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Author: a1 business

22 May

NUS researchers develop packaging that could double shelf-life of food products

Blog by a1 business

As the global community becomes more and more aware of the impact that specific foods have on the human body, and as more people all over the world focus on moving away from processed and potentially dangerous food to a much more safe and healthy diet, the food industry itself is looking at innovative solutions that improve their margins while at the same time improving the lives of their customers.

Researchers at the National University of Singapore (NUS) have recently concluded a major three year research project that has established a brand-new food storage and packaging material that may double the shelf life of food products – dramatically improving the margins of companies involved in the food industry, while at the same time removing a lot of potentially dangerous toxins, chemicals, and additives from traditional food packaging solutions.

This is a major leap forward, with businesses and governments all over the world paying very (VERY) close attention to this breakthrough innovation.
Major breakthrough spearheaded by the National University of Singapore may transform the food industry forever

Traditional food packaging solutions are almost always manufactured out of petroleum-based products.

Inexpensive to produce, these traditional solutions may introduce potentially dangerous toxins into the foods that they are responsible for protecting and helping preserve – not to mention the fact that they are an absolute nightmare when it comes to the environment.

A research project conducted by professors and students at the National University of Singapore was designed to specifically address this issue, with the researchers looking for ways to not only dramatically improve the shelf life of the foods that are contained within these packaging solutions but also to limit or completely eliminate potential risk factors introduced to the food along the way.

To say that they have been successful may be the understatement of the century!

Three years of research has paid off significantly

After three years of research, the researchers at NUS have been able to pioneer a new packaging material that is essentially a plastic like film manufactured from grape seed extract.

The material is called Chitosan, and because it is manufactured from completely all-natural ingredients, it has the added benefit of being completely biodegradable and dramatically lessening the impact that petroleum products have on the environment.

On top of that, it is dramatically effective in completely retarding all kinds of fungal growth, one of the biggest impediments to keeping biodegradable and natural foods on shelves longer.

A natural polymer, it has the potential to completely transform the food industry from top to bottom – not only allowing food suppliers to more safely store and transport their products but also helping grocery stores and retailers keep food on the shelves longer without any negative side effects.
This will cut costs and improve the product significantly, benefiting both the retailer and the consumer equally.

Major rollouts of this new food packaging solution are expected imminently

Major rollouts of this new food packaging solution have been anticipated to begin at the end of the year, and if these tests are proven to be as beneficial as many in the industry believe them to be it shouldn’t be all that long until we start to see almost industrywide adaptation.

It’s a very exciting time in the world of food safety and preservation, with the added kicker of dramatically improving our environment and eliminating the stranglehold that petroleum products have on our lives at the exact same time!

22 May

Choosing The Right Internet Service Provider In Singapore

Blog by a1 business

As more and more of our lives move online, having a reliable and speedy Internet service provider has never been more important. With that in mind, below are some considerations to help you choose the right Internet service provider in Singapore. We will go through the list of the some of the leading Internet service providers in Singapore include ViewQwest, MyRepublic, SingTel, StarHub, and M1, and point out which ones should be your top choice depending on your needs.

Considering Price

There are many costs that can come with choosing the right Internet service provider in Singapore. These costs can include installation, activation, termination, and monthly fees. If you are basing your choice for the right Internet service provider in Singapore on cost, then M1 will be your clear winner. The least expensive of the options available in Singapore, M1 is a great choice if you do not have a lot to spend on your connection but you still want something that works well. With a low cost one time fee and contract, M1 stands by providing a reliable service at a cost you can afford.

Considering Router

The majority of Internet service providers in Singapore will require that you get your own router, leaving that bit of the service up to you to figure out. If you want a router included, then consider going with StarHub. Starhub provides a router to every new client, saving you the costs of purchasing one yourself. Be aware that StarHub does not specific which kind of router it will offer. You may get something fantastic or you may get something more bargain basement. However, if you simply want to set up Internet through a provider in Singapore and don’t care about the details, then StarHub can help simplify the process.

Considering Existing Lines

Many of the Internet service providers on our list offer other communication services as well. If you have an existing service with SingTel already, then the Singtel 1Gbps unlimited fibre options will be the best priced option available. In addition to saving money by getting multiple services through the same provider, you can make things like maintenance and payments easier by having a single provider of many different services.

