The Enterprise Innovation Scheme (EIS)
As outlined in the 2023 Budget announcement, with the aim of fostering the participation of businesses in research and development (R&D), innovation, and capability enhancement initiatives, the Deputy Prime Minister and Minister for Finance have unveiled plans to introduce…
What are Financial Statements?
Financial statements are documents that provide information about the financial position, performance, and cash flows of a company. These statements are prepared at the end of an accounting period (usually annually or quarterly) and provide insights into a company's financial…
Dormant company: What you need to do
When your Singapore company is dormant, meaning it has no significant accounting transactions during the financial year, there are several things you should do to comply with the regulations set by the Accounting and Corporate Regulatory Authority (ACRA): Submit annual returns…
What are the Tax Incentives for Start-ups in Singapore?
Singapore offers a range of tax incentives to encourage entrepreneurship and innovation. This is particularly for start-ups in their early stages of development. Here are some of the tax incentives that start-ups in Singapore may be eligible for: 1. Start-up Tax Exemption Scheme…
What Is A Certificate Of Residence (COR) and Why Does Your Business Need One?
The Certificate of Residence (COR) is a letter issued by the Inland Revenue Authority of Singapore (IRAS) to certify that the company is a tax resident of Singapore to claim tax benefits under the DTAs that Singapore has concluded with other jurisdictions. It is necessary to…
The Different Taxes A Company Has To Pay In Singapore
In Singapore, the taxes a company is liable to pay can be generally be broken down into 5 types. Here’s a general overview of the 5 types of taxes you should be aware of when setting up a company in Singapore. 1. Corporate Income Tax Corporate income tax is the income tax…
Financial Statements Explained
As a business owner or investor, it is important to keep a close tap on the company's financial health. This allows you to know how profitable the business is and also if the business has the ability to meet its near term debt obligations. As the business seeks financing or…
A Guide To Singapore Goods And Services Tax (GST)
A Guide To Singapore Goods And Services Tax (GST)
Goods and…
What is Cloud-Based Accounting Software?
As a business owner, accounting is a very time-consuming yet critical activity that you have to do. You will be able to analyse your business performance with the necessary data at your fingertips if you start off with proper bookkeeping from day 0. In today’s market, the use of…
Consequences Of Failure To File Annual Returns
What does the Act say? In accordance with Section 197 of the Companies Act, all companies need to file their annual returns on time. Failure to file annual returns will result in a Singapore Dollar SGD $300 late lodgement fee. This $300 late lodgement fee will be payable when…