FAQ

Corporate secretarial and Accounting services in Singapore.

Singapore Accounting and corporate secretarial services.

Singapore Corporate secretarial and Accounting services.

When you are intending to set-up a company in Singapore, ACHI will guide you through till the de-registration along with the requirements of Human Resources, Compliance, Annual Reports, GST, Taxation, etc.

We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities.

For Secretarial services: Click the individual type to learn more about the pricing and processing for incorporation:

A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients:

• Singapore Resident with Individual Shareholding
• Singapore Resident with Corporate Shareholding
• Foreign Resident with Nominee Director   
• Foreign Resident with Entrepreneur Pass

Click here to learn more about Singapore Private Limited Company by Shares.

For Bookkeeping / Accounting / GST / Taxation Services:

• Click here to learn more about Bookkeeping and Accounting Services.
• Click here to learn more about Corporate Income Tax, GST, Withholding Tax and Personal Income Tax Services.

Advantages and challenges of doing business in Singapore:

Advantages of doing business in Singapore:

The Advantages and Disadvantages of the Different Types of Business Entities in Singapore; Or

The Pros and Cons of the Different Types of Business Entities in Singapore; Or

The Advantages and Disadvantages of the Different Types of Business Firms in Singapore; Or

The Advantages and Disadvantages of the Different Types of Business Organisations in Singapore; Or

The Advantages and Disadvantages of the Different Types of Business Structures in Singapore:

Advantages and disadvantages of sole proprietorship partnership and corporation:

The Advantages Different Types of Business Entities in Singapore; Or

The Pros Different Types of Business Entities in Singapore; Or

The Advantages Different Types of Business Firms in Singapore; Or

The Advantages Different Types of Business Organisations in Singapore; Or

The Advantages Different Types of Business Structures in Singapore:

Advantages of becoming citizen in Singapore?

Advantages of becoming Singapore citizen?

What are the advantages of becoming citizen in Singapore?

Singapore citizen Advantages.

What are the advantages of obtaining citizen in Singapore?

Advantages of becoming citizen in Singapore?

Advantages of becoming Singapore citizen?

What are the advantages of becoming citizen in Singapore?

Advantages of becoming Singapore PR?

What are the advantages of becoming PR in Singapore?

Singapore PR Advantages.

What are the advantages of obtaining PR in Singapore?

Advantages of becoming Permanent Resident in Singapore?

Advantages of becoming Singapore Permanent Resident?

What are the advantages of becoming Permanent Resident (PR) in Singapore?

Advantages / Pros of a Limited Liability Partnership (LLP) in Singapore:

• Lower registration cost and easy to set up
• Reduced compliance obligations – general meetings, directors, company secretary, etc., are not required
• Only an annual declaration of solvency or insolvency is required
• LLPs are considered as a separate legal entity from their owners, which means that owners are not responsible for any debts or losses the business incurs
• Easier than Partnerships and Sole Proprietorships to secure funding for the start-up years of the business
• Succession of LLPs are perpetual, until they are struck off or wound up

Advantages / Pros of Limited Partnership (LP) in Singapore:

• Tax benefits: As with a general partnership, the profits and losses in a limited partnership flow through the business to the partners, all of whom are taxed on their personal income tax returns. The difference is that the limited partners in the relationship get to share in the profits and losses, but they do not have to participate in the business itself.
• Liability limits: A limited partner’s liability for the partnership’s debt is limited to the amount of money or property that individual partner contributed to the partnership. This is not true of the general partnership, where any money or property contributed becomes an asset of all the partners.
• The general partners take charge: In a limited partnership, the general partners deal with the daily operations and responsibilities and don’t need to consult the limited partners for most business decisions.
• No turnover issues: Limited partners can be replaced or leave without dissolving the limited partnership.
• Less paperwork: Creating a limited partnership, like a general partnership, requires less paperwork than forming a corporation. However, it’s important to create and file a partnership agreement in the county where your company does business.
• Investment opportunities: A limited partnership is a great way to offer investors the opportunity to benefit from the profits and losses of your business without getting them actually involved in the business.

Advantages / Pros of a Partnership (General):

• Partnerships face fewer statutory controls than companies.
• There is no requirement to audit or publish accounts or to register the Partnership Agreement. No returns are required to be made by partnerships, except for income tax.
• The internal structure of partnerships is very flexible. Most of the rules for the structure of partnerships can be overridden if the partners agree otherwise.
• Partnerships can be simple and cheap to set up. There is no requirement to have any written documentation, although a Partnership Agreement is advisable (see above).
• Partners owe a duty of good faith to each other. Partners must also account to the partnership for any secret profits that they make from the partnership without the consent of the other partners, including any profits gained from any competing business.