Considering Gaming

Along with bandwidth, companies can be ranked and measured by their latency, or the amount of delay that exists between your computer and any website or service online. Gaming online will require having the lowest latency possible. MyRepublic is a fantastic service for this. If you do not like SingTel or StarHub but still want a trustworthy service that provides an excellent deal for coverage (including a $500 promotional at the moment), then consider MyRepublic.

Oversees Streaming

If you can’t live without online streaming things like music, videos or other media, then you will want to consider ViewQwest. Their VPN allows for access to sites you would normally not be able to reach thanks to regionally blocked content. They also have plans that scale up, allowing for fantastic streaming and content watching speeds if you are in the market for it.

22 May

Govt commits S$19b to new 5-year plan for R&D

Economy by a1 business

The government in Singapore is getting very, very serious about improving their economic footprint in their general economic base by investing heavily in here own infrastructure and their own innovation.

Just recently (January 2016) the Prime Minister of Singapore went so far as to announce a five-year investment of close to $20 billion that would help fund a tremendous amount of innovation and research designed specifically to help Singapore-based businesses compete on an international level.

Representing an 18% jump from the previous investment made in research and development from the Singapore government, the $19 billion that will be funneled into these projects will be used to help create new jobs, help support major national initiatives, and provide for an incredible amount of growth in the economy of Singapore.

Prime Minister Lee Hsien Loong is very serious about making sure that the future of Singapore is just as bright and shining as the last two or three decades have been

Over that 30 year period of time, Singapore has established itself as a tremendous force in the international business community and the real gem of Southeast Asia.
Certainly one of the most technologically advanced and business friendly countries on the planet, Singapore has been able to leverage its business focused government initiatives to attract business from all over the world and convince them to invest heavily in this Southeast Asian country.

At the same time, the people of Singapore understand better than most that the world is changing rapidly and that a heavy investment in technology and infrastructure is absolutely essential.

Already one of the most connected countries on the planet, the infrastructure in Singapore will be upgraded significantly through this kind of investment.

Distributed over a five-year chunk of time, these funds could grow considerably depending upon the return on investment

A big push behind this major investment of $19 billion is the fact that Singapore has just recently begun to notice their economy slowdown in just the last two or three years.

Even though they are dealing with anywhere near the economic crisis that many countries around the world dealt with in your lead to mid to thousands (and they are about as far away from Greece as humanly possible), the economy has slowed by between 1% and 3% – and the Singapore government just isn’t satisfied with this kind of trend.

The Prime Minister has been pretty upfront and honest about doing absolutely everything in his power and the government’s power to grow the economic base of Singapore in the next 10 years, and he has alluded to the fact that this 19 billion-dollar investment may grow considerably over the next five years. This will depend upon the returns that the business community and the economy enjoy, obviously.

It wouldn’t at all be unreasonable to imagine this investment to grow exponentially in the future and become a main “injection point” in the Singapore economy. After all, we are talking about one of the most business friendly countries and governments on the planet!

What-are-the-factors-that-make-the-economy-in-Singapore-tick? 21 May

What are the factors that make the economy in Singapore tick?

Business in Singapore by a1 business

Every year, the robust Singapore economy drives thousands of professionals to its country. However, what are the factors that make the economy in Singapore tick?

Singapore is a major financial hub in the Asia Pacific region and has long earned a reputation as one of the worlds’ most advanced economies. Singapore was ranked as the world’s second most open economy and most pro-business regime in 2017.

Even though Singapore has a lack of natural resources and a small domestic market, it successfully weathered through the financial crises of 1997 and 2008. Today, Singapore’s economy is one of the most stable in the world as it has no foreign debt, high government revenue and a consistent positive surplus.

Singapore has the world’s busiest cargo seaport and the economy is mainly driven by financial services, tourism and exports in electronics manufacturing and machinery.

Which Singapore industries drive the economy?

The largest industry in Singapore is the manufacturing sector as it contributes 20-25% of the country’s annual GDP.

