said Mr Wang.

Singapore is well known around the world as a multicultural, multi religious and multi racial harmonious island food paradise. Starting as a quiet, laid back fishing village, Singapore has grown exponentially to become of the most densely populated country in the world with a population of 4.8 million living closely together in a land area of 224.5 square miles. Singapore has also become the richest country in South East Asia and one of the most developed countries in the world. It is no surprise then that Singapore has attracted various organizations ranging from the Fortune 500 companies, small and medium enterprises, educational institutions to news bureaus to form their place in Singapore’s business landscape. So why follow the footsteps of those who have established successful businesses? Why set up your business in Singapore? Why Singapore?

Top 5 reasons why Singapore is a great place to set up your business.

A Favourable Business Climate

According to the Ministry of Trade & Industry (MTI), there is an estimated 6,000 Multi National Corporations (MNCs) in Singapore. Many of these MNCs have chosen Singapore as the prime location of their Asia Pacific headquarters due to its positive business climate. For example, the World Bank’s Doing Business 2009 Report ranked Singapore as the world’s easiest place to do business, ahead of New Zealand, United States and Singapore’s closest competitor, Hong Kong. The EIU Country Forecast published in February 2008 also rated Singapore as having the best business environment in Asia Pacific and third in the world. These rankings by independent bodies are reflective of the Singapore Government’s efforts in providing efficient public sector services that support the private sector growth.

World Class Transportation System

Singapore’s Changi International Airport has three heavily used terminals serving over 80 international airlines flying to more than 190 cities in 160 countries. Changi International Airport also handles more than 4,500 arrivals and departures weekly, 37.7 million passengers and 1.85million tonnes of air freight in 2008.

With the high cost of owning private transportation, public transportation is efficient, frequent and spans every far reaching corner of the island. Singaporeans flock to the 70 railway stations of the Singapore’s Mass Rapid Transit (MRT) system which has a daily ridership of 1.564 million. The two public bus companies with a fleet of 3,600 single and double decker air-conditioned buses transport nearly 3.12 million daily passenger trips safely to 295 routes island wide.

Highly Educated Workforce

Singapore boasts one of the most educated workforces in the world. Literacy rate stands at a formidable 96%. 89.6% of resident non students aged 25-39 have secondary or higher qualifications. A further significant testament to the huge importance placed on education, the Singapore Government invested S$7,298.1 million in education in 2008. This comes up to 25.5% of total government operating expenditure, making education the second highest expenditure after security and defence. In addition, Singapore’s two long established universities, the National University of Singapore (NUS) and Nanyang Technological University (NTU) also rank favourably on various university ranking surveys. For example, based on the respectable The Times Higher Education World University Rankings of 2008, NUS achieved the 30th spot while NTU is ranked 77.

Therein, businesses have a population of strongly qualified human resources they can count on to advance their companies to greater heights of excellence.

Extensive Support for Budding and Established Entrepreneurs

Singapore is a nation birthed from the blood, sweat and tears of pioneer entrepreneurs. Entrepreneurship is promoted in Singapore by the government rather passionately. In fact, there is even an elected Minister of Entrepreneurship, Mr Lee Yi Shyan. The Singapore government has provided various support systems for entrepreneurs such as lower tax rates, tax exemptions and numerous schemes to encourage individual business formation. There are also many non profit organisations such as the Spirit of Enterprise that is committed to honouring entrepreneurs, providing a network of support and organising events where likeminded individuals can meet and share ideas.

Clean and Efficient Public Sector

The public sector in Singapore has a reputation for being very supportive of private sector initiatives and growth. Numerous policies in various government agencies are created to ensure the private sector is not stifled by bureaucratic practices. In fact, Singapore was ranked as the least bureaucratic place for doing business in Asia by the respectable Political and Economic Risk Consultancy (PERC) agency. The IMD World Competitiveness Report 2008 also ranked Singapore 3rd in the world and 1st in Asia for having the least corruption in its economy. Corrupt practices by public officers are investigated by the Corrupt Practices Investigation Bureau (CPIB). Any malpractice identified is heavily subjected with disciplinary action, public attention in the media, fines and/or jail sentence.

However, there are also various statutory and administrative obligations involved. For example, all Singapore registered companies need at least one local director, company secretary, local registered address. This may seem overwhelming to new and even established businesses.

This is where AsiaBiz Services come in. We take care of all the processes involved with the pre and post incorporation of your business. We can organize everything from bank accounts to office space to ensure your new company is able to operate efficiently and effectively from the start!

The AsiaBiz Services team consists of a group of professionals who have extensive experience with Singapore’s legal, financial, tax, corporate and regulatory frameworks. Our executive team has over 15 years of relevant professional experience.

Why Engage Asiabiz Services?

We understand that your business is unique and has its own special and unique requirements. Our job is to help you get the right package for your company so you can start trading legally in Singapore.

We are a company of passionate individuals. We are first and foremost passionate about Singapore. We truly believe Singapore is a city of possibilities and great opportunities. We are behind your goals of forming your business in Singapore.

We want to make things easy for you. We want you to concentrate on building your company and working towards your strategic vision. So let us help you comply with the various statutory compliance and administrative obligations.

Our fingers are on the pulse of change! We are obsessed with details, details, details! We keep up to date with all the latest statutory changes so you do not have to. We will help lead you through the rules and regulations governing the processes involved in starting a company in Singapore.

Our extensive experience allows us to give you specialist recommendations on the route that is best for you. Cannot decide if an EntrePass or Employment Pass is best for you? Should you set up a branch or representative office of your international company? Let us give you the advice.

We are committed to our fair and transparent pricing policy. There are no hidden fees involved. We also maintain the highest standard of service excellence and speed of delivery.

We are easily contactable via phone or email. You are also cordially invited to drop in our conveniently located office during business hours.