Ok. Let us sum up in a short paragraph. Biz Square is founded in 2014, a boutique corporate and business consultancy firm to help businesses grow sustainably. Our firm is a registered filing agent with ACRA and our professionals are certified by ISCA and ACCA. We use technology extensively to drive efficiency and we are also committed to being carbon neutral to create a sustainable future. We constantly keep an eye on market trends, recent regulatory requirements and work on the most up-to-date software to provide your business with an all-rounded solution.
Different clients have different needs. Generally, we deploy the solutions listed on our partner page because we are confident of their capabilities and client support services. After a chit chat session with you, we will be able to recommend the solutions that fit your business needs. Be assured we only recommend cloud solutions that can scale with you and nothing more than what you need! We are flexible and do work on other software as well, upon our clients’ request.
Yes, it is mandatory to have a Singapore address for your Singapore registered company. If you do not have one, you can sign up for our registered address service.
In smaller companies, the Secretary is usually only required to perform administrative functions such as keeping records and registers, and filing of returns. In larger firms, he would usually have to shoulder broader responsibilities such as making sure the company stays in compliance with the requirements of the law. Although the ultimate responsibility for complying with legal obligations lies with the directors, the Secretary may also be held liable for the company’s failure to comply with the law in certain situations. This is because the Company Act recognises that the directors depend on the Secretary for guidance on compliance issues. It also includes secretaries in its definition of ‘officer’, which means they are bound by all the relevant duties and obligations. As such, the Secretary cannot ignore any instance of non-compliance and should bring it to the attention of the directors.
No, you can’t. According to the Companies Act, a company must appoint a secretary within 6 months from its incorporation date. A company secretary must be a natural person and a local resident in Singapore. The position of company secretary must not be left vacant for more than 6 months. The sole director of a company and the company secretary cannot be the same person.
The Corporate Secretarial Services provided by Biz Square includes ensuring the company is compliant with the regulatory requirements, tracking changes in your company and notify ACRA via filing a notice, maintaining the company registers, preparing standard papers for annual general meetings and filing annual returns. Basically, we support all kinds of changes in your company with resolutions and update the registers, as well as offering advice when there is an internal disagreement between shareholders and directors.
Corppass is a corporate digital identity for businesses and other entities (such as non-profit organisations and associations) to login for transacting with Government agencies online.
It is a completion of any 12-month accounting period which may differ from the calendar year, and may not close on 31 December due to the nature of a business’s needs. The usual dates chosen are 31 March, 30 June, 30 September or 31 December.
A balance sheet is a financial statement that provides a snapshot of all of your company’s assets (what the business owns) and liabilities (what the business owes) and shareholders’ equity (how much money you would have left over if you sell all your assets and paid off all your liabilities) at a specific point in time. This information is more valuable when the balance sheets for several consecutive periods are compared together, so that trends in the different line items can be viewed objectively.
An income statement is also known as the profit and loss statement. It primarily focuses on the company’s revenues and expenses during a particular period. An income statement provides valuable insights into a company’s operations, the efficiency of its management, under-performing sectors and its performance relative to industry peers.
Companies who meet the following conditions are exempted from getting financial statements audited:
Meeting at least 2 of 3 following criteria for the immediate past 2 financial years
If the company is part of a group, the company must qualify as a small company and the entire group must be a “small group”. A small group must meet at least 2 of 3 quantitative criteria on the consolidated basis for the immediate past 2 financial years.
Let us help you evaluate whether you meet the above criteria.
XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide. We can help you prepare your financial statements and then use a tool (such as BizFinx, provided by ACRA) to convert your data into XBRL format that is suitable to file with ACRA together with your annual return filing.
A company is taxed on the income earned in the preceding financial year, ie. income earned in the financial year 2020 will be taxed in 2021. In this case, 2021 is the year in which your income is assessed to tax and hence 2021 is called the Year of Assessment (YA).
It is an estimate of the business’s taxable income after deducting tax-allowable expenses. All businesses must file within three months from the end of their financial year except for companies that qualify for the administrative concession and those that are specifically not required to file.
Your company does not need to file the ECI for that particular Year of Assessment if it meets both criteria:
This is the Corporate Income Tax Return that needs to be filed annually by 30 November or 15 December (if via e-filing).
This is a value-added tax levied on most goods and services sold in Singapore. As a business, you must register for GST when your taxable turnover exceeds $1 million. If your business taxable turnover does not exceed $1 million, you may still choose to voluntarily register for GST after careful consideration. Generally, GST is filed quarterly.
Business owners can use the following guiding principle to determine whether a grant or payout is taxable:
– Grant/payout is taxable if it’s given to supplement trading receipts or to defray operating expenses of the Company. The grant/payout is revenue in nature.
– Grant/payout is non-taxable if it’s given for the purpose of acquiring capital assets of the company. The grant/payout is capital in nature.
Reference: IRAS and Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals
It is a mandatory social security savings scheme funded by contributions from employers and employees. If you employ a Singaporean or Singaporean Permanent Resident with a monthly wage above $50, you need to pay the compulsory CPF contribution by the 14th of the following month. Rates vary depending on the employee’s income and age.
It is a pricing mechanism to regulate the number of foreign workers in Singapore. As an employer, you do not have to pay CPF contributions for your foreign workers. However, you must pay a monthly levy for Work Permit and S Pass holders via General Interbank Recurring Order (GIRO).
It is a compulsory levy that you have to pay for all your employees working in Singapore, on top of CPF and FWL. It is used to support workforce upgrading programmes and to provide training grants to you when you send your employees for training under the National Continuing Education Training system. Employers are required to contribute up to first $4,500 of each employee’s total monthly wages at a levy rate of 0.25% or a minimum of $2 (for total wages of $800 or less), whichever is higher. You can pay SDL with your employees’ monthly CPF contribution.
Form IR8A is an annual mandatory submission to the Inland Revenue Authority of Singapore (IRAS) to report your employees’ earnings for the previous year. All employers are required to submit Form IR8A to IRAS by 1 March every year. You may need to prepare Appendix 8A, Appendix 8B, and Form IR8S depending on various working conditions of your employees. We can help you to register for Auto-Inclusive Scheme allows you to submit the data to IRAS electronically at a click of a button via a Human Resource Management System! The submitted information will be shown on the employees’ electronic tax return and will be automatically included in their income tax assessments.