Some key industry clusters in Singapore’s manufacturing includes chemicals, biomedical, electronics, sciences, logistics and transport engineering. Manufacturing sector grew by 35% in the third quarter of 2017, allowing clusters like precision engineering and electronics to benefit from high demand.

Subsequently, Singapore’s financial services industry has enjoyed stable growth due to Singapore’s pro-business environment and political stability. Singapore’s financial services are a regional hub of choice for many global financial services firms and are home to over 200 banks. It also facilitates the transfer of processes, knowledge, technology and skills between different markets.

Medical technology, aerospace engineering, clean energy, healthcare, and content development are other industries that make important contributions to Singapore’s economy.

What natural resources does Singapore have?

Despite having no significant natural resources, Singapore did not stop itself from developing into a regional hub for oil and gas. It is also a world leader in sustainable water solutions and projects such as NEWater and the Deep Tunnel Sewerage System.

In a growing economy, Singapore’s true natural resource is its people and as the economy grows, both local and non-local companies have an access to a huge pool of an educated workforce and eventually an increasing consumer market..

How is Singapore’s infrastructure development?

Singapore was a commercial and military seaport during the British colonial era and Singapore has always been well-developed. In 1965, Singapore gained independence and the post-colonial government also improved and expanded the country’s transport, communications, industrial and housing systems. Singapore has wide bus, taxi and ride-sharing operations that makes it safe, efficient and punctual.

Changi International Airport is connected to 380 cities in 90 countries and also handles more than 7,000 weekly flights that transport passengers and cargo worldwide. Singapore port also gives shippers a choice of over 200 shipping lines access to 600 ports in 123 countries. Therefore, it is the busiest container port in the world which can dock 1,000 ships.

Singaporean has at least 1.5 phones per person making Singapore one of the world’s highest mobile penetration rates, and more than 90% of Singaporean households have access to internet. There is an also island-wide Wi-Fi available at common places.

Industrial and commercial facilities are also readily available as there are over 47.7 million square meters of industrial space that can be used. Commercial businesses also have the choice of world-class high-rise and low-rise offices in the Central Business District.

What is Singapore’s current Gross Domestic Product (GDP)?

Singapore’s GDP at current market prices stands at S$107 billion for the third quarter of 2017. Singapore’s economy also grew by 5.2% during this period which is the fastest it has grown in more than three years.

Singapore has sustained growth in the manufacturing industry and broaden out to other industries such as services and retail due to the recovery of global trade and an improving labour market.

Singapore’s economy is likely to expand at a steady, but slightly slower pace in 2018 as estimated by the Monetary Authority of Singapore.

Does the Singapore government have any public debt?

Since 1995, Singapore government has maintained zero foreign debt. In the third quarter of 2017, the total outstanding government borrowing was S$496 billion which is the domestic debt and it comprises of registered stocks and bonds, treasury bills and advance deposits.

Nonetheless, Singapore fiscal strength is not affected by it as the Singapore government borrows to invest, and the return on investment generated makes up for the difference.

Singapore government has a strong balance sheet with its assets outweighing its liabilities as they implement strategic debts alongside with strong asset protection, robust economic growth and prudent macroeconomic policies.

What are the main sources of revenue for the Singapore government?

Total revenue of   Singapore’s government is estimated at S$69 billion as the third quarter of 2017. Singapore earns its revenue mostly from taxes, property, excise and custom duties, as well as GST. Other revenue also include government property rental, license and permit fees, fines and forfeitures, as well as capital receipts from the sale of capital goods.

What is Singapore’s current trade strength?

Singapore has an export to import ratio of 1.16: 1 and it traded S$870 billion worth of goods in 2016. Singapore is also the world’s 14th largest exporter and 17th largest importer.

Main exports include refined petroleum, integrated circuits, computers and semiconductor devices. Singapore’s primary export/import partners are China, Malaysia, United States and it exported S$466.91 billion worth of goods in 2016. It also imported S$403.3 billion worth of goods in 2016 which consists of gas turbines, computers and the exported products.

Build your career in a secure, stable economy

Singapore is the go to country to grow your career as it was ranked the third wealthiest nation in the world and has enjoyed high rates of foreign direct investments.If you are interested in incorporating a company, please refer to A.1 BUSINESS.

