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 BIZ BIZ 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:

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

For Bookkeeping / Accounting / GST / Taxation Services:

Advantages and challenges of doing business in Singapore:
Challenges of doing business in Singapore:
  • 01) Choosing a right Corporate Service Provider (CSP) in Singapore
  • 02) Registration cost
  • 03) Singapore local resident requirement
  • 04) Registered Address
  • 05) Auditor requirement unless exempted
  • 06) Secretary requirement
  • 07) No loans while having Nominee Director
  • 08) Limitation in Fund Raising unless Public Company
  • 09) Deposit requirement for voluntary GST registration
  • 10) Tightened foreign labour policy
  • 11) Adherence to Fair Employment Practice
  • 12) Shortage of local workforce for labour position
  • 13) Holding AGM
  • 14) Filing Annual Return regardless of any status
  • 15) Paying Corporate Tax
Advantages of doing business in Singapore:
1
Click here to view the COMPARISON of different types of Singapore Entities and Firms.
2
Click here to view ONLY THE ADVANTAGES / Pros of all types of Entities and Firms in Singapore.
3
Click here to view ONLY THE DISADVANTAGES / Cons of all types of Entities and Firms in Singapore.
4
Click here to view BOTH the Advantages / Pros and Disadvantages / Cons of different types of Firms and Entities 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:

1
Click here to view the COMPARISON of different types of Singapore Entities and Firms.
2
Click here to view ONLY THE ADVANTAGES / Pros of all types of Entities and Firms in Singapore.
3
Click here to view ONLY THE DISADVANTAGES / Cons of all types of Entities and Firms in Singapore.
4
Click here to view BOTH the Advantages / Pros and Disadvantages / Cons of different types of Firms and Entities in Singapore.

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:

1
Click here to view the COMPARISON of different types of Singapore Entities and Firms.
2
Click here to view ONLY THE ADVANTAGES / Pros of all types of Entities and Firms in Singapore.
3
Click here to view ONLY THE DISADVANTAGES / Cons of all types of Entities and Firms in Singapore.
4
Click here to view BOTH the Advantages / Pros and Disadvantages / Cons of different types of Firms and Entities 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.

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 links to learn more about:

Conducting Annual General Meeting (AGM)

Filing of Annual Return (AR)

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))
Click here to learn more about the comparison of all Work Passes 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. 

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.

Is maternity leave applicable to foreign female employees?

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

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:

Type of Passholders All conditions must be met:

Work Permit (WP) holders in Sectors:

  • Construction
  • Marine shipyard
  • Process
  • Must hold valid driving licence recognised by the Traffic Police.
  • Must hold driving-related occupations such as “Lorry/Truck Driver”, “Driver” or “Worker-cum-Driver”.

WP holders in Manufacturing sector

  • Must hold valid driving licence recognised by the Traffic Police.
  • Must be required in their course of work.
  • Must be in accordance with their occupation stated on their Work Permit.

WP holders in Services sector 

  • Must hold valid driving licence recognised by the Traffic Police.
  • Can drive during work as part of Job Flexibility Scheme.
  • No need to hold driving-related occupations.
  • Note: Employers are reminded to use job flexibility sensibly and reasonably.

S Pass holders

  • Must hold valid driving licence recognised by the Traffic Police.
  • Must be required in their course of work.
  • Must be in accordance with their occupation stated on their S-Pass.

Employment Pass (EP) holders          

  • Must hold valid driving licence recognised by the Traffic Police.
  • No occupational restrictions.

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.

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?

1
Click here to learn more about Singapore Citizenship in details such as eligibility, processing, guidelines, etc.
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Click here to learn the COMPARISON SUMMARY about Features / Benefits / Pros / Advantages and Cons / Disadvantages / Drawbacks of attaining naturalized Citizenship in Singapore / obtaining Singapore Citizenship / becoming Singapore Citizen / conversion of Singapore Citizen.
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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)?

1
Click here to learn more about Singapore Citizenship in details such as eligibility, processing, guidelines, etc.
2
Click here to learn the COMPARISON SUMMARY about Features / Benefits / Pros / Advantages and Cons / Disadvantages / Drawbacks of attaining naturalized Citizenship in Singapore / obtaining Singapore Citizenship / becoming Singapore Citizen / conversion of Singapore Citizen.
3
Click here to learn IN DETAILS about Features / Benefits / Pros / Advantages and Cons / Disadvantages / Drawbacks of attaining naturalized Citizenship in Singapore / obtaining Singapore Citizenship / becoming Singapore Citizen / conversion of Singapore Citizen.
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.

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:

Click here to view the comparison of Singapore Entities.

You are not required to know anybody to start a business but everything about business. To comply with Law, we will provide the local resident director also known as Nominee Director together with you as a foreign director to format the company.

  • Foreigners or foreign corporate entities can hold 100% shareholding in the company. However, certain nature of businesses are required to be with local shareholding in order to be eligible for some grants, etc.
  • Only one share with the value of S$1 for a Pte Ltd Co by sole (one) shareholder is allowed in Singapore.
  • Foreign entrepreneurs can establish a Private Limited Company, but only with a Singapore Citizen or Singapore Permanent Resident as a local director.

We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration along with all other requires services under one roof.

Click here to learn more about Comparison of Entities in Singapore.

 

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

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:

Click here to view the comparison of Singapore Entities.

Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it.

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

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:

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

GST-registered Businesses

For companies that are GST-registered, please refer to the Guide “Record Keeping Guide for GST-Registered Businesses” for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

For companies that are not GST-registered, please refer to the Guide “Record Keeping Guide for Non GST-Registered Businesses” for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.

Using an accounting software helps businesses improve record keeping and comply with tax obligations. Businesses can also use the information captured in the software to ensure that operations are effective and efficient. The IRAS’ Accounting Software Register lists the accounting software that are able to meet IRAS’ technical requirements and businesses considering to use an accounting software for record keeping are encouraged to consider those in this list.

Any small scale form of business can be registered for a Partnership where the risks are at low level since the Partners are personally liable for debts loans and losses of the business.

Eg: Employment Agency, Renovation Business, etc

Any small scale form of business can be registered for a Sole Proprietorship where the risks are at low level since the owner is personally liable for debts loans and losses of the business.

Eg: Saloon, Minimart, etc.

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