BizCom insights
Guidance on accounting, tax, company compliance and building a business in Singapore.
Singapore registered companies must comply with a number of statutory requirements outlined in the Singapore Companies Act concerning appointment of auditors, tax registration and accounting records. It is also required to hold an Annual General Meeting (AGM) to conduct a minimum amount of business
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In Singapore, businesses involved in manufacturing or importation of goods are required to pay Custom Duties and/or Goods and Services Tax (GST). What are Duties A duty is an indirect tax levied upon goods, mostly, of international trading. In Singapore, duties are levied both upon goods manufacture
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Singapore is a country where companies are always welcomed by a business friendly environment and a government that does everything in its power to remove barriers to growth. Singapore is ideally situated at the crossroads of international markets giving businesses a competitive advantage. That comp
Read articleGST is the acronym for Goods and Services Tax in Singapore which is also known as VAT (Value Added Tax) in many other countries. The GST is a broad-based consumption tax based on imported goods and supplies in Singapore. Collection of the tax on imported goods is the responsibility of Singapore cust
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The filing of Estimated Chargeable Income is an annual requirement by IRAS to all companies registered with ACRA in Singapbuy cheap kamagra ukore. The Estimated Chargeable Income carries information about the revenues of a company. It should be filed within three months after a company’s Financial Y
Read articleSingapore Accounting standards reflect a set of practices and principles that ensure the integrity and conformity of corporate financial transactions. The standards were designed referring to the International Accounting Standards to promote consistent financial reporting. The purpose of the standar
Read articleIn Singapore, the law requires the position of the company secretary to be appointed within 6 months of incorporation, and he or she must a resident of Singapore. The services of a company secretary are retained to ensure compliance with the Singapore Companies Act. Complying, Advising, Reporting an
Read articleBy law, every company in Singapore is required to file an annual tax return with Inland Revenue Authority of Singapore (IRAS) on or before November 30. The basis for taxation is the preceding financial year. In a sense, the profits earned within th e financial year towards the end of the preceding y
Read articleIn order to remain accurate in its audit, the Singapore Accounting Standards Council implemented a new Singapore Financial Reporting Standard for Small Entities (SFRS), along with key elements of this system’s applicability. What is SFRS for Small Entities Tailored after the International Accounting
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If your company in Singapore is chosen by the Inland Revenue Authority of Singapore (IRAS) for an audit, it does not mean your company has incurred an error. It simply means that the agency wants to understand your business and ensure that all inf ormation indicated on your tax return is accurate. O
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As a first time businessman in Singapore, you would most likely be clueless on what specific structure you should use to put up your business. Two popular limited liability business structures in Singapore are the limited liability partnership and t he private limited company. Before taking your pic
Read articleThe term “ Strike Off ” is used in Singapore to refer to the removal of an incorporated company from the Singapore Accounting and Corporate Regulatory Authority (ACRA). Any company, whether it’s a private company, public company limited by shares, exempt private company or public company limited by
Read articleSingapore remains to be a favorite financial destination in Asia Pacific. It is considered a tax haven for individuals and businessmen. Doing business in Singapore is made easy with its attractive political and business landscapes. For new investors, choosing a structure for your enterprise is as im
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Singapore is a favorite financial hub in Asia Pacific. Many businessmen are drawn to this small island mainly due to its attractive political and economic landscapes. Foreign investors have two options in investing in Singapore. One of them is thr ough the use of an Entrepreneur Pass or EntrePass. W
Read articleIn Singapore, the company registrar is Accounting and Corporate Regulatory Authority or ACRA. Its responsibilities encompass regulation of public accountants and business entities duly registered and existing in Singapore. The most common business structure registered is private limited, which is re
Read articleSingapore statutes require that companies comply with annual financial statement filing requirements. The primary purpose of these requirements is, of course, to report financial activity to the appropriate Singapore regulatory agencies and to give some level of protection to shareholders who have a
Read articleThe Budget 2012 tax changes apply to individuals, sole proprietors, partnerships, companies, and business trusts. The general goal of the Budget 2012 tax changes is to advance Singapore’s competitiveness in the global market in the face of a persistent global economic slowdown. For this reason, the
Read articleIf you’ re looking for a country that appreciates and wants new businesses and is willing to prove it with low tax rates, then look no farther than Singapore. The country has purposely created a tax structure that includes low corporate tax rates and a number of generous special exemptions and tax i
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In Singapore, companies are often referred to as either being a multi-national company (MNC) or small and medium enterprise (SME). Though the terms may seem obvious, they are specifically defined by law, and the definition may be a bit surprising. The Singapore Government redefined an SME in April 2
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