Are you thinking of running a business from the comforts of your home? Do you know that depending on your nature of business, you can or cannot run your business from home?
 
This post will shed some light on how you can conduct your business from home in accordance to Singapore’s legislation.

Are you thinking of setting up a Trading Company in Singapore, but not sure how? Here we list down 10 steps which will guide you through the process.

Singapore is known for having one of the world’s most attractive tax rates for enterprises. A key consideration for entrepreneurs who are deciding where to register their companies is the country’s corporate tax rates. In our previous blog post, we talked about Why Singapore is still the best place to do business? So it is not just the ease of business formation process but also and more importantly, the tax rate which is lower as compared to other developed nations. This blog post will highlight three of the common tax reliefs for Singapore companies.

This post summarizes the penalties for late filing with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) and/or Inland Revenue Authority of Singapore (IRAS).
 
Under the Companies Act (CA), you and your company have statutory obligations to:

(a) hold Annual General Meeting (AGM) within 18 months after incorporation. Subsequently, AGMs can be held every calendar year at interval no longer than 15 months. – section 175

(b) file up to date Annual Returns (AR) with the Registrar within one month after the AGM. – section 197

(c) present up to date financial statements at the AGM and the information should date no more than 6 months before the AGM. – Section 201

In this post, you will learn about what you need to know before registering your business in Singapore. Information presented here will be related to pre-registration, post-incorporation considerations and on-going statutory compliance requirements.  Should you require more information on the various incorporation options in Singapore, please get in touch with our consultants who will be able to guide you through.

Singapore’s financial calendar begins every 1 April and concludes on the 31 March the following year, during which the government is to adhere to the Singapore Budget that is prepared for each financial year. The Budget includes the revised Government revenue and expenditures for the current financial year, as well as reviewing current spending and expenditure projections for the next financial year.
 
Did You Know?

It is stated under the Constitution that Singapore is required to keep a balance budget over each term of the Government. This island state, unlike many other countries, does not borrow money to fund government expenditure, and the Government does not have any external debt. This practise of fiscal discipline ensures that government funds are utilised wisely towards Singapore’s development across all sectors. 

Singapore has defended its title for the 10th year running as the easiest country to do business, while emerging markets China and India moved up the ranks, according to the World Bank (WB).
 
So what exactly allowed Singapore to retain its spot? WB’s Doing Business 2016 has cited Singapore’s prompt judicial process as one of the reason. This means resolving a commercial dispute via Singapore’s District Court takes just 150 days – the shortest time recorded worldwide, in addition it only costs 25.8% of the total value claim. Efficient dispute resolution paired with specialised courts, effective case management and sophisticated court automation tools also contributed to the high scores.