Corporate Compliance Solutions in Singapore

We perform the role of a ‘virtual’ Chief Financial Officer (“CFO”) when entering new markets and assessing the competitive or regulatory landscape. Our comprehensive compliance expertise and in-depth knowledge of the Singapore regulatory environment will help clients to make the right strategic decisions for their business.

Structures available to businesses in Singapore

The following organizational structures are available to businesses that set up operations in Singapore:

• Sole-Proprietorship  – an unincorporated business owned by one individual.
• Partnership  – a business consisting of two or more owners that share profits and liabilities.
• Limited Partnership (“LP”)  – a partnership between two partners with at least one general partner and one limited partner.
• Limited Liability Partnership (“LLP”)  – a business structure where two or more partners incorporate an entity separate from themselves.
• Private Limited Company  –  a locally incorporated company where the maximum number of shareholders is limited to 50.
• Variable Capital Company (“VCC”) – a fund vehicle that can be established by regulated fund managers in Singapore.

Licensing and Regulatory Support Services

We focus on financial institutions’ (“FIs”) market entry (in addition to other businesses) and expansion in Singapore. These FIs are regulated by the Monetary Authority of Singapore (“MAS”) and comprise:

• capital markets entities including broker-dealers, fund managers (fund management companies), real estate investment trust (“REIT”) managers, corporate finance advisers, securities-based crowdfunding operators, credit rating agencies and financial advisers
• the Variable Capital Company (“VCC”), is a new corporate structure that can be used for a wide range of investment funds in Singapore while providing fund managers with greater operational flexibility and cost savings
• payment service providers and payment systems are both regulated under Singapore’s Payment Services Act 2019 (“PS Act / PSA”) and include seven payment services:
  • i) account issuance service
  • ii) domestic money transfer service
  • iii) cross-border money transfer service
  • iv) merchant acquisition service
  • v) e-money issuance service
  • vi) digital payment token service
  • vii) money-changing service

• insurers who may carry out business in Singapore as licensed insurers, authorised reinsurers, approved Marine, Aviation and Transit (“MAT”) insurers, or foreign insurers – insurance brokers may conduct insurance broking activities in Singapore as registered insurance brokers or approved insurance brokers.

We act on the FI’s decision to set up/incorporate the business structure as required, in addition to assisting with the entire licensing process with MAS.

Ongoing corporate compliance matters

We work with clients to ensure compliance with local corporate regulatory requirements in Singapore. Our ongoing corporate compliance services include:

Accounting and payroll services

We work with businesses to ensure compliance with APAC accounting standards and payroll-related requirements and to develop standard processes and internal controls to ensure that there are no internal threats, and that information is delivered with accuracy and transparency.

To ensure smooth financial operations in Singapore, we provide a full spectrum of accounting and payroll-related services including:

• accounting and bookkeeping
• XBRL preparation/conversion
• financial consolidation
• financial statutory reporting
• payroll services.

Accounting and HR services function outsourcing

We work proactively as a strategic partner to provide end-to-end finance, accounting and Human Resources (“HR”) services function support. We are well positioned to help maximise an organisation’s business value through best practices and knowledge sharing.

Cloud accounting services

We partner with online accounting softwares including Xero and QuickBooks to help businesses leverage cloud-based technology for seamless accounting and better financial control.

Key benefits of Waystone’s accounting services include:

• cost and time savings
• ensuring data security and business continuity
• real-time information on your finances
• enhanced collaboration with your business partners, accountants, managers and other staff based in different locations.

Tax compliance support

We have the expertise to serve clients in Singapore with domestic and global multi-tax compliance services including the tax incentives that each jurisdiction offers.

Our tax compliance services include:

• corporate tax
• personal tax
• Goods and Service Tax (“GST”) services
• withholding taxes
• personal data protection services.

Bespoke corporate compliance services in Singapore

We provide corporate compliance services that are designed to deliver custom-made solutions for our clients. We ensure that our services are bespoke, cutting-edge, and practical for all users and ultimately meet our client’s individual needs.

Why choose Waystone

Waystone offers a full suite of corporate compliance solutions tailored to the needs of businesses expanding into or operating within Singapore. We are committed to enhancing your corporate compliance, so you can concentrate on growing your business with confidence. To learn more about our Singapore Corporate Compliance Solutions, please reach out to our APAC Compliance Solutions team today.