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Procedure for Application of S Pass Singapore
  • Article, Singapore

Procedure for Application of S Pass Singapore

Singapore is a global economic powerhouse with an enterprise-friendly environment that attracts entrepreneurs, investors, and corporations. The S Pass is a work visa for mid-skilled foreign professionals seeking employment in Singapore.
What is S Pass?

The S Pass is a work visa designed for mid-skilled foreign professionals, including journalists, accountants, and technicians, who are interested in working in Singapore. Managed by the Singapore Ministry of Manpower (MOM), the S Pass provides qualified candidates with access to a range of career opportunities in the city-state.

The S Pass allows eligible candidates to stay in Singapore for up to two years initially. The visa can be renewed for an additional three years, providing a maximum total stay of five years.

Singapore offers foreign workers various forms of work passes depending on their background. These work passes are issued and handled directly by Singapore’s Ministry of Manpower (MOM). There are four types of schemes for foreign individuals wishing to be employed in Singapore.

  • S Pass
  • Personalized Employment Pass (PEP)
  • The Employment Pass (EP)
  • Entrepreneur Pass (Entre Pass)
  • The S Pass has strict regulations.
Document Required for S Pass in Singapore

The S Pass is designed for mid-skilled company workers. Technicians, accountants, programmers, typically apply for the S Pass in Singapore. The employer shall apply for your S Pass online through company’s EPOL account with MOM. The number of S Pass holders a company can employ is capped according to its industry’s Dependency Ratio Ceiling (DRC). The documents you need to provide when you apply for an S Pass include

  • The S Pass Application Form – filled and notarized
  • A formal letter of declaration (justifying your identity and request)
  • A copy of your passport’s ‘personal details’ page
  • Marriage certificate (if any)
  • The business profile of the company you plan to work for
  • Copies of all educational certifications, transcripts, mark sheets, etc.
  • Proof of professional experience
  • Letter of support from a Singaporean professional association or accreditation agency. For instance, a doctor will need to provide an official letter from the Singapore Medical Council, and lawyers will need an official letter from Singapore’s Legal Services Regulatory Authority
Eligibility for the S Pass in Singapore

The S Pass is a type of work visa designed for mid-level skilled workers employed by companies operating in Singapore. An application is assessed based on a point system with consideration for each of the following factors: salary, education qualifications, skills, job type and work experience. Here are the eligibility criteria for S Pass applicants

  • There are no nationality-based restrictions
  • Work experience in their respective field
  • Have a degree, diploma, or technical certificate from accredited institutions
  • Guarantee a fixed once-a-month salary of no less than $2,400. Older, more skilled applicants have to cross higher monthly salary brackets
  • Family members can only apply if their pass holder earns at least $6,000 per month. They will apply for a Dependent’s Pass for their spouse and children
Here is The Process to apply for Permanent Residency (PR) in Singapore
Read More
Application for S Pass
The application process for S Passes is equally simple. Have your employer or a third party (with your letter of consent) to apply for your S Pass. The submission process of the pass costs $75/pass. After getting the pass issued, the issuance process costs $100/pass. The MOM processing time is three weeks and the concerned authority will inform your company when it is approved.
Procedure for application of S Pass Singapore

Here are the steps for applying for an S Pass

  • Provide a letter of consent to your employer/third-party member to apply for the pass. The letter should state your employment agreement
  • Your employer/agency fills out the S Pass Application Form online
  • Attach all the required documents (find a list of required documents on your S Pass Application Form)
  • Pay the initial processing fee of $75
  • Receive the In-Principle Approval (IPA) letter. Have this letter delivered to you by the employer/third-party
  • Enter Singapore on a single-entry visa with the IPA
  • Follow the medical documentation guidelines mentioned in the IPA
  • Carry documents you’ll need to get your pass issued
Validity of S Pass
The S Pass has a validity of up to 2 years and is renewable as long as the pass holder remains employed in the company, subject to the prevailing conditions imposed by the authority at the time of renewal.
Benefits of S Pass
Applicants whose fixed monthly salary is at least S$6,000 may apply for Dependant’s Pass and/or Long-Term Visit Pass for their immediate family members.
Permanent Residence Eligibility
S Pass holders are eligible to apply for Singapore Permanent Residency. Applicants are advised to wait for at least 3 years before applying for Permanent Residence.
Getting a Singapore Skilled Workers Pass
The Singapore Skilled Workers Pass is different from PEPs, Entrepreneur Pass, etc. Application success rates for Skilled Worker or ‘S’ passes vary based on the industry. If you are looking for assistance to complete the legal formalities for your company’s employees, you can always consult with experts and let them handle the formalities.
If you need assistance in applying for or renewing your S Pass, IMC Group can handle everything for you.

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A Comprehensive Guide into Dormant Companies in Singapore
  • Article, Singapore

A Comprehensive Guide into Dormant Companies in Singapore

Any registered business organization that isn’t actively trading or doesn’t have any income is referred to as a dormant company in Singapore. A firm can be deemed dormant if it no longer: sells or purchases anything, employs people, receive income or pay dividends. While the concept of a dormant company in Singapore is not new, the Accounting and Corporate Regulatory Authority (ACRA) and the IRAS (Inland Revenue Authority of Singapore) define a dormant company differently.