Get Hired – Tips on Securing an Employment Pass in Singapore

Business in Singapore by a1 business

In recent years, Singapore has become a highly-sought after location when it comes to securing the success of a company or business. This thriving metropolis is home to some of the best, well-established businesses the world has seen because of the city-state’s well oiled operations in terms of supporting companies.

With all the success in the Singaporean finance and business realm, you should expect that the people who work there are top-of-the-line as well. Singapore is open to foreign workers and allows these individuals to acquire jobs within their boundaries given that they have secured employment passes. What exactly are the ins and outs of acquiring an employment pass in Singapore? This little list might shed some light.

1. Familiarize Yourself with the Different Work Pass Types. The Ministry of Manpower (otherwise known as MOM) implements guidelines in order to minimize the chances of companies trying to employ foreign workers to cut back on costs. With that in mind, MOM has come up with different work pass types to help individuals and employers understand just what kind of work pass is most appropriate, as well as what policies and technicalities come along with each type. Before you acquire your work pass, make sure you and your employer discuss just what exactly they’re hiring you for and what work pass would suit you best.

2. Choose Your Job Wisely – While we all know that it’s important to apply only for jobs we’re capable of performing, we can never avoid getting a little carried away with our applications. Some of us might even apply for opportunities beyond our current capacity just to get that higher salary rate. But when applying for a work pass in Singapore, it’s important to apply for jobs that you’re sure you’re cut out for. MOM reviews each application and ensures that each applicant is designated in the right vacancy, anyway, so you might as well make the right match.

3. Make Sure to Inform Employers of All Your Relevant Experience – Because you’re applying for work in another country, that is Singapore, it’s important to list down all your relevant work experience to give them an idea on just what it was that you have accomplished in the past. This will give them a better idea on whether or not to grant you a work pass, and what kind of work pass they would grant you if in case they decide to. The qualifications for jobs vary greatly in different countries and so it’s important to make it clear how and why you’re a fit for the job despite the fact that you’re coming from another place.

4. Secure Reliable References – There’s no other way a company can verify your reliability without first checking your references. This is one of the major factors that get these employers to decide whether you’re worth employing or not. To verify your information, make sure to list down some previous employers, co-workers, or even educators (for entry-level applicants) who can vouch for your work ethic and reliability.

Start Your Company in Singapore with Help from the Government

Business in Singapore by a1 business

Getting your business started can be a doozy. Where exactly do you begin? There is so much to consider if you want to secure your business’ success – from capital, constant funding, and location. Sadly, lots of companies fall short of securing these essentials which ultimately leads to their failure. Sometimes, start-up businesses might need a strong support system to ensure success, and that’s exactly what the Singapore government has been trying to provide.

Singapore is a start-up friendly nation, which is why countless companies and businesses have flocked to this island city-state to secure their position in the global market. But what exactly is it about Singapore that has made it the giant start-up support success that it is?

Government-Granted Initiatives for Start-Ups
Finding a stable and constant funder for your project, business, or company is one of the hardest things to achieve. People don’t want to invest in something that they think might fail and so small business owners often find investors trying to avoid them. Because of this mentality, small companies end up falling short of profit and ultimately close down. It’s a vicious cycle that could kill any enterprise. But the Singapore government has seen all that, and that’s why they have granted initiatives for start-up companies in order to assist them with funding problems. With government aided financial assistance schemes, cash grants, tax incentives, and many other government-granted assistance schemes, start-up companies won’t have to worry about finding a source of funds.

A Closer Look at Government-Granted Initiatives
All in all, there are 5 different funding initiatives that government agencies grant to start-up businesses.

1. Equity Financing Schemes – There are some start-up businesses that don’t have the capital to jump start their plans. That’s when equity financing schemes come into the picture. Investors lend small business owners an amount to use as capital, provided that they receive shares of ownership. SPRING Start-Up Enterprise Development Scheme, Business Angels Scheme, and Early-Stage Venture Funding Schemes are all capable of performing this service for businesses in need.

2. Cash Grants – Countless government agencies offer cash grants like ACE Start-Ups Scheme, and Technology Enterprise Commercialization Schemes, which offer start-up companies cash grants tailored to cover a percentage of needed funds. Business owners then are required to fill in what’s left of the capital they need.

