Choosing the name for your company will be one of the most important business decisions that you will ever make. This is because your company name is your first impression and it needs to evoke a positive response from the people that you wish to do business with. Therefore, it must be appropriate and connected… Continue reading Choosing a name for your new business or company
When preparing the monthly financial statements, other than the regular monthly Profit & Loss and Balance Sheet statements, one other report that is vital to the business owner is the Accounts Receivables report. This report tells you about the status of the outstanding debts that your customers have not paid for the goods and services that you have… Continue reading Accounts receivables ageing report
It is very common nowadays to come across businesses to organize events as part of their marketing strategy. They will also invite other businesses to join in and become sponsors for this event. If the organizer has to provide identifiable benefits such as advertising or publicity to the sponsors in return for the sponsorship payments,… Continue reading GST for sponsorship payment
It is an important reminder that you must withhold tax whenever you make payments to non-residents. As non-residents do not have any presence in Singapore, there is no way the local tax authorities can tax their income sourced in or derived from Singapore. Therefore, the responsibility is imposed on us to withhold tax before remitting… Continue reading Withholding Tax in Singapore
Section 145(1) of the Companies Act requires every company to have at least one ordinarily resident director in Singapore. This means the director shall be either a Singapore citizen or Singapore permanent resident who resides in Singapore. The director can even be a foreigner who holds a valid residency pass in Singapore such as an… Continue reading Requirement to have at least one ordinarily resident director in Singapore
In Malaysia, there are criteria that a business need to meet in order to be eligible to claim the GST input tax credit for employee expenses reimbursement. The criteria are as follows: (a) the goods or services acquired by the employees are used or to be used for the purpose of employer business (b) directly… Continue reading Claiming GST input tax credit for employee expenses reimbursement in Malaysia
Out-of-scope supplies refer to supplies that fall outside the scope of the GST Act. Therefore, GST does not need to be charged on this type of supply and it need not be reported in the GST return. Examples of out-of-scope supplies are third-country sales, sales of overseas goods made within the Free Trade Zone and… Continue reading Non-Chargeability of GST for Out-of-Scope Supplies
In Singapore, the tax authorities require all businesses to retain their accounting records and supporting documents for a period of five years from the relevant year of assessment. For example: 1) Companies with December financial year-end Required to keep until 31 December 2017 for records of the financial year 1 January 2012 to 31 December… Continue reading Time Duration for Records and Accounts Keeping for Tax Purposes
There are times when a business owner decides that it is time to sell their business or an investor come to you with an offer to acquire the company. This is when it is essential to estimate the value of your business so that you will have a clear understanding of how much is your… Continue reading Valuation of Company
Under sections 201(2) and 201(5) of the Companies Act, directors of a company are responsible to present and lay at its annual general meeting the annual financial statements that: comply with Accounting Standards issued by the Accounting Standards Council; and give a true and fair view of the financial position and performance of the company.… Continue reading Directors’ Duties in Financial Statements Reporting under the Companies Act
