Ukrainian Adventure Engineer in PayrollHero Singapore

Announcing Our Latest Import
Capture MYKOLA KYRYK

Our #AdventureEngineering message has reached far and wide! Software developers who have heard about PayrollHero’s Adventure Engineering have written to us, aspiring to be part of the team.

“I felt like it was a perfect match
from the moment I saw this video”
Mykola Kyryk

Here’s what Mykola did to catch our attention from his point of view:

Mykola: We had a couple sessions of remote pairing/discussion sessions. All people I talked to were very interesting interlocutors and I felt like I could bring a lot of value into the team.

Mykola spills the beans about his home country and moving to Singapore.

Tell me about your hometown. How many people are there?
Mykola: I’m from Lviv, Ukraine. It is a nice ancient city (founded in 1256). This city was part of Poland, Hungary, Austria and Russia for many years. So the country side has mixed architecture and culture with a population of around 850,000.

What kind of things you like to do back at home?
Mykola: Besides IT? Well a lot actually. I play basketball and travel a lot. In the last 2 years I’ve been to 8 different countries. I like different extreme activities. I’ve already tried scuba diving, skydiving and caving. I also like to ride my bike and go skiing.

What did the people closest to you say about your plan to move to Singapore to be a PayrollHero Adventure Engineer?
Mykola: That I was mad 😉  Some were surprised that I’m going that far away from my homeland. Most knew nothing about Singapore at all.

What were your first thoughts on Singapore after you’ve arrived?
Mykola: It is hot here! I went from +12 to +32 in 20 hours. Now I don’t find it hot anymore. I was also amazed with how structured and well organized everything is. Really convenient place to be.

What you think about the food and the hawker centers?
Mykola: Like nothing like I’m used to. Ton of options, any cuisine, for any taste. I’m still far from saying I’m used to all of this, but I love the adventure of it all. Hawker centers are great and also cheap!

Do you like the beaches in Singapore?
Mykola: That was the first thing I did when I arrived. I didn’t know how to get to the beaches so I spent almost 2 hours walking there. Night swimming is prohibited here, but I got what I came for. Beaches are really nice, especially at Sentosa island.

Was it easy for your to get your Singapore Employment Pass (EP)?
Mykola: I got mine while I was still in Ukraine. It was really a really quick and straightforward process. Once I arrived I had to go to the Ministry of Manpower to finalize the paperwork and got my EP card in 5 days. Amazingly quick and efficient.

What do you miss about home?
Mykola: I don’t really have time to miss about anything. Singapore is an amazing place. And there is still so many places I want to go and things I want to try. Of course, miss my family, but Skype helps to stay in touch. Hope to see them soon.


Did you know,… We’re Hiring! 

Wanna be an Adventure Engineer with PayrollHero? Check out our job openings and get in touch!

Singapore Corporate Taxes101

Singapore Corporate Taxes101Filing taxes can be a daunting task. Figuring out deductions and what your company is exempted from is complicated enough before you realise that it’s a new financial year, the rules have changed, and now you’re not under the same tax exemptions anymore. We looked around the interwebs for a while and we were stumped. So we decided this problem needs to be fixed.

Over the years, the Singapore government has tried to make the country a tax friendly one for corporates. With a bunch of nifty exemptions, retailers, restauranteurs and growing businesses can breathe a sigh of relief. The government’s got your back. Let’s get down to some important pointers for you to file taxes for your company.

Important Facts:

  1. Rate: The current corporate tax rate is 17%.
  2. Dates:
    • Within 3 months of the company’s financial year end, the Estimated Chargeable Income document must be filed and submitted
    • Every year in April, the IRAS sends Forms C-S or Form C filing package.
    • 30 November: The Paper version of the Corporate Income Tax Form (Forms C-S or Form C) must be submitted. 15 December: The e-File Form of the same document must be submitted. Either the paper or the electronic version must be submitted.
    • FormIR8A, which is a statement of an employee’s remuneration, must be issued for each employee by 1 March of every year.
    • Your company needs to keep records of transactions for a minimum of 5 years. They must be submitted to IRAS upon request.
  3. Use mytax.iras.gov.sg to file your company’s taxes, check or post objections to your tax assessment and apply for exemptions.
  4. Taxes can be paid via internet banking, SAM, AXS station, Cash/NETS or GIRO.

Estimated Chargeable Income: Are you exempted?

The ECI is used to estimate your company’s taxable income. The IRAS notifies you before your ECI file is due. However, as a tax break, if your ECI is zero or your annual revenue is $1 million or less, then you do not have to submit the ECI, even if you have received a notification for it.

The ECI can be filed at mytax.iras.gov.sg. The government will then notify you on the exact tax amount which you have to pay within a month of the notice.