3. Business Incubation Schemes – If you feel your business needs funding as well as guidance, then the business incubation scheme is for you. Business incubators are physical spaces that allow start-up businesses to perform functions while being given access to shared services, guidance for operating their business, and financial assistance. This is particularly ideal for companies in their early-stage development.

4. Tax Incentive Schemes – It’s no surprise that a significant percentage of our income goes to taxes, but Singapore allows start-up companies to gain exemption from taxable income for the first three years of operations, allowing them to make bigger profits and afford to pay for improvements and enhancements to further strengthen their foundation in preparation for the big leagues.

5. Debt-Financing Schemes – Raising a capital without having to take a chunk out of your profit is possible with debt financing schemes. There is one thing to beware of though when availing for this type of government-granted assistance, and that is repayments have to be made on time regardless of whether or not you’re making a profit. So, it’s important to take a good long look at your projections before you take this chance.

14 May

Singapore ranks sixth in intellectual property environment index

Economy by a1 business

According to information published by the US Chamber of Commerce, Singapore is one of the highest ranked nations in the world (certainly one of the highest -ranked countries in all of Southeast Asia) when it comes to the intellectual property environment index.

This index is designed to illustrate how advanced a country is as far as respecting intellectual property rights are concerned on in international level. With the modern economy revolving more and more around “knowledge workers” as opposed to manufacturing and more traditional business models, nations have had to get more and more involved when it comes to intellectual property rights – though some have adapted to the modern economy much faster than others.

Singapore ranks sixth out of the 38 economies that were studied

Though the raw data has yet to be released by the US Chamber of Commerce, the final report has been introduced to the international community and it has Singapore ranked sixth out of the 38 different economies and nations around the world that were studied.

Ranking just behind the United States, the United Kingdom, France, Sweden, and Germany the nation of Singapore – constantly regarded as one of the smaller economies (yet growing quickly) – has been adapting to the modern international economy much faster than many other nations around the planet.

It’s a government has always been incredibly friendly to businesses established by its citizens as well as those established by citizens of the world, and many of the laws, rules, and regulations of this country have been established specifically to foster commerce, to help grow businesses, and to provide companies all over the world the opportunity to expand their operations globally with as little headache and hassle as possible.

At the exact same time, Singapore has worked to establish a tremendous infrastructure and invested heavily in their modern connectivity technology so that they are able to leverage everything that the Internet has to offer as far as business is concerned.
This is especially important when speaking about intellectual property, as a significant portion IP ends up being licensed or sold online these days.

There are still issues in Singapore preventing them from climbing higher

Even though Singapore was able to score quite highly when it came to having an advanced a national intellectual property protection framework already in place, a patent enforcement legal framework that has been applied fantastically, and an infrastructure that allows them to effortlessly support intellectual property holders, they still have relatively high rates of intellectual property crime and piracy.

Most developed nations that have the majority of their citizenry connected to the Internet are dealing with high rates of intellectual property crime and piracy however, and this trend doesn’t look like it’s going to slow down anytime soon.

There will need to be major innovations as far as IP protection and new business models that fight piracy before any of the top 10 countries in this ranking see the piracy levels drop by a measurable amount, and it’s impossible to know when (or even if) those kinds of changes will be made.

Why-Choose-Singapore-to-Set-Up-your-Business? 14 May

Why Choose Singapore to Set Up your Business?

Singapore Company Formation by a1 business

Jim Rogers is an American-born businessman which is recognized as one of the giants of Wall Street had moved to Singapore in 2007. He already discovered that Singapore is a global business magnet that offers an incredible quality of life to its residents, and has only begun to assume its position as a world leader in finance and business. So why choose Singapore to Set Up your business?

Many words such as “comfortably diverse,” “I love taxes here,” “safe living environment,” “cutting-edge business community” and “relaxed, stable lifestyle,” all of which are used to describe Singapore and are critically important to interested parties in making a major life change.

