compliance Archives - ForBis Accounting https://forbisaccounting.com/project_tag/compliance/ Business Solutions by Entrepreneurs for Entrepreneurs Mon, 21 Sep 2020 02:49:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://forbisaccounting.com/wp-content/uploads/2021/04/cropped-Forbis-AC-01-WebL-32x32.png compliance Archives - ForBis Accounting https://forbisaccounting.com/project_tag/compliance/ 32 32 IT Strategy https://forbisaccounting.com/project/it-strategy/ Fri, 18 Sep 2020 04:49:56 +0000 https://forbisaccounting.com/?post_type=project&p=6995 The post IT Strategy appeared first on ForBis Accounting.

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Advisory- Information Technology (IT) Strategy 

The success of modern-day businesses relies increasingly on its ability to incorporate Information Technology (IT) into its business processes and improve their core competency. IT strategies focus on how IT can help the organisation further its business goals and improve the efficacy of business processes. IT strategies should also be aligned with the company’s vision and mission, so that the outcomes support the growth of the company. 

What We Can Do For You 

IT Governance

  • Align IT strategy with Business strategy
  • Risk & Compliance
  • Using IT to drive progress

 

Procurement Strategy

  • Internal Needs Analysis
  • Developing & Implementing Sourcing Strategies
  • Supplier Negotiations
  • Transition Planning

Strategic Technology Investment Management

  • Resource allocation and investment 
  • Technological solutions for managing projects 
  • Technological Prioritisation

Staff Training

Proper training has to be provided to employees whenever a new IT software is rolled out

Regulatory compliance

Cybersecurity and privacy are a huge concern to many. Regulatory and data protection laws have been put in place to protect the privacy of employees and clients. Therefore, companies must create good policies to prevent data breaches.

To know more about data protection in Singapore, click here.

Core IT Operations

Strengthening a company’s core IT operations against cyber threats is a top priority. Firms should develop effective risk-management structures to identify, assess, monitor and manage operational risks.

 

(Information adapted from ISACA)

Evolving Digital Technology and Automation

An increasing number of businesses are investing in advanced technologies. Although this reaps benefits for the company when it comes to efficacy and accuracy, however, this comes with higher risks of data breaches and system failures. 

Get Started Today

Take control of your corporate finance reporting.

Get in touch with us to learn more

Make An Appointment

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Information Technology (IT) Audit 

The importance of an IT audit

An Information Technology (IT) audit is the examination and evaluation of an organisation’s IT infrastructure, policies and operations. This is extremely important in an era where technology is rapidly evolving and the risks of a cybersecurity breach and attacks are constantly increasing. Businesses should constantly evaluate their IT controls to protect corporate assets and ensure data integrity. 

IT Audit Domains 

Cybersecurity/ information security 

With the advancement of technology, organisations are faced with an increasing number of regulations and internal corporate requirements to exhibit appropriate management and protection of information assets. 

Data Location and traceability 

Accounting for the data used by the organisation, where they are located and how they are secured. Maintaining a record for various types of data, how they are interfaced between systems and what transformations were applied in the process.

Evolving digital technology and automation 

An increasing number of businesses are investing in advanced technologies. Although this reaps benefits for the company when it comes to efficacy and accuracy, however, this comes with higher risks of data breaches and system failures. 

Regulatory compliance 

Cybersecurity and privacy are a huge concern to many. Regulatory and data protection laws have been put in place to protect the privacy of employees and clients. Therefore, companies must create good policies to prevent data breaches.

To know more about data protection in Singapore, click here. 

Core IT Operations 

Strengthening a company’s core IT operations against cyber threats is a top priority. Firms should develop effective risk-management structures to identify, assess, monitor and manage operational risks. 

 

Information adapted from ISACA

Why you should choose ForBis 

Our professionals at Forbis have at least 10 years of experience in IT audit. We are able to provide holistic audits that include finance and process efficiency. Risk analysis will be done before embarking onto new projects. 

 

Enterprise Development Grant (EDG)

The EDG supports Singapore companies in their growth and transformation. EDG mainly supports projects that help companies to upgrade their businesses, innovate, expand/venture into other countries, under three pillars, namely Core Capabilities, Innovation and Productivity as well as Market Access.

EDG funds qualifying project costs (e.g. third party consultancy fees, software and equipment, and internal manpower) for organizations. 

EDG helps companies to strengthen their HR capabilities by providing support levels of up to 80% for SMEs, up to 60% of qualified costs for non-SMEs from 1st April 2020 to 31st December 2020. However, EDG does not cover costs incurred from standalone training courses, incentives, benefits and welfare subsidies for employees.

EDG provides resources such as HR Diagnostic Tool, HR Portal, Talent Attraction and Development Initiatives, as well as HR Industry Manpower Plan, which helps to further engage employees. 

 

For more information, read more here. 

Get Started Today

Take control of your corporate finance reporting.

Get in touch with us to learn more

Make An Appointment

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]]> Property Investment Company https://forbisaccounting.com/project/property-investment-company/ Mon, 20 Apr 2020 12:17:44 +0000 https://forbisaccounting.com/?page_id=5574 The post Property Investment Company appeared first on ForBis Accounting.

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Property Investment Company

 Incorporation and Compliance

Incorporation of a Property Investment Holding Company

S$750 Incorporation Fee

Incorporating an investment holdings company with ForBis is quick and simple – starting from S$750 for 1 Year of professional corporate secretary fees and incorporation fees from ACRA all inclusive.

