Return of Data Register Pte Ltd

by Mighty Glory Corporate Solutions | 23 Nov 2018 | News and Case Studies

Overview

Data Register Pte Ltd, a Singapore-registered company and previously known as the Company Register Pte Ltd was back again in 2018. The company sent fraudulent business letters to innocent business owners, demanding payments. Their letters were crafted to look legally official and even included the recipient companies’ details, which are registered with the Accounting and Corporate Regulatory Authority (ACRA).

Local organizations, which had unwittingly signed up to be part of its database, were subsequently asked to pay a yearly subscription fee of $490 for using the services. This resulted in 21,780 recipients inadvertently subscribing to the company’s services and paying the subscription fee. According to the authorities’ portals, Data Register is GST-registered with a live company status.

Starting from January 2014, ACRA investigated and found Data Register guilty of 500 charges of scamming and malicious practices, with another 604 charges taken into consideration. Even after ACRA started investigating the scam company, Data Register continued sending out payment letters to new subscribers and demanding payments from the previous subscribers. This elicited controversies that affected ACRA’s public standing and reputation. In June 2016, the company was ultimately fined with $200,000.

Data Register is Back

Data Register is apparently back after two years and a massive fine of $200,000. A sole proprietor reported her predicament with Data Register when the company returned in 2018.

She first received a letter and an email from the scam company in November 2013. The design, logo, and content of letter led her to believe that it was something official from ACRA. Hence, she followed the instructions, as printed on the scam letter.

After Data Register was punished in 2016, no correspondence was received. In July 2018, the sole proprietor got a new letter which demanded for the new subscription fee together with the past overdue. The modes of payments include cash, cheque and PayPal. The letter instructed to make the cheques payable to another entity called Singapore Data Register Pte Ltd. The Unique Entity Number (UEN) and registered office addresses for both companies, Data Register Pte Ltd and Singapore Data Register Pte Ltd, are different.

Business owners who were entangled with the scam company are advised to remain calm and ignore all correspondences from them.

The scam company also has its own registered domain.

PayNow Corporate – Its Pros And Cons

by Mighty Glory Corporate Solutions | 8 Oct 2018 | Business Tips, News and Case Studies

PayNow Corporate, a new paradigm in the world of cashless transaction. The fund transfer service uses an innovative technology that links a bank account with an entity’s Unique Entity Number (UEN). This enables corporate businesses and Singapore Government agencies to make instant fund transfers without prompting the sender for the recipient’s bank name or account number.

The advantages in using PayNow Corporate include:

1. This feature reduces the transaction time, cost, and hassle in processing the transaction.
2. The method does not only allow greater convenience, but also uses the established security standards to ensure secure fund transfers.
3. Unlike in mobile wallets, the sender does not have to recharge the wallet for transferring the money, making it more user-friendly.
4. Users also have the option to process transactions using the mobile app or through internet banking.
5. Transfers are processed instantly.

Challenges to using PayNow Corporate include:

1. The availability of an active internet connection and the use of appropriate devices are required for users to enjoy the benefits of PayNow Corporate.
2. The app could appear too complex and confusing for tech-challenged people.
3. While bank account details are shrouded in the transaction processing, pre-registration of bank accounts is a pre-requisite to using the service. This requirement could scare off traditionalists from taking the initial step in joining the cashless society.

Implementation Of CorpPass Replaces SingPass With Effect From 2018

by Mighty Glory Corporate Solutions | 25 Dec 2017 | News and Case Studies, Rules and Regulations

SingPass Update:

Businesses can still login to access statutory e-services with SingPass before 31 August 2018. On 1 September 2018, only users with a CorpPass account can access.

Original

Since 25 March 2017, all local businesses can use a new corporate digital identity (CorpPass) to access the Government-to-Business (G2B) digital services in Singapore.

With the increased digitalisation of businesses and platforms, a high volume of business transactions is being conducted through digital platforms with SingPass. However, there are security concerns over the sharing of SingPass login details with other individuals for transactions with statutory boards, such as ACRA, IRAS and CPF Board.

