Introduction: The Hidden Cost of Doing It All Yourself Running a business in Singapore is no easy ride. Between winning clients, managing staff, and handling suppliers, many SME owners end up working late nights just to keep things afloat. And then there are the compliance matters – IRAS deadlines, CPF contributions, ACRA filings and GST…
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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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The Costly Tax Mistakes Singapore SMEs Make in the New Digital Age You know how business in Singapore has changed these past few years. Last time, you open a shop, serve customers, settle accounts straightforward. Now? Everyone is selling on Shopee, Shopify, TikTok Shop, Instagram live, even taking crypto payments. Good news: more ways to…
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The Truth About DIY Accounting in Singapore SMEs: Why It Costs More Than You Think When you first started your business, maybe you thought, “Save money lah, I’ll just handle the numbers myself.” Quite normal, right? After all, you hustled hard, every cent counts. Why spend on accounting, payroll outsourcing, or tax compliance services when…
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The Real Story Behind Company Compliance in Singapore Running a company in Singapore is rewarding, but it comes with serious responsibilities. Under the Companies Act 1967 (Cap 50), every Singapore-registered business must meet strict requirements set by ACRA. Whether you are a new startup or an established SME, compliance is not just about avoiding penalties…
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GST to increase over the next two years In Singapore, the goods and services tax (GST) rate will increase from 7% to 9% in 2 stages: From 1 January 2023 – 7% to 8% From 1 January 2024 – 8% to 9% The initial S$6 billion Assurance Package, which was announced in the year 2020,…
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Singapore is one of the most business-friendly economy in the world Singapore has one of the most stable political environments in Southeast Asia, offering a strong sense of security and comfort for businesses and investors. It offers a wide variety of dining and entertainment options, world-class education systems, and quality health care providers that make it…
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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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Transfer Pricing in Singapore – How Does It Work When you enter into a commercial contract with your subsidiary companies, many business owners want to enter at a price that is lower than the market rate. This will enable them to make sure that their contract is safe from the state’s eyes and, at the same…
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Guidance to carry out Financial Reporting Duties for Singapore Companies Strong and vibrant markets are dependent on high-quality financial information. Financial statements are becoming increasingly important as investors, suppliers, financial institutions, customers, company directors, and corporate executives seek to better understand the business. In recent years, the business environment has also become more complex and…
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Singapore Companies must file Annual Returns All companies, including public corporations, not-for-profit companies, and private companies, by Singapore law, must file annual returns (ARs) once every year. Remember that an Annual Returns is not a financial document. Instead, it’s an electronic record of publicly accessible information about your company at ACRA. That information, includes your…
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Choosing the right, reliable, and trustworthy bookkeeping service in Singapore is never easy. As a company’s accounting records are confidential, the accountant is exposed to this level of sensitivity. The confidentiality of financial records has a significant impact on the success of a business. Therefore, you should hire a competent and qualified accountant to assist…
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Exemptions for small companies in Singapore Today, in an increasingly fast-paced world, it is critical that small businesses work together to ensure value and security meet individual and mutual objectives. However, it is challenging to maintain smooth operations when each associated organisation operates under its internal systems and philosophies. Therefore, audits are of utmost importance.…
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All successful businesses are built upon the principles of transparency and accountability. As a business owner, you must have a solid understanding of the financial operations of your company. Here are some helpful tips on how to approach the matter. Ensure that you train your staff adequately Your staff will benefit from the training they…
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Companies in Singapore must file their tax returns annually, and the process can be taxing and time-consuming Singapore companies must file their corporate tax returns to fulfil their financial obligations. Furthermore, Singapore companies can tap on various government grants and incentives to lower corporate taxes to an even greater extent. The Government provides tax incentives…
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Singapore Jobs Support Scheme extended till September 2021, with more than SGD 3 billion payouts from 30 March 2021 During the COVID-19 economic instability, the JSS offers wage assistance to Singapore businesses to retain local employees, Singapore Citizens and Permanent Residents. This JSS announced in the Budget 2020 on 18 February 2020, is intended to…
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