Expand your corporate world!

Knowledge Base

Topics :


Subscribe for update

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Understanding Singapore's RORC: A Transparent Approach to Corporate Governance

Singapore has established the Register of Registrable Controllers (RORC) as part of its ongoing commitment to fostering transparency and combating illicit financial activities. This article will delve into the critical aspects of the RORC, its significance, and how it reinforces corporate governance in Singapore.

Understanding the Register of Registrable Controllers (RORC) in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has implemented the Register of Registrable Controllers (RORC) to enhance the transparency of ownership and control of corporate entities. This initiative is part of ACRA's ongoing efforts to uphold Singapore's reputation as a trusted financial hub.

Singapore: Filing annual returns for your business

Filing annual returns can be risky for a small company just starting a business. Also, you will have to deal with other issues, such as compliance with the law. To simplify the process of filing annual returns, you need to know the essential requirements.

Singapore Paid-Up Capital Guidance

Paid-up capital refers to the amount paid on shares issued by a company. These may be ordinary, preference shares or shares of some other class.

Guide to finding investors for your startup in Singapore

Startups are growing and changing the Singapore ecosystem for the better with their innovative ideas and new technologies. Like small and young companies, startups may need funding and guidance to start their business. If you are a startup founder looking for investors for your business and want to know how to attract them, this article is for you.

Two ways to exclude a shareholder from a Singapore company as soon as possible

The exclusion of shareholders from the company as quickly as possible may be necessary if there are disputes between majority and minority shareholders, between directors and shareholders, etc. Such disputes with shareholders may affect business operations, such as the inability to obtain enough votes to make decisions at shareholders' meetings due to conflicting points of view.

Singapore: Board resolutions

A resolution of the board of directors is a formal document that records the decisions or intentions of the board of directors' members on behalf of the corporation. Board resolutions record decisions such as changing ownership, voting for new board members, or selling company shares.

Singapore: 5 types of Power of Attorney and how to use them

A Power of Attorney (POA) is a document created by a person who appoints another person to act on his behalf. The creator of the POA is called the donor, and the person appointed to act on behalf of the donor is called the donee. There are several types of POA, each with different functions. Powers of Attorney are used in a wide variety of transactions.

Singapore: 8 advice on choosing a virtual office for your business

One of the requirements for registering a company in Singapore is that it has a registered address. Typically, legal entities rent a real space to use as their office. However, recently some companies have decided to use virtual offices, where a business address is rented and used as their own.

Singapore: Differences between company seals and rubber stamps

After registering the company, the owner receives a standard document, including a company seal and rubber stamp. This article will review the differences between seals and stamps and learn the nuances of their use.

Strengthening control over Singapore's financial market. New MAS powers

The Singapore authorities are not ready to completely give up market control. A free economy should not harm the legislative, judicial and executive systems of government. With the advent of new powers of the Monetary Authority of Singapore, doing business in the jurisdiction will become more complicated.

Singapore: New AML/CFT information sharing platform

The new MAS platform will strengthen the regulator's ability to exchange information in the field of AML/CTF, preserve the existing achievements, enhance protection against illegal activities such as money laundering or terrorist financing, and ensure economic stability.

Guide on immigration to Singapore

This article will cover the main points regarding obtaining tourist and business visas, residence permits, work permits and other aspects of immigration to Singapore.

A few reasons to start a startup in Singapore in 2021

Nowadays, to enter the regional or global market, there are a vast number of attractive jurisdictions. Nevertheless, according to analysts, in the last decade, the attention of our compatriots has been increasingly attracted by a small country in Southeast Asia - Singapore.

Bookkeeping tips for new companies in Singapore

It should be noted that bookkeeping in new Singapore companies is not just keeping records and receipts. As an entrepreneur, you will need a vast amount of new knowledge in managing and reconciling these records. When taking the first independent steps in the accounting business of a Singaporean company, your actions must be verified and well thought out to avoid future financial complications.

Singapore introduces an additional tax for the transfer of property in a lifetime trust

The new law states that an ABSD of 35% must now be paid in advance in such a case. However, a tax refund is possible if the sale of residential property is to a trustee who holds the assets of one or more identifiable beneficiaries in the trust. Testamentary trusts are also exempt from tax.

Singapore: Key Changes to the Intellectual Property Law 2022

Amendments to the Intellectual Property Bill, which came into force in May 2022, were passed in Parliament. The bill amends the existing Patent Law, Trademark Law, Registered Designs Law, Geographical Indications Law of 2014, and Plant Variety Protection Law to improve business friendliness, operational efficiency, and clarity of law and procedure.

