What happens if a company fails to file its Annual Returns?

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 [...]

By |2020-11-01T21:10:55+08:00November 1st, 2020|Questions and Answers|

Can a company loan money to its directors or shareholders?

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 [...]

By |2020-10-29T00:29:45+08:00October 29th, 2020|Questions and Answers|

What are the consequences for late filing or non filing of Corporate Income Tax Returns?

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 [...]

By |2020-10-27T04:54:17+08:00October 27th, 2020|Questions and Answers|

Do I need to pay corporate tax on income that is derived outside of Singapore?

This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25).   (25)  It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]

By |2020-10-15T14:57:24+08:00October 15th, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Can a foreign owned Singapore company open a company bank account in Singapore?

Singapore is a very open economy and we do welcome individuals from all over the world to open companies in Singapore to do legitimate business. Foreigners can fully own a Singapore company. A foreigner can also apply for a valid working pass to become the local director of the Singapore company. Being open and pro-business [...]

By |2020-10-10T11:48:48+08:00August 26th, 2020|Questions and Answers, Useful Incorporation Articles|

What is the difference between a social enterprise and a charity?

Very often people do get confused by social enterprises and charities. Even though they may seem similar in nature, there are clear and obvious distinctions. For a non-profit organisation to be called a charity, it has to apply for charity status. For the sake of this article, we will use charity and non-profit organisations to [...]

By |2020-07-26T14:57:56+08:00July 27th, 2020|Questions and Answers|

Do I need to register my Trademark in Singapore for my business?

According to the Intellectual Property Office of Singapore (IPOS), A trademark is a sign that you can use to distinguish your business’ goods or services from those of other traders. It can be represented graphically in the form of your company’s name or logo. A trademark can add value to your business. Using a trademark [...]

By |2020-07-15T09:27:37+08:00July 15th, 2020|Questions and Answers|

Will it be easier for me to get Singapore permanent residency status if I start a company in Singapore?

Living in Singapore does have its perks and there are many people who want to come to Singapore and apply for Singapore permanent residency and even eventually obtain Singapore citizenship. Singapore has very low taxes, it is one of the safest places to live in the world, it is a country with a very high [...]

By |2020-06-07T11:05:38+08:00June 7th, 2020|Questions and Answers|

How fast will it take to incorporate a Singapore company?

If you are a local or a foreigner looking to incorporate a company in Singapore, you may engage an ACRA registered filing agent like us. Firstly, you will need to fill in the related incorporation documents which can be found at this link: https://www.singaporesecretaryservices.com/company-registration-documents/ You will need the following forms: Incorporation of New Company Form [...]

By |2020-06-06T10:57:27+08:00June 4th, 2020|Questions and Answers|

What is Estimated Chargeable Income (ECI) and when does it need to be filed?

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, [...]

By |2020-06-02T08:20:49+08:00June 2nd, 2020|Questions and Answers|
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