Starting a Company
What is a Company Limited by Guarantee (CLG) in Singapore?
A Company Limited by Guarantee (CLG) is a unique type of company structure in Singapore, primarily used for non-profit organisations. Unlike traditional companies limited by shares, CLGs do not have shareholders. Instead, they have members who guarantee to contribute...
Shareholders vs. Members: Understanding the Difference in Business Structures
In the world of business, understanding the various roles and responsibilities within different company structures is crucial. One common area of confusion is the distinction between shareholders and members. Let's delve into these concepts to clarify their...
A Comprehensive Guide to Starting a Business in Singapore
If you intend to start a business in Singapore, this comprehensive guide from Raffles Corporate Services will be useful to you. Benefits of setting up a business in Singapore Singapore has very low tax rates when compared to...
Setting up a Private Limited Company in Singapore
The official term for this would be a Private Company Limited by Shares. The common layperson term would be "private limited". This is a business structure that is limited in terms of shareholder and director liability. This is the most ideal for business owners...
Understanding the Business Name Registration Act of Singapore
It is essential to understand the intricacies of the Business Name Registration Act 2014. This Act governs the registration of business names in Singapore, ensuring that businesses operate under a legally recognised name. In this article, we will delve into the key...
Startup SG Founder: Empowering First-Time Entrepreneurs in Singapore
The Startup SG Founder (SSGF) programme is set to revolutionise the landscape for first-time entrepreneurs in Singapore. With its upcoming changes effective from April 1, 2024, this initiative promises to provide enhanced support and opportunities for innovative...
What is a Nominee Director and how to appoint one for your Singapore Company?
According to Section 145(1) of the Companies Act, there needs to be at least one resident director in a company. Section 145(1) of the Companies Act: Every company must have at least one director who is ordinarily resident in Singapore and, where the company only has...
Why Are Shelf Companies Worth Your Consideration
A shelf company, also known as a ready-made or aged company, is a business entity that has been pre-registered but remains inactive until it is sold to a buyer. Here are some key points to understand about shelf companies. Advantages of Shelf Companies Time...
Looking to Launch your Textile Production Business in Singapore?
The textile sector, one of the oldest segments of the manufacturing industry, has consistently performed well within the global economy. Asian countries are renowned for their textile mills and manufacturing firms that export products worldwide. Singapore, in...
What does a Singapore Company Secretary do?
A Singapore company secretary is essential in ensuring that the company complies with all regulatory compliance. The company secretary is responsible for duties like maintaining records and statutory registers and administering board meetings and shareholder meetings....
Running a Company
Essential Elements of a Valid Contract in Singapore
Navigating the legal landscape of business in Singapore requires a strong understanding of contract law. A well-drafted contract provides clarity, protects your interests, and minimises potential disputes. Whether you're a startup or an established enterprise, this...
Why is the STRO important in the Singapore business landscape?
What is the "STRO"? The Suspicious Transaction Reporting Office (STRO) is Singapore’s Financial Intelligence Unit (FIU). It plays a crucial role in the country's financial regulatory framework by receiving and analysing Suspicious Transaction Reports (STRs), Cash...
ACRA to replace all residential addresses with alternative “Contact Address”
In a significant move to protect the privacy of business owners, directors, and shareholders, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore is set to implement a new Contact Address regime by the end of 2024. This change comes following the...
MAS Partners with Banks and Tech Firms in Quantum Security Enhancement
The Monetary Authority of Singapore (MAS), along with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral, has entered into a Memorandum of Understanding (MoU) to collaborate on quantum security initiatives. The partnership aims to explore the application of Quantum Key...
How Much Consulting Fee Should You Charge in Singapore?
In today's dynamic business landscape, many entrepreneurs and established businesses seek expert advice to navigate challenges and achieve their goals. As a consultant, you bring a wealth of knowledge and experience to the table, making your services invaluable....
The Purpose of a Quorum in a Singapore Company
Running a successful business in Singapore requires more than just a great product or service—it demands a solid understanding of corporate governance. One critical aspect of this is the concept of a quorum. Whether you're a seasoned business owner or just starting,...
The Impact of a Data Leak on Your Company: Risks and Remedies
In today’s digital age, data is one of the company's most valuable assets. Whether it’s customer information, financial records, intellectual property, or operational data, the integrity and confidentiality of this information are paramount to maintaining a company’s...
How to authorise Raffles Corporate Services’ request to add your company to our client list
For a Corporate Service Provider (CSP) to make changes to a company, it has to first add the company to its client list. In the past, this can be done simply on the CSP's end. However, starting from 9 December 2024, all CSPs will need authorisation from the client...
