by Daryl Lum | May 13, 2024 | Glossary
Assessable income in Singapore refers to the total income earned by an individual or a company that is subject to taxation by the Inland Revenue Authority of Singapore (IRAS). It includes income from employment, business, trade, profession, property, and any other...
by Daryl Lum | May 9, 2024 | Bookkeeping
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,...
by Daryl Lum | May 9, 2024 | Tax
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...
by Daryl Lum | May 9, 2024 | Glossary
PayNow is an advanced real-time payment platform engineered by the Association of Banks in Singapore. This system enables immediate inter-bank transactions between individuals and merchants. Supported by all major banks in Singapore, PayNow operates under the...
by Daryl Lum | Apr 18, 2024 | Starting a Company
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 other major economies around the world. It...
by Daryl Lum | Apr 18, 2024 | Starting a 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...
by Daryl Lum | Apr 18, 2024 | Starting a Company
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....
by Willie Tan | Apr 17, 2024 | Glossary
Force majeure is a legal term that refers to unforeseeable circumstances or events beyond the control of the parties involved in a contract, and which make it impossible or extremely difficult for one or both parties to fulfil their obligations under the contract....
by Willie Tan | Apr 17, 2024 | Glossary
A consortium is a group or association of individuals, companies, organisations, or governments that come together to achieve a common goal or objective. Typically, members of a consortium pool their resources, expertise, and capabilities to pursue projects or...
by Willie Tan | Apr 17, 2024 | Glossary
A deed of guarantee is a legal document in which one party, known as the guarantor, agrees to take on the responsibility of fulfilling the obligations of another party, known as the principal debtor if the principal debtor fails to do so. The deed of guarantee...