ACRA’s definition of a private dormant relevant company

ACRA exempts dormant company from preparing financial statements as well as holding physical AGMs. The authority considers a company to be dormant if it had no accounting transactions in a given period of time. However, ACRA offers certain exceptions for activities that are related solely to maintain the company compliant with the authority. ACRA will deem your firm dormant even if it does the following:
  1. Pays penalties, fines or fees to Accounting and Corporate Regulatory Authority
  2. Employs a new secretary
  3. Maintains registers or books
  4. Initiates payment of any composition amount
  5. Appoints auditors

How To Obtain Tax Residence Certificate In Singapore? READ MORE


IRAS’s definition of a dormant company

The IRAS classifies a company as dormant in Singapore when they do not record any income or revenue for a set period of time even though the company might have been booked or recorded expenses. According to the IRAS, incurring statutory expenses does not affect a company’s dormant status.

All Singapore company incorporations must be in compliance with the ACRA and the IRAS. In order to enjoy the benefits of a dormant company, it is ACRA that should identify a firm as formant. ACRA exempts a dormant company from preparing financial statements, whereas IRAS releases it from the tax filing obligations.

How to get your company classified as officially dormant?

The procedure one must follow to inform the authorities in Singapore (IRAS and ACRA) is very similar to the one you follow while preparing your annual filings. The main part is to ensure that you comply with the requirements set by both the authorities. If you’re planning to incorporate a “dormant” company, then you must incorporate it regularly, as if it were a usual limited liability firm.

Filing requirements for a dormant company in Singapore

1. Filing annual returns with Accounting and Corporate Regulatory Authority (ACRA)

In Singapore, a dormant firm will be exempted from preparing its financial statements under Section 201A of the Companies Act, if:

 The company does not have accounting transactions

 The company isn’t a listed firm or a subsidiary company of a listed organization

 The company’s total assets at any time in the financial year does not surpass $500,000 in value or such other amount as may be prescribed in substitution by the Minister.

Please note that a dormant firm that’s exempted from preparing its annual financial statements must still prepare a management accounts to receive approval at the firm’s AGM.

2. Filing your taxes with the Inland Revenue Authority of Singapore (IRAS)

Once deemed dormant, you can apply to the IRAS to be exempted from your obligation to file a tax return. In order to do so, your company must meet the following requirements.

 The firm must not own any investments (for instance, shares, properties etc). If you hold investments, you should not use it to generate any income for the firm.

 The firm must declare that it will not start any sort of business transactions in the next two years.

 The company must have filed all the financial statements and tax computations up until the firm stopped trading.

 The firm should have de-registered for Goods and Services Tax (GST).

These processes are easier to implement when you seek professional aid from accounting services in Singapore.

What’s the procedure to recommence a dormant business?

Once a dormant company restarts business activities, you should notify the IRAS within 1 month from the date the income was earned. This can be done by emailing [email protected] and requesting for an Income Tax Return. The IRAS has clarified that the email must have the following details:

 Subject heading: “Recommencement of business and request for Income Tax Return”

 Name and the Unique Entity Number of the firm

 Date of recommencement of business and new principal activity (if applicable).

 Date of receipt of other source(s) of income e.g. interest, dividend, rent, etc. (if applicable).

How to close a dormant company in Singapore?

If you have decided to close your current dormant company, then you must submit an application to ACRA affirming your desire to have your company’s name removed from the register of companies. The application has to be filed by your company secretary, the director or your registered filing agent. It can also be e-submitted through Biz File Portal.

Corporate secretarial services in Singapore is no easy job. However, with some external professional help, it’s a cakewalk. Reach out to the experts at Intuit Consultancy to know more.

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Here is All you Need to Know About ACRA BizFile in Singapore
  • Article, Singapore

Here is All you Need to Know About ACRA BizFile in Singapore

BizFile was introduced in Singapore over 15 years ago and it was considered as a serious innovation in government communication with the business. Presently, ACRA is  being utilized to make online data management simple, swift, and efficient.

In this article, we are sharing a detailed insight into ACRA BizFile and how it works.

Anyone who intends to start a business in Singapore is required to register all the business’ relevant information with the Accounting and Corporate Regulatory Authority (ACRA). To improve this process of Singapore company incorporation, ACRA introduced BizFile which is an online web directory system to file and retrieve corporate data. In 2016, ACRA made a major update to improve the speed and efficiency of the portal and renamed it BizFile+, which is currently providing more than 400 services electronically to the businesses of Singapore.

What Can One Do with ACRA BizFile?

As an entrepreneur in Singapore, you or your corporate secretary will be interacting with the portal regularly. Here are the major activities (including but not limited to) that you can perform using BizFile.

  • Company’s online registration
  • Cessation of your company
  • Making changes in information like the company’s address or hierarchy
  • Annual return filings
  • Getting industry reports
  • Approval investigations with referral professionals
  • Accessing the central directory of UEN


Filing of the Company’s annual returns; Change the Company’s particular

The entire the interface of the portal is completely user-friendly and provides you with direct payment methods and you also get confirmation emails and SMS after every transaction.

How can one register a company with ACRA BizFile?

