On average, businesses thrive, and the economy pulsates with vitality in the vibrant Singaporean financial landscape. However, tax audits and investigations cast a looming shadow.    Imagine this: Tax authorities pay a surprise visit to a successful startup teeming with ambition and innovation, demanding to examine its financial records and scrutinise its efforts to address tax compliance requirements. While daunting, this scenario is common for many business owners. In fact, during fiscal year 2022/23, the IRAS (Inland Revenue Authority of Singapore) investigated and audited 9,019 i ..read more

Key Takeaways: 1. Sorting out tax investigations from audits is critical for businesses. 2. Preparation is essential for manoeuvring tax compliance requirements with confidence. 3. Being proactive and asking for professional help can minimise the risks involved. 4. Preserving financial integrity ensures long-term tax compliance despite growing tax regulations. Understanding Tax Compliance in Singapore Singapore's tax structure offers affordable rates, with a 9% Goods and Services Tax, a 17% Corporate Income Tax, an Individual Income Tax spanning 0% to 22%, and a 24% Withholding Tax at 0%. Thes ..read more

At the core of advisory services is comprehensive expertise to improve effectiveness and efficiency in a business. But, what are the roles and responsibilities of a business advisor? Like Maestro in Symphony, a corporate advisory service provider deciphers market trends, analyses competitor strategies, and understands the industry's ever-changing dynamics. The role of corporate advisors in business is multifaceted. Here’s how they offer immense value: 1.   They provide invaluable advice and insights to help businesses achieve success. 2.   Their skill set blends financial a ..read more

SMEs contribute over 50% of employment while constituting 90% of all businesses globally. They contribute to a prosperous ecosystem that moulds the economic tapestry. However, startups often face massive challenges with each move. The ongoing technological advancements and needs shifts make navigating uncertain markets difficult. It's where the strategic decision-making process steps in. Making a strategic decision is more than survival; it's also about thriving in the face of change. Corporate advisors are reliable partners, contributing massive value to SMEs. SMEs must use advisory insights ..read more

Surviving in the business world isn’t easy; it’s one of the most challenging tasks. The consequences could be dreadful if a business owner fails to stay current with the regulatory changes. They may even lose thousands of dollars. One such significant change is the Goods and Service Tax (GST).   What’s so impactful about GST? How does the change in GST impact small businesses in Singapore? Tax reform was implemented to simplify the indirect tax structure, but the change has caused various impacts on small businesses. While there are pros and cons, you must understand the overall picture o ..read more

Many companies all over the world prefer to open one branch in Singapore as this is a very business-friendly country in the Asia-pacific region. To register any business in Singapore is not too difficult a task. Also, there are few agencies available that can offer all kinds of support for incorporating your company in Singapore. After you have successfully registered your Singapore Company with ACRA and after incorporating the company, the next thing that you would like to do is focus on your business operations. At the end of the day, it is your business operations that will drive in the pro ..read more

Singapore is considered the best place in the world to start any business, as the policies of this country are very business-friendly. As per the Index of Economic Freedom of 2021, the economy of Singapore is totally free and is among the top 40 countries within the Asia-Pacific region and has a score of 89.7. However, before you start your business in Singapore, you need to decide which company structure that you want to have for your company among the following two options: Sole-proprietorship or partnership Limited liability partnership Based on that you have to determine your liabili ..read more

Singapore is one such country where anybody can start their business as the country provides a very favourable atmosphere to conduct any business. Therefore, you can find the various well-known multi-national companies of the world that have started either their manufacturing unit or opened an office in Singapore. Unlike most other countries, Singapore has got no red tape so people need not have to wait longer to register their business. People can either start their business as an independent sole business entity or as a certain private limited company. Why do people prefer to choose Singapor ..read more

If you are a business owner, you must be aware of the fact that there are several aspects to running a business from expanding the business to increasing the returns on investment to minimizing losses. One of the aspects of making sure that you minimize your losses is that there is no fraudulent activity going on. Unfortunately, in this technological era, frauds are a frequent problem that businesses face each day. Many of these frauds go undetected and when they finally get detected, much wrong has already been done. Every business has certain rules and regulations as well as the country’s la ..read more

There are various highs and lows when one is running a business. Just like when a business is doing well, it continues to expand and brings better returns on investment, there are cases where a business might not be doing too well and it may need to be wound up and liquidated. The Covid19 pandemic has unfortunately caused problems for many businesses where some experienced severe losses and recovered whereas some of them weren’t that lucky. If a business is indebted to its creditors, or it has ceased its business activities, or because of certain other factors it needs to close down the busine ..read more