CorpPass allows for the conflation of such e-services – as a single corporate digital identity, it enhances the convenience and ease of management for businesses. For businesses that carry out transactions with multiple government agencies, CorpPass will remove the need for multiple login identities. Businesses can also allocate CorpPass’s various administrative roles to employees, allowing them to have a greater level of control and management.

Businesses have to obtain their CorpPass via online application. The use of SingPass will cease on 31 December 2017. From 1 January 2018 onwards, business entities can only transact with ACRA with the CorpPass accounts registered.

Do you have other related questions about CorpPass? Get in touch with Mighty Glory today, let’s discuss your business needs.

How Does The Increased Water Prices Affect Singapore’s Various Industries?

by Mighty Glory Corporate Solutions | 9 Mar 2017 | News and Case Studies

At the 2017 Singapore Budget, it was announced that water prices were to increase for the first time in 17 years by up to 30 percent. Although the government made a clear attempt to reassure the media that “the increase is estimated to be less than $25 per month for three-quarters of businesses”, it is clear that a price hike would have a big impact for industries that are extremely water-intensive

For Singapore, two industries that would most likely be affected the most is our wafer manufacturing and petrochemical industries. For example, Systems on Silicon Manufacturing Co. Pte. Ltd. (SSMC)’s manufacturing processes require a daily water usage equivalent to 6,500 4-room flats, and up to 130,000 cubic metres of consistently good quality water per month. Given that Singapore is currently the choice location for the world’s top wafer foundries and a key manufacturing location for electronics, it is important to know that the water price hike would have a direct impact on the costs of these businesses; and in turn severely affect Singapore’s global competitiveness in these industries.

The impact of the water price hike on non-domestic users (businesses)

Potable Water Prices

The key revisions to the water prices are:

A 30% increase in water price, phased over 2 years, starting from 1 Jul 2017.
Restructuring of the Sanitary Appliance Fee and the Waterborne Fee into a single, volume-based fee.

NEW Water Prices

Key revisions to the NEWater prices are:

From July 2017, there will be an increase in NEWater tariff and a 10% Water Conservation Tax imposed on NEWater.
The increase in Waterborne Fee will be phased over two years, in July 2017 and in July 2018.

Industrial Water Prices

Key revisions to the Industrial Water prices are:

The Industrial Water Tariff will be raised in one step from July 2017.
The Waterborne Fee increase will be phased over two years, in July 2017 and in July 2018.

Potable Water Prices for Shipping Customers

Five Advantages of Million Accounting System

by Mighty Glory Corporate Solutions | 10 Oct 2016 | Accounting, News and Case Studies

When consumers mention accounting software, several names like MYOB, ACCPAC and Quickbooks come to mind. But have you ever heard of Million Accounting Software? If you have not, let us have a quick look on this particular accounting tool.

Million Accounting System is a reputable accounting software and its technology is certified to have satisfied IRAS’s technical requirements.

User Friendliness

Whether the user is an internal finance personnel or a professional in an outsourcing firm, Million Accounting System is marked as an ideal choice because its interface is straightforward, functional and fully equips the users with essential features. A non-IT savvy user does not have to spend too much time familiarizing with the software because all frequently-use reports can be generated easily.

Cost Effectiveness

Another beneficial quality about Million Accounting System is that it is immensely cost effective for small and medium enterprises (SMEs) and newly start-ups which are working on limited budgets. Since the accounting software is accredited by IRAS, the buying companies could enjoy benefits under the Innovation and Capability Voucher (ICV) and Productivity and Innovation Credit (PIC) schemes. It is recommended to check with authorized resellers to ascertain that the business has met all the claiming requirements before the investment is placed. The acquiring cost is one-off. There are no recurring costs, such as the annual subscription fee which are found in other accounting systems.

