Wage Credit Scheme Payouts for 2020
Employers should make CPF contributions for employees by 14 January 2020 to receive Wage Credit Scheme payouts; Digital payment modes for speedier payouts – Employers will receive Wage Credit Scheme payouts through PayNow Corporate or GIRO. Employers who have not already done so are advised to set up a PayNow Corporate account or register for GIRO early. https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2019/Wage-Credit-Scheme-Payouts-for-2020/
Continue ReadingSingle Filing Deadline from 2021
Currently all companies, including those with no business activities or those in a loss position, is to e-File their Year of Assessment (YA) 2019 Corporate Income Tax returns (Form C-S/ C) by 15 Dec 2019, or by 30 Nov 19 if they paper file. The extended filing deadline of 15 Dec will no longer be available in 2021. This means that all companies will be required to e-File their YA 2021 Corporate Income Tax returns by 30 Nov 2021. IRAS will remind companies of this filing due date nearer to 2021. For more details please refer to IRAS website: https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2019/File-Corporate-Income-Tax-Returns-by-30-Nov–15-Dec-Extended-Deadline-for-Companies-that-e-File/
Continue ReadingForeign Company Setting up in Singapore
Check out the video to learn about the requirements for foreign businesses setting up operations in Singapore. WATCH VIDEO:
Continue ReadingApplication for Licences Made Easy
LicenceOne has been rebranded and is now known as GoBusiness Licensing. From 31 Oct, once a business owner successfully registers his business in BizFile+, he will be guided to the new GoBusiness Licensing portal to apply for the licences required to operate his business. The new portal, which replaces the current LicenceOne portal, is a one-stop portal for businesses to apply for licences they need easily and efficiently. The portal allows business owners to obtain multiple licences simultaneously in a simplified application and payment process. Please note that CorpPass is the only login method for online corporate transactions with more than 140 government digital services, including GoBusiness Licensing. For details please refer to link from Gobusiness Licensing website: https://www.ifaq.gov.sg/GoBusiness/apps/fcd_faqmain.aspx
Continue ReadingChanges to BizFile+ Filing Access for Registered Filing Agents
From 1 Sep 2019 onwards, new security measures will be introduced for Registered Filing Agents’ (RFA) filing access to the Accounting and Corporate Regulatory Authority’s (ACRA) online business registration and filing portal known as BizFile+. Existing RFAs will only be allowed to perform filing on behalf of their clients after adding them onto the RFA’s client lists in BizFile+. RFA will receive a notification from ACRA via email for any addition or removal to RFS’s filing access. For details of the changes refer to link from ACRA: https://www.acra.gov.sg/corporate-service-providers/changes-to-bizfile-filing-access-for-registered-filing-agents
Continue ReadingCorporate Tax Filing Season 2019 – is Now Open
Companies can start to e-File their Year of Assessment (YA) 2019 Form C-S/C at myTax Portal. This year, companies with revenue of more than S$1million in YA 2018 are required to e-File their Corporate Income Tax returns. By 2020, e-Filing will be compulsory for all companies. For more details refer to the link from IRAS: https://www.iras.gov.sg/irashome/CorporateTax2019/ Haven’t appointed a tax agent? Contact us for your company’s tax filing obligations.
Continue ReadingWage Credit Scheme Payouts for 2019
Employers are reminded to make CPF contributions for employees by 14 January 2019 to receive Wage Credit Scheme payouts. For more details refer to the link from IRAS: https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2018/Wage-Credit-Scheme-Payouts-for-2019/
Continue ReadingSpecial UEN (SUN): Choose Your Preferred UEN
From 9 February 2018, entity owners have the option to choose, at a fee, a preferred UEN from a list of reserved UENs during entity incorporation/registration or conversion. This preferred UEN is known as Special UEN (SUN). Tier 1 number – Fee S$3,000 Number with consecutive same number, or any number combination involving the number ‘8’ Tier 2 number – Fee S$1,000 Number with repetitive pattern (excluding the number ‘8’), or ending with triple identical number (such as ‘222’, ‘666’, ‘777’) For more details refer to the link from ACRA: https://www.acra.gov.sg/SUN/ To view the available SUNs, please refer to ACRA website. Alternatively you may contact us for the updated available SUNs.
Continue ReadingEnhancing Corporate Transparency – More business information released for free public access
To further enhance corporate transparency in Singapore, ACRA is releasing more business information for public to access freely. Public can refer to ACRA’s free Entity Search function in the BizFile+ portal now to find out the entity’s business activity (SSIC), filing history and validity of the registered business address. ACRA plans to release even more information for public to freely access later this year. It is therefore crucial for company to engage competence accountant and company secretary to ensure all its compliance matters are met in an efficient and timely manner. https://www.acra.gov.sg/enhanced_entity_search/
Continue ReadingAdding value to your business Needs
From 2 June 2017 all newly registered/incorporated entities will be given a free copy of their Business Profile upon successful registration/incorporation. Existing business entities registered with ACRA will also receive a free copy of their Business Profile after successfully renewing their business registration, or filing their Annual Returns or Annual Declarations. https://www.acra.gov.sg/Free_Business_Profiles/
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