Adopt a Cyber Criminal’s Mindset to Safeguard Your Business
Protecting Your Business from Cyber Threats: Lessons from the Biggest Data Breaches Over the past year, some of the largest data breaches in history have impacted millions of customers worldwide. For small businesses and advisors who handle sensitive personal and...
What are the payments that will attract CPF contributions?
Employers need to be aware of their Central Provident Fund (CPF) contribution obligations across various components of employee remuneration. As a general rule, CPF contributions are mandatory for all cash-based compensation directly related to work performance. This...
Growing a Company
Unlocking Growth Opportunities: A Guide to the Financial Sector Development Fund for Singapore Businesses
Singapore's financial sector is a dynamic hub of innovation and growth, and at its heart is the Financial Sector Development Fund (FSDF). This government initiative is a goldmine of opportunities for businesses looking to expand, innovate, and thrive in this exciting...
What are the essential duties of a Data Protection Officer?
In an era where data is often referred to as the new oil, protecting personal information has become a paramount concern for businesses worldwide. Singapore, as a global hub for technology and innovation, has taken significant steps to ensure data protection through...
Budgeting for your business
Budgeting serves as a pivotal element in a company’s financial strategy, setting financial objectives and monitoring progress towards these goals. It plays a crucial role in managing finances by guiding resource distribution, pinpointing potential risks and...
How can companies benefit from the Global Ready Talent Programme
Unlock the Potential of Young Talent with the Global Ready Talent Programme As a small to medium-sized enterprise (SME) business owner in Singapore, you understand the importance of nurturing young talent to drive innovation and growth. The Global Ready Talent...
Pivot Your Career Today with the Career Conversion Programmes
In today's rapidly evolving job market, adaptability is key. Singapore's Career Conversion Programmes (CCPs) offer a powerful solution for mid-career individuals looking to pivot their professional paths. Let's dive into how these programmes are revolutionising career...
Forecasting for your business
Forecasting leverages historical data and analytical assumptions to project future financial outcomes, serving as a pivotal tool for strategic decision-making. Through the extrapolation of past financial trends, forecasting offers a comprehensive view of anticipated...
Protect Your Brand: A Guide to Trademark Registration in Singapore
In today's competitive business landscape, protecting your brand identity is more important than ever. One of the most effective ways to safeguard your brand is through trademark registration. This article will guide you through the process of trademark registration...
Why proper financial reporting is important for your business
Financial reporting stands as a fundamental pillar for ensuring transparent and accountable financial management across organizations. This in-depth exploration aims to uncover the essence of financial reporting, its significance, various forms of financial reports,...
Taxes and GST
Importing Investment Precious Metals into Singapore: A Comprehensive Guide
Singapore is a global hub for trade and finance, and its favorable tax policies make it an attractive destination for importing investment precious metals (IPMs). Whether you are a business or an individual investor, understanding the import procedures and regulations...
Basics of shares transfer and its stamp duty treatment
Dutiable documents for share transfers encompass both physical and electronic formats: Share Transfer Contracts and Instruments These documents, executed upon share acquisition, incur Stamp Duty based on the higher of the actual price or net asset value....
What you need to know about IRAS-approved Allowable Business Expenses
Understanding the business expenses recognised by IRAS can significantly enhance your financial efficiency when launching a business in Singapore. This guide aims to help you maximise these benefits and support sustainable business growth. The objective is to ensure...
Budget 2024 Update: Corporate Income Tax (CIT) Rebate and Cash Grant for Cost Management
As outlined in Budget 2024, the government has introduced measures to help businesses manage rising expenses. For the Year of Assessment (YA) 2024, all companies, whether tax-resident or not, will receive a 50% CIT Rebate on their corporate tax payable. Additionally,...
A Close Look at Singapore’s Corporate Tax Rates and Exemptions
Whether you're a new entrepreneur or an experienced business owner, grasping Singapore's corporate tax landscape is vital. At only 17%, Singapore's corporate income tax rate is among the lowest worldwide, making it an attractive destination for businesses globally....
What is a Tax Identification Number (TIN) in Singapore?
In Singapore, a Tax Identification Number (TIN) is a critical element for managing tax obligations and facilitating financial dealings, existing in various forms for individuals (either Tax Reference Number (TRN), National Registration Identity Card (NRIC) or Foreign...
Introducing the Latest GST InvoiceNow Requirement
The Inland Revenue Authority of Singapore (IRAS) has introduced a new mandate for GST-registered businesses: the GST InvoiceNow Requirement. This initiative is part of Singapore’s broader push towards digital transformation and aims to streamline tax administration...
GST Rules for Advertising Sector
We have recently shared with our client the GST treatment for advertising services provided by their Singapore entity. They are unclear as some of their services are provided locally as well as overseas to customers at various locations. To understand the various...
