If you have stayed or worked in Singapore for at least 183 days in a calendar year OR have continuously worked in Singapore for 3 consecutive years OR have worked in Singapore for 2 consecutive years AND total period of stay in Singapore is at least 183 days, you will be considered a tax resident in Singapore.
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Businesses are no longer bounded by the limits of their geographical locations and expanding outside of one's home territory may be a daunting task but it is filled with potential rewards for growth. At Inter Group, we aim to enable our clients with the global reach through local expertise. In this International Business Services blog series, we will share brief information of countries that you may be interested in, its economic and foreign investment outlook, incentives for foreign investors, things to consider when establishing your business presence and market opportunities. Photo by Ash. Lumphini Park, Bangkok, Thailand.
Country Brief Thailand is a country centrally located in Southeast Asia (SEA). It is the second largest economy in SEA after Indonesia, with approximately the same land area as Spain or France. The country’s national capital is Bangkok, or as it is officially known in Thai as Krung Thep Maha Nakhon. It is the only cosmopolitan city in a country of small towns and villages and is the country’s chief port, cultural and commercial centre. STEP 1: Reserving a Company NameTo register your company in Singapore, the proposed company name must be approved by Accounting and Corporate Regulatory Authority (ACRA). This process of finding out whether the proposed name is approved or rejected can be done within a day. ACRA will reject the proposed company name if it is identical to an existing Company Name, vulgar/obscene and if it is similar to established Names or trademarks. Approved names will be reserved for 120 days. We recommend that 3 Company Names be proposed for consideration.
Businesses are no longer bounded by the limits of their geographical locations and expanding outside of one's home territory may be a daunting task but it is filled with potential rewards for growth. At Inter Group, we aim to enable our clients with the global reach through local expertise. In this International Business Services blog series, we will share brief information of countries that you may be interested in, its economic and foreign investment outlook, incentives for foreign investors, things to consider when establishing your business presence and market opportunities. Key Figures (2020)
Country Brief Dubai is one of the seven emirates within the United Arab Emirates (UAE), with Abu Dhabi as the capital of the UAE. It is also the wealthiest emirate amongst them. Dubai is a city of skyscrapers, ports, and beaches where big business takes place alongside sun-seeking tourism. Myanmar’s volatile political and economic environment have left many foreign businesses looking to enter the market to put their plans on hold, while those already operating in the country wondering what to do. Nevertheless, Myanmar is still an attractive country for foreign investments for a variety of reasons, including an economy that still holds untapped potential in various sectors.
If you have an existing business, it is important for you to prevent and mitigate any harm linked to your business activity. Sanctions have been imposed and as some of these control specific supply chains which may impact your business, here are some options you can consider. In Singapore, data security and protection is governed by the Personal Data Protection Act 2012 (PDPA). The PDPA is administered and enforced by the Personal Data Protection Commission (PDPC). The Act came into effect in 2014 and clearly addresses the collection, use and disclosure of personal data legitimately.
The Myanmar government has issued the 2020 Union Tax Law (“2020 UTL”) on 2 September 2020, which provides the latest tax rates for income tax, commercial tax, specific goods tax and gem stone tax. The 2020 UTL will be effective on 1 October 2020, at the start of the new financial year (1 October 2020 to 30 September 2021).
To uphold Singapore’s reputation as a trusted financial hub that is align with international standards, the Companies Act (CA) has been amended to require all companies incorporated in Singapore (unless exempted) to maintain a Register of Registrable Controllers (RORC). Enforced by Accounting and Corporate Regulatory Authority (ACRA), the RORC is made mandatory for all companies from 31 March 2017.
The aim of this is to make both the ownership and control of corporate entities more transparent, and restrict the misuse of corporate entities for unlawful purposes such as money laundering. More information about the definitions of controllers and what information is collected in the RORC can be found in our blog post: What Your need to know about the Register of Registrable Controllers and Register of Nominee Directors. Myanmar’s economy and businesses, like many around the world have been impacted by the COVID-19 pandemic. In view of the impacts, the Myanmar government has introduced various measures intended to provide relief to the affected businesses. Businesses in Myanmar should consider the various financing options and tax reliefs that may be applicable to them, while at the same time to consider the accompanying conditions attached to these respective measures.
This blog post will highlight the measures introduced by the Myanmar government. This information is accurate as of 16 Jun 2020. However, because of the evolving pandemic situation, this information may not reflect the most updated developments. We encourage you to contact the relevant authorities from time to time for the latest updates. The Singapore government has introduced various financing support, tax and other temporary relief measures in light of the COVID-19 pandemic, with the aim to help Singapore businesses survive through this difficult time.
Some of these measures announced during the Unity Budget by the Finance Minister have already been shared in our previous blog post: #SGBUDGET2020 – What Singapore Companies Need to Know. Since then, additional measures were announced in the supplementary Resilience and Solidarity Budgets. You may refer to a summary of the Key COVID-19 Measures for Individuals and Households / Key COVID-19 Measures for Businesses and Self-Employed (updated as of 6 May 2020) from the Singapore Budget website here. This blog post will highlight the measures relating to filing deadlines and tax reliefs in response to COVID-19. This information is accurate as of 19 May 2020. However, due to the fluidity of the situation, this info may not always reflect the most updated developments. We encourage you to visit the websites of relevant authorities from time to time for the latest updates. |
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April 2022
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