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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…
Starting a retail business in Singapore can be one of your best decisions ever. A retail business, which is commonly referred to as shops, kiosks, and many more, is an efficient and innovative means to sell consumers’ needs or products. The extent of retail sales growth in Singapore can not be overemphasized. Singapore is home…
A good business bank account is a critical first step to your success in Singapore. Open a business account when your company is incorporated and starts handling money as a rule of thumb. This account can be your investment, revenue from customers, or personal cash. Opening a corporate account in Singapore is indispensable to your…
The company registration procedure for any business can be intimidating and confusing, especially for individuals who are registering their company for the first time or who are unfamiliar with Singapore’s local incorporation process. If you’re a foreigner looking to start a business in Singapore, there are many resources available to assist you. It’s not uncommon…