For registration, you need to log in to the portal of BizFile+. If you are doing it for the first time, you will need a SignPass. This is the Singapore Personal Access Password which is available only to Singapore Residents. It serves as a digital signature to verify your identity. Foreigners, willing to start a business, will have to hire Corporate Service Providers, who will grant access on their behalf. After login, you need to fill in the required information about your business and adhere to the mentioned instructions. Once the setup gets completed, you will need a CorpPass to make transactions for your entity. CorpPass has the same rules as SignPass and is granted only to Singapore Residents or some work pass holders.

Details to be submitted for incorporation

You need to provide the following details online for registration purposes.

  • Type of company
  • Approved intended company name
  • Key activities of the company
  • Details of directors (Every the company should at least have one Singapore citizen or employment pass-holder as a director)
  • Details of shareholder or contributors
  • Details of share capital
  • Registered address details (locally registered address only)


You should fill all these details with complete attention because making changes, later on, is quite extensive and boring.

How to File Annual Returns with ACRA BizFile?

For this, you need documents like the company’s financial statements and the latest necessary information about the shareholders and directors of your company. The following steps are helpful to file the annual returns easily.

  • After the financial year-end, prepare and complete all financial statements that are generally made by in-house or outsourced financial staff.
  • Schedule an AGM where all the directors and secretaries present the above financial statements to the shareholders.
  • After the approval by shareholders, all the information can be uploaded on the BizFile portal easily along with other required details.


Certain companies can submit the return even without conducting an AGM and are exempted from some provisions. However, the submission for others needs to be completed within 30-days after the AGM to avoid any kind of penalties and fines.

Benefits of using ACRA Bizfile

The following are the major notable benefits of ACRA’s BizFile platform.

  • Convenient for businesses
  • Easy management along with data accuracy
  • Faster and cost-efficient as no paperwork exists
  • Better operational performance
  • Provides direct payment gateways
  • Better compliance with regulatory requirements
  • Reliable information is available in industries.


Conclusion

ACRA’s BizFile is a complete and intelligently designed portal to take care of all processes of business registrations in Singapore. The interface is user-friendly and accessible to all for any kind of business services like making changes, renewing information, purchasing information, and checking transactions directly. There are many company secretarial services in Singapore who can take care of all your necessary work on the portal. All foreign citizens or businesses require the support of such services because of unique rules by ACRA. BizFile is helping Singapore citizens since 2004 and is constantly improved for better usage by everyone.

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A Comprehensive guide to the Inland Revenue Authority of Singapore (IRAS)
  • Article, Singapore

A Comprehensive guide to the Inland Revenue Authority of Singapore (IRAS)

Singapore is widely recognized for its highly-efficient and competitive tax system, which lets companies, partnership firms, sole proprietor and entrepreneurs (individuals) enjoy low tax rates and several types of tax relief. The Inland Revenue Authority of Singapore (IRAS) is the central tax administrator of the country. It falls under the Ministry of Finance’s authority and operates as a chief tax advisor to the Singaporean government. The IRAS is mainly in charge of collecting taxes. It collects taxes, which account for around 70% of the government’s operating revenue that supports the nation’s economic and social programs. These programs are aimed at achieving an inclusive society and quality growth. All in all, the two main functions of the IRAS is to collect all types of taxes and act as a tax advisor to the state.

As a part of its public engagement, IRAS works with tax agents as partners in administering the Singapore tax system and in facilitating tax compliance. As the main tax authority under the Ministry of Finance, IRAS plays a crucial role in tax policy creation by providing policy inputs in addition to the technical and administrative implications of each policy. IRAS also actively monitors developments in external economic and tax environment to spot areas for policy review and changes. It aims to create a competitive tax environment, which fosters the growth of enterprises in the nation. Other non-revenue operations carried out by IRAS include representing the state in tax treaty negotiations, offering advice on property valuation and drafting of tax legislation.

Types of taxes that the IRAS deals with

Let’s take a look at some of the taxes that the Inland Revenue Authority of Singapore deals with.

Please note that capital gains, inheritance and dividends are not taxed.

Some taxes such as Customs and Excise Duties and Water Conservation Tax are administered by other ministries and not the IRAS.


History of the Inland Revenue Authority of Singapore

To manage the Income Tax Ordinance that was enacted earlier, the Singapore Income Tax Department was unveiled in 1947. The overall tax collected from 1 January 1948 to 31 December 1949 amounted to $33.2 million. Inland Revenue Department was created in 1960 when multiple revenues collected by multiple separate agencies were unified in one centralized place. This paved way for the creation of the Inland Revenue Authority of Singapore.

In 1992, the IRAS was created by legislation as a statutory board under the authority of the Ministry of Finance. It look over the operations that were previously carried out by the Inland Revenue Department.


Structure of the Inland Revenue Authority of Singapore

The IRAS is divided into multiple departments as it deals with both citizens and business organization. Below is a comprehensive flowchart representing the workflow division in the Inland Revenue Authority of Singapore.


How to deal with the Inland Revenue Authority of Singapore?

In order to find out your tax status, one (individuals and business organizations) must sign in to the IRAS personal account called as myTax Portal. Individuals logging in will need their SingPass ID, whereas business/companies accounts will require a CorpPass ID to log in.
It is also possible to connect your accounting software tool to the Inland Revenue Authority of Singapore. To do this, however, the accounting software you use should meet the technical requirements IRAS has set and must make it to this list of approved software meet the technical requirements that the IRAS has established. The software must also make it to this list of approved software applications. There are also other easy ways to manage accounting services in Singapore.