Corporate Income Tax Form

This is the big one. Here is where you declare your actual income in the financial year. It needs to be filed regardless of what your income looks like. There are two types: Form C-S and Form C. For a company with revenue not more than $1 million, Form C-S must be filed.

Exemptions

This is the part we have all been waiting for. With these exemptions, the government makes it easier on a start-up’s cashflows for a few years at least. Go through it because there is some good news for retailers as well.

Tax Exemptions for Start-ups: Start-up companies enjoy 100% tax exemption for the first $100,000 of chargeable income for 3 years. Another 50% exemption can be exercised on the next $200,000 which effectively means the tax rate is 8.5%.

Partial Tax Exemption: From the fourth year onwards, start-ups can exercise the Partial Tax Exemption. Here, 75% of the first $10,000 is exempted and another 50% on the next $290,000 is exempted.

Expenses before starting your business: The government also exempts taxes on expenses incurred the year before your company’s financial year in which you start your business. For example, if you financial year starts in Jan 1 2014 and your first earnings were on June 1 2014, then you will be exempted on paying taxes for expenses incurred between Jan 1 2013 and Dec 31 2013.

Capital Allowances: This one is great for retailers. You are given a capital allowance on fixed assets like electrical equipment, furniture and other fixtures for you company. This is in place of depreciation which is non-deductible.

E-Commerce

Retailers that create income through e-commerce websites have a set of rules that they need to follow. For a franchisee or a branch in Singapore with a franchisor based in a foreign country, the income generated by a website is not liable to taxation in Singapore. This is true even is the company’s customers are in Singapore or not. Check the links below for more details on taxation on e-commerce-centred business.

We hope this was helpful to you! We have put in some great links with guides to fill up your corporate tax forms. Do comment or drop in your email for more handy information!

Basic Corporate Tax Calculator: https://www.iras.gov.sg/irashome/page.aspx?id=6784

Disclaimer: As always, consult your lawyer or accountant for advice! We are here to help, but your specific situation should be reviewed by a professional with complete knowledge of your situation. 

Getting a Liquor Licence in Singapore

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Speaking with a few entrepreneurs who are setting up a new F&B outlet here in Singapore, I found that a few shared similar problems- mostly about the liquor licence for their restaurant and how to go about getting it.

We though it will be helpful to provide a guide to getting the liquor licence for your new establishment.

Before Sending your Application

It’s good to have the required paper work in order before applying for the liquor licence. You will need to be in compliance with laws & regulations from the relevant authorities and get approval for your establishment. Find out if your premises are approved for F&B here. 

Liquor Licence Fast Facts:

  • License agency: Liquors Licensing Unit
  • Cost Of Licence: S$220 – S$1,760 (2-year licence)
  • Minimum Licence Processing Time: 14 working days

Got it? Great! Let’s get into the necessary details. 

There are 2 types of liquor licences available in Singapore. If you are carrying out any of these activities:

  • To retail intoxicating liquor which is consumed on your premises (e.g. pubs, clubs, discos and hawker stalls)
  • To retail and/or wholesale intoxicating liquor that is consumed off your premises (e.g. wine specialty shops, alcohol importers and food caterers)

For more than 30 consecutive days, you will need to obtain liquor licence for your establishment.

If your activities is shorter than 30 consecutive days (1-30 days), you can apply for a temporary liquor licence instead.

Should your activities do not run on consecutive days, you will need to obtain more than one liquor licence for operation.

The Licence Fees

Types Of Liquor Licences
Licences for liquor sold and consumed on your premises
Name Of Licence Permitted Hours Licence Fees
(2-Year Licence)
Public House Licence 1st Class
(6am-12am)
S$1,760
2nd Class
(6am-10pm)
S$1,320
Beer House Licence 6am-12am S$920
Outdoor Beer Stall Licence 6am-3am
(Permitted hours to be decided based on the location)
S$570
Licences for liquor sold and consumed off your premises
Retail Liquor Shop Licence 6am-12am S$220
Wholesale Liquor Shop Licence 6am-12am S$220
Retail Beer Shop Licence 6am-12am S$220
Wholesale Beer Shop Licence 6am-12am S$220

Note that the licences only permits you to sell liquor within the stipulated hours. If your establishment requires sale of alcohol past these hours, you will need to get the Liquor License (Extension of Operating Hours).

Application, Processing Time and Payment Method 

All applications for liquor licence are to be submitted through electronic filing (e-filing) via the Online Business Licensing Service (OBLS) at http://business.gov.sg.

The processing time for these licences takes up to 12 working days.

There are three online payment modes available-
Credit card (Visa or Mastercard), Direct Debit through your internet banking account. Payment modes available at our counter are NETS or cheque.
If the amount payable is more than S$2000/-, payment by cheque is preferable.


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