A Member Firm of Andersen Global

Contact Us
IMC Logo

Blog

Singapore is instrumental in attracting the highest Fintech Investment amongst all Asian countries
  • Newsletter, Singapore

Singapore is instrumental in attracting the highest Fintech Investment amongst all Asian countries

Singapore, a tiny nation and the city-state in Southeast Asia, has become one of the world’s most promising economies today. The economic policies and structures implemented during the middle of the 20th century have started delivering results in the 21st century. A nation almost without any natural resources and ranked 171st in area wise global ranking, Singapore is considered as the most attractive place for work and business with a high standard of living.

The Singapore economy is mainly dependent on manufacturing industries and the export of electronic products. However, financial technology and tourism space are also fast progressing and attracting lots of foreign investments.

Singapore is the economic center in the Asia Pacific region and is ranked as one of the leading nations in economic freedom. It is also recognized as the second most investor-friendly state by the World Bank. Company formation in Singapore is easy and free of bureaucratic hassles.

Factors responsible for the highest growth and investment in Singapore’s Fintech Industry are as follows.

Low Taxes

Singapore has very low tax rates and offers several tax incentives and tax exemptions to the investors. It also follows a forward-looking diplomatic foreign policy and has entered into a  Double Taxation Treaty with more than 90 countries, further offering tax reliefs on foreign income sources. It is one of the primary reasons that fintech investors are attracted to Singapore as a tax haven.

Large Mobile Base

Digitalization is the future and has become more so post coronavirus pandemic. Singapore has a huge mobile base, with more than 82% of the population as mobile subscribers. As most fintech businesses are heavily dependent on mobile phones, a large mobile subscriber base helps attract more fintech investments in Singapore.

Success Stories of Local Startups

Successful local startups are also inspiring potential fintech investors to come and establish companies in Singapore. In addition to providing e-transactions platforms to their consumers,  local startups offer solutions for lowering the cost of money transfers, digitalization of documents, and cryptocurrency transactions, including digital money-raising platforms. Many more fintech startups are looking for their Singapore company incorporation.

Networking Platforms

Singapore is a great place for networking, and good networking is the essence of innovation and growth of the fintech industry business.  Singapore Fintech Festival is a venue where participants from all over the world come and share their experiences and innovative ideas related to financial technology and business. The recent Fintech Festival attracted more than 40,000 participants from over 100 countries who used it as their deal-making platform for future fintech businesses and investments.


Accessibility to testing and implementation

Singapore, the financial hub in Southeast Asia, is surrounded by countries that are not as developed as Singapore. These surrounding developing countries often serve as a testing and implementation grounds for Singapore in innovative financial solutions. The neighboring countries indirectly help Singapore in developing new technologies related to financial services or fintech industries.

High standard of living

Singapore is a rich nation with an average per capita GDP of $ 64,000. Most of its residents are well off and educated. It is thus imperative that an economy with so much money available in the system and aided by high technology and digitalization can propel the fintech business.

B2B business climate

B2B transactions involve two companies rather than a company and an individual. The B2B sector is highly developed in Singapore that handles corporate to corporate transactions. Compared to B2C, B2B transactions are more complex and involve more paperwork, e.g., digital signature. Lots of new fintech startups are offering B2B transactions and choosing Singapore as the most logical destination.

Government Policies and Support

Fintech is one of the smart strategies of the Singapore Government. Sector-specific strategies are being incorporated in Singapore to boost sectoral fintech businesses and investments. “Fintech Fast Track Initiative ” and ” Smart Financial Center ” are part of this wider strategy of propelling sector-specific fintech business. Singapore Fintech Association, a non- profit platform facilitating fintech collaboration, and Singapore Fintech Festival, a widely recognized event, is also the Singapore government’s brainchild. With so much government support complemented by simple and transparent government business policies, Singapore is rapidly climbing up the global fintech investments.

