The Estimated Chargeable Income (ECI) is an estimate of the company's taxable income for a certain Year of Assessment (YA). The taxable income is after deducting tax-allowable expenses. In simple terms, it is the total revenue less allowable expenses which is the taxable profit of the company. Due to the tax filing season for companies, [...]
A typical company conducts business and hires staff to produce goods and services and sells these goods and services to receive revenue. An investment holding company is a company that does not conduct any actual business but instead invests in assets. The investment holding company can invest in property, equities or even things like wine [...]
Singapore, along with Hong Kong and perhaps Shanghai, is a leading asset management hub for institutional investors and fund managers looking to tap into the opportunities in the region. Singapore is increasingly pulling ahead as the premier place for fund management especially with the introduction of the Variable Capital Companies Act. We explained about the [...]
A shelf company is a registered legal entity that is operational but is dormant. Being dormant, it has no income and does not carry out any activities. It does have all the basic structure of a legal entity. It has a registered local address, local director, shareholder and company secretary. Typically, shelf companies have a [...]
During this circuit breaker period, non-essential workplaces are expected to be closed. However, there may be instances where certain employees may be required to return to the workplace for a short period of time. They can do so by applying for Time-Limited Exemption through this website: https://covid.gobusiness.gov.sg/ The application is to be done by the [...]
Company seal A company seal, or common seal, is an official seal by the company to endorse documents like deeds and share certificates. It bears the company's name and registration number and is a metal contraption used to emboss documents. The company seal is used for contracts that are required by law to be executed [...]
A private company limited by shares, commonly referred to as company, is regulated by the Accounting and Corporate Regulatory Authority (ACRA). Companies are required to adhere to the Companies Act and in the Companies Act, the need to hire an auditor is spelt out clearly. If a company is deemed a small company, it does [...]
Changes were made to the Companies Act on 31st March 2017 and the key changes were with regards to making company ownership more transparent so as to limit the use of Singapore companies for illegal uses such as money laundering and financing of terrorism. There were also changes to the Accountants Act but for this [...]
If you are a foreigner looking to set up a company in Singapore, you have the option to set up either a Singapore Subsidiary Company or a Singapore Branch Office. There is another option to set up a Singapore Representative Office with Enterprise Singapore and that topic will be covered in another article. Singapore Subsidiary [...]
As uncertainties swirl over Singapore's economy, Deputy Prime Minister and Finance Minister Heng Swee Kiat delivered a generous, expansionary budget to aid companies and business tide through this period. The estimated budget deficit of SGD$10.9 billion, or 2.1 per cent of gross domestic product, even exceeds the forecasted budget deficit in 2009 of SGD$8.7 billion. [...]