Importance of Proper Bookkeeping and Accounting

Bookkeeping involves the detailed recording of all financial transactions of a business, from its incorporation to date. It is about record-keeping of incoming and outgoing transactions, such as sales, expenses, cash, bank transactions etc. supported by a receipt, invoice, or other relevant records. A bookkeeper’s responsibility is to maintain these records in a general ledger… Continue reading Importance of Proper Bookkeeping and Accounting

Statutory Compliance

Bookkeeping Bookkeeping is essential for all companies in Singapore and involves recording all business income and expenses, allowing businesses to keep track of their operating costs and business financial status. As required by the Inland Revenue Authority of Singapore (IRAS), every company must maintain proper accounting records and supporting documents for five years. Proper bookkeeping,… Continue reading Statutory Compliance

Other Changes (Budget 2022 Infographic)

Singapore’s 2022 Budget Statement was delivered in Parliament by Minister for Finance Mr Lawrence Wong on Friday, 18 February 2022. Following the announcement, we have compiled 3 summarised sets of infographics available for download. Click below to obtain a copy of our infographic Budget 2022: Other Changes.

For Workers (Budget 2022 Infographic)

Singapore’s 2022 Budget Statement was delivered in Parliament by Minister for Finance Mr Lawrence Wong on Friday, 18 February 2022. Following the announcement, we have compiled 3 summarised sets of infographics available for download. Click below to obtain a copy of our infographic Budget 2022: For Workers.

For Businesses (Budget 2022 Infographic)

Singapore’s 2022 Budget Statement was delivered in Parliament by Minister for Finance Mr Lawrence Wong on Friday, 18 February 2022. Following the announcement, we have compiled 3 summarised sets of infographics available for download. Click below to obtain a copy of our infographic Budget 2022: For Businesses.

Budget 2022 Key Highlights

Singapore’s 2022 Budget Statement was delivered in Parliament by Minister for Finance Mr Lawrence Wong on Friday, 18 February 2022. Following the announcement, here are the key highlights.   For Businesses   For Workers   Other Key Matters

Downloads: Important Compliance Dates (2022)

To assist companies and individuals in keeping track of their statutory compliance obligations, we have prepared a free calendar download of the important compliance due dates in 2022. Get a quick overview of your company’s statutory deadlines, based on your company’s financial year end.

Updates: Implementation of 2-tier Penalty Framework for Annual Lodgment (ACRA)

ACRA’s 2-tier penalty framework for the late filing of annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) will take effect from 14 January 2022. First announced in December 2020, the 2-tier penalty framework was put on hold in April 2021 to provide businesses with more time for transition. All entities… Continue reading Updates: Implementation of 2-tier Penalty Framework for Annual Lodgment (ACRA)

Government Agencies in Singapore

Businesses in Singapore frequently transact with government authorities for matters concerning the entity. With various ministries and organisations that oversee and serve distinct functions, it may be confusing for those unfamiliar with Singapore’s business landscape. Hence, we have compiled a list of the government agencies that most businesses communicate with.   Accounting and Corporate Regulatory… Continue reading Government Agencies in Singapore

Post-Incorporation Matters

Upon registration of a business entity, there are several matters that business owners must ensure before commencing operations. While most will shift their focus to business operations, it is crucial to address post-incorporation matters in the initial phase of business. Neglecting these matters may result in catching up with subsequent compliance or statutory concerns, potentially… Continue reading Post-Incorporation Matters