Key Takeaways

Singapore, known as the Financial capital of Southeast Asia, has developed high technological capabilities; strong, simple, and investor-friendly regulatory framework and, highly skilled and educated workforce. These three attributes are mainly responsible for fintech business growth in Singapore, providing innovative solutions to both consumers and financial services industries.

Many reports and rankings worldwide showcase Singapore as a nation with the highest potential for growth in the fintech sector. Singapore ranked 6th in the latest Global Financial Centres Index and rapidly advancing forward to catch up with the UK and USA.

A finer balance and closer alignment between innovation and regulation will surely take Singapore’s fintech business to the next level.

Read More

Here is The Process to apply for Permanent Residency (PR) in Singapore
  • Article, Singapore

Here is The Process to apply for Permanent Residency (PR) in Singapore

Getting a PR in Singapore will fetch you almost all the same benefits as an originated Singapore citizen. The only key differentiator would be you’ll not be getting any voting rights. To look for corporate or professional penetration in Singapore, you need to have a Permanent Residency pass. Getting a PR will also help you with Singapore Company Incorporation. In other words, if you are looking forward to professional penetration in Singapore, getting a permanent residency will solve all the problems of yours and will ease up the process. The process to apply for a PR in Singapore is quite complex and involves a lot of steps. Let’s understand each one of them in brief –
1. Decide when to apply for PR
 The very first question that pops up is when to apply for a PR in Singapore. Generally one can apply for the PR from the day he or she starts working in that country on an employment pass. However, one of the basic requirements that need to be met before applying for a PR is to have pay slips from a Singaporean Employer for 6 consecutive months. So it eventually means that one should have to wait for six months from the date he or she has started working in a Singaporean company.
2. Calculate your chances of approval 
Apart from the type of employment pass, you are holding, and the duration of your employment in Singapore, many other factors need to be kept in mind while thinking about the approval of your PR application. They are as follows:
  • The academic background has a role to play here. The academic degree you hold and from which university or board it is accredited with is considered.
  • Your physical presence in Singapore. The chances of getting a PR application approved are directly proportionate to the duration of your presence in Singapore.
  • The stability of your employment and a job profile is also taken into consideration for calculating your chances of getting a PR in Singapore.
  • Your financial soundness and salary also play an important role.
  • Your background will also be checked.
3. Reviewing the requirement for the application
 Once you meet all the basic eligibility criteria, you are all set to fill in the application form and proceed with the future course of action. You can download the PR application form very conveniently. You need to download two forms, one is form 4A and the other one is accompanying notes to form 4A. Form 4A comprises of two parts, the first one is the PR application form and the other one is Annexe A. the first one is to be completed by you while Annexe A is to be filled by your employer. The second document contains explanatory notes. The whole applications along with supporting documents can be now submitted online through ICA portal via Sing Pass.
4. File Supporting Documents 
The most crucial step in filling an application to get the Permanent Residency of Singapore includes properly filling the supporting documents. In case if you commit even the slightest of the error, your application will be rejected then and there. The list of supporting documents is mentioned in the explanatory document which was downloaded in the fourth step. Let’s lookout for some important guidelines that you need to take into account before filing the documents –
  • At the time of submitting the PR application online, you will need to upload the scanned copies of the original documents.
  • In case if you have any official document that is in your native language, you need to get it officially translated into English.
  • Having any previous experience or recommendation letters are useful. You can even contact your previous employers for any sort of help.
  • If you owe any property in Singapore, attaching the documents that state the same will work as a cherry on the cake.
  • Attaching a most recent copy of your resume is useful
  • Preparing a cover-letter beforehand that articulates your entire journey with Singapore will work for you to get the brownie points.
Documents needed to file your PR application 
  • Employment Proof.
  • Letter of recommendations.
  • Education Proof – Degree, Diplomas, and certificates from your high school or universities.
  • Proof of your income – salary sleep, your bank passbooks.
  • Your most recent CV.
  • If you have any property in Singapore- Documents supporting your ownership.
  • Documents of your spouse or children.
How Long Does it Take?
The entire process of applying for a PR in Singapore will take around 4-6 months, officially. However, the capacity of the Singaporean government to grant PR per annum comes to 30,000 applications. So the actual weight before getting a PR is undescribed.
What is the cost involved in applying to get a Permanent Residency Pass?
The cost involved in the procedure of filing a PR application is $100 which is non-refundable for each application. In case your application gets approved, you have to pay a sum of $120 which includes the fees of your entry permit, 5 years of re-entry, and an identity card issue. There are various types of PR schemes for varied classes of individuals. Let’s consider each one of them in brief along with the requirements they have to fulfill.
1. Singapore PR Scheme for Individual Employees
This is the most legit way of getting a PR in Singapore because a lot many skilled workers come to the land to work for the country and directly contribute towards the economical growth. The first step in initiating a PR application process is to relocate to Singapore either with an employment pass or entrepreneurial pass, or a personalized employment pass. After you relocate to Singapore and stay in the country for a minimum of 6 months, you can apply for a PR.
2.   Singapore PR Schemes for Investors 
One can also apply for a PR through investing in the Global Investor Programme. You can take the benefits of this in two different ways either you or your immediate family members can plan for company formation in Singapore or invest in an established business in the country.
3. Singapore PR Schemes for Artistic Talent 
If you are blessed with an artistic eye and are inclined toward curating new art in the form of paintings, music, literature, photography, dance, or a film, then the value of your talent will be appreciated in the Singaporean geographies. The scope of new and modern art has increased rapidly over the year in Singapore. The citizens and the government value the individual talent from other geographies that have that hunger to create something new and something different. Individuals who have a concrete plan to involve and grow Singaporean art and culture with a track record of local engagements to showcase on a global platform are more than welcomed and offered a PR. After having an insight into the brief procedure of applying for a Singaporean PR, there are a few basic things that need to be catered from the legal and political point of view. These include anyone with a minimum 21 years of age, at least before two to six years from the date of applying for a PR, is even eligible to make the application. The government of Singapore welcomes the arrival of people with “want to create something big and out of the box” to contribute towards the overall growth of the country.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Functions of IRAS