How to reach out to and connect with the Inland Revenue Authority of Singapore?

Alternatively, you can also call the IRAS hotline number, email them or visit the office. The helpline operating hours are from Mondays to Fridays – from 8 am to 5 pm (for all enquiries).

If you are looking to speak to a tax officer, then you can find all the relevant helpline numbers by clicking here. https://www.iras.gov.sg/irashome/Contact-Us/Call-us/

Individuals who want to enquire on business registration and business advisory matters can call the below listed numbers:

  • ACRA Helpdesk:

    6248 6028

  • Enterprise Infoline:

    6898 1800

  • CorpPass Helpdesk:

    6643 0577

You can also find answers to common questions by referring to the IRAS’s FAQ section at https://www.iras.gov.sg/irashome/Contact-Us/Call-us/.


In conclusion

Company formation in Singapore is becoming easier as the nation has continued to attract talent from around the globe by offering low personal tax rates. The main focus of the IRAS is to make the process of collecting taxes easy and help in boosting the nation’s economy. Singapore has been adopting several digital strategies to ease the burden of tax reporting to their citizens.

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Ready-to-Eat Food Market in Singapore Primed for Growth
  • Newsletter, Singapore

Ready-to-Eat Food Market in Singapore Primed for Growth

For the forecast period of 2019-24, it is estimated that Singapore’s ready-to-eat food (RTE) market will achieve a CAGR (Compound Annual Growth Rate) of 2.6%. Due to the increased exposure to numerous cultures, Singapore’s citizens are experimenting with new and different foods. This has given RTE foods an opportunity for growth in conjunction with this recent culinary trend of experimenting with people’s diets.

Consequently, the country’s food supply chain is undergoing continual organization and has witnessed an increase in product circulation across applicable retail channels. As a result, this has led to increased Ready-To-Eat food sales throughout the consumer marketplace. Furthermore, regulatory authorities have introduced initiatives that are driving the food market where this is concerned which includes checks on quality and safety standards. This includes efforts on behalf of the Singapore Health Promotional Board to increase awareness of fish products and frozen foods.


Industry Analysis

One of the major Asian trade destinations, Singapore is seeing the growing prevalence with an increase in the use of instant foods. Recent analytical statistics show the RTE foods are gaining increased popularity based on convenience among Singapore’s dual income families. This means that these busy families prefer the convenience of RTE foods due to the constraints of their daily lives and schedules. RTE foods were developed to save people time in the kitchen while reducing the costs related to spoilage. Due to increased family incomes, individuals are now purchasing prepared foods regardless of the price.

Additionally, as the number of dual income families continues to increase in Singapore, more females are entering what used to be a male-dominated workforce. According to statistics presented by the World Bank labor force, the percentage of women in the job market has increased from 43.5% to 45.13% during the period of 2010 to 2018. As more females enter the workforce, they will be spending less time in their kitchens. So, RTE food sales should continue to increase during the forecast period of 2019-24. During the pandemic, interest in self-sufficient soared and the impetus on quick instant foods has seen a spike. There has been an increase in the RTE sale across the consumers along with the ease of product circulation in retail channels.


Fastest Growth Segment

Singapore has emerged as one of Asia’s major trade destinations and continues at an exponential pace. As people’s lifestyles have become increasingly hectic in recent years, the prevalence of instant foods has grown in similar fashion. Since RTE foods are so convenient, fewer Singaporeans are using their kitchens. This has not only led to an increase in the number of brands that are producing RTE noodles, it is the fastest growing food sector in the marketplace. Some of the leading brands include Nestle Maggie and Nissin foods that are targeting the Singapore market that is evolving with changing consumption patterns. Other market members are now being more innovative with their product portfolios as a result, thereby causing a significant shift in the competitive landscape.

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Know More About Zoho Books Cloud Accounting Implementation & Benefits
  • Article, Singapore

Know More About Zoho Books Cloud Accounting Implementation & Benefits

Singapore is known for transparency in its government and its Accounting policies and procedures. Accounting in Singapore is governed by strict rules, regulations, guidelines, and more that are established by Singapore’s government. Many Singapore-based and international businesses are responding by using accounting software programs that conform to Singapore’s national accounting system. One of these software programs is Zoho books. More about this revolutionary software program will be explained below.

Zoho Books Cloud Accounting

 The Zoho Books accounting software program integrates into the vast cloud network. This keeps your Singaporean-based or international business’s information safe, permanent, and accessible from anywhere. It contains many features and tools that will make it easier for your business to easily conform to and follow Singapore’s vast and strict accounting system, guidelines, rules, and more!

You can keep track of your financial and other business operations through the following features that automate them, keep records of them, and store them on a vast and permanent system (the cloud!)

