Here is a guide to setting up a Singapore company with Little Big Secretary Services Pte Ltd. We are an ACRA Registered Filing Agent and we provide corporate secretarial and accounting services. Setting up a company in Singapore is relatively straightforward and quick. Here is a breakdown of the cost and timeline for incorporation as [...]
Based on Section 197 of the Companies Act, all companies are required to file their annual returns on time. If the annual returns are filed late, a $300 late lodgement fee will be imposed by the registrar against the company for annual returns filed after the deadline. This $300 late lodgement fee will be imposed [...]
If a director or shareholder would like to loan money from the company, there are certain restrictions and procedures to be adhered to. It is generally not permitted for a director to loan money from the company except in certain circumstances. It is possible for shareholders to loan money from the company. Loans to [...]
Form C is the Corporate Income Tax Filing document that is to be submitted to the Inland Revenue Authority of Singapore (IRAS) during Corporate Tax Filing. There are namely 3 forms to be submitted. Either Form C, Form C-S or Form C-S (Lite). Companies who do not meet the eligibility to file Form C-S must [...]
The corporate tax filing deadline is different from the personal income tax filing deadline. The corporate tax filing deadline for Year of Assessment (YA) 2020 is 15th December and the deadline for YA2021 onwards is 30th November. Do note that dormant companies are required to file their Corporate Income Tax Returns unless it has been [...]
Over SGD$5.5 billion will be paid out in the next tranch of payments under the Jobs Support Scheme (JSS). This will be made out to more than 140,000 employers for the wages of over 1.9 million employees. The payouts will be made from October 29th onwards. This latest payout will be for wages paid to [...]
Singapore has a very favourable corporate and personal income tax rate. This is one of the main reasons for companies around the world domiciling their operations in Singapore. Favourable characteristics of Singapore's tax regime are: low corporate tax rates low personal income tax rates attractive tax relief and incentives no capital gains tax no estate [...]
Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]
Under Singapore law, a Payer who makes payment of a specific nature to a Payee (a non-resident company or individual) is required to withhold a percentage of that payment and pay the amount withheld to the Inland Revenue Authority of Singapore (IRAS). The payments that are required to withhold tax are: payments for services, [...]
Singapore is a very attractive place to incorporate a company as it has very low corporate taxes and has various tax incentives to attract and retain global companies and investments. Effective tax rates in Singapore are one of the lowest in the world. Here are the features and details all companies should know about Singapore's [...]