Singaporean businessman David Yong has been arrested and charged with falsification of accounts. He was one of the personalities featured in Netflix series Super Rich in Korea. Su Hanjin, one of the accused in Singapore’s largest money laundering case, was charged and convicted for submitting forged financial financial statements to IRAS, MOM, ACRA and Singapore’s… Continue reading False Financial Statements
The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of a Filing Agent (RFA) and Qualified Individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of Anti-Money Laundering and Countering The Financing Of Terrorism (AML/CFT) Controls under the ACRA (Filing Agents And Qualified Individuals) Regulations 2015 (The “ACRARegulations”). … Continue reading ACRA Cancels Registration of Filing Agent for AML/CFT Breaches
If you derived business income from carrying on a trade, business, profession, or a vocation, this income is taxable in your name (as a sole-proprietor, partner, or self-employed person). You have to report this income in your individual Income Tax Return (Form B/B1) that has to be filed to IRAS 18 Apr each year. … Continue reading Fixed Expense Deduction Ratio for Self-Employed Persons
Accounting can be described as the language of business. It’s a system for tracking the financial activities of a company, ensuring accuracy and transparency in reporting. To understand accounting in a better way, one must understand a fundamental concept: debits and credits. These two terms are the building blocks upon which the entire field of… Continue reading Debits & Credits: The Meaning, Purpose, & Application in Accounting
As the eCommerce industry continues to grow, it becomes increasingly important for businesses to maintain accurate financial records, adhere to tax regulations, and manage their finances effectively. In this comprehensive guide, we will provide 30 valuable tips to help eCommerce businesses in Singapore streamline their accounting processes and ensure financial success. Set Up Separate Business… Continue reading 30 Tips for Accounting for eCommerce Businesses in Singapore
Managing accounts receivables & accounts payables aspects effectively is crucial for maintaining a strong cash flow, ensuring timely payments, and sustaining long-term business growth. In this blog, we’ll delve into the intricacies of managing accounts receivable and accounts payable, exploring strategies, best practices, and the benefits of mastering these financial processes. Understanding Accounts Receivable and… Continue reading How To Manage Accounts Receivable and Accounts Payable Effectively
Before the Audit: Preparation Review Previous Tax Returns: Examine past tax returns for any discrepancies or errors that need correction. Gather Financial Records: Collect all relevant financial documents, including invoices, receipts, bank statements, and tax-related records. Consult Your Accountant: Seek guidance from a qualified CPA (certified public accountant) or tax advisor to ensure your records… Continue reading IRAS Tax Audit in Singapore: Tips For Before, During, & After The Audit
Transforming a privately-held company into a publicly traded entity by going public and getting listed on a stock exchange marks a pivotal moment in its corporate evolution. In Singapore, home to the esteemed Singapore Exchange (SGX), this journey involves intricate processes and rigorous compliance. Companies embarking on an Initial Public Offering (IPO) often… Continue reading IPO Readiness: How Accountants Prepare Companies for Listing on the SGX
FAQs Related to Company Secretarial What are the costs of appointing a company secretary in Singapore? Basic company secretarial services in Singapore may start at around SGD 500-1,000 annually, but the actual cost depends on several factors. Is it mandatory to appoint a company secretary in Singapore? Yes, it is mandatory for every company in… Continue reading 21 Major Determinants Of Company Secretarial Costs in Singapore
The role of a company secretary has transformed significantly. Traditionally seen as an administrative function primarily responsible for handling paperwork and ensuring compliance with statutory requirements, the modern company secretary now plays a pivotal role in shaping a company’s strategic direction and overall success. Here, we have shared some of the useful contributions of a… Continue reading Company Secretary in Singapore: Conventional & Modern Contribution