  • Automating repeat and mundane/standard tasks – these include data entry for statement and account reconciliation, invoices, various financial/accounting statements, and more!
  • Streamlining the tax process – you can simplify the entire process of preparing and tracking tax documents by automating them and putting them online. Now you’ll always know where all your documents are. You’ll also know where you stand in terms of Singapore’s national tax law!
  • Have globally accessible data – when you use an accounting program that is connected to the cloud, you’ll store your information on a network that can be accessed from anywhere!
  • Use your accounting information with other business programs – since accounting is one of the pillar functions of business, it is necessary to integrate it into all of your other business operations. For example, you can integrate Zoho books into leading CRM software programs. This will streamline your billing cycle and operations. It will also make it easier for you to keep track of your sales pipeline, processes, and cycles.
  • You’ll save the environment – by automating your information and placing it on a virtual and global system, you lessen the need for hard copies of your statements and other financial records. This saves trees and the environment. It also eliminates the possibility of losing vital documents, and it helps you better manage your accounting systems and cycles.

Zoho Cloud Accounting Singapore

When you use Zoho Cloud accounting in Singapore, you’ll have access to many features and tools that will give you almost ‘superpower abilities’ in terms of tracking and managing your financial documents and accounting systems. For example, you can instantly create and send out invoices to your customers. This ensures that payment occurs quickly and easily. You can also connect your invoices to be sent out and linked to a system that accepts electronic payments.

You can also do internal account and business management by emailing out regular reports about different and various aspects of company performance. You can improve these metrics through regular meetings with pertinent employees. Zoho offers you access to a dashboard. This provides you with a general overview of all of your business activities and operations from a financial standpoint. You can always ‘be in the loop’ with this valuable feature.

Zoho Accounting Price

Zoho comes in three plans:

  • Basic – this one costs nine dollars a month. You’ll get the following features:
    • Maximum of 50 contacts
    • 2 users
    • 5 automated workflows
    • Bank reconciliation
    • Custom invoices
    • Expense tracking
    • Projects and timesheets
    • Repeat transactions
    • Sales approval Budgeting
    • Zoho sign integration
  • Standard – this will set you back $19 a month. You will get the following features
    • All of the basic plan features
    • Store up to 500 contacts
    • 3 users
    • 10 automated workflows/module
    • Bills
    • Vendor credits
    • Reporting tags
    • Purchase Approval
    • Twillio Integration
  • Professional – you’ll pay $29 a month for the following features/abilities:
    • All standard plan features
    • Store more than 500 contacts
    • Up to 10 people can use
    • 10 automated workflows/modules
    • Purchase orders
    • Sales orders
    • Inventory
    • Custom domain

Zoho Implementation procedure

Follow these steps if you want to start using Zoho in your company:

  • Create a diagram of all of your business and sales processes
  • Filter out anything not related to CRM
  • Import custom fields if you need them
  • Prepare and test your data. Then import it
  • Use Zoho. test the information and the system to see how it works. Fix any bugs immediately.

Zoho Accounting software

 Zoho lets you do the following in relation to Accounting and CRM:

  • Invoicing – you’ll get paid immediately by customizing invoices and sending to your customers electronically
  • Estimates – you can manage your corporate sales budgets by creating professional invoices. You can then send them out to customers immediately
  • Client portal – consolidate your customers’ transactions in an easy to view place and screen. This will give your customers freedom and confidence.
  • Expenses – track your expenses accurately and electronically. You’ll be able to upload receipts. This will keep you ‘on top of the ball’ because you’ll always know who you owe money to and where your sales revenue is going.
  • Bills – automated billing will help you track and manage your accounts receivables
  • Banking – you can easily import and organize all of your banking transactions. This will help your CRM and accounting/financial management systems.
  • Projects – by automating your projects, tasks, timelines, deadlines, deliverables, and more, you’ll always know what your real billing hours are. This translates into more savings and revenue for you.
  • Inventory – you’ll always know the real story with your inventory when you electronically track it. You’ll automatically be informed of stockouts. You’ll also know the speed at which your inventory moves. You can do sales analysis if you automate your inventory.
  • Sales orders – you can automate your sales process. This will allow you to send sales orders and receipts electronically. You can cross-check sales information before shipping orders out to customers.


These are just some of Zoho’s many features that will give you more control over your business processes and operations.

Singapore Zoho Packages

You pay in Singapore dollars for the following packages:

  • Free – you pay nothing for these features and abilities
    • Maximum of 20 subscriptions
    • 1 user
    • Hosted payment pages
    • Works for many currencies
    • Stripe compatible
    • Allows offline payments
    • Measures data related to customer subscriptions
    • 24-hour email customer support on the weekdays
  • Basic – you pay $39 a month. The magic that this package will let you work is:
    • Ability to store up to 500 clients
    • 3 people can use
    • 3 automated workflows/modules
    • All free plan features plus
    • REST API & Webhooks
  • Standard – this sets you back $79 a month, but you’ll get these features:
    • Store up to 2,000 clients
    • 5 people can use
    • 10 automated workflows/module’s
    • All basic plan features plus
    • Web tabs
    • Customer portal sign-on
    • Domain branding
    • Custom buttons
  • Professional – you’ll pay $199 a month for:
    • Store up to 5,000 users
    • 10 people can use
    • 10 automated workflows/modules
    • All Standard plan features plus
    • 24-hour live chat support during the weekdays.

Singapore Zoho subscription

Refer to the previous section for information on this. The Singapore Zoho subscription offers business owners in Singapore access to features that automate crucial business processes and operations. This helps them substantially increase their sales revenue streams and lower their expenses.

