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 Services Tax (GST) is a consumption tax broadly imposed on the supply of goods and services and importing of goods into Singapore. In other countries, GST is can also be known as Value Added Tax (VAT). There are,…
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…
When Is The Right Time To Hire An Accountant?
Challenges you face As a small-medium enterprise owner, you will face many challenges during daily business operations. One of the common challenges that you will face is multi-tasking. You may often find yourself attempting to do multiple tasks yourself in order to save on…
How does a company pay dividends in Singapore
We hear so much of this term dividends but we seldom discuss the rules and implications associated with it. As most will know, it is basically profit (or part of it) that a company distributes to its owner(s) at the end of or during a company’s financial year. What are the types…
Singapore Companies Filing Requirements
Every year, companies in Singapore need to file with two main governing bodies, namely the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). The Singapore companies filing requirements consist of three components.…
Audit Exemption For Singapore Private Limited Companies 2021
Legislated in Singapore Companies Act, before filing with the Accounting and Corporate Regulatory Authority (ACRA), all private limited companies in Singapore are to prepare their annual financial statements and audit them. However, in certain cases, you can get an audit…