Revision to Tax Exemption Schemes for Singapore companies from YA2020
Overall company tax rate is a flat 17%. Listed below are general tax exemptions/incentives currently available to Singapore resident companies. Once these tax exemptions are applied to the taxable income, the effective income tax rate for small-to-midsize Singapore companies is reduced significantly. The Tax Exemption Schemes have been in place…
Singapore Companies (Amendment) Act 2017 – AGM and Annual Returns
Singapore Companies (Amendment) Act 2017 – Annual General Meeting (AGM) and Annual Returns to be implemented in early 2018 The timelines for holding Annual General Meetings (AGMs) and the filing of annual returns will be aligned with the company’s FYE. This is to provide greater clarity and improve companies’ compliance…
Companies (Amendment) Act 2017 – Inward Re-Domiciliation Regime in Singapore
Companies (Amendment) Act 2017 – Inward Re-Domiciliation Regime in Singapore within first half of 2017 The Companies (Amendment) Act 2017 has introduced an inward re-domiciliation regime to allow foreign corporate entities to transfer their registration to Singapore instead of setting up subsidiaries (e.g. foreign corporate entities that may want to…
Setting up and maintaining the Register of Registrable Controllers of Singapore Companies and LLPs
Setting up Newly-incorporated companies and newly registered LLPs are required to keep register of registrable controllers within 30 days from date of incorporation. Existing companies and LLPs are required to keep register of controllers within 60 days from date of commencement of the regime (31 Mar 2017). Companies which are…
Have you updated the Electronic Register of Members (EROM) of your Singapore Company?
One of the recent legislative changes to the Singapore Companies Act is that ACRA will maintain the Registers of Members for private companies in electronic form (EROM) from 3 Jan 2016, and companies will need to update shareholder information that will be recorded in the EROM. In December 2015, ACRA…
MAS’s new Accredited Investor definition to impact FIs and FIs’ clients
Changes to the definitions of Accredited Investors (AIs) and Institutional Investors (IIs), part of the Monetary Authority of Singapore’s (MAS) proposed changes to its capital markets regulatory framework and followed a consultation paper issued on 21 July 21 2014, will impact Singapore-based financial institutions on their policy, documentation, systems, and procedures….
Key Employment Terms (KETs) in Singapore
Ministry of Manpower (MOM) announced in 2014 that the Ministry would require employers to issue key employment terms (KETs) in two years. Who Employers must issue KETs to their employees who are: Newly employed on or after 1 April 2016; Covered by the Employment Act; and Employed for a continuous period…
Requirements for Itemised Payslips in Singapore
MOM announced in 2014 that the Ministry would require employers to issue itemised payslips in two years. Employers are required to provide itemised payslips to all their employees covered under the Employment Act (EA) together with their salary payments. Employers may choose to issue the payslips in soft or hard copy,…
Automated immigration clearance in Singapore for eligible China passports
Eligible People’s Republic of China (PRC) passport holders will be able to sign up for automated immigration clearance, enabling them to use the automated gantries at Singapore’s checkpoints when they arrive in Singapore. We have summed up the application process and requirements: When does it start? 16 November 2015. Who can apply? PRC passport…
Automated immigration clearance in Singapore for eligible Australian passports
Eligible Australian passport holders will be able to sign up for automated immigration clearance, enabling them to use the automated gantries at Singapore’s checkpoints when they arrive in Singapore. Overseas Immigration Assist (OIA) have summed up the application process and requirements: When does the automated immigration clearance in Singapore for…