The main administrative and compliance costs in running a company are the accounting or bookkeeping costs followed by the corporate secretarial fees. It is very important to maintain proper company accounts. It is important to note that in Singapore, all companies with financial period starting on or after 1st January 2003 have to comply with [...]
Yes, a foreigner can start a company in Singapore. There are no restrictions on foreign shareholding or directorship of a Singapore company. A Singapore company can have 100 per cent foreign shareholding and 100 per cent foreign directors. You will, however, have to have one local resident director. That local resident director can be a [...]
If you start a company in Singapore, you may want to work in Singapore. You may want to take up the position as the local resident director of the company or would like to reside and work in Singapore to grow your company. You can either apply for an Employment Pass (EP) or an Entrepreneur [...]
If you are looking to do business internationally and are looking for a place to base your company, more often than not, Singapore may crop up as one of the viable options. Let us look at the reasons why Singapore is seen as one of the best places in the world to incorporate a company [...]
The Singapore government has tax reliefs that are designed to reduce the tax burden for companies. The Inland Revenue Authority of Singapore (IRAS) has come up with a Partial Tax Exemption for Companies (PTE). All companies, including companies limited by guarantee, can enjoy PTE unless they have already claimed the Tax Exemption Scheme for New [...]
The Singapore government has always been supportive of start-up companies and has many schemes to support entrepreneurship. One of the ways which they have been assisting new start-up companies is by providing tax reliefs. Let us focus on Year of Assessment 2019 and 2020. Year of Assessment 2019 (YA 2019) This is for financial years [...]
The Company Constitution is a set of document that sets out the rules and manner in which the company is being regulated and managed. In the past, this was referred to as the Memorandum of Association and Articles of Association. Since 3rd January 2016, these two documents have been merged into the Company Constitution. In [...]
Upon incorporation of a Singapore company, it is mandatory to appoint a company secretary within six months of incorporation. The secretary post should also not be left vacant for more than six months. Companies can choose to hire an in-house secretary or appoint a corporate service provider to fulfil this position. Here is a breakdown [...]
No. S Pass and Work Permit holders need to adhere to very strict employment guidelines with the Ministry of Manpower (MOM) and they are not allowed to manage any business in Singapore. They are not allowed to be sole-proprietors, partners or directors of any Singapore-registered company. If they are caught doing so, they will have [...]
Tax filing season is here and for some companies, that means looking for a third party with the relevant expertise to file the company's corporate taxes with the Inland Revenue Authority of Singapore. Here is a step by step guide on how to authorise a third party entity to file your corporate tax. Note: You [...]