Striking off a local company

If you wish to close a company, an application is required to be submitted to ACRA to strike off its name from the Company Register. Before ACRA can approve the application for striking off, the company must satisfy the following criteria: • It has not commenced business since incorporation or has ceased trading • It has no assets and liabilities (current/future) • Its directors… Continue reading Striking off a local company

Rental Income and Expenses

The rental income that a property owner received from their tenant is a taxable income and therefore subject to income tax in Singapore. In order to arrive at the taxable net rental income, a property owner (whether an individual, company or another form of legal entity) is required to declare the gross rent received and… Continue reading Rental Income and Expenses

Disallowed GST Input Tax Claims

In the course of conducting your business activities, you may have incurred GST input tax through purchases of goods or services from GST-registered suppliers or importing goods into Singapore. If your business is a GST-registered business, you are able to claim this input tax incurred when submitting the monthly or quarterly GST Return to IRAS.… Continue reading Disallowed GST Input Tax Claims

The Importance of Accounting Software

We can’t stress enough that accounting software is important in not only helping you to manage your business’s financial transactions but also to comply with financial reporting and tax obligations. Some software is designed just to do simple bookkeeping while others are designed to manage the entire financial ecosystem of large enterprises. All the same,… Continue reading The Importance of Accounting Software

Filing of AGM and Annual Returns

All locally-incorporated companies in Singapore are required to hold their Annual General Meeting (AGM) and file their Annual Returns under S175, S197, and S201 of the Companies Act. At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders. A company is required to hold its first AGM… Continue reading Filing of AGM and Annual Returns

Sole Proprietor Convicted of PIC Fraud

A sole proprietor of a business was recently charged and convicted for submitting false information in order to obtain a Productivity and Innovation Credit (PIC) cash payout of $9,000 for her business. She had submitted an application for a PIC cash payout in 2013, with a false declaration that her business had met the condition of… Continue reading Sole Proprietor Convicted of PIC Fraud

Gains from Sale of Property, Shares and Financial Instruments in Singapore

Capital gains tax is a type of tax that is levied on gains or profits that an investor (individuals, corporations, etc) realizes when they sell the capital asset for a price that is higher than the original purchase price paid previously. Capital gains taxes are only triggered when an asset is sold, not while it… Continue reading Gains from Sale of Property, Shares and Financial Instruments in Singapore

Government Grants and Incentives for SMEs in Singapore

In Singapore, there are various government grants and assistance programs that apply to all types of companies regardless of size and readiness. These measures, covering areas from equipment and technology to business development, R&D, and intellectual property, are mainly targeted at local SMEs to help them in their upgrading efforts and achieving productivity growth. The… Continue reading Government Grants and Incentives for SMEs in Singapore

Do I need to register for GST?

What is GST In Singapore, GST is a tax imposed: (a) on the importation of goods only (collected by Singapore Customs at the point of importation into Singapore) and (b) the supplies of nearly all goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on… Continue reading Do I need to register for GST?

Company Secretary Services

Every Pte Ltd company in Singapore must appoint a Company Secretary within 6 months of the date of its incorporation. The appointed Company Secretary must also be residing locally in Singapore and he/ she must not be the sole director of the company. So what does a Company Secretary do, you may be asked. It… Continue reading Company Secretary Services