Bookkeeping
Top 5 Accounting Softwares for SMEs in 2025: Streamline Your Finances
In 2025, small and medium-sized enterprises (SMEs) are increasingly relying on advanced accounting software to streamline their financial processes and support business growth. With numerous options available, choosing the right accounting software can be a daunting...
Can non-refundable upfront fees be recognised in revenue when received?
Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 "Revenue from Contracts with Customers," non-refundable upfront fees are generally not recognised as revenue when received. Instead, these fees are considered part of the total transaction...
All about XBRL Filing in Singapore
Mastering the intricacies of financial reporting, particularly eXtensible Business Reporting Language (XBRL) filing in Singapore, presents a formidable challenge. This blog aims to demystify XBRL filing, offering a comprehensive overview encompassing its significance,...
When Should Shipping Costs Be Separated from the Related Product Sale?
Introduction In the world of small and medium enterprises (SMEs), efficient book-keeping and accurate accounting are crucial to maintaining financial health and making informed business decisions. One area that often causes confusion is the treatment of shipping costs...
Under what conditions can customisation or installation services be considered separately from the related product sale?
Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 "Revenue from Contracts with Customers," customisation or installation services can be considered separately from the related product sale under the following conditions: Distinct in the...
How Should Incentive Payments Be Accounted For?
Incentive payments play a crucial role in motivating employees, driving performance, and achieving business goals. For small business owners in Singapore, understanding how to properly account for these payments is essential to ensure compliance with local regulations...
Can contract acquisition costs be capitalised, or must they be expensed?
Under the Financial Reporting Standards (FRS), particularly FRS 15/ASC 606, contract acquisition costs can be capitalised, rather than expensed immediately, if conditions are met. Capitalisation of Contract Acquisition Costs 1. Incremental Costs of Obtaining a...
News
What the Johor-Singapore Special Economic Zone Means for Business Owners
Singapore and Malaysia have recently inked an agreement to establish the Johor-Singapore Special Economic Zone (JS-SEZ), to strengthen economic ties and foster regional growth. This landmark initiative promises to unlock a wealth of opportunities for businesses...
Budget 2024 Update: Corporate Income Tax (CIT) Rebate and Cash Grant for Cost Management
As outlined in Budget 2024, the government has introduced measures to help businesses manage rising expenses. For the Year of Assessment (YA) 2024, all companies, whether tax-resident or not, will receive a 50% CIT Rebate on their corporate tax payable. Additionally,...
Singapore has enacted new legislation to implement additional corporate taxes
Singapore has introduced new legislation for a domestic top-up tax, aligning with global tax rule changes. The Multinational Enterprise (Minimum Tax) Bill, presented in Parliament on September 9, mandates a minimum effective tax rate of 15% for large multinational...
Corporate Service Provider Director Faces Consequences for Identity Misuse
In a recent case highlighting the importance of due diligence in corporate governance, Li Baozhu, the sole director of Corp Nergy Pte Ltd, has been fined $6,500 by the State Court for failing to exercise reasonable diligence in her duties under the Companies Act. This...
How Should Incentive Payments Be Accounted For?
Incentive payments play a crucial role in motivating employees, driving performance, and achieving business goals. For small business owners in Singapore, understanding how to properly account for these payments is essential to ensure compliance with local regulations...
Navigating the Cookieless Future: A Guide for Marketers
Marketers love data. Without it, they can’t answer critical questions like whether the right audience is seeing their ads if campaigns are delivering returns, or which audience segments respond best to specific messages. Historically, marketers have relied heavily on...
New Bill Introduces Amendments to AML/CFT Regime
On 2 July 2024, the Anti-Money Laundering and Other Matters Bill (“Bill”) was introduced for its first reading in Parliament. The Bill aims to: Enhance the ability of law enforcement agencies (LEAs) to pursue and prosecute money laundering (ML) offences. Clarify and...
Tightened UK Tax Rules May Benefit Financial Hubs Worldwide
Financial hubs in Asia and other regions are expected to see a rise in wealthy newcomers as recent UK tax rule changes prompt significant outflows of high-net-worth individuals. On October 30, the UK government announced tighter tax policies on non-domiciled wealth,...
Commercial Credit Bureau Survey: Singapore Business Confidence Reaches Two-Year Peak in Q4 2024
Singapore business sentiment has continued its upward trajectory for the fifth consecutive quarter, reaching a two-year high in Q4 2024. According to data released by the Singapore Commercial Credit Bureau (SCCB) on September 9, the Business Optimism Index...
Singapore Corporate Service Providers to Face Increased Scrutiny
Singapore is set to intensify oversight on nearly 3,000 corporate service providers to bolster anti-money laundering controls. A proposed draft law would impose fines of up to $100,000 per breach on firms and senior management that fail to meet anti-money laundering...