Advantages / Pros of Pte Ltd (Private Limited Company):

• Separate legal entityfrom members and directors, which means that members and directors are not personally liable for the losses and debts incurred
• Easier to obtain fundingduring start-up years and also eligible for government funded micro loans offered by local banks
• Succession of Company is perpetual, until they are struck off or wound up
• From the Year of Assessment 2020:Your company is required to pay the tax at 4.25% on the Net Profit for the first SGD100,000/-, whereas at 8.5% and 17% for the next SGD100,000/- and beyond first SGD200,000/- respectively effective from the Year of Assessment 2020.
• Singapore companies do not have to pay taxes on capital gains or dividends.
• And many more.

Click here to learn more about Singapore Private Limited Company by Shares.

Advantages of Sole Proprietorship in Singapore;

10 advantages of sole proprietorship;
What are the main advantages of a sole proprietorship?

State three advantages of sole proprietorship.

What are the advantages of a sole proprietorship.

Sole proprietorship pdf notes?

Advantages / Pros of Sole Proprietorship:

• It is an easy procedure to register a sole-proprietorship.
• It is easy and quick to start trading as a sole trader as there are no formalities to comply with other than notifying the Tax Authorities.
• The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices.
• All the profits generated by the business will belong to the sole-trader.
• Sole-traders own their business and so are able to sell or transfer the business assets & liabilities as they wish.
• One of the advantages of this form of business is that there are fewer formalities in terms of its formation and registration.
• Pay income tax for your trade income at individual income tax rate.
• CPF contribution is not mandatory.
• Due to flexible structure it’s easy to convert into Partnership just by adding another person as a Partner.

Employment Pass – advertising requirements under the Fair Consideration Framework

Employer must advertise on the Jobs Bank for at least 14 calendar days unless MOM has explicitly
exempted the company or job from this requirement. Click here for more details about it.

The Personalised Employment Pass (PEP) is issued only up to 3 years period which is not renewable. In case of unsuccessful for obtaining PR status or EP after the expiry of PEP then the PEP holder will not be able to continue the employment in Singapore hence the PEP holder may have to leave Singapore.

Age criteria for all Singapore work passes?

Minimum and maximum age for work pass in Singapore?

Work permit age eligibility?

Age criteria for work permit in Singapore?

There are many types of work passes available for foreigners who intend to work in Singapore. The age limit details are furnished here for some most popular work passes.

Notes:

• All work passes are subject to approval by MOM.
• FDWs above 50 years old can only renew their work permits until they reach 60 years old.
• The maximum period of employment for Work Permit holders will vary according to the sector wise specific requirements.
• Use MOM’s Self-Assessment Tool (SAT) before applying or searching for a job in Singapore to assess your eligibility.
• Using SAT also does not guarantee the work pass as it is merely an indicator assessment.
• The above is based on the available source of information and analysis of using SAT for illustration purpose.
• Visit MOM’s website for more updated Guidelines.
• SAT is available at: https://service1.mom.gov.sg/workpass/sat

Refer to Employment Agency Guide for more details at:

• https://achibiz.com/guides/human-resource-guide/ea/

There is no age limit to be a director of a company in Singapore.

AGM-Exempt or Exemption for all private companies from holding AGMs:

This rule applies to private companies with FYE after 31-Aug-2018.

Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs if they send their financial statements to members within 5 months of the financial year end (FYE). Shareholders should note that safeguards have been put in place so that companies must still hold an AGM / general meeting if requested by shareholder or auditor. The details are as follows:

Safeguards are put in place so that private companies will still need to hold:

• an AGM if any shareholder requests for it not later than 14 days before the end of the 6th month after FYE;
• a general meeting to lay financial statements if any shareholder or auditor requests for it not later than 14 days after the financial statements are sent out.

The option for private companies to dispense with the holding of AGMs remains.

