Treasury Shares in Singapore refer to shares that a company has repurchased from its existing shareholders and holds in its own name. These shares do not have voting rights, do not receive dividends, and are not counted when calculating earnings per share (EPS). The concept of treasury shares is governed under the Singapore Companies Act, [...]
If a Singapore company fails to file its corporate taxes on time, it may face a range of penalties imposed by the Inland Revenue Authority of Singapore (IRAS), including: Late Filing Fees: IRAS may impose a late filing fee for failing to file corporate tax returns by the due date (usually November 30 each year). [...]
Moving forward, GST-registered businesses will need to be on InvoiceNow solutions to send invoice data to IRAS for tax administration. The requirement will be rolled out progressively in phases. Here are the timeframes for the implementation. From 1 November 2025, newly incorporated companies that voluntarily register for GST will need to be on an InvoiceNow [...]
There are two methods for a previously struck-off company to be restored to the register of companies. They are: a) By way of an application to the Court under s 344(5) of the Companies Act 1967 (CA); or b)By way of an application for administrative restoration under s 344D CA a) By way of [...]
Singapore is coming down hard on money laundering and terrorism financing activities. Every Singapore company should have processes in place to deal with such matters. Every company should have an anti-money laundering framework in place. Creating an Anti-Money Laundering (AML) framework for a Singapore company involves a series of steps to ensure compliance with [...]
This is a question that is posed to us rather often. In typical limited companies, there will be shareholders. The liability of the shareholders is the amount of paid up capital that they have put into the company. For example, if a person buys 1000 shares of a company for $1000, then the company's paid [...]
Companies are free to change their registered address. The company's registered address may be different from its operating address. For example, a company dealing with supplying raw goods may be operating out of a warehouse or an industrial site. They may not want official letters delivered to that operating address. They may have a headquarters [...]
Recently we have had a few clients coming to us to tell us that since their company receives income from overseas and their goods do not come into Singapore, the income that the company earns does not attract income tax in Singapore. When I ask them for where they get this information, they bring me [...]
Foreign income refers to earnings generated from outside Singapore. Typically, this income is subject to taxation in Singapore when it is remitted and received in the country. If the foreign income is generated from a trade or business conducted in Singapore, it is taxable upon accrual, regardless of whether it is physically received in Singapore. [...]
There are many reasons why some companies may choose to use a virtual office. Some people may conflate it with registered office service. A registered office service alone means that a company uses the office address of a service provider, usually the corporate service provider, to fulfil the statutory requirement that every Singapore registered company [...]