Singapore businesses can’t go wrong with Zoho

Indeed, having the Zoho cloud Accounting and CRM program suite is like having a staff of in-house MBA educated consultants working with you. You simply can’t fail in your industry if you choose Zoho.

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Singapore Businesses and Workers to receive $33 Billion Stimulus
  • Newsletter, Singapore

Singapore Businesses and Workers to receive $33 Billion Stimulus

With the recent rise to 3.3% of the resident unemployment rate, Singapore’s Deputy Prime Minister announced on May 23rd that another $33 billion SGD ($23.2 USD) will be allocated to business and workers in order to support the country’s economy.  This stimulus, known as the “Fortitude Budget”, contains $2.9 billion SGD for job loss prevention and includes job support enhancements that will help to retain workers by co-paying their salaries. For those looking for Singapore company formation, this might be the apt time to act.

Additional Budgets have been introduced

Furthermore, the stimulus provides the $3.8 billion SGD that will help with controlling the Coronavirus.  In addition to this, Deputy Prime Minister Heng Swee Keat, who is also Singapore’s finance minister, was instrumental in introducing:

  • the Unity Budget in February ($6.4 billion SGD)
  • the Resilience Budget in March ($48 billion SGD)
  • the Solidarity Budget in the early part of April ($5.1 billion SGD)


Furthermore, the government added another $3.8 billion SGD to the Solidarity Budget later that same month.  Along with these budgets, the government has allocated nearly $100 billion SGD (roughly 20% of Singapore’s GDP) to help overcome the damage the pandemic has done to the country’s economy. They extend their assistance for those investors looking for Singapore company incorporation.

Deputy PM, Heng gave assurance that the government will protect the interests of the workers and will do its best to preserve jobs. The foreign worker tax waiver has been extended for 2 months for those businesses that have not been allowed to resume activities on site.  They are introducing a Bill to mandate the landlords to give mandatory rental waiver to SME tenants as there has been a drop in the revenue of these companies in the last few months. To set the trend, the government is giving 2 months waiver on rent for commercial tenants and 30 days waiver for agricultural, office and industrial tenants.

Economic Impact

Heng went on to assure the government that they will try to preserve jobs and protect every employee throughout this crisis.  Additionally, the government will extend the foreign worker levy waiver and rebate up to 2 months for businesses that have had to shut down their operations.  This includes firms in the building, marine and offshore, and process industry sectors.

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Trademark registration process in Singapore
  • Article, Singapore

Trademark registration process in Singapore

A trademark is a type of intellectual property rights which includes any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods/services of one seller or provider from those of others, and to indicate the source of the goods/services.

By and large, it is not necessary to register your mark in Singapore. However, registering the mark shall:

  • Prevents other to adopt the same or similar mark;
  • Help to effectively enforce your rights over the mark;
  • Allows the registered owner to capitalize the trademark by licensing or assigning it;
  • Give right to use the symbol ®; and
  • Provide up to 400% tax rebates from the Government under the ‘Productivity and Innovation Credit Scheme’. This rebate is provided in order to balance the costs of registering for a trademark.
 

How to register a trademark in Singapore?

Before filing the application for trademark registration in Singapore, it is essential that you have ascertained that:

  • the mark is distinct and capable of being represented graphically;
  • does not conflict with a prior existing mark; and
  • is not descriptive.

Once the above is confirmed, one may proceed to file the application with the authorities. The registration process in Singapore can be summarized in the following four stages:

 

Stage 1 : Filing Application

The application for the trademark will contain the following information:

  • name and address of the applicant(s);
  • graphical representation of the mark;
  • class and description of the goods/services for which the trademark is applied for;
  • period of use (if any); and
  • application fees.
 

When applying for a trademark registration in Singapore, it is important to make sure that the goods and services listed in the application must comply with ICGS (International Classification of Goods and Services).

Intellectual Property Office of Singapore (IPOS) oversees the Trademark Registration process. A registrar will check if the above-mentioned requirements has been complied with. If so, the application will proceed to Stage 2.

 

Stage 2 : Examination

At this stage, a formal search is conducted by the registrar to rule out any conflict. The registrar will also scrutinize an application to determine if a mark can be registered in accordance to the Singapore Trademark Laws. For example, a mark that contains an in-distinctive character does not conform to the Trademark Laws. If the mark is acceptable, the registration process will move to Stage 3.

 

Stage 3 : Publication

The applicant is notified regarding the acceptance of the application for registration once it has been scrutinized for possible anomalies. An accepted application is published in the trademark journal which enables the interested parties to oppose to the registration of a mark within two months from the date of publication. The trademark office notifies an applicant if any objection has been filed against a mark, if not the application proceeds to Stage 4.

 

Stage 4 : Registration

A trademark will be registered if all objections were cleared up in favor of an applicant or if no objection was received from any party. A registration certificate is issued to an applicant after the completion of this process. Upon registration, the mark is granted protection for a period of 10 years and the trademark owner can use the symbol ® with the registered trademark.

If your business is looking to get a mark registered in Singapore or wants to get a clarity of the prefiling checklist, call IMC Group today. We shall be happy to assist you with your queries and the application process.

