According to section 2 of the Central Provident Fund Act (CPF Act), wages means the remuneration in money, including any bonus, due or granted to a person in respect of his employment but does not include such payments as the Minister may, by notification in the Gazette, specify. All items that fall under the definition [...]
In Singapore, whether a company needs to pay Central Provident Fund (CPF) contributions on allowances depends on the type of allowance and how it is classified under CPF rules. Below is a general guideline: Allowances Attracting CPF Contributions CPF contributions are generally payable on allowances that are considered part of an employee's wages. Examples include: [...]
The Annual Return Filing (AR Filing) is done when the company has completed its Annual General Meeting (AGM). Here at Raffles Corporate Services, we will remind our corporate clients that the AGM needs to be held. There are generally three ways to hold the AGM. Physically, virtually or in writing. A physically held AGM would [...]
New year, new resolution, new company? It is the best time to incorporate a new company. Here are some reasons why. This is the ideal time to set the company's financial year to match the calendar year When a company is incorporated, you can select the company's financial period. Typically, the first financial year [...]
Yes, the cost of living for expatriates in Singapore is generally considered high compared to many other cities. However, it can vary significantly based on lifestyle choices, housing arrangements, and spending habits. Here's a breakdown of the key factors influencing the cost of living: 1. Housing Cost: Housing is one of the largest expenses for [...]
For a myriad of reasons, a company may have been previously struck off and now the shareholders and or directors wish to have it restored. By restoration, we refer to having the name of the company restored to the register of companies. There are two methods to have the company restored: Court-ordered restoration; and Administrative [...]
To set up a fund management entity in Singapore, you can choose from several legal structures depending on the type of fund management activities you plan to undertake, your target investors, and regulatory requirements. Below are the key types of entities and licenses relevant for fund management in Singapore: 1. Legal Entity Structures You will [...]
Drafting a company constitution is a very important matter. This is essentially a rulebook as to how a company should conduct its business. Adherence to the company constitution is necessary when dealing with company related matters. Therefore, how a company operates stems from its constitution. Great thought must be placed as to how the company [...]
Yes, as a foreigner, you can incorporate a company in Singapore and apply for a work pass to work in your own company. However, there are specific requirements and steps you need to follow to meet Singapore's legal and regulatory standards. Here’s how you can proceed: 1. Incorporating a Company in Singapore Foreigners can incorporate [...]
Getting a job in Singapore as a foreigner can be relatively straightforward for individuals with in-demand skills or qualifications, but it depends on several factors. Some industries may be more difficult to obtain a job as compared to others. Here is an overview: 1. Industry and Skills Demand High-demand sectors: Singapore prioritizes foreign talent in [...]