Singapore has a tremendous amount to offer the international business community with a unique and fascinating lifestyle and culture. Below is a list that further indicate why corporations, entrepreneurs and ventures of all sizes would consider Singapore the perfect location to start up their company or business:

  • Third wealthiest nation in the world ranked by Forbes magazine.
  • Third most globalized economy among 60of the world’s largest economies in therecently release Ernst and Young 2011 Globalization Index
  • Rated #1 as the most politically stable country in Asia
  • Rated #1 as the best labor force in the world
  • Best quality of life in Asia
  • For profits $300k and below 8.5% corporate tax rates and 17% flat above that.
  • No dividend or capital gains taxes
  • No estate/death/inheritance tax in Singapore
  • 0% personal tax rates and max out at 20% above $320K

Derek Sivers, a fellow American expatriate agrees that Singapore feels like a small town in a big city and has the advantages of both therefore it is a great place to set up a business.

After just one visit to Singapore, Sivers and his wife decided to put down roots here as they travelled all over the world looking for the perfect place to call home.

Singapore’s Strategic Location

One major reason why businesses like to start up in Singapore would be its convenient location. As it is situated in the heart of Southeast Asia, your business would have access to a market of 2.8 billion people within a few hours flight. In addition, Singapore is classified as a premier International Maritime Center and has one of the busiest ports in the world.

Singapore’s Changi Airport emphasis on competitiveness, efficiency and service has helped made it the “Best Airport in the World” for 20 consecutive years. Annually, Changi Airport serves over 15 million passengers and provides businesses with smooth access to all major Asian markets.

Singapore Means Business

Singapore is capable of attracting sizable foreign investments and business entrepreneurs as it is known for its pro-business environment. In Singapore, it is easy to turn your ideas into businesses with ease and achieve significant profits. Which is the opposite of many Western nations, it only takes about 1-2 days to incorporate a company in Singapore, and the government also provides assistance along the way. To say it simply, Singapore is the easiest place in the world to manage and set up a business.

For more information on Singapore’s exciting economic environment, refer to our Singapore Economy page.

Singapore’s Outstanding Tax System

Taxes are the top considerations for setting up a business anywhere in the world and are at the top of the agenda for any entrepreneur. One of Singapore’s unique strengths is its low effective personal and corporate tax rates. Personal income tax’s tier system starts from just 0% and goes up to 20% for income above S$320,000.

Similarly, effective corporate tax rate for Singapore private limited companies for profits are capped at a flat rate of 17% for profits above S$300,000 and below 9% for up to S$300,000. Singapore adopts a single-tier tax policy which means that if income has been taxed at the corporate level, shareholders would not be taxed for receiving dividends as there are no capital gains taxes in Singapore.

Goods and Services Tax (GST) is a broad-based consumption tax that was adopted by the government as an effort to move away from a dependency on income taxes and to make the economy even more competitive. Singapore GST rates are at 7% which is ranked below the global average VAT/GST rate of 16.4% and the Asia-Pacific average of 10.5%.

To know more about taxes in Singapore, refer to Singapore Taxation page.

Flexible Immigration Policies

Foreign nationals who wish to setup businesses and relocate in Singapore will be aided by Singapore’s open Immigration policy. The government has foreseen the needs of entrepreneurs that need to locate to run their business or to hire foreign professionals and made appropriate Singapore work visa provisions.

To support value adding individuals to settle permanently in Singapore, Singapore has made it easier for foreign professionals to gain Singapore Permanent Residence (PR) status by having a relaxed immigration policy.

Comprehensive Intellectual Property Protection

In Singapore, IP protection is taken seriously and Singapore is a one-stop center for businesses seeking to manage their IP assets. Singapore has been ranked top in Asia by The World Economic Forum (WEF), the Institute for Management Development (IMD) and the Political Economic Risk Consultancy (PERC).

It is a criminal offense for a person or company to conduct willful copyright infringement as Singapore has very strong copyright laws.

Singapore businesses can register a trademark in Singapore or also file for global trademark registration from Singapore as the country is a signatory to major IP conventions and treaties, such as the Paris Convention, Patent Cooperation Treaty, Berne Convention, Madrid Protocol, Budapest Treaty, Agreement on Trade-related aspects of IP rights, and World Intellectual Property Organization.

