Key Legislative Amendments Taking Effect for companies with FYEs ending on and after 31 August 2018 In March 2017, Parliament passed the Companies (Amendment) Bill 2017. Some of these amendments which aim to reduce the regulatory burden for companies will be taking effect from 31 August 2018. We are writing to you as the [...]
To strengthen fair employment practices, the Ministry of Manpower is putting in place new licence conditions for all new and existing employment agencies when they engage in recruitment work. These new licence conditions are No discrimination practices are allowed Workplace discrimination based on age, race, nationality, gender and disability is not allowed. Where discriminatory practices [...]
Singapore is a very attractive place to do business. It is safe, corruption-free, has a highly-skilled workforce and a very attractive corporate tax system. Singapore has a single-tier corporate tax system. There is no double taxation on the monies received by shareholders. Tax paid by a company for its chargeable income is final and all dividends [...]
The Monetary Authority of Singapore (MAS) launched a new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. The objective of this grant is to promote the use of Artificial Intelligence (AI) and data analytics in financial institutions. This AIDA Grant will focus on two tracks, [...]
Tax filing season is here and for some companies, that means looking for a third party with the relevant expertise to file the company's corporate taxes with the Inland Revenue Authority of Singapore. Here is a step by step guide on how to authorise a third party entity to file your corporate tax. Note: You [...]
Profit and Loss Statements, also commonly known as P&L or income statements, show you the profitability of your business over a given period of time. The Profit and Loss Statements are usually prepared monthly, quarterly, and yearly. The Importance Of Profit and Loss Statements First and foremost, companies are required by law to complete their [...]
Under the Personal Data Protection Act (PDPA), organisations are required to appoint at least one person as the Data Protection Officer (DPO). The broad role of the DPO is to ensure that the organisation complies with the PDPA. The DPO can either be a person from within the organisation or the organisation can appoint a [...]
If your company qualifies as a small company, then it does not need to appoint an auditor. The company qualifies as a small company if: 1) For a particular financial year, it is a private company; and 2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years [...]
A Balance Sheet, taken along with the Profit & Loss Statement and Cashflow Statement gives you a clear indication of your business’s financial health. You can think of the Balance Sheet as a scorecard that tells you about the financial health of your business at any given point in time. On it, it will have [...]
As an entrepreneur, it is very important for you to keep track of your money inflow and outflow. You need to be able to analyze your business’s financial health from different aspects. Your analysis is only as good as the quality of your data input. It is critical to get started with the right accounting [...]