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Compliance - Accounting & Tax Services

S$800 Per Year

We will provide accounting, book-keeping, corporate secretary and corporate tax services if your company fulfil the following conditions:

  1. The company only owns one (01) property in Singapore
  2. It derives all its income from rental

If your company does not fulfil the above criteria, simply write in to us to get a non-obligatory quote!

Learn More
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Financial Planning, Mortgage Loans & Other Financing Methods

ForBis professionals will guide you through the financial planning necessary to build your real estate portfolio. We could also bridge you to our network of bankers to get the best deal in mortgage.

Acquiring & Lease of Real Estate

We have a network of licensed real estate agents with proven track records that uphold high standards of ethics and code of conduct who can help you in the purchase, sale or leasing of properties in Singapore.

What you get in the compliance plan.

Financial Statements – Accounting & Book Keeping

  • Monthly Book-Keeping and transaction reconciliation services up to 60 Transactions
  • Year-end non-audited financial statements

Tax 

  • Estimated Chargeable Income (ECI)
  • Form CS

 

 

 

What you get –  Professional Corporate Secretary Services

  • Appointing a Qualified Corporate Secretary to be lodged with ACRA.
  • Annual Returns Reminder & Filing (Inclusive of the S$60 ACRA filing fee)
  • Preparing & Filing Notice of AGM
  • AGM Filing
  • Email and Chat Support
  • Unlimited free non-routine work
  • 50% Off fee for extraordinary work
Chat with us regarding your needs

Frequently Asked Questions

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Why do you need to do Accounting & Bookkeeping for your financial statements and tax preparation?

The Singapore Companies’ Act obligates all companies registered/incorporated in Singapore to keep proper books of accounts. Good book-keeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns but also provides insight for sound business decision-making as well as efficient financial management.

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Why use Forbis as your professional partner?

ForBis offers a comprehensive range of accounting and bookkeeping services for companies that wish to outsource their bookkeeping function. Our accountants can compile your yearly accounts information for submission to ACRA and IRAS. We specialise in maintaining a timely accounting system that allows you to manage your accounts cost-effectively.

ForBis takes care of your compliance in a cost-effective and fuss-free manner, allowing you to focus on your business.

Get Started Today

Take control of your corporate finance reporting.

Get in touch with us to learn more

Make An Appointment

The post Property Investment Company appeared first on ForBis Accounting.

]]> Investment and Holding Companies Set Up https://forbisaccounting.com/project/investment-and-holding-companies-set-up/ Thu, 04 Jul 2019 06:00:08 +0000 https://forbisaccounting.com/?page_id=1091 The post Investment and Holding Companies Set Up appeared first on ForBis Accounting.

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Intending to set up an investment vehicle or holding company in Singapore?

Do not fret. ForBis Accounting is here to assist you every step of the way as your compliance partner.

What is classified as a holding company or investment vehicle in Singapore? What types of investment companies are there?

Investment Holding Company

As defined by the In-land Revenue Authority of Singapore (IRAS), an investment holding company refers to a company that owns investments such as properties and shares for long term investment and derives investment income (“non-trade income”) such as dividend, interest or rental income. The company’s principal activity is that of investment holding. 

Read more at IRAS

 

Investment Broking or dealing

As defined by the In-land Revenue Authority of Singapore (IRAS), An investment dealing company refers to a company that owns investments such as properties and shares as a form of trading stock to derive trade income from the purchase and sale of these investments, e.g. gain on sale of real properties and shares. Unlike an investment holding company, the company’s principal activity is that of investment dealing.

Read more at IRAS

How do I set up and run an investment company in Singapore? What types of business structures are available?

Setting up an investment company in Singapore is fast and simple. There are 3 main types of structures that you can consider for an investment firm and you will be required to comply with the different filing and statutory requirements prescribed by the authorities in Singapore. Forbis Accounting can assist you to set up your company and ensure that you comply with the standards in Singapore with our digital compliance plans. Ensuring fuss-free operations in Singapore for your investment vehicle.

Private Limited Company

Flexible, allows multiple directors (executive officers) and shareholders in the company with different shareholdings. Liability is limited to the company, distinguishing individuals from the company.

Highly Recommended for Investment companies.

Limited Liability Partnership

Allows for multiple partners and managers with equal parts shareholding. Lower filing requirements. Liability is limited to the partnership, distinguishing individuals from the company.

Recommended for small investment vehicles.

Sole Proprietorship

Good for individuals. Lower filing requirements. Tied to the individual, no distinction between the individual and the business.

Not recommended for investment firms.

Chat with us regarding your needs

Frequently Asked Questions

u

Why do you need to do Accounting & Bookkeeping for your financial statements and tax preparation?

The Singapore Companies’ Act obligates all companies registered/incorporated in Singapore to keep proper books of accounts. Good book-keeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns but also provides insight for sound business decision-making as well as efficient financial management.

u

Why use Forbis as your professional partner?

ForBis offers a comprehensive range of accounting and bookkeeping services for companies that wish to outsource their bookkeeping function. Our accountants can compile your yearly accounts information for submission to ACRA and IRAS. We specialise in maintaining a timely accounting system that allows you to manage your accounts cost-effectively.

ForBis takes care of your compliance in a cost-effective and fuss-free manner, allowing you to focus on your business.

Get Started Today

Take control of your corporate finance reporting.

Get in touch with us to learn more

Make An Appointment

The post Investment and Holding Companies Set Up appeared first on ForBis Accounting.

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