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Navigating the complex world of taxes is an integral part of running a successful business, and in Singapore, the Goods and Services Tax (GST) is a fundamental component of the tax landscape. GST-registered businesses play a pivotal role in the collection and remittance of this consumption tax. But what are the responsibilities of a GST-registered…
In the ever-evolving landscape of business, staying competitive and relevant is a continuous challenge. Small and medium-sized enterprises (SMEs) often face hurdles in their quest for growth and innovation. This is where government initiatives such as the Enterprise Development Grant (EDG) come into play. The EDG is designed to provide financial support to Singaporean businesses…
The Singapore Global Enterprises (SGE) Initiative is a government-led endeavour designed to empower Singapore companies in their quest to expand their global presence. Its overarching goal is to nurture a new generation of globally competitive industry leaders with substantial international market reach, robust supply chains, and excellence in innovation and product segments. The SGE Initiative…
Singapore, known as a global business hub, offers a plethora of government grants aimed at supporting businesses in their growth and development. After incorporating your company, any kind of financial support is helpful to ensure your business grows in the desired direction. Whether you’re looking to fund new product development, expand into new markets, or…
Over the past few years, the business sector has taken a rather substantial knock, and all the uncertainty in these trying times has caused many businesses to suffer considerably. It is absolutely critical for businesses to have or be sourcing for funding so that they are able to invest in development strategies, build new capabilities…
As a business-friendly country, Singapore is known for its variety of schemes that are easily accessible to businesses, with each sector likely to have its own unique schemes. While money is often the lifeblood of any business, why exactly do businesses need funding and schemes such as the enterprise innovation scheme (EIS)? Apart from the…
Singapore’s businesses have always received a lot of support from the government. This has been accomplished through the advancement of laws, policies, and budgets that systematically benefit businesses. While rules and policies define how companies operate, a country’s budget is what helps put those policies into action. They demonstrate the financial allocations intended for the…
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…
On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022. We have archived all of the significant updates, split into two parts. Don’t forget to read the first part of this article to know more about the Jobs and Business Support Packages. This part…