Singapore: Recent property tax targets the super-wealthy

The authorities are imposing an additional 35 per cent buyer's stamp duty on houses settled into trust with no identifiable beneficial owner. The recently enacted tax is intended to close a loophole used by individuals who purchase multiple properties under a trust where it is not clear who the beneficial owner is and therefore avoid additional taxes.

Opening, maintaining a corporate bank account in Singapore

AGENDA: Main criteria for choosing of a bank, Corporate Bank account Opening, What you need to know for Singapore as jurisdiction, Main requirements for a bank account opening in Singapore, Corporate Bank Account Maintenance, Automatic exchange of Information, Closing of Corporate Bank Accounts in Singapore

Doing Business in Singapore

AGENDA: Eltoma Corporate Services in Singapore, Companies in Singapore, Company incorporation, Company maintenance, Tax treatment, Key benefits

Singapore Company Incorporation, Maintenance and Liquidation

AGENDA: Forms of Business Entities, Incorporation Procedure, Company documents, Director and Secretary of the Company, Shareholders and types of shares, Know Your Client (KYC), Filing Requirements for Companies, Liquidation & Strike Off

Singapore Tax System Overview

AGENDA: Cyprus vs. Singapore, Tax systems overview, Main tax principles in Singapore, Tax exemption of foreign income, Tax exemptions for the newly incorporated companies (Start-Up Co), Tax Residency Certificate, Administration of tax system in Singapore, Calculation of Estimated Chargeable Income (ECI), Minimizing of taxes and avoiding of taxation, Goods and Services Tax (“GST”), How to use the company in Singapore

Obtaining an EMI license in Singapore: pros & cons

Technology is transforming Singapore’s payments landscape and has reduced the obstacles to entry to running a payments business. This, as well as the prolific adoption of the use of smartphones and tablets, has made it easier than ever for companies to obtain clients digitally.

Obtaining an Epass and Entrepass in Singapore

The Ministry of Manpower requires foreign highly skilled professionals, Managers, Executives, specialists or entrepreneurs who wish to work in Singapore need an Employment Pass to commence employment. The Entrepreneur Pass is a type of employment pass for foreign entrepreneurs who would like to start and run a company in Singapore.

GST Registration in Singapore

GST is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him and on the importation of goods into Singapore.

The Singapore Budget 2014

This year’s budget did not emphasise on significant tax changes. The government wants to restructure the Singapore economy to achieve quality growth. Businesses that make investments in productivity to save manpower or achieve innovative breakthroughs will be actively supported by the government.

XBRL Filing in Singapore

Since 1 November 2007, companies in Singapore are required to file financial statements with ACRA, and filing financial statements in XBRL. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system apply.

Withholding Tax in Singapore - Introduction

When income is paid to a non-resident of a country, it is typical of the country to collect tax from the non-resident; the payee is required to withhold tax before paying the net amount to the non-resident. It is a tax subsidised by a non-resident on income derived or deemed to be derived from Singapore.

Royalties in Singapore

The Income Tax Act does not give a definition for royalties. However, royalties can be defined as a payment for the right to use a patent, copyright and other intellectual property. E.g. payment for every book sold or an artist album sold on VCD.

Withholding Tax in Singapore: Interest

Whether a payment is considered “interest” depends on the substance of the transaction. The intrinsic nature of said interest is compensation for not being able to use or the delayed payment of money by another. The interest must be charged against a primary sum of money which must be owed to the person entitled to the interest.

Shareholder's Continuity Test: Singapore

The shareholders’ continuity test holds that the same shareholders must hold at least 50% of the company’s total shares as at both the relevant dates. If the test was not fulfilled, the losses would be dismissed permanently unless a waiver to fulfil the test is obtained from IRAS.

Withholding tax in Singapore: Royalties

Royalty is the consideration for the use of, or the right to use any copyright of literacy (Software), or any artistic or scientific work. It consists of patent, trade mark, design or model, secret formula, information or process which is usually a secret and not commonly available in the public domain. Information (know-how which is not registered) concerning industrial, commercial or scientific experience.

Withholding Tax in Singapore: Rental Income

Under Section 12(7) (d), rent or other payments under any agreement or arrangement for the use of any movable property shall be deemed derived from Singapore.

