1.Singapore is undoubtedly one of the best places to start a business and has consistently been ranked highly in many surveys. One particular feature that stand out Singapore from the rest of the world is that foreigners can register a company and own 100% of its shareholding. For that reason, many foreign businesses are encouraged… Continue reading Foreigners registering a business in Singapore
1. The GST treatment for the logistics and forwarding industry are a little more complicated owing to the nature of the industry. Generally, the industry provides three main type of services – transportation, handling and storage. In Singapore, this three type of services are mainly provided to customers within or outside of Singapore and within… Continue reading GST Guide for Logistics and Forwarding Industry
1.According to IRAS, a dormant company is one that does not carry on business and has no income for the whole of the basis period. For example, if your company did not carry on business and had no income for the whole of the basis period ending in year 2023, it is regarded as a dormant… Continue reading Tax Filing Obligations of a Dormant Company
1. Businesses need to buy goods or services to sell them to their end customers at a profit and to keep their operations running smoothly. There are two ways that a business can purchase goods or services – by cash or credit. 2. For cash purchases, payments are made to the supplier or… Continue reading Understanding Trade Payables
1.One type of business structures usually set up in Singapore is limited liability partnerships. It is a business owned by at least two partners. The partner in an LLP can be an individual, a local company, a foreign company or another LLP. A special feature of an LLP is that it gives owners the flexibility… Continue reading Limited Liability Partnerships in Singapore
1. The GST treatment for the retail industry are straight forward, i.e. to standard rate for local supply of goods and services. Other additional requirements specific to retailers include such as price displays, invoicing, returned goods, refunds, free gifts, vouchers that are sold for consideration or given away free, discounts and redemptions. 2.… Continue reading GST Guide for Retail Industry
1. Tax residency of a company is crucial for it is one of the main criteria that determines the tax treatment and tax consequences of a company. For example, the scope of income chargeable to tax differs for a tax resident and non-tax resident. Some countries taxed its resident insurance and banking companies on a… Continue reading Tax Residency for a Company
1. Hire purchase is a type of payment arrangement that allows the buyer to purchase expensive goods and assets without paying the full cost upfront. It is a financing solution suitable for businesses wishing to purchase assets without paying the full value immediately. The business pays an initial deposit, with the remainder of the balance and interest paid… Continue reading Using Hire Purchase Loan to Purchase Company’s Assets
1. One of the main business structures usually set up in Singapore is sole proprietorships. It is a business owned by one person, is simple to set up and less costly to administer as compared to a company. Sole proprietorships is very popular especially with small business owners due to the reasons mentioned above. … Continue reading Sole Proprietorships in Singapore
1. The GST treatment for the travel industry are separated into two categories, i.e. supply of travel products and travel arranging services. 2. The supply of travel products are goods or services supplied to travellers in relation to their travel to and/or stay at a destination. Examples include flights, hotels, tours, land transfers… Continue reading GST Guide for Travel Industry
