Singapore is renowned as one of the most business-friendly countries globally, ranked second by the World Bank for ease of doing business. If you’re considering starting a tech business, Singapore offers a promising environment. The Singapore Economic Development Board (EDB) has introduced the Tech@SG program, which expedites work passes for tech-industry professionals. Before you embark […]
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Why Workers Are Embracing Entrepreneurship
If you have an entrepreneurial spirit, now is your time to shine. Startups are flourishing, and small businesses are gaining unprecedented support from local communities and governments. In Singapore alone, 63,480 new enterprises were registered in the past year, and they are not just surviving but thriving. The pandemic has reshaped the consumer landscape, creating […]
The Singapore Companies Act (CA) is the primary legislation governing company compliance in Singapore. It applies to both local and foreign companies operating in Singapore, including subsidiaries. In this article, we provide essential information about the CA that every business should know. Continue reading to learn more. We’ll cover: What is the Singapore Companies Act? […]
Singapore, with its business-friendly policies and vibrant economy, is a top choice for running a business, whether it’s a local or foreign entity. However, before launching your business, there are several important steps to take, including selecting the appropriate business structure. In Singapore, most business owners opt for either a Private Limited (Pte Ltd) or […]
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Your Handy Guide to Accounting Terminology
Struggling to understand all those acronyms? Don’t worry, we’ve got you covered. Here’s a cheat sheet to help you make sense of the common terms used by accountants when discussing compliance, explained in plain English. Accounting Jargon ACRA – Accounting and Corporate Regulatory Authority This is the main regulatory body overseeing compliance matters for all […]
Ensuring compliance with the Inland Revenue Authority of Singapore (IRAS) is essential for any company operating in Singapore. Regardless of whether your company is active or dormant, adhering to tax filing obligations is mandatory. What we’ll cover: What are the compliance requirements set by IRAS? Filing your Estimated Chargeable Income (ECI) Maintaining accurate and proper […]
Understanding GST GST, which stands for Goods and Services Tax, is a consumption tax applied to all products and services in Singapore, including imported goods. It is similar to VAT (Value Added Tax) charged in other countries. The Singapore GST rate has recently increased from 7% to 8%. Updated GST Rates for 2023 Effective January […]
Have you received a reminder from your company secretary about filing your annual return? This guide will walk you through the necessary steps to ensure compliance during the annual return season. We’ve also provided a sample timeline for a company with a financial year end on 31 December. What we’ll cover: Step 1: Prepare your […]
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Corporate Tax in Singapore – A Quick Guide
Navigating a new country’s tax system can be overwhelming, especially for savvy business people like yourself. But fear not! We’ve put together a concise guide to Singapore’s tax system, focusing on key features that will help aspiring business owners understand how corporate tax works in Singapore, so you can be prepared when tax season arrives. […]
Many businesses have switched to remote work from home since the pandemic began and continue to do so. Did you know that you can save money on taxes by claiming your home rental as a business expense? In this article, we will explore how you can take advantage of this opportunity, and we’ll also discuss […]