An Honest and Open Government

Supportive political infrastructure is needed for business to grow and thrive. Singapore’s political system adopts a pro-business approach which decides priorities, enact laws and set regulations rationally. Singapore’s government vision would be to take this nation to the front of the industrialized nations while being in order and stable.

For more information, please refer to the parliament of Singapore page.

The World’s Best Labour Force

A key ingredient for the success of any business would be an attractive, world-class, and production work-force. Singapore is primarily a knowledge-based economy and its manpower force is educated and professionally qualified. Singapore’s workforce is identified as having high level of education, technical proficiency, and high productivity, work-hard and work-smart culture. Singapore workforce attracts professionals from all over the world as it is both international and cosmopolitan and bring with them business expertise and extensive knowledge.
Singapore boasts of the “Best Labour Force in the World” in the latest rankings as an added inducement for entrepreneurs and employers that are interested in starting up a business or creating a branch office.

A Higher Quality of Life

One of the top concerns for foreign-born professionals and entrepreneurs whom setup businesses and relocate to Singapore would be the quality of life as they relocate with their family as well.

Singapore residents can enjoy many benefits like an wide selection of cultural and education opportunities, convenient transport, safe and healthy environment, an outstanding support system for businesses and excellent schools.

For an overview about Singapore’s quality of life, see Quality of Life in Singapore page.

Annual-Filings-Needed-for-Singapore-Companies 7 May

Annual Filings Needed for Singapore Companies

Accounting by a1 business

Annual Filings Needed for Singapore Companies

Preparation of Financial Statements

You are required to prepare your annual financial statements in accordance with the Financial Reporting Standards of Singapore and it should be based on your company’s financial activities during the accounting year. It is highly recommended for companies with medium to large number of accounting transactions each month to perform monthly bookkeeping to keep your ledgers in order. However, if the accounting transactions are small, bookkeeping can be done on a quarterly or annual basis. Financial statements should include Statement of Comprehensive Income, Cash Flow Statement, Statement of Financial Position and Statement of Changes in Equity. This guide will let you have more information on the annual filings needed for Singapore Companies.

Filing of Estimated Chargeable Income (ECI)

Revenue amount and Estimated Chargeable Income must be declared by filing the ECI form with Inland Revenue Authority of Singapore within the 3 months of the Financial Year End for the company. Even if the estimated ECI is zero, companies are still needed to file a “Nil” ECI.

Audit of Financial Statements

When the preparations for the financial statements are ready, the company might be required to have its financial statements audited if the company meets any 2 of the following 3 conditions:

  • Total annual revenue exceeding S$10 million;
  • Total assets exceeding S$10 million; or
  • Has more than 50 employees

Company will be assessed on a group consolidated basis if the company is part of a group.

Annual General Meeting (AGM)

Every company in Singapore must hold an Annual General Meeting once every calendar year. Following rules apply to AGMs:

  • First AGM must be held within 18 months of its incorporation;
  • No more than 15 months between the subsequent AGMs;
  • Accounts need to be prepared and presented up to a date not more than 5 months before the AGM;
  • Members of private companies with voting rights can dispense with AGMs if they came up with a resolution during a general meeting.

Filing of Annual Return with ACRA

Within 1 month of the company’s AGM, every Singapore Company must submit an Annual Return with ACRA. It must include particulars of the company officers, auditors and registered address. Company’s account is governed by the applicable rules here.

Filing of Annual Tax Return with IRAS

By November 30, every Singapore Company must file its annual tax return with IRAS. Preceding year basis is adopted for taxation. Preceding’s year financial year ending profits will form the basis for filing the tax return in the current year.

Directors of the company are accountable and have to comply with the annual filing requirements. It is an office and they can be fined if they don’t comply with the filing requirements.

Singapore private limited companies must do annual filing and it will apply to both active and inactive companies.

For an overview, please view Compliance Requirements for Singapore Companies.

Best-Compliance-Tips-for-Companies-in-Singapore 30 Apr

Best Compliance Tips for Companies in Singapore

Singapore Company Formation by a1 business

Best Compliance Tips for Companies in Singapore

This guide will provide you with the best compliance tips for  companies in Singapore.

If you are planning to set up a new Singapore company, you will need to know these 13 important compliance requirements.

