What is the 2-tier Penalty Framework?

The 2-tier penalty framework applies to the filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). It was announced on the 30th of December 2020 and takes effect on the 30th of April 2021. Under this 2-tier penalty framework, Singapore-incorporated companies, VCCs and LLPs [...]

By |2021-06-22T13:36:42+08:00June 23rd, 2021|Questions and Answers|

How do I change my SSIC code?

Every Singapore company has at least one SSIC code. SSIC stands for Singapore Standard Industrial Classification. At times, companies may decide to change their business activity. For example, a company may be a physical retail store and because of certain circumstances, they might change to doing something else. Either a wholesaler or an online store. [...]

By |2021-05-28T13:52:27+08:00May 31st, 2021|Questions and Answers|

How important is it to have an accurate SSIC code?

Every company in Singapore will have an SSIC code. It is short for Singapore Standard Industrial Classification. It is important to have an accurate SSIC code. The SSIC code should match the company's business activities. Every Singapore company can have up to two SSIC codes. Typically, most companies should focus on the first SSIC code. [...]

By |2021-05-28T13:06:17+08:00May 28th, 2021|Questions and Answers|

Should I register a private limited as a freelancer?

Freelancers typically do not have a company under their name. We are assuming that the person who sent us this question does not have one under her name. This person has been a freelancer for a couple of years and is contemplating setting up a private limited as she wants to get involved in larger [...]

By |2021-05-25T13:22:13+08:00March 26th, 2021|Questions and Answers|

I would like to have a Singapore company with a local bank account to do business. What are my options?

Singapore is a great place to do business. It is a very open economy and foreigners are free to fully own a Singapore company. i.e. own 100% of the shares of a Singapore company. The requirement is that there needs to be a local resident director in the company. Local resident director would also include [...]

By |2021-03-17T16:50:24+08:00March 17th, 2021|Questions and Answers|

How to protect my rights if I have a nominee shareholder?

There may be instances whereby some shareholders may want to get someone to hold their shares of the company on their behalf. The person nominated is said to be holding the shares in trust and is called a nominee shareholder. The person who nominated the nominee is called the beneficial owner. For example, John asks [...]

By |2021-03-12T14:55:56+08:00March 12th, 2021|Questions and Answers|

I want to remove a director from the company due to his breach of director’s duties. How do I do it?

This question is in response to a question posted. We are assuming that the question is in relation to a private company. The company may wish to remove the director from the company's board due to the following reasons: Poor personal conduct A breach of the director's duties Poor performance Thus if the director did [...]

By |2021-02-10T12:00:27+08:00February 10th, 2021|Questions and Answers|

How can the Enterprise Development Grant help my company?

The Enterprise Development Grant (EDG) was created to help Singapore companies grow and transform. The grant supports projects that will help companies upgrade their business, innovate or venture overseas. To be eligible for the Enterprise Development Grant, a company needs to: Be a registered business entity in Singapore and be operating Have a minimum of [...]

By |2021-06-09T11:14:39+08:00February 5th, 2021|Grants and Other Incentives, Questions and Answers|

What records do I need to keep for my Singapore company?

In Singapore, it is compulsory for companies to keep proper records of all business transactions. The records are needed to explain the financial position and transactions of the company and to ensure that the financial statements prepared are true and fair. You will also need the records to ensure that your company complies with its [...]

By |2020-12-15T13:55:15+08:00December 15th, 2020|Questions and Answers|

Who needs to file corporate tax for YA 2020?

The corporate tax filing deadline is upon us. The deadline to file corporate tax for the Year of Assessment 2020 (YA2020) is 15th of December 2020.  There is no hardcopy filing and all corporate taxes are to be e-filed. Do not confuse the corporate tax filing season which occurs at the end of every year [...]

By |2020-12-03T16:46:15+08:00December 3rd, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|
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