Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]
Under Singapore law, a Payer who makes payment of a specific nature to a Payee (a non-resident company or individual) is required to withhold a percentage of that payment and pay the amount withheld to the Inland Revenue Authority of Singapore (IRAS). The payments that are required to withhold tax are: payments for services, [...]
Singapore is a very attractive place to incorporate a company as it has very low corporate taxes and has various tax incentives to attract and retain global companies and investments. Effective tax rates in Singapore are one of the lowest in the world. Here are the features and details all companies should know about Singapore's [...]
This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25). (25) It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]
If you are thinking of incorporating a company or your company is already incorporated, here is a list of compliance requirements that all company directors should ensure that the company adheres to. Do note that it is the duty of the company directors to ensure that the company is following the regulatory requirements. Appointment of [...]
When starting a business entity, entrepreneurs are often faced with the dilemma of whether to start a Limited Liability Company (LLC), More commonly known as Private Limited Company, a Limited Liability Partnership (LLP) or Sole Proprietorship. In this article, we will discuss the differences between the three and spell out the advantages and disadvantages of [...]
SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]
Setting up a spa in Singapore can be a rather profitable business given the affluent nature of the population. This article will spell out the required licences as well as the requirements when setting up a spa in Singapore. The Massage Establishment Act states that a Massage Establishment (ME) License is required in order to [...]
A segregated portfolio company (SPC) is a separate legal entity and is sometimes referred to as a protected cell company. It is generally more complex than the typical private company limited by shares. An SPC segregates the assets and liabilities of different classes and series of shares from one another and from the general assets [...]
The Payment Services Act 2019 (PS Act) came into force on the 28th of January 2020. It provides a framework for the regulation of payment systems and payment service providers in Singapore. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of [...]