{"id":988278,"date":"2025-09-11T11:53:27","date_gmt":"2025-09-11T11:53:27","guid":{"rendered":"https:\/\/cla.global\/?page_id=988278"},"modified":"2026-01-07T12:42:05","modified_gmt":"2026-01-07T12:42:05","slug":"accounting-and-tax-considerations","status":"publish","type":"page","link":"https:\/\/cla.global\/singapore-company-registration\/accounting-and-tax-considerations\/","title":{"rendered":"Accounting and tax considerations"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"988278\" class=\"elementor elementor-988278\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-585127c e-flex e-con-boxed e-con e-parent\" data-id=\"585127c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-6161545 e-con-full e-flex e-con e-child\" data-id=\"6161545\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-70aa893 elementor-widget-tablet__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-html\" data-id=\"70aa893\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Sidebar Component Styles - Elementor Compatible *\/\r\n.uk-sidebar-component {\r\n    max-width: 100%;\r\n    font-family: inherit;\r\n    color: inherit;\r\n    line-height: inherit;\r\n    position: relative;\r\n    z-index: 1;\r\n}\r\n.uk-sidebar-component * {\r\n    box-sizing: border-box;\r\n}\r\n\/* Sidebar Styles *\/\r\n.uk-sidebar {\r\n    width: 280px;\r\n    background: #f1f5f9;\r\n    border-right: 1px solid #e2e8f0;\r\n    padding: 20px;\r\n    border-radius: 8px;\r\n    height: fit-content;\r\n    flex-shrink: 0;\r\n    position: relative;\r\n    z-index: 1;\r\n}\r\n.uk-sidebar h3 {\r\n    background: linear-gradient(135deg, #1a4b5c 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16px;\r\n    }\r\n}\r\n<\/style>\r\n<\/head>\r\n<body>\r\n<div class=\"uk-sidebar-component\">\r\n    <!-- Sidebar -->\r\n    <aside class=\"uk-sidebar\" id=\"ukSidebar\" role=\"navigation\" aria-label=\"Singapore Guide Navigation\">\r\n        <h3>Singapore Business Guide<\/h3>\r\n        <ul class=\"uk-sidebar-menu\">\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-summary\">Singapore Summary<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-summary\">\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/\">Singapore Overview<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/benefits-and-problems\/\">Why start a business here?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/benefits-and-problems\/\">Problems with doing business here?<\/a><\/li>\r\n       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href=\"https:\/\/cla.global\/singapore-company-registration\/setup-llc\/\">Business entity types!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/14-steps-to-register-a-company-in-singapore\/\">14 steps to register an LLC!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/singapore-offshore-company-2\/\">Singapore offshore company?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/singapore-company-transfer-in\/\">Singapore company transfer-in<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/llp\/\">Limited liability partnerships?<\/a><\/li>\r\n\r\n                    \r\n                    \r\n                <\/ul>\r\n            <\/li>\r\n\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-fees\">Fees and Timelines<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-fees\">\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/fees-timelines\/\">Engagement fees?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/fees-timelines\/\">Timelines?<\/a><\/li>\r\n                <\/ul>\r\n            <\/li>\r\n\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-cashflow\">Cash Flow Considerations<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-cashflow\">\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/corporate-funding\/\">Government incentives?<\/a><\/li>\r\n                    \r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/merchant-account\/\">Singapore merchant account!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/company-formation-professional-services\/online-business-solutions\/\">E-commerce sales!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/services\/cash-flow-improvement-services\/\">Cash flow improvement services!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/services\/global-marketing-services\/\">Market penetration strategies?<\/a><\/li>\r\n                <\/ul>\r\n            <\/li>\r\n\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-legal\">Legal + Accounting + Tax<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-legal\">\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/accounting-and-tax-considerations\/\">Accounting and tax considerations?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/legal-and-compliance\/\">Legal considerations!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/tax-audit-services\/\">Singapore Tax Audit Services?<\/a><\/li>\r\n              \r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/resident-director\/\">Resident director services?<\/a><\/li>\r\n                   \r\n            \r\n                    \r\n                <\/ul>\r\n            <\/li>\r\n\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-support\">Business Setup Support Services<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-support\">\r\n                   \r\n                    <li><a href=\"https:\/\/cla.global\/recruitment\/\">Human resources services<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/services\/staff-recruitment\/\">Employee considerations!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/tax-audit-services\/\">Singapore virtual office services!