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SINGAPORE: Soon Kok Khoon (“Soon”), the operator of Club Posh Entertainment LLP (“CPE”) and West Palace Entertainment (“WPE”) (collectively, the “Clubs”), has been sentenced by the Court to six months and 34 weeks imprisonment and ordered to pay penalties totalling $630,861, after being convicted of offences involving Goods and Services Tax (GST) evasion and money-laundering.…
Outsourcing is a common practice today for many multinational companies. Outsourced employees can be found in almost all functions, from IT to payroll, accounting, and marketing. Along with outsourcing accounting and bookkeeping functions, businesses are also outsourcing their financial officers and experts so they can work with the best in the field. Working with only…
As one of the fastest growing economies in South-East Asia, Singapore understands the importance and contributions of businesses and their respective employees to the nation’s economy. Therefore, one good way to improve its citizens’ well-being and purchasing power is to ensure progressive wage increases for employers and employees. In 2013, the Wage Credit Scheme was…
It is no surprise that Singapore remains one of the best destinations in South-East Asia for those seeking business and investment opportunities. This is because the government of Singapore has, over the past decades, been proactive and intentional in incorporating solid and enticing corporate laws to build a better business environment. Singapore’s accessibility to local…
Every company in Singapore is responsible for determining its financial year end (FYE) at the time of incorporation. But, changing a company’s financial year end (FYE) after its incorporation in Singapore is common. The main reason for changing a company’s FYE is to align this with its operating cycles and business activities. This will ensure…
Have you considered establishing a company in Singapore? Is the thought of starting your own business and managing your operations, marketing, and sales appealing to you? If so, you ought to be aware that your start-up can qualify for tax benefits. These tax exemptions might provide a significant boost that could encourage you to launch…
On the surface, many people believe owning and running a business is all about glamour and fanfare. However, as a business owner, you’re tasked with the day-to-day operations of the business, as well as its other chores like accounting obligations. In all honesty, all of these can prove overwhelming for a small business owner. There’s…
As a business owner, cash flow is the life of your business. Therefore, the cash flow statement is one of the most important financial statements to monitor in keeping the business running. The other essential statements are balance sheets and income statements. Losing track of a business’s cash flow is a major cause of business…
Every business in Singapore is mandated by law to file and pay taxes. The Inland Revenue Authority of Singapore (IRAS) sets the corporate tax filings due date as the 30th of November each year. You can either do this on your own or appoint a corporate tax filing agent to do it on your behalf.…
Small business owners are tasked with making both simple and complex business decisions almost on a daily basis. The success or failure of a business lies primarily in how decisions are made and what steps are either taken or ignored. One of the most crucial aspects of any business is bookkeeping. Hate it or love…