Click the below link to learn more about comparison of most popular work passes in Singapore (excluding EntrePass due to specific requirements):

• Personalised Employment Pass (PEP)
• Employment Pass (EP)
• S Pass
• Work Permit (Foreign Worker (FW))

Comparison of All Professional Passes (EntrePass, EP & PEP) And Skilled & Semi-Skilled Work Passes And Work Permits (S Pass, WP-FW, WP-FDW, WP-CN & WP-PA) In Singapore

Comparison of All Professional Passes (EntrePass, EP & PEP) In Singapore

Comparison of All Skilled & Semi-Skilled Work Passes And Work Permits (S Pass, WP-FW, WP-FDW, WP-CN & WP-PA) In Singapore

Comparison of All Professional Passes (EntrePass, EP & PEP) With S Pass And Work Permit (Foreign Worker) In Singapore

Click the below link to learn more about comparison of most popular work permits in Singapore (excluding Training Work Permit due to specific requirements):

• Work Permit (Foreign Worker (FW))
• Work Permit (Foreign Domestic Worker (FDW))
• Work Permit (Confinement Nanny (CN))
• Work Permit (Performing Artiste (PA))

An overview and the facts about all types of Work Permits (For the most popular: FW, FDW, CN & PA)

Can maternity leave be claimed while adopting a child?

For adoption child, is there maternity leave?

No, you are not eligible for maternity leave.

However, you are entitled to adoption leave if you meet the eligibility criteria.

Amendment of company constitution: Company can alter its adopted constitution by passing a special resolution in an Extraordinary General Meeting (EGM).

This special resolution requires more than 75% support from members, with members getting at least 14 days or 21 days’ notice of the EGM in advance for private and public companies respectively.

Filing of Financial Statements (FS) with Annual Returns (AR)

(i) Companies required to file financial statements with their Annual Return (AR)

• Financial Statements are to be filed in XBRL format.

(ii) Companies not required to file their financial statements with their AR (Annual Return)

Companies that are not required to file financial statements must instead submit a declaration online when they file their Annual Returns via BizFile+. The declaration will appear in the transaction based on the company type selected during annual return filing with ACRA.

Yes. The foreign worker quota varies according to the sectors with industry specific rules and regulations. 

• Construction
• Manufacturing
• Marine Shipyard
• Process
• Service

Appointment of Auditors

Under section 205 of the Companies Act, the directors of a company are required to appoint at least one accounting entity to be the company’s auditor within 3 months of the company’s incorporation. In Singapore, only public accountants or accounting firms approved by the Accounting and Corporate Regulatory Authority (ACRA) can act as company auditors.

Exemption from Audit Requirements

Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

 Small Company Exemption

In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year:

• The company’s revenue does not exceed SGD10 million;
• The value of the company’s total assets does not exceed SGD10 million; or
• The company does not have more than 50 employees.

Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”.

From 1 April 2018, employers are no longer required to bear the pregnancy-related medical costs incurred by their S Pass holders. This is to achieve a better balance of the medical obligations between employers and S Pass holders.

However for S Pass holders covered under the Employment Act, employers must still:

• Bear the medical consultation fees, which refers to the component of the medical bill that states “consultation” or “consultation fee”.
• Provide maternity benefits.

Providing medical insurance is not a requirement for employing Employment Pass (EPs) holders. Most EP holders may already have their own medical insurance, or may want to choose their own coverage.

For EP holders who do not have existing medical insurance, employers can choose to provide insurance coverage as part of their employment contract, or encourage their EP holders to get their own medical insurance.

The medical insurance requirement applies only to Work Permit and S Pass holders. This is in line with employers’ existing responsibility for the upkeep and maintenance of their foreign workers, including the provision of medical treatment.

The GIP eases the way for foreign investors, entrepreneurs and business executives to set up and conduct businesses in Singapore. The Singapore Economic Development Board (EDB) will provide assistance in linking up foreign entrepreneurs and investors with local business networks, thus opening up more opportunities for business collaborations. Through the GIP, you can tap on with ease a range of immigration facilitation for your entry and stay in Singapore. Investors/Entrepreneurs who have a good track record and who are interested to invest in Singapore may apply for PR.

Click here to learn more about Global Investor Programme (GIP)

The GIP eases the way for foreign investors, entrepreneurs and business executives to set up and conduct businesses in Singapore. The Singapore Economic Development Board (EDB) will provide assistance in linking up foreign entrepreneurs and investors with local business networks, thus opening up more opportunities for business collaborations. Through the GIP, you can tap on with ease a range of immigration facilitation for your entry and stay in Singapore. Investors/Entrepreneurs who have a good track record and who are interested to invest in Singapore may apply for PR.

Click here to learn more about Global Investor Programme (GIP)

Is maternity leave applicable to foreign female employees?

Yes, as long as foreign employees meet the eligibility criteria.

