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Singapore has established itself as a global business hub, attracting companies from around the world due to its strategic location, business-friendly policies, and robust infrastructure. However, with these advantages come responsibilities, and one crucial obligation for businesses operating in Singapore is the accurate and timely filing of corporate taxes. In this guide, we will delve…
The Supplementary Retirement Scheme (SRS) is a voluntary savings program that was introduced in Singapore in 2001. The scheme aims to encourage individuals to save for their retirement by providing tax benefits on contributions made to an SRS account. The SRS account complements the Central Provident Fund (CPF) system, which is the primary retirement savings…
Private equity is a type of investment that involves pooling money from private investors looking to buy stakes in businesses. Essentially, private equity is an investment in which investors will fund private companies that they believe will be able to compete in the market, in return for which they will be rewarded with capital gains…
If you are planning to set up an e-commerce business in Singapore, you also need to have a good understanding and knowledge of e-commerce accounting. It’s essential to run your business smoothly and remain operational. Also, you will be able to evaluate the financial status of your business accurately if you understand e-commerce accounting. You…
E-commerce is surging, and so is the requirement for accounting and taxation for such companies. Dealing with e-commerce accounting involves bookkeeping, invoice recording, and of course, taxes. The most challenging part of accounting is doing the taxes for your e-commerce business. Some of the transactions are multi-jurisdictional, so you must have an understanding of the…
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has made it mandatory for certain types of companies to submit their financial statements in XBRL filing format. If your company falls under the categories specified by ACRA, you must follow the regulation and submit your financial statements in such a format. To help you comply…
It can be very exciting to move to another country such as Singapore; however, that said, it certainly can also be extremely daunting, stressful and overwhelming. This is especially when you will have a multitude of things, such as income tax, to consider and gain knowledge of. During this life-changing and once-in-a-lifetime experience, there will…
Singapore has been a favoured country for business owners and entrepreneurs over the years. One reason for this is its simple tax policies and procedures. Several tax criteria must be fulfilled while registering a company in Singapore, as well as when closing down such a business. The requirements are straightforward in both circumstances. In Singapore,…
Within Singapore, various positions such as company director, corporate secretary, and chief executive officer are all deemed positions of paramount importance, all of which entail the responsibility for taking up executive duties to steer the activities of the business towards its strategic goals. This means that they must be remunerated reasonably for the high stake…
Singapore businesses are known to compete healthily and fiercely for qualified employees. Healthy competition like this is beneficial to the business and the economy at large since they result in the recruitment of qualified workers. However, startups are outclassed in this regard because they cannot attract a favourable workforce with good pay in comparison to…