The Inland Revenue Authority of Singapore (IRAS) plays a crucial role in managing all aspects of tax-related inquiries for individuals, businesses, and even international entities. Its primary functions are twofold: (1) overseeing the collection of various taxes and (2) serving as a tax advisory body to the government.

Tax Collection Responsibilities

The IRAS is responsible for:

  • Income Tax: Applied to individuals and companies based on their earnings.
  • Goods and Services Tax (GST): This tax is levied on all goods and services, including imports.
  • Property Tax: Charged to property owners according to the estimated rental values of their properties.
  • Stamp Duty: Imposed on real estate transactions, property-holding entities, and shareholder transactions.
  • Withholding Taxes: Applied to estates held in trust.
  • Duties on Betting and Lotteries: Applied to private lotteries and gaming activities.
  • Casino Taxes: Relevant to clubs and associations operating casinos.
  • Charity Exemptions: Charities are exempt from certain taxes.
  • Tax Exemptions: Dividends, capital gains, and inheritance are generally not taxed.
Explore options for reducing your tax liabilities with startup tax exemptions.

Tax Advisory Role

As Singapore’s main tax advisor, IRAS:

  • Develops Tax Policy: Creates and updates tax policies and works closely with the Ministry of Finance (MOF) to draft relevant tax legislation.
  • Manages Tax Treaties: Facilitates international tax agreements, with approximately one hundred double taxation treaties in place to prevent dual taxation on income.
For detailed guidance on tax matters, IRAS provides essential support and resources to help navigate Singapore’s tax landscape.

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

Follow Us

Recent Posts

Get updated by Signup
to our Newsletter!

IMC Logo

Get Started

About

Locations

© 2025 IMC Group. All Rights Reserved.

IMC Logo

About

Get Started

Locations

© 2024 IMC Group. All Rights Reserved.

IMC Logo

Get Started

About

Locations

© 2024 IMC Group. All Rights Reserved.