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Singapore Companies COVID 19 Stimulus Measures
  • Article, Singapore

Singapore Companies COVID 19 Stimulus Measures

Enhanced SME Working Capital Loan

  • The SME Working Capital Loan (which has been subsumed under the Enterprise Financing Scheme), will be enhanced to increase the maximum loan quantum to S$1 million.
  • The Government’s risk share will be increased to 90% and SMEs may request for deferment of principal repayment for one year.
  • Maximum repayment period shall be 5 years.
  • Interest rate shall be Subject to the Participating Financial Institutions (PFI’s) assessments of risks involved.
 
Eligibility Criteria: 

  • Be a business entity* that is registered and physically present in Singapore;

  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership.
  • Maximum Borrower Group** revenue cap of S$500 million for all enterprises.
  • For “SME Working Capital”, the SME definition refers to Group revenue of up to S$100 million or maximum employment of 200 employees.

Notes:
* ACRA registered Sole Proprietorship, Partnership, Limited Liability Partnerships and Companies are eligible to apply for the enhanced SME Working Capital Loan.
** Borrower Group consists of the following:

  1. Borrower; and
  2. Corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate parents (all levels up), and subsidiaries all levels down. (Annual sales turnover and employment size is computed on a group basis.)

Temporary Bridging Loan Program For Enterprises 
  • Eligible enterprises may borrow up to $5 million under The Temporary Bridging Loan Programme (TBLP) with the interest rate capped at 5% p.a.
  • The Government will provide 90% risk-share on these loans for new applications initiated from 8 April until 31 March 2021.
  • Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the PFIs.
 
Eligibility Criteria: 
  • Be a business entity* that is registered and physically present in Singapore.
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership.

Note:
* ACRA registered Sole Proprietorship, Partnership, Limited Liability Partnerships and Companies are eligible to apply for the Temporary Bridging Loan. Approval of the loan is subject to the PFI’s assessment.

Enterprise Financing Scheme (EFS) – Trade Loan Program For Singapore-based Enterprises  

  • Eligible Enterprises will be able to borrow up to S$10 million to finance short-term import, export and guarantee needs.

  • The Government will co-share up to 90% of the borrowing risk for new applications initiated from 8 April 2020 until 31 March 2021.
 
Eligibility Criteria: 
  • Be registered and operating in Singapore.
  • Have a minimum of 30% local shareholding.
  • Maximum Borrower Group* revenue cap of S$500 million for all enterprises

Note:
* Borrower Group consists of the borrower as well as corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate parents (all levels up) and subsidiaries all levels down. (Annual sales turnover and employment size are computed on a group basis).

SG Together Enhancing Enterprise Resilience (STEER)  
  • The Government will increase the dollar for dollar matching; S$1 for every S$2 raised by funds set up by the Trade Associations and Chambers (TAC) or industry groupings, up to S$1 million per fund.
  • To apply for the STEER programme, interested TACs and industry groupings can submit their proposals to Enterprise Singapore.
  • Proposals will be assessed on a case-by-case basis by Enterprise Singapore to ensure that the programme’s intent is met, and to consider operational arrangements, including the rigour of the fund management process, number of local small- and medium-sized enterprises (SMEs) supported, and types of assistance to be provided.
  • Upon qualifying for STEER, TACs and industry groupings will need to use the funds within 18 months.
  • Interested TACs and industry groupings can apply for the STEER programme from 3 Mar 2020 to 2 Mar 2021.

Medium And Longer-term Measures
Apart from the short-term measures to combat the negative economic impact brought about by COVID-19, the Government also announced certain medium and longer-term measures, amongst others, announced/ enhanced include:

1. Enterprise Development Grant
  •  The Government is aiming to reach out to 3,000 SMEs with the Enterprise Development Grant (EDG) that provides maximum support level of up to 80% support in three areas: Core Capabilities, Innovation and Productivity, and Market Access.
  • For enterprises that are most severely impacted by COVID-19, the maximum support level may be raised to 90% on a case-by-case basis.
  •  Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.

Eligibility:
  • Enterprise must be registered and operating in Singapore.
  • Have a minimum of 30% local shareholding (Singaporean/PR).
  • Be in a financially viable position to start and complete the project.

2. Market Readiness Assistance (MRA) Grant
  • Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.
  • Eligible SMEs will receive the following support:
  • Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
  1. Overseas market promotion (capped at S$20,000
  2. Overseas market set-up (capped at S$30,000)
  3. Overseas business development (capped at S$50,000)

  • The MRA Grant support level of up to 70% will be extended until 31 Mar 2023.

Eligibility:
  •  Business entity is registered/incorporated in Singapore.
  •  New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years.
  •  At least 30% local shareholding (Singaporean/PR).
  •  Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees.

3. Automatic Deferment Of Corporate Income Tax (CIT) Payments
  • All companies with CIT payments due in the months of April, May and June 2020 will be granted an automatic three-month deferment of these payments. The CIT payments that are deferred from April, May and June 2020 will be collected in July, August and September 2020 respectively.
  • Companies can expect to receive a letter from IRAS by April 2020.

4. Corproate Tax Rebate For YA 2020
  •  Companies will be granted a rebate of 25 per cent of tax payable, capped at $15,000, for the year of assessment 2020 – a move that will cost the Government about $400 million.