Features

Million Accounting System is built with comprehensive features and designed for a wide range of functions. Most of the essential elements for accounting, budgeting, analysis and reporting purposes have been catered for. It supports multi-currency transactions, which means you do not have to worry on the double entries or complexity in computing the currency exchange difference if local currency is used to pay for purchases made in other currencies. Million Accounting System is GST compliant for Singapore businesses so you can rest assured that a relevant report is available for regular submissions, so long as the accounting records are maintained in the system.

Troubleshooting

An added bonus during an unlikely event that Million Accounting System encounters a technical problem, personalized support is available at various modes (telephone, fax, email, remote access and onsite). Online chats with experienced consultants allow minor issues to be rectified at the earliest time. If the issue nature is major, onsite service could be easily arranged by contacting the local reseller or the main company itself.

Trial

If the company wishes to have in-depth exposure to determine if Million Accounting System is compatible with the business model or working culture, a trial version is available for free download. This allows all relevant parties to access the system’s capabilities by having hand-on experience.

With the above five aspects, Million Accounting System is sufficient to be short-listed for consideration to be adopted by many local and international companies.

Do you have confusion and other related concerns regarding Million Accounting System? Mighty Glory Corporate Solutions offers accounting and tax, corporate secretarial, and administrative and software technical support services to businesses in Singapore. Contact us today to discuss your business needs.

Singapore New Audit Exemption For Financial Periods Starting On Or After 1 July 2015

by Mighty Glory Corporate Solutions | 10 Oct 2016 | Corporate Secretarial, News and Case Studies, Rules and Regulations

The amendments to the Companies Act include Singapore Audit Exemptions for smaller companies with financial periods on or after 1 July 2015. Let’s find out more.

With accordance to the legislative amendments introduced by the Companies (Amendment) Act 2014, the first phase of the legislative amendments has taken effect on 1 July 2015. Amongst the list of proposed amendments, one of the most significant changes would be the new audit exemption for “small companies” concept. In prior to the amendments, a company is exempted from having its accounts audited if it is an exempt private company (EPC) with annual revenue of $5 million or lower.

The amendments have been modified to include a broader set of criteria that defines those entities eligible for audit exemption, reflecting that audit is more of value to broader groups of stakeholders like suppliers, employees and customers than shareholders. This newly introduced concept allows more corporations to opt for audit exemption. This would in turn reduce compliance costs and responsibilities.

Thirteenth Schedule (Section 205C) of the Companies Act states that a company is considered a “small company” if:

It is a private corporation throughout the financial period in question; and
It satisfies any two of the three criteria below for each of the two preceding consecutive financial years:

The annual revenue does not exceed $10 million.
The value of total assets does not exceed $10 million as at the end of the financial year,
There are no more than 50 employees at the end of the financial year

The qualifying factors are consistent with Singapore Financial Reporting Standards for Small Entities approach, but are slightly different by incorporating additional requirements that the “small company” status to be determined through reference of a two-year period. There is limitation in revealing the reason behind this requirement but there has been justifications made to further justify the criteria, namely to safeguard against manipulation in order to achieve the audit-exemption status and to assess the eligibility on a longer term basis so that the impact of abnormal earnings are reduced and the company will not lose its exemption status due to a sudden yet short-lived increase in their earnings.

As the amendments are scheduled to take effect only for financial periods commencing on or after 1 July 2015, there have been transitional arrangements made for corporations that are formed before the day that the “small company” criteria starts. Companies, which are formed before the effective date, will still be qualified as a small company from the first or second financial period on or after the effective date, on the condition that it is a private company throughout the concerned financial period and meet the quantitative criteria for that financial period.

Once audit-exemption status has been granted to a company, the status shall remain valid until it is no longer a small company when:

The Quantitative Criteria is not being satisfied for two immediately preceding financial years; or
It ceases to be a private company during a financial year.

Do you have further questions regarding the New Audit Exemption in Singapore? or any concerns on your accounting and tax works? Please do not hesitate to ask Mighty Glory Corporate Solutions. We would gladly answer your questions and provide solutions to your business needs.

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