If you are looking to start a charity or a non-profit organisation, you may consider setting up a Public Company Limited by Guarantee (CLG). Here are details of what makes up a CLG. A CLG is a separate legal entity. It is a company and is separate from the members of the company. As a legal [...]
Form C-S is a simplified 3-page income tax return for companies to report their income to the Inland Revenue Authority of Singapore (IRAS). Form C-S is for qualifying small companies and has fewer fields to fill. Form C-S comprises: A declaration statement of the company’s eligibility; Information on tax adjustments; and Information from the financial [...]
Singapore is a very attractive place to do business. It is safe, corruption-free, has a highly-skilled workforce and a very attractive corporate tax system. Singapore has a single-tier corporate tax system. There is no double taxation on the monies received by shareholders. Tax paid by a company for its chargeable income is final and all dividends [...]
Every business requires a corporate bank account. As a business owner, you will need to open a corporate bank account to facilitate the collection of payments from the sale of your goods and services. You will also require an account to make payments for goods and services rendered to you. In this article, we will [...]
There may be times when you may want to sell your shares of your private company to someone. You may also want to purchase the shares of another private company. Here are some steps which should be followed. Documents required An Instrument of Transfer (An agreement between the transferor and transferee for the transfer or [...]
Some business owners may wish to work from home and thus may want to use their HDB flats as their registered address. HDB does allow this under the Home Office Scheme. To apply for a home office, you would need to make an application on the HDB website. The License for Home Office Scheme is [...]
Estimated Chargeable Filing (ECI) is a compulsory filing requirement for companies unless the company qualifies for a waiver. There are advantages for companies that file their ECI earlier and within the qualifying period as they may opt to pay corporate taxes by instalments. The benefits for filing ECI early are: 1) Instant acknowledgement upon successful [...]
Estimated Chargeable Income (ECI) is an estimate of a company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). The Inland Revenue Authority of Singapore (IRAS) requires that the ECI be filed so that they can raise an early assessment. The data collected by IRAS will also be useful in helping the [...]
Dependant Passes are issued by the Ministry of Manpower (MOM) to family members of qualified Employment Pass and S Pass holders. The family members who are eligible are spouses and children under the age of twenty-one. To qualify, the Employment and S Pass holder must earn a minimum of SGD$6,000 a month for their spouses [...]
Shareholders' Meeting The meetings of a Singapore incorporated company can be divided into two sections. Shareholders' Meetings and Directors' Meetings. In this article, we will be touching on Shareholders' Meetings. The Shareholders are the owners of the company and thus have the right to decide certain on certain issues. In Singapore, certain meetings are mandatory [...]