In the realm of business opportunities in Singapore, the pathway to acquiring permanent residency (PR) through investment is open to those willing to infuse capital into the nation's economy and demonstrate entrepreneurial acumen. This avenue, formally designated as the Global Investor Programme (GIP Scheme), is commonly known as the Investor Scheme. For individuals contemplating relocation [...]
The deadline to file personal income taxes is on the 18th of April 2024. This is, in most cases, for personal income that was earned during the calendar year 2023. Firstly, here are the Resident Income Tax rates for the Year of Assessment 2024 (YA2024). Chargeable Income Income Tax Rate (%) Gross Tax Payable [...]
If a company does not hold its Annual General Meeting and/or file its Annual Return within the required timeframe, the company may be issued a summons. It is possible to appeal against such summons. The Accounting and Corporate Regulatory Authority (ACRA) allows anyone to appeal to them for a review of the summons issued against [...]
There may be a host of reasons for a company to be struck off the register. When a company is struck off, it ceases to exist. Therefore, a company must fulfil the criteria under section 344A of the Companies Act. Do note that it is an offence for someone to strike off a company without [...]
This is a question that was posed to us by a potential client. This individual is a shareholder of a Singapore registered company. We are assuming that he has never received any dividends from the company. With reference to section 403 of the Companies Act, dividends can only be paid out from the company's net [...]
We received this question from a prospective client. He is a foreigner and is considering shifting his business to Singapore. He is looking to incorporate a Singapore company and would be looking to apply for a valid work pass for him to live and work in Singapore. This article will be answering his question in [...]
On the 16th of February 2024, Deputy Prime Minister and Finance Minister Lawrence Wong announced the Budget 2024 in parliament. Budget 2024 is about taking Singapore forward with its Forward Singapore Roadmap. The goal is to grow the economy, create better jobs, have more paths for equality and mobility, and provide more assurance for families [...]
Establishing a Singapore offshore company involves registering and operating a business from a location separate from its primary stakeholders and operations. In essence, the company is a local Singapore company and its ownership, management and control may be outside of Singapore. The appeal of Singapore for entrepreneurs and investors is rooted in the diverse advantages [...]
This is in response to a question posed to us in an email. We are sharing the answer in a blog post as this may be a common question for foreigners looking to incorporate a Singapore company. The requirement as stated in section 145(1) of the Companies Act is that there needs to be at [...]
As stated in section 68(2) of the Income Tax Act, every employer is required to report employee earnings to IRAS. Here is a reproduction of the statute: The Comptroller may, by notice in the Gazette, require every employer to prepare and deliver to the Comptroller or any person specified in the notice, for any year [...]