Singapore law requires every company to have at least one director who’s ordinarily resident here, living in Singapore, not just holding a Singapore address. For a foreign founder with no local resident co-founder, that means either relocating someone or appointing a nominee director to satisfy the requirement while the foreign owner runs the business day…
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Accounting Solutions Singapore Editorial Team · Published 28 February 2026 · Updated 17 October 2026 Update: the corporate income tax rebate was increased after Budget day. This post now shows the current figures and says what changed. Budget 2026 gave companies a corporate income tax (CIT) rebate for Year of Assessment (YA) 2026, a higher…
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ACRA Update: Avoid Massive Penalties Under the New 2026 Laws Executive leadership often views directorship as a title, but ACRA views it as a legal anchor. Updated on 29 January 2026, the departure process has become more than a formality; it is a high-stakes administrative procedure where an error in timing can result in an…
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The mistake with striking off a company usually isn’t doing it wrong, it’s assuming it can be skipped entirely. A company that’s stopped trading doesn’t stop being a legal entity. It still has to file annual returns, and ACRA can take compliance action against a company and its directors for missed filings regardless of whether…
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Withholding tax catches a lot of SMEs off guard because it doesn’t apply to foreign payments in general. It applies to specific categories, and the mistake is usually not knowing a particular payment falls into one of them until after it’s been sent. 1) The categories that actually trigger withholding. Payments to a non-resident are…
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Most of the real errors in Singapore financial statements aren’t arithmetic mistakes. The numbers usually tie out fine. They’re framework and disclosure errors: using the wrong set of rules, or leaving out something the rules require even though it doesn’t affect the bottom line. 1) Using the wrong reporting framework. Singapore has two tiers: full…
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Most corporate tax problems in Singapore aren’t filing late, IRAS sends enough reminders that outright missed deadlines are rare. The real mistakes are quieter: a filing that goes in on time but has errors that either cost the company money it didn’t need to lose, or draw a query that takes weeks to resolve. Missing…
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If you’re new to accounting or just starting your career in finance, you might have heard people talking about IFRS 18. It sounds technical, right? But don’t worry, we’re going to explain what it is, why it matters, and what Singapore companies need to do about it, in plain English. Why Did They Introduce IFRS…
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Bookkeeping problems rarely show up as one big error. They build up slowly from small habits and the business owner usually doesn’t find out until year-end closing, a bank loan application, or an IRAS query forces someone to look closely at the books. Here are the ones we see most often, and what actually fixes…
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GST filing has a reputation for being mechanical, pull the numbers, submit the F5, done. Most of the real errors happen specifically because it’s treated that way, since several common mistakes are about what shouldn’t be claimed, not what wasn’t entered correctly. Claiming input tax on disallowed expenses. Not every GST paid on a business…
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Getting Your Documents Certified in Singapore Doesn’t Have to Be Complicated If you’ve ever had to open a bank account, apply for a visa, or submit documents to a government agency, you’ve probably come across the term “Certified True Copy” or CTC for short. It sounds formal and intimidating, but it really isn’t. At its…
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New requirements under the Corporate Registers On 4 October 2022, Singapore Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements for strengthening its corporate governance regime supporting Singapore’s commitment to combating money laundering, terrorism financing, and other threats to financial system integrity. These updates were made following the passage of the Corporate Registers (Miscellaneous Amendments)…
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Interest payments Any interest paid to a non-resident entity in connection with a loan or indebtedness is subject to withholding tax. There are several examples of interest, including interest on overdue trade accounts and interest on credit terms granted by suppliers. Interest on late payments of goods is taxed even if the interest is treated…
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Cloud Accounting Gives You Real-time Data About Your Business As an entrepreneur, it is natural that you always want to reap success after success with your business. With that, you want to have access to the financials real-time to make better business decisions. And, you must read on to understand the Cloud Accounting Services for…
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Things You Should Know about Singapore Financial Reporting Standards (SFRS) As a business owner in Singapore, you know that accounting for your business transactions must be precise. However, you might not understand why accounting standards are such a huge deal. Only if you are the only individual seeing your business accounts, then they wouldn’t be.…
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According to the Singapore Companies Act (Chapter 50), all Private Limited Company should have at least one shareholder. The shareholder can be an individual or a corporation. A shareholder needs to be a Singapore citizen, permanent resident (PR), employment pass (EP) holder or dependent pass (DP) holder. Once the company is incorporated, to secure the corporate…
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