The GIP eases the way for foreign investors, entrepreneurs and business executives to set up and conduct businesses in Singapore. The Singapore Economic Development Board (EDB) will provide assistance in linking up foreign entrepreneurs and investors with local business networks, thus opening up more opportunities for business collaborations. Through the GIP, you can tap on with ease a range of immigration facilitation for your entry and stay in Singapore. Investors/Entrepreneurs who have a good track record and who are interested to invest in Singapore may apply for PR.

Click here to learn more about Global Investor Programme (GIP)

The GIP eases the way for foreign investors, entrepreneurs and business executives to set up and conduct businesses in Singapore. The Singapore Economic Development Board (EDB) will provide assistance in linking up foreign entrepreneurs and investors with local business networks, thus opening up more opportunities for business collaborations. Through the GIP, you can tap on with ease a range of immigration facilitation for your entry and stay in Singapore. Investors/Entrepreneurs who have a good track record and who are interested to invest in Singapore may apply for PR.

Click here to learn more about Global Investor Programme (GIP)

Under the Companies Act, the disclosure requirements of directors, are now extended to CEOs of all companies, and these include:

• Conflicts of interests in transactions or proposed transactions with the company, or by virtue of holding any office or property; and
• Shareholdings, debentures, rights and options in the company. However, for CEOs of non-listed companies, the disclosures on shareholdings exclude the securities of related corporations; and the participatory interests made available by the non-listed company or its related corporations.

The disclosures would need to be made by the CEO to the company, and the information disclosed would appear in the company register.

This would align the disclosure requirements under the Securities and Futures Act for CEOs of listed companies.

What are the requirements for foreigners to drive on public road in Singapore?

Can Work Permit (WP) holders drive on public roads?

Can S Pass holders drive on public roads?

Can Employment Pass (EP) holders drive on public roads?

Is Work Permit (WP) holder allowed to drive on public roads?

Is S Pass holder allowed to drive on public roads?

Is Employment Pass (EP) holder allowed to drive on public roads?

Are foreign workers eligible to drive on public roads?

Can foreign workers drive on public roads in Singapore?

Work Pass holders are allowed to drive on Singapore roads for work in the following conditions:

If you are a current or former Work Permit holder who wishes to marry a Singapore citizen or permanent resident (PR), you must seek approval from MOM.

However, you do not have to apply for approval if you:

• Do not hold a Work Permit (e.g. you are an S Pass or Employment Pass holder).
• Are a former Work Permit holder whose last held work pass was upgraded to Employment Pass or S Pass.
• Are a former Work Permit holder who is now a Singapore citizen or Singapore PR.

How to apply

To apply for approval, complete the Marriage Application Form and mail it with the required documents to:

Work Pass Division (Marriage Screening Section)
Ministry of Manpower
18 Havelock Road
Singapore 059764

It takes about 4 weeks to process the application. MOM will notify you of the outcome by post.

If you are required to seek approval but fail to do so, your privilege to work in Singapore could be withdrawn. You may also be prevented from entering Singapore for a period of time.

Can Employment Pass (EP) holder update the contact details with MOM?

You can update your contact details using EP Online.

Can S Pass holder update the contact details with MOM?

You can update your contact details using EP Online.

Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

Small Company Exemption

In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year:

1. The company’s revenue does not exceed SGD10 million;
2. The value of the company’s total assets does not exceed SGD10 million; or
3. The company does not have more than 50 employees.

Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”.

Exception to exemption from audit requirements

Even if a company is exempt from audit requirements, the Registrar may still require the company to lodge its audited financial statements and an auditor’s report if the Registrar is satisfied that the company has breached laws relating to the:

• Keeping of accounting records (section 199 of the CA); or
• Laying of its financial statements at its AGM (section 201 of the CA).

Companies that are exempted from audit requirements are not required to have their financial statements audited. Instead, they will prepare unaudited financial statements for purposes of AGMs and filing with ACRA.

If the company chooses to have the financial statements audited, it will submit the audited financial statements together with the auditor’s report.

Marriage to a Singapore Citizen does not automatically qualify a foreigner for long term stay, permanent residence (PR) or citizenship in Singapore. Foreign spouses of SCs may apply for long term stay, PR or citizenship for ICA’s consideration.

All applications are assessed based on the prevailing guidelines enacted by the Government of Singapore that include considerations such as whether the sponsor is able to support his/her dependant’s stay here and whether the marriage is genuine.

All applications will be considered on its own merits and subject to approval by ICA.

If you prefer to be your own boss, then a basic and simple form of starting the small scale business with low risks in Singapore is a Sole Proprietorship firm where you are your own boss.