Withholding Tax in Singapore: Management Fees and Services

Payment for the management or assistance in the management of any trade, business or profession that are: borne by a person resident or with permanent establishment in Singapore; which are deductible against any income accruing in or derived from Singapore, have no statutory definition of management or assistance in the management of any trade, business or profession.

Withholding Tax in Singapore: Management Fees and Services

Any person who withholds tax from interest, royalties, management fees, Directors’ remuneration or other payments paid to a non-resident person must complete and submit the IR37 form to the Comptroller together with the relevant amount of tax withheld.

How to set up a Singapore trust

Singapore is gaining more attraction as a trust jurisdiction internationally. A range of factors have contributed to achieving a reputable offshore trust status, including but not limited to the several reasons.

Liquidation and Voluntary Winding Up of a Singapore Company

A Singapore company might decide to wind up as a result of various reasons and such procedures may be a challenging and lengthy task. The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.

FATCA And Its Preliminary Effects on Cyprus and Singapore Banks

According to the U.S. Treasury Department more than 80 nations agreed to the law and have concluded agreements with the U.S. Government. Cyprus and Singapore are amongst the countries which have recently signed these agreements.

Requirements For Company Liquidation in Singapore

There are various conditions a company must fulfil in order to be struck-off legitimately. One of the conditions is that the company must have filed all the tax returns until the date of the strike off. The Directors and Shareholders must ensure that any outstanding income, tax returns, accounts and tax computation have been submitted up to the date of cessation.

Complete Withholding Tax Guide in Singapore 2015

Despite having one of the lowest corporate tax rates in the world, as a jurisdiction, Singapore still offers many incentives for investors including tax holidays and concessions, accelerated depreciation schemes, and favourable loan conditions to attract foreign investments.

Changes To the Law Which Will Impact Singapore Based CSPS

Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) have introduced a number of legal changes and new legislation regarding how companies are required to file their annual returns, which will impact Corporate Service Providers (CSPs) in Singapore.

How Singapore’s 2015 Budget Will Help SMES

Singapore has a government who recognises the potentials of what SMEs can do for the economy and likes to support them accordingly. Since June 2014, Singapore has been chairing the ASEAN SME Working Group. Singapore hopes to lead fellow ASEAN members into the realisation of the ASEAN Economic Community for SMEs in 2015.

Registration of Charges in the Republic of Singapore

The Accounting and Corporate Regulation Authority (ACRA) of the Republic of Singapore defines the Charge as “a form of security interest usually taken by a lender or creditor (“chargee”) to secure the repayment of a loan”.

ACRA Announce Important Reforms to the Singapore Companies Act

ACRA announced that they will be making legislative changes to the Singapore Companies Act which will be taking effect in two phases; the first phase is effective from the first of July, with the second phase to be implemented in the first Quarter of 2016.

Taxation of Singapore Investment Companies

The Singapore Tax Authority (IRAS) have special rules relating to the taxation of investment companies. An investment company is one that owns investments such as properties, shares, bonds and therefore derives income such as rental, dividend and interest.

Singapore: Applying for an Extension to Hold AGM & Laying of Accounts

As per the ACRA requirements for companies in Singapore, an Annual General Meeting (AGM) must be held once every calendar year. However, under Section 175, an application is available to apply for an extension.

Amendment to the Singapore companies act 2014

After a recent review, changes have been made to the Singapore Companies Act 2014, which came into force on July 1st, 2015. These changes are to ensure that Singapore’s corporate regulatory framework will continue to meet changing business practices, to reduce the compliance and regulatory burden for companies.

Permanent Establishment in Singapore: Withholding Tax & Technical Assistance Fees

Section 2(1) of the SITA defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

Shipping Companies: Why Choose Singapore?

In a bid to make Singapore a shipping hub, various incentives were introduced to make it attractive to have shipping activities in Singapore. Essentially the provisions that govern the exemption of shipping activities in Singapore are found in Section 13A and Section 13F of the Singapore Income Tax Act (SITA).

Permanent Establishment in Singapore: Branches & Dtas

Section 2(1) of the Singapore Income Tax Act (SITA) defines a PE to mean a fixed place where a business is wholly or partly carried out including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project.

Registration of Singapore Flagged Vessels: How to Guide

Registration is open to all types of ships which includes offshore vessels like oil rigs and floating platforms. The vessel should be less than 17 years old and classed with any of the nine recognised classification societies.

Taxation of Shipping Operators in Singapore

A shipping operator who operates Singapore ships or foreign ships can enjoy exemption of specified income as a ‘shipping enterprise’ under Section 13A of the SITA.

