Starting a Company
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...
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...
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...
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...
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...
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....
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...
Things to do Post-Incorporation
There are things which the company must work on post-incorporation. These are the items that a typical company needs to take note of: Opening of a corporate bank account Depositing the paid-up capital into the corporate bank account Application of licences Setting up...
How to open a bank account for foreigners
The simple answer as to whether foreigners can open a Singapore bank account is yes. However, the foreigner will need to be eligible to open a Singapore bank account. If these eligibility criteria are met, then there is no reason why the foreigner will not be allowed...
Running a Company
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...
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...
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...
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...
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...
Trading Licenses for Commodities in Singapore
The Commodity Trading Sector in Singapore Singapore hosts approximately 300 global trading companies, operating under the International Enterprise Global Traders Program, which includes some of the world's largest commodity groups. Its strategic geographical position...
Overview of Senior Employment Credit (SEC), Enabling Employment Credit (EEC), and CPF Transition Offset (CTO) Programs
Senior Employment Credit (SEC) The SEC program offers wage subsidies to Singapore employers hiring senior Singaporean workers. The aim is to assist businesses in managing the higher costs associated with the increased Retirement and Re-employment Ages. For 2023 to...
What is the difference between Home Office Scheme and Home-Based Business Scheme
Home Office Scheme The Home Office Scheme permits homeowners, registered occupants, or tenants of HDB flats to operate small-scale offices from their residences, following the current usage guidelines. You are allowed to use your flat for administrative business...
How to retrench employees responsibly and fairly
Retrenchment is the termination of permanent employees. This is usually because of redundancy or a reorganisation of the company or business. When we speak of the term retrenchment exercise, we usually refer to it as the termination of a noticeable number of...
Growing a Company
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...
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,...
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...
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...
Taxes and GST
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....
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....
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...
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...
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...
Bookkeeping
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...
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...
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...
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,...
News
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...
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...
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...