Government Grants
Startup SG Founder The Startup SG Founder Grant provides funding and guidance for new entrepreneurs with innovative ideas. The grant offers $50,000 in startup capital and requires the startup to also commit $10,000. Productivity Solutions Grant (PSG) The PSG supports local SMEs looking to improve their productivity, including IT solutions, equipment, and consultancy solutions. […]
Benefits of Outsourced Accounting
Singapore’s Accounting Services are popular among Small and Medium sized Enterprises (SMEs). Sparing some time to maintain the books for their businesses is not always possible. Bookkeeping is much like going to the dentist—no one really wants to take the time out to do it but neglecting the issue can lead to serious repercussions. For […]
Understanding CPF
Having trouble to understand CPF in Singapore and how does it work? Here’s a quick overview of CPF in Singapore. >>> Highlight of Singapore Budget 2023 for CPF <<<The CPF monthly salary ceiling will be raised in stages from S$6,000 to S$8,000 by 2026.✔From September 2023, the CPF monthly salary ceiling will be elevated by […]
How to Incorporate in Singapore
STEP 1: Reserving a Company Name To register your company in Singapore, the proposed company name must be approved by Accounting and Corporate Regulatory Authority (ACRA). This process of finding out whether the proposed name is approved or rejected can be done within a day. ACRA will reject the proposed company name if it is […]
4 Common Tax Filing Mistakes
1. Understatement or omission of income due to incomplete recording of revenue • Failure to tally all invoices due to poor record keeping• When revenues are generated through alternative channels and not properly reported (e.g., a construction company failing to report revenue made from selling scrap materials) 2. Incorrect claims of capital allowances on non-qualifying […]
Director Duties
In Singapore, a company director holds a crucial role in the governance and decision-making processes of a business entity. Directors are appointed to guide and oversee the overall strategic direction of the company, ensuring that it operates within the legal and regulatory frameworks set by the government. One of the primary responsibilities of a company […]
Introduction to Corporate Taxes
I. Background & BasicsAll companies that do business in Singapore are required to pay corporate taxes. A company, for income tax purposes, is defined by the IRAS as: • A business entity incorporated or registered under the Companies Act 1967 or any law in force in Singapore (usually includes ‘pte ltd’ or ‘ltd’ in its […]
Choosing an Entity Type in Singapore
When choosing the type of entity that you will be conducting business with, it is important to take all factors into consideration. The following are the entity types available in Singapore: Number of Owners/Members For those who wish to be the sole owner or shareholder of their entity, you can choose between a Sole Proprietorship […]