Singapore: Taxation of Shipping Owners

Ship owners enjoy tax exemption on specified income derived from the operation of a Singapore-flagged or foreign flagged vessel under Section 13A and 13 F of the Singapore Income Tax Act (SITA).

6 Important Aspects of Singapore Payroll for Employers and Business Owners

The following is a list that all employers should take into account when considering payroll for their workforce and required procedures.

Laura Deane

The Ultimate Guide to Annual General Meetings for Singapore Companies

Being unaware of Compliance Matters in Singapore could end up with Business Owners and founders of Singapore companies heading to Court, as ACRA puts a stop on companies that consistently do not hold an Annual General Meetings or AGM.

MAS: Important Changes to Current Legislation on Company Mergers

The Monetary Authority of Singapore (MAS) has issued amendments to the current legislation regarding company mergers and commercial take-overs as per section 139 of the Securities and Futures Act in Singapore.

The Singapore Budget 2016

Singapore’s Finance Minister Heng Swee Keat unveiled the 2016 budget. This year the notable points for discussion focused on innovation and enterprise. A large section of the budget has been allocated towards the need for growth in Singapore businesses to an international level, as well as keeping up with developing modern technology.

Key Amendments to the Singapore Companies Act

Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.

ACRA Release New Initiatives for Singapore Filing Agents

ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.

Singapore: the Regulation of Digital Currencies & What's to Come

The Monetary Authority of Singapore has released its plans to further control and regulate the current elusive virtual currency market and intermediaries that facilitate their online trade in Singapore. The anonymity surrounding so-called crypto currencies such as bitcoin raises questions over potential money laundering & terrorist financing risks.

Inward Re-domiciliation: Changes to the Singapore Companies Act Allowing Foreign Firms to Re-domicile to Singapore

Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.

Inward Re-domiciliation: Key Changes to the Singapore Companies Act Make Company Relocation to Singapore Easier Than Ever

the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.

Singapore Service Providers: How to Comply With the Acra Reporting Requirements

As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

Q&A: Singapore Small Company Concept for Audit Exemption

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

Exemption From Audit: Singapore Small Company Criteria

The audit exemption is applicable if it is a private company with an annual revenue of SGD $5 million or less. This approach is being replaced by a new small company concept which will also determine exemption from statutory audit.

Singapore Variable Capital Company VCC: New Features & Benefits

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.

How to Write a Legally Binding Will According to Singapore Legislation

Technically speaking, anyone can write a will for themselves or on behalf of others. However, just because you’ve written your own will doesn’t mean it’s necessarily valid.

How to Set-up a Beneficial ICO in Singapore

Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate. Due to these factors, Singapore is one of the most optimal jurisdictions for Initial Coin Offerings (ICO) fundraising.

The Classification of Digital Tokens as Per Singapore Regulations

According to the Singapore regulations the digital tokens can be classified as “securities” or as “utilities”. The real nature of the digital token identifies the rights attached to it and the terms of its regulation.

ACRA Update: RFAS Compliance With Singapore Companies Act

All Singapore Registered Filing Agents (RFAs) were sent a friendly reminder from ACRA regarding ensuring all entities are acting in compliance with Singapore legislation.

Has the Legal Sector Tech Revolution in Singapore Come at a Price?

Rapid advances in technology and the higher demands and increasingly complex international clients are forcing Singapore-based Lawyers to transform the way they work. An example of this is the huge of growth of Wi-Fi on airplanes, with many cities now providing coverage free of charge including on metros and trains.

Singapore Keeping Up With the Changing Technological Global Climate

While the crypto-frenzy has significantly cooled down so far in 2019, with values in currencies like Bitcoin falling; meanwhile Fin-tech has continued to snowball, pioneering the likes of blockchain technologies, digital wallets and mobile applications.

Are Singapore virtual currency exchanges regulated by the Futures & Securities Act?

The MAS issued a statement clarifying that the offer or issue of digital tokens in Singapore will be regulated by the MAS, if the digital tokens fall within the definition of “securities” regulated under the security laws. MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency.

How to set-up an ICO in Singapore

Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate. Due to these factors, Singapore is one of the most optimal jurisdictions for Initial Coin Offerings (ICO) fundraising.

No results found !

Subscribe for update

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Learn how to solve the problems in your business today

Join the club

Every week, we'll be sending you curated materials handpicked tips about international business, law, taxes, accounting and compliance.

Plus, you'll be the first to know about our discounts!

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.