Singapore taxes income gains. There is no capital gains tax in Singapore. Therefore, the items that will attract income taxes are listed in section 10(1) of the Income Tax Act 1947. The section is as such: Charge of income tax 10(1) Income tax is, subject to the provisions of this Act, payable at the [...]
When filing a Notice of Error in BizFile+, understanding the distinction between clerical errors and typographical errors is critical for efficient correction. Here’s how they are defined and addressed in Singapore’s regulatory context: 1. Clerical Error Definition: A clerical error refers to a mistake made during data entry, document preparation, or procedural handling that results [...]
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 [...]
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 [...]