Starting a Company
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
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 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
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
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
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,...