Foreign Company Setting Up Office In Singapore
A foreign company must register an entity in Singapore before it can commence its business here. If you are looking to incorporate or expand your business in Singapore, you may consider the following options: Subsidiary Company (Most Recommended Structure): Separate...
Compliance Requirements for a Dormant Company
A dormant company is a company that is registered in Singapore, without generating any form of revenue and expenses during the financial period. Typically, a company that become dormant may be due to several reason. Such as taking a break from the business or setting...
Updates: Receive Wage Credit Scheme for YA 2020 though PayNow or GIRO.
Wage Credit Scheme (WCS) was introduced in year 2013 and has since been extended to 2020. The initiative is to support and encourage employers to appreciate their employees' contribution through progressive increments of wages. The Government will co-fund the wages...
Submit Corporate Tax Returns for YA 2019 by 15 Dec (Extended Due Date) for companies that e-file
It is the time of the year when all companies are rushing to prepare the tax computation to submit the corporate tax return before the due date. And many companies are also clueless about the changes in the tax filing process. We have prepared a summary to highlight...
Preparation of Company’s Financial Statements
Company Financial Statements Preparation Generally, the financial statements will be prepared according to the latest Financial Reporting Standards (FRS) by a qualified individual or a corporate service provider like us. Thereafter, the directors will sign off on the...
IRAS arrests 10 members for suspected GST fraud in Islandwide raids
For the very first time, IRAS has exercised it newly acquired powers of arrest under the Section 83E(1) of the GST Act. During the 4-day nationwide raids on 36 business entities and 73 locations, about 10 suspected key members of a criminal syndicate have been...
GST treatment on Gifts and Samples to Customers
Providing samples and gifts to prospective clients is a common practice in the course of business development. Besides that, during festive season, companies may purchase hampers or gifts to appreciate their customers for the continued support. The goods that are...
New Active Commute Grant – up to 80% subsidy
Good news for employees as well as employers: Singapore Government has launched a new grant called 'Active Commute Grant' which subsidises up to 80% of the cost for workplace to build showers and lockers so that employees can cycle or jog to work. Replacing the...
Applying for Certificate of Residence (COR) in Singapore
What is a Certificate of Residence? The Certificate of Residence (COR) is a letter issued by IRAS to certify that the company is a tax resident company in Singapore. In the view of IRAS, a tax resident in Singapore is one whereby the control and management of the...
5 Tax Incentives to Reduce your Corporate Tax in Singapore.
Corporate Tax Rates in Singapore is considered one of the lowest in the world. The current prevailing tax rate is 17%. Every year, the government has been introducing attractive tax rebates and scheme to further reduce the corporate tax rates. For YA2019, companies...
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