In Singapore, donating to charities, namely Institutions of a Public Character (IPCs), provides substantial tax benefits designed to encourage philanthropy. Donations to the Community Chest will also attract the same tax benefits. Here are the main tax benefits of charitable donations in Singapore: Please note that this applies to both personal as well as corporate [...]
New Contact Address Regime With the enactment of the ACRA (Registry and Regulatory Enhancements) Bill 2024 on 2 July 2024 by Parliament, ACRA will introduce the use of a Contact Address to enhance the protection of residential addresses filed with the Registrar. Currently, the law mandates that residential addresses of company officers be disclosed to [...]
A company limited by guarantee (CLG) is a type of non-profit organization, commonly found in sectors such as education, charity, and social enterprises. Since CLGs do not have share capital and thus no shareholders, they rely on alternative methods for raising funds. Here are the primary ways a CLG can raise money: 1. Grants Government [...]
Treasury Shares in Singapore refer to shares that a company has repurchased from its existing shareholders and holds in its own name. These shares do not have voting rights, do not receive dividends, and are not counted when calculating earnings per share (EPS). The concept of treasury shares is governed under the Singapore Companies Act, [...]
This is a question that is posed to us rather often. In typical limited companies, there will be shareholders. The liability of the shareholders is the amount of paid up capital that they have put into the company. For example, if a person buys 1000 shares of a company for $1000, then the company's paid [...]
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 amount of paid-up capital you should put into your Singapore company depends on various factors such as your business needs, industry requirements, and future expansion plans. In Singapore, there is no minimum requirement for paid-up capital to incorporate a company. However, it's essential to consider the following points when determining the appropriate amount of [...]
Reducing the amount of corporate taxes your company pays in Singapore can be achieved through various legitimate strategies and tax planning techniques. Here are some effective ways to optimize your tax liabilities: Utilize Tax Incentives and Exemptions: Singapore offers several tax incentives and exemptions to encourage business growth and investment. Take advantage of schemes such [...]
The income tax systems in the UK and Singapore differ significantly in structure, rates, and philosophy. Here is a detailed comparison of the resident income tax rates between the two countries: United Kingdom The UK uses a progressive income tax system, where tax rates increase with higher income levels. For the tax year 2023/24, the [...]
Incorporating a company in Singapore offers several benefits over registering a sole proprietorship: Limited Liability: One of the primary advantages of incorporating a company is limited liability protection. Shareholders of a company are typically not personally liable for the company's debts and liabilities beyond their investment in the company. This means that personal assets are [...]