  • A qualified resident (company secretary) must be appointed within six months
  • Local, physical Singapore addressed needed to be the registered address of the company. Must be open and accessible to public during office hours.
  • Minimum of one resident director needed for the company whom must be at least 18 years old, free from any malpractice and not bankrupt. Any amount of additional resident or non-resident directors can be added.
  • Auditor must be appointed within 3 months from the date of incorporation. If you meet at least two of the conditions below in the last 2 FYEs, your Singapore company will be able to qualify for audit exemption :
    • Total annual revenue of no more than S$10 million
    • Total assets worth no more than S$10 million
    • No more than 50 employees
  • Goods and Services Tax must be registered if the projected or actual annual revenue of your company exceeds S$1 million. In foreign countries, it is known as Value Added Tax (VAT) or Sales tax. Companies must charge this tax to their clients on the goods and services provided and the proceedings will go to the tax authorities. For more information on GST, refer to Singapore GST guide.
  • You might also have to obtain one or more business licenses before the commence of business operations in Singapore. These activities include restaurants, educational institutes, financial services, travel agencies and import/export-related industries.
  • It is compulsory to maintain hardcopy or digital register of controllers of your Singapore Company and it must be physically accessible. Learn more through this link.
  • Public register of members and shareholders has to be maintain if you are running a foreign company on top of the register of controllers. Refer to ACRA’s FAQ page here for more details..
  • Keep necessary and important accounting records for at least five years after the related transaction have been completed. They must be able to explain the transaction and the financial position of your company.
  • Directors of the company must any material personal interested that might be related to company affairs, as well as any information to avoid conflicts.
  • Changes in company particulars must be submitted to ACRA within the timeframes allocated for that item. Penalties will incur for failing to do so.
  • Unique Entity Number or company registration number must be shown on all official company correspondence.
  • Submit to ACRA your annual returns and IRAS your annual tax returns. For more information refer to ACRA or IRAS

Best-Compliance-Tips-for-Companies-in-Singapore 30 Apr

Best Compliance Tips for Companies in Singapore

Singapore Company Formation by a1 business

Best Compliance Tips for Companies in Singapore

This guide will provide you with the best compliance tips for  companies in Singapore.

If you are planning to set up a new Singapore company, you will need to know these 13 important compliance requirements.

  • A qualified resident (company secretary) must be appointed within six months
  • Local, physical Singapore addressed needed to be the registered address of the company. Must be open and accessible to public during office hours.
  • Minimum of one resident director needed for the company whom must be at least 18 years old, free from any malpractice and not bankrupt. Any amount of additional resident or non-resident directors can be added.
  • Auditor must be appointed within 3 months from the date of incorporation. If you meet at least two of the conditions below in the last 2 FYEs, your Singapore company will be able to qualify for audit exemption :
    • Total annual revenue of no more than S$10 million
    • Total assets worth no more than S$10 million
    • No more than 50 employees
  • Goods and Services Tax must be registered if the projected or actual annual revenue of your company exceeds S$1 million. In foreign countries, it is known as Value Added Tax (VAT) or Sales tax. Companies must charge this tax to their clients on the goods and services provided and the proceedings will go to the tax authorities. For more information on GST, refer to Singapore GST guide.
  • You might also have to obtain one or more business licenses before the commence of business operations in Singapore. These activities include restaurants, educational institutes, financial services, travel agencies and import/export-related industries.
  • It is compulsory to maintain hardcopy or digital register of controllers of your Singapore Company and it must be physically accessible. Learn more through this link.
  • Public register of members and shareholders has to be maintain if you are running a foreign company on top of the register of controllers. Refer to ACRA’s FAQ page here for more details..
  • Keep necessary and important accounting records for at least five years after the related transaction have been completed. They must be able to explain the transaction and the financial position of your company.
  • Directors of the company must any material personal interested that might be related to company affairs, as well as any information to avoid conflicts.
  • Changes in company particulars must be submitted to ACRA within the timeframes allocated for that item. Penalties will incur for failing to do so.
  • Unique Entity Number or company registration number must be shown on all official company correspondence.
  • Submit to ACRA your annual returns and IRAS your annual tax returns. For more information refer to ACRA or IRAS

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