Audit Exemption: New “Small Company” Concept The Companies (Amendment) Act 2014 (Amendment Act) was passed by Parliament in October 2014, introducing the largest number of changes to the Companies Act since its enactment in 1967. The changes are intended to reduce the regulatory burden on companies, provide for greater business flexibility and improve the corporate […]
The Inland Revenue Authority of Singapore (IRAS) is the governing body for all taxation matters. Personal Income Tax Income tax is payable on both Singapore-sourced and foreign-sourced income received in Singapore. Exemptions may apply to certain foreign-sourced income. Income tax rates depend on an individual’s tax residency status. An individual will be treated as a […]
Focusing on your business priorities Small and medium enterprises are often limited by budget and time constraints, and would have priorities over growth, business expansion or research and development. Outsourcing therefore provides business owners with a sensible alternative to ensure that their accounting and bookkeeping needs are managed by a group of professionally accredited accountants. […]
Annual General Meeting (AGM) Singapore companies are required to conduct an AGM once every calendar year. Key requirements of the AGM are as follows: The first AGM must be held within 18 months from its incorporation; The interval between AGMs should not be more than 15 months; Directors are required to present a true and […]
Company Name The proposed name of the company must be approved prior to incorporation. Approval can be obtained by filing the application with the Accounting and Corporate Regulatory Authority (ACRA). Registered Address All Singapore incorporated companies must have a registered address. The registered address must be a local Singapore address accessible to the public during […]
Deciding on the company structure and constitution is typically one of the first key decision any aspiring business owner needs to make. The structure and constitution would have significant implications to considerations over ownership, liabilities, compliance requirements and cost. Private Company A private company is the most common business entity for setting up a business […]