According to section 1(1) of the Partnership Act 1890 ("PA"), a Partnership is defined as a relationship between persons carrying on a business with a view of profit. Therefore, so long as two or more individuals come together to do business with the intention of generating profit, they are deemed under the PA to be [...]
Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023. The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company's financial year. As the financial year of various companies may differ, [...]
To check the status of a Singapore company, you can use the online services provided by the Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for regulating business entities in Singapore. ACRA offers a user-friendly online portal where you can access various information about companies registered in Singapore. Here's how you can do [...]
In the realm of business, a parent company refers to a corporate entity that possesses or exercises control over one or more other companies, typically by owning more than 50% of their voting rights. A subsidiary, on the other hand, denotes a company that is controlled by another company, usually through ownership of over 50% [...]
In accordance with Singapore legislation, every incorporated company must have at least one shareholder. A shareholder is an individual or legal entity that holds an ownership stake in the company. It is not mandatory for a shareholder to be a natural person; it can also be a legal entity. The fundamental requirement is that the [...]
Directors and shareholders serve as crucial participants within the structure of a company, exerting influence and shaping its decisions. They each have distinct responsibilities and fulfil separate functions. However, is it feasible for an individual to assume both the roles of a director and a shareholder? That's an excellent question! Let's delve deeper into this [...]
Opening a trading company in Singapore involves several steps that need to be followed. Here is a general guide on how to open a trading company in Singapore: Decide on the business structure: The first step in opening a trading company is to decide on the business structure. You can choose to set up a [...]
Personal tax filing season is once again upon us! Please note that personal and corporate tax filing deadlines are very different. Personal income taxes are to be filed by April and corporate income taxes are to be filed by November. When filing your personal income taxes in Singapore, here are some key things to keep [...]
If you are a business operating in Singapore, joining the Singapore Peppol e-invoicing scheme can be a beneficial step. Here are some reasons why: Faster and more efficient invoicing: By using e-invoicing, you can send and receive invoices in a matter of seconds, reducing processing times and improving cash flow. Lower administrative costs: E-invoicing eliminates [...]
A tax haven is a country or jurisdiction that offers individuals and businesses little or no tax liability, usually through the implementation of favourable tax policies, such as low or no tax rates, lax financial regulations, and strict secrecy laws. These jurisdictions may also offer other advantages, such as political and economic stability, ease of [...]