Please refer to our GUIDES and SERVICES for more detailed information.

Benefits of becoming citizen in Singapore?

Benefits of becoming Singapore citizen?

Singapore citizenship Benefits.

What are the benefits of becoming citizen in Singapore?

What are the benefits of obtaining citizenship in Singapore?

Is it beneficial to become citizen in Singapore?

What are the benefits of becoming citizen in Singapore?

What are the benefits of obtaining citizenship in Singapore?

Is it beneficial to become citizen in Singapore?

Benefits of becoming naturalised citizen in Singapore?

Benefits of becoming naturalised Singapore citizen?

Singapore naturalized citizenship Benefits.

What are the benefits of becoming naturalised citizen in Singapore?

What are the benefits of obtaining naturalised citizen in Singapore?

Is it beneficial to become naturalised citizenship in Singapore?

What are the benefits of becoming naturalised citizen in Singapore?

What are the benefits of obtaining naturalized citizenship in Singapore?

Is it beneficial to become naturaliszd citizen in Singapore?

What are the privileges of naturalised citizenship in Singapore?

What are the perks while naturalised citizenship is attained in Singapore?

What are the differences between Singapore citizen and Permanent Resident (PR)?

Benefits of becoming Singapore PR?

Singapore PR Benefits.

What are the benefits of becoming PR in Singapore?

What are the benefits of obtaining PR in Singapore?

Is it beneficial to become PR in Singapore?

What are the benefits of becoming Permanent Resident (PR) in Singapore?

What are the benefits of obtaining Permanent Resident (PR) in Singapore?

Is it beneficial to become Permanent Resident (PR) in Singapore?

Benefits / Advantages of engaging Corporate Service Provider in Singapore:

Registration till de-registration:

The Corporate Service Providers (CSP) in Singapore is providing the services from registration of entities till cessation / de-registration of your business.

Not Expensive as the fees is justifiable with professionalism:

By paying a much lower or very fair amount for the professional costs, you get services, which are highly efficient from the Professional Firm.

Focus on viable business:

When you are engaging a CSP, you could focus on your viable business instead of secretarial tasks.

Peace of mind:

You would not have to worry whether you have overlooked any deadline which may attract penalties.

CSP is your Alarm Clock:

The CSP is generally discharging the duties and responsibilities as required under the Acts. Hence, every CSP will remind the company, Directors and members like an alarm clock in due course to adhere with compliance.

All services under one roof:

Most of the CSPs in Singapore provide the required corporate secretarial services under one roof otherwise through their associate or subsidiary entities which would save your efforts.

Avenue for negotiation:

When you are engaging the CSPs for more than one service then most of the times you may try to find the meaning of negotiation. Generally, the CSPs would respect your negotiation towards projecting the long-term business relationship.

Features of EntrePass: As an Entrepreneur and founder, you will hold at least 30% of your new company’s shares. The EntrePass applicant must submit an appropriate business plan. The business idea you bring forward must be beneficial for the Singapore economy, innovative, and show great promise for growth and boosting employment of local professionals.

The PEP (Personalised Employment Pass) gives you greater job flexibility than other work passes:

• You can generally hold a job in any sector. However, the PEP does not exempt you from complying with registration requirements to practise in Singapore for professions such as medicine, dentistry, pharmacy, architecture, law, etc.
• You do not need to re-apply for a new pass if you change jobs; you only need to notify MOM.
• You can stay in Singapore for a continuous period of up to 6 months without a job to search for new employment.

The PEP gives you greater job flexibility than other work passes:

• You can generally hold a job in any sector. However, the PEP does not exempt you from complying with registration requirements to practise in Singapore for professions such as medicine, dentistry, pharmacy, architecture, law, etc.
• You do not need to re-apply for a new pass if you change jobs; you only need to notify 
• You can stay in Singapore for a continuous period of up to 6 months without a job to search for new employment.

Blue vs Pink in Singapore?

Pink vs Blue?

Gap between Blue and Pink?

Difference of Pink with Blue?

What is the difference between Pink and Blue NRIC in Singapore?

Comparison of Blue and Pink identity cards?

What is Pink identity card in Singapore?

What is Blue identity card in Singapore?

Is there any comparison between PR with others in Singapore?

Brief of Business Firms & Entities in Singapore

Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates.

The most common type of Business Firms and Corporate Entities in Singapore are:

• Sole Proprietorship
• Partnership (General)
• Private Limited Company
• Public Limited Company

Click here to view the comparison of Singapore Entities.