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/virtual-office\/\">Find office premises!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/trademark\/\">Trademark registration!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/start-up\/\">Entrepreneur\u2019s start-up guide?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/support-services\/\">Business startup support services?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/transfer-solution\/\">Singapore LLC transfer solution?<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/ship-registration\/\">Singapore ship registration?<\/a><\/li>\r\n                    \r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/company-de-registration\/\">Singapore company de-registration<\/a><\/li>\r\n                  \r\n                    <li><a href=\"https:\/\/cla.global\/services\/corporate-advisory-solutions\/\">Other support services!<\/a><\/li>\r\n                <\/ul>\r\n            <\/li>\r\n\r\n            <li class=\"uk-menu-item uk-has-dropdown\">\r\n                <div class=\"uk-dropdown-toggle\" data-target=\"sg-other\">Other Country Information<\/div>\r\n                <ul class=\"uk-submenu\" id=\"sg-other\">\r\n                    \r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/about-2\/\">Success tips when doing business in Singapore!<\/a><\/li>\r\n                    <li><a href=\"https:\/\/cla.global\/singapore-company-registration\/about-2\/\">Interesting facts about Singapore!<\/a><\/li>\r\n                    <li><a href=\"#\">Client case studies!<\/a><\/li>\r\n                <\/ul>\r\n            <\/li>\r\n        <\/ul>\r\n    <\/aside>\r\n<\/div>\r\n\r\n<script>\r\n(function() {\r\n    'use strict';\r\n    let isInitialized = false;\r\n    function initUKSidebar() {\r\n        if (isInitialized) return;\r\n        document.addEventListener('click', function(e) {\r\n            if (!e.target.closest('.uk-sidebar-component')) return;\r\n            if (e.target && e.target.classList.contains('uk-dropdown-toggle')) {\r\n                e.preventDefault();\r\n                e.stopPropagation();\r\n                const parentItem = e.target.closest('.uk-menu-item');\r\n                if (!parentItem) return;\r\n                const allItems = document.querySelectorAll('.uk-sidebar-component .uk-menu-item.uk-has-dropdown');\r\n                allItems.forEach(function(item) {\r\n                    if (item !== parentItem && item.classList.contains('uk-active')) {\r\n                        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data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Singapore accounting &amp; tax considerations<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c89f92 elementor-widget elementor-widget-text-editor\" data-id=\"9c89f92\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>CLA Consultants Group assists our Clients with timely compliance of their annual legal, accounting and tax obligations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-672a191 elementor-widget elementor-widget-n-accordion\" data-id=\"672a191\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Singapore taxation <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-535b35c e-con-full e-flex e-con e-child\" data-id=\"535b35c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-319f9b5 elementor-widget elementor-widget-n-accordion\" data-id=\"319f9b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5200\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-5200\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Tax rates <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5200\" class=\"elementor-element elementor-element-9aaa8e3 e-con-full e-flex e-con e-child\" data-id=\"9aaa8e3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f19ec92 elementor-widget elementor-widget-text-editor\" data-id=\"f19ec92\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol class=\"tick\"><li>A company, whether incorporated in Singapore or otherwise, is considered a resident of Singapore for tax purposes if it is managed and controlled in Singapore. The corporate tax rate for resident Singapore companies is 17%. This corporate tax rate is also applicable to subsidiaries registered in Singapore and to branches of foreign companies;<\/li><li>From YA 2021 onwards, there will be no corporate income tax (\u2018CIT\u2019) rebate;<\/li><li>There is a partial tax exemption of 75% on the first S$10,000 and 50% on the next S$190,000 of the company\u2019s regular income from YA 2020 onwards;<\/li><li>A payer must\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Other-Taxes\/Withholding-tax\/Non-resident-companies\/Withholding-Tax-Rates\/\" target=\"_blank\" rel=\"noopener nofollow\">withhold tax<\/a>\u00a0when certain types of payments such as interest, royalty and others are made to the non-resident companies. The withholding tax rate would range from 10% to 15%. There is no withholding tax on dividends paid by company resident in Singapore;<\/li><li>There is no capital gain tax and inheritance or gift tax in Singapore;<\/li><li>GST is Goods and Service Tax and it is imposed on supply of goods and services by a taxable person in Singapore and on the import of goods by any person in Singapore. Standard rate of GST is 8%. Few items are exempt from GST such as goods for export and international services and sale\/ lease of residential land;<\/li><li>Personal income tax in the country follows a progressive system and ranges between 2% and 22%;<\/li><li>From YA 2019 onwards companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000;<\/li><li>Currently, only group relief is available in Singapore and not tax consolidation;<\/li><li>A Singapore tax resident company can\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Companies-Receiving-Foreign-Income\/Tax-Exemption-of-Foreign-Sourced-Income\/\" target=\"_blank\" rel=\"noopener nofollow\">enjoy tax exemption<\/a>\u00a0on its specified foreign income that is remitted into Singapore.