Recently we have had a few clients coming to us to tell us that since their company receives income from overseas and their goods do not come into Singapore, the income that the company earns does not attract income tax in Singapore. When I ask them for where they get this information, they bring me [...]
Foreign income refers to earnings generated from outside Singapore. Typically, this income is subject to taxation in Singapore when it is remitted and received in the country. If the foreign income is generated from a trade or business conducted in Singapore, it is taxable upon accrual, regardless of whether it is physically received in Singapore. [...]
There are many reasons why some companies may choose to use a virtual office. Some people may conflate it with registered office service. A registered office service alone means that a company uses the office address of a service provider, usually the corporate service provider, to fulfil the statutory requirement that every Singapore registered company [...]
The Startup SG Founder (SSGF) Programme is a grant for first time entrepreneurs. It helps them to start their business by providing mentorship and financial support. The SSGF will provide two forms of support. 1) A start up grant 2) Mentorship from Accredited Mentor Partners (AMPs) The mentorship includes pitch training, network opportunities with investors [...]
A company may alter its share capital. This is provided for in section 71(1) of the Companies Act. Section 71(1) of the Companies Act states: Subject to subsections (1B) and (1C), a company, if so authorised by its constitution, may in general meeting alter its share capital in any one or more of the following ways: [...]
So you are running a Singapore company. You need a summary of what you need to file so that the company is compliant with the local regulations. In short, there are 3 types of filings that you need to remember when you are running a Singapore Company. Annual Returns Estimated Chargeable Income (ECI) Income Tax [...]
A company is perpetual. This means that it is a going concern until there is action taken to cease its existence. A Variable Capital Company (VCC) is a type of company. This particular corporate structure will remain a going concern until the VCC is wound up or struck off. The way a VCC is struck [...]
Issued Share Capital is the total amount of shares that have been issued to shareholders. In simpler terms, it just means Issued Shares. Paid Up Share Capital or Paid Up Capital is the total amount of Issued Share Capital that has already been paid up. A simple example would be if a company is [...]
The Singapore government supports companies in many ways. One key way is supporting companies in hiring, training and upskilling their employees. This is key because Singapore does not have any natural resources. Instead, the Singapore government looks to upskill the human capital in Singapore companies. This will aid Singapore companies to have an advantage over [...]
The Annual Wage Supplement (AWS), also known as the 13th-month bonus, is a customary year-end payment in Singapore given to employees on top of their 12 months of regular salary. The AWS is typically equivalent to one month’s salary and is intended to reward employees for their yearly contributions. Here are some key points about [...]