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If you are just starting your business, a good recordkeeping practice can be highly beneficial to your company. Recordkeeping may not be the first thing that comes to mind when starting a business, but you will realise its importance as you move along. It can help you manage your cash flow, file taxes smoothly, monitor…
SINGAPORE: A company had its registration cancelled by the Accounting and Corporate Regulatory Authority (ACRA) after it failed to take enhanced measures to mitigate money laundering and terrorism financing risks when incorporating companies. SGCN Link and its sole director and shareholder Lew Chian Hwa had their registration cancelled by ACRA with effect from Jan 29,…
The million-dollar question is, why do I need an accounting specialist for my business when I can make simple calculations by myself? Unfortunately, this question has created a broad spectrum of conventional opinions for business owners in the e-commerce world. First, let’s understand what an e-commerce business is. In simple terms, it’s defined as an…
With effect from 14 January 2022, penalties for late filing of annual statutory lodgments by Local Companies, Variable Capital Companies (VCCs), and Limited Liability Partnerships (LLPs) will go up to S$600 if filed more than 3 months after the due date. If late filing falls within 3 months of the due date, the penalty will…
Ever since the announcement to increase the Goods and Services Tax (GST) by two percentage points, from 7 per cent to 9 per cent, in 2018, there have been a lot of speculations in terms of when and how will this impact us. But the wait is over. It was announced in Budget 2022 that…
Neobanks has recently become a buzzword in the fintech world. This is courtesy to more organisations springing up to provide convenient financial services as technological improvements pervade the financial sector. Since it’s been in the news and the media, the term “neobank” has acquired traction. But do we understand what’s going on? Neobanks in Singapore,…
If you are a budding entrepreneur or even someone with years of experience in the corporate industry, you often need to partner or interact with other companies and suppliers. But before you get into any legal contract with them it’s better to do a thorough check. The reason is to check the credibility, verify the…
Singapore and economic growth are synonymous. It’s one of the most flourishing economies in the world. Excellent infrastructure, helpful government, and a great business environment make Singapore the best place for businesses. Foreigners move to Singapore for fantastic employment opportunities. Also, in June 2021, the total foreign workforce was 1,197,100. Although it’s comparatively lower than…
Have you ever received a reminder from your corporate secretary telling you that you need to file your annual returns? If you have, then you have come to the right place! The main goal of this guide is to explain all the steps that you need to take if you want to ensure that your…
A nominee director is a company director hired by an individual or a group of individuals to represent the interests of that individual or group. The need to hire a nominee director arises due to the statutory requirement of having at least one local director. Foreigners or foreign companies looking to start a business in…