5. Property Tax Measures

Imposing obligations on property owners to pass on the PTR in full to tenants

  • Non-residential properties will be granted property tax rebate for the period 1 January 2020 to 31 December 2020. Commercial properties badly affected by COVID-19 like hotels, serviced apartments, tourist attractions, shops and restaurants will receive a 100% rebate. Other non-residential properties such as offices and industrial properties will get a 30% rebate on their property tax payable.
  • IRAS will send out the rebate notices by 31 May 2020. Property owners can expect to receive their refunds by 30 June 2020.

6. Jobs Support Scheme
  • The Jobs Support Scheme (JSS) introduced where eligible employers would receive a 25% cash grant (up from 8%) on the gross monthly wages of each local employee (Singapore Citizens and Permanent Residents) for the months of October to December 2019, subject to a monthly wage cap of $4,600 per employee.
  • Higher tiers of support on top of the base rate of 25% will also be given to businesses in severely-affected sectors.
  • The JSS will also be extended to cover nine months of wages (up from three months), which will be paid in two additional tranches in July 2020 and October 2020.
  • Under the Solidarity Budget, the wage subsidy for all firms will be raised to 75% of gross monthly wages for the first $4,600 of wages paid to all local employees in April 2020. The first JSS payout will be brought forward from May to April 2020.
  • With the extended circuit breaker period till 1 Jun 2020, the 75% wage support on the first $4600 of gross monthly wages for local employees across all sectors will be extended for another month, i.e. in the month of May 2020.
  • The JSS payout has also been extended to cover wages of employees of a company who are also shareholders and directors of the company (shareholder-directors).
  • Employers do not need to apply for the JSS. The grant will be computed based on CPF contribution data.

All local companies can take advantages of above grants, scheme, loans and measures.

We IMC are at your service, please feel free to contact if any queries:

Pankaj Kumar
[email protected]
+65 92340891

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What Forms Part of the Financial Statements
  • Article, Singapore

What Forms Part of the Financial Statements?

Financial statements are written records of the entity that provide its financial situation at a given point in time. These statements are used by the shareholders, investors, management, the board of directors, employees, suppliers, customers, bankers and other related stakeholders to get an overview of the financial results and condition of the business.

Financial statements comprise of three main components balance sheet, profit and loss statement and cash flow statement. Each of these components is crucial for understanding the financial affairs of the business. Besides, they also help in making sound business decisions.

So, let us understand these components in detail.


Key Components of Financial Statements


1. Balance Sheet

Balance sheet reflects the financial position of the company at a specific period. It shows the assets owned by the company on one side and sources of funds or resources used to own such assets and the amount of shareholding on the other side. The balance sheet depicts the financial strength of the company. Let us understand the components of the balance sheet in detail.

  • Assets

    Assets include tangible assets (in the form of fixed assets and current assets) as well as intangible assets (in the form of rights and other non-physical resources that add value to the business).

  • Liabilities

    Liabilities include the debts of the entity and any obligation that might arise during the course of business. In simple words, these are amounts owed to lenders and other creditors. Liabilities include current liabilities (in the form of bills payable, creditors, etc.) and non-current liabilities (in the form of term loans, debentures, etc.).

  • Equity or Owner’s Equity

    The owner’s equity is also termed as capital contribution by the owners. It is the balance amount that is arrived after deducting the liabilities from the net assets of the company. Practically, this is the capital available for distribution to shareholders in case of an event like liquidation. Owner’s equity includes capital contributed by the shareholders, retained earnings and reserves.


2. Profit and Loss Statement

Profit and loss statement reflects the financial performance of a company over time. In simple words, it is a statement of revenues earned and expenses incurred to earn those revenues. Excess of revenues over expenditures result in profit and vice versa result in loss. Let us understand the components of profit and loss statement in detail.

Revenue

Revenue is the amount received by the company from its principle activity i.e. sale of its products or services as well as its non-core activities i.e. as a result of using the capital or assets of the business.

Expenses

Expenses refer to the outflow of money that occur for daily operational costs. It includes wages and salaries, interest paid on loans, cost of goods sold, rent expenses, import duty, etc.

Gains

Gains refer to any monetary benefit received by a company from means other than the normal operations of a business. The gains arise from nonrecurring and unusual transactions. For example, gain on sale of an asset, gift, etc.

Losses

Losses are decrease in the net assets from incidental transactions other than normal expenses of the business or distributions to owners. For example, loss on sale of land, loss from lawsuits, etc.

3. Cash Flow Statement

Cash flow statement shows the liquidity position of a company. It helps to understand the sources of cash and utilization of cash. In other words, this statement summarises the actual as well as anticipated cash inflows and outflows of a business over an accounting period. Let us understand the components of cash flow statement in detail.

  • Cash Flow from Operating Activities

    It refers to all the cash flows from the operating activities of a business. These include production, sales and delivery of products, payment from customers, inventory costs, advertising, etc.

  • Cash Flow from Investing Activities

    It refers to cash flows that arise as a result of investments. It includes gain or loss from investments, purchase of assets, etc.

  • Cash Flow from Financing Activities

    It refers to cash flows resulting from borrowing, repaying investors or raising capital for the business. It includes cash dividends, debt or interest repayment, etc.

Conclusion

The financial statements provide an insight into the financial position of a company. They act as an important source of information for making financial decisions and framing business strategies related to finance and accounting.

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