Category: business

XBRL (eXtensible Business Reporting Language) is an advanced platform for creating and delivering financial reports that provide transparency, among other benefits. This article looks at the requirements for implementing XBRL reporting for Regulators or other organizations involved in data collection and consolidation. It helps clarify how XBRL software vendors have positioned their off-the-shelf products for businesses to implement in-house. The author provides a road-map for a successful implementation.

Companies Act can be defined as the legal act that regulates the formation, dissolution and management of companies. It differs from Country to Country. No company can be established without following the norms set by the law. Among the Asia Pacific region, Singapore and Hong Kong are vying with each other to get the attention of the foreign companies to establish their business. Each country has its own entrepreneur friendly policies. Singapore’s Companies Act came into force in 1967. Any business that has more then 20 employees is termed as a Company. Companies in Singapore are governed by the Companies Act (Cap 50, 1994 Rev Ed.). Certain companies in addition to the Companies Act are also governed by other Acts. Example, Banks and Insurance companies are also governed by the Insurance and Banking Acts. Company Registry of Hong Kong enforces the ordinance in that country and its statuaries are equivalent to English Companies Act. Other then a few amendments there are no major changes in the Act. Given below is a comparative study for setting up a business in Singapore and Hong Kong.

The success of Singapore as an offshore banking hub is a result of the country’s economic stability, security and business-friendly practices. The country’s taxation rates, which are among the lowest in Asia, its rating as a grade A offshore center and its relationship with many major international financial institutions are just some of the factors that make Singapore an ideal offshore banking center. Is a Singapore Offshore Account for you?

Forming a company of your own is your first crucial step towards achieving a combination of self-employment and financial security. Before you take the plunge, however, having some good knowledge about company formation will help you to do things the right way. Some factors are to be kept in mind before you even think about registering your company.

Why go for limited company formation rather than sole trader or partnership company formation? The key benefits of limited company formation are to the people who are in charge of the company activities. If something were to go wrong these people are not held liable.

Singapore private banking has grown massively over the past decade. Assets under management at Singapore private banks have grown to around 300Bn, 6 times what they were 10 years ago. It is estimated that Singapore manages around 5% of the world’s private wealth, while Swiss private banking manages around a quarter.

A growing number of individuals and private businesses are increasingly deciding to incorporate in Singapore and Hong Kong. Both countries offer a good infrastructure, with a pro-business and pro-talent culture which is reflected in the country’s immigration policies, regulatory environment, and the openness of its people. Moreover, their governments have ensured policies related to laws, regulations and taxation that promote the growth of entrepreneurship and commerce in their respective countries.

Emerging out of the global economic crisis businesses and investors around the world are revving up to capitalize on the economic momentum of the Asian region, especially China and similarly the Asian businesses, a significant number of Chinese are gradually venturing out into markets that are farther away from the regional hot picks. Singapore is the preferred location for such businesses due to the world class infrastructure, international banking facilities and ease of incorporating a Singapore company.

A Singapore offshore company provides several benefits to corporations and organisations all over the world. Some of the major advantages in having a Singapore offshore company are listed below.