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5201\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5201\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Goods &amp; services tax <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5201\" class=\"elementor-element elementor-element-e3b9429 e-con-full e-flex e-con e-child\" data-id=\"e3b9429\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6acaa27 elementor-widget elementor-widget-text-editor\" data-id=\"6acaa27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>A company must be registered to collect GST if its annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. This requirement may be waived if most of the goods or services are exported or supplied internationally (\u201czero-rated supplies\u201d);<\/li><li>Advantageous for companies to register for GST when they are having considerable amount of input GST paid on their purchases and expenses, as they will be able to claim these input GST while submitting GST returns.<\/li><li><a href=\"https:\/\/www.iras.gov.sg\/taxes\/goods-services-tax-(gst)\/filing-gst\/due-dates-and-requests-for-extension\" target=\"_blank\" rel=\"noopener nofollow\">Good and Services Tax return filing<\/a>\u00a0and payment due date:<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-776e17c elementor-widget elementor-widget-html\" data-id=\"776e17c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Scoped to avoid conflicts with Elementor Pro *\/\r\n.singapore-quarter-widget {\r\n    display: flex !important;\r\n    justify-content: center !important;\r\n    align-items: center !important;\r\n    width: 100% !important;\r\n   \r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-quarter-widget * {\r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-quarter-widget .singapore-quarter-table-container {\r\n    margin: 20px auto !important;\r\n    max-width: 1000px !important; \/* Limits table width for better centering *\/\r\n    width: 100% !important;\r\n    overflow-x: auto !important; \/* Enables horizontal scrolling on small screens *\/\r\n}\r\n.singapore-quarter-widget .singapore-quarter-table {\r\n    width: 100% !important;\r\n    border-collapse: collapse !important;\r\n    font-size: 14px !important;\r\n    margin: 0 !important;\r\n    background: #fff !important;\r\n    border: 1px solid #e2e8f0 !important;\r\n}\r\n.singapore-quarter-widget .singapore-quarter-table th,\r\n.singapore-quarter-widget .singapore-quarter-table td {\r\n    border: 1px solid #e2e8f0 !important;\r\n    padding: 10px !important;\r\n    text-align: center !important;\r\n}\r\n.singapore-quarter-widget .singapore-quarter-table th {\r\n    background: #f1f5f9 !important;\r\n    font-weight: bold !important;\r\n    color: #1a4b5c !important;\r\n}\r\n.singapore-quarter-widget .singapore-quarter-table td:first-child,\r\n.singapore-quarter-widget .singapore-quarter-table th:first-child {\r\n    text-align: left !important;\r\n    font-weight: bold !important;\r\n    background: #f9fafb !important;\r\n}\r\n\r\n\r\n\/* Responsive Design *\/\r\n@media (max-width: 768px) {\r\n    .singapore-quarter-widget {\r\n        padding: 15px !important;\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table-container {\r\n        margin: 15px auto !important;\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table {\r\n        font-size: 13px !important; \/* Slightly smaller font for tablets *\/\r\n        min-width: 600px !important; \/* Ensures table remains scrollable *\/\r\n    }\r\n}\r\n@media (max-width: 480px) {\r\n    .singapore-quarter-widget {\r\n        padding: 10px !important;\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table-container {\r\n        margin: 10px auto !important;\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table {\r\n        font-size: 12px !important; \/* Smaller font for mobile *\/\r\n        min-width: 600px !important; \/* Ensures horizontal scrolling *\/\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table th,\r\n    .singapore-quarter-widget .singapore-quarter-table td {\r\n        padding: 8px !important; \/* Reduced padding for mobile *\/\r\n    }\r\n    .singapore-quarter-widget .singapore-quarter-table-note {\r\n        font-size: 11px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<div class=\"singapore-quarter-widget\">\r\n    <div class=\"singapore-quarter-table-container\">\r\n        <table class=\"singapore-quarter-table\">\r\n            <thead>\r\n                <tr>\r\n                    <th>Quarter<\/th>\r\n                    <th>Due date<\/th>\r\n                <\/tr>\r\n            <\/thead>\r\n            <tbody>\r\n                <tr><td>January to March<\/td><td>30 April<\/td><\/tr>\r\n                <tr><td>April to June<\/td><td>31 July<\/td><\/tr>\r\n                <tr><td>July to September<\/td><td>31 October<\/td><\/tr>\r\n                <tr><td>October to December<\/td><td>31 January<\/td><\/tr>\r\n            <\/tbody>\r\n        <\/table>\r\n       \r\n    <\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0588a91 elementor-widget elementor-widget-text-editor\" data-id=\"0588a91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong>Late\/Non-filing<\/strong>\u00a0\u2013 IRAS will impose a late submission penalty of\u00a0<strong>SG$200<\/strong>\u00a0immediately after the GST return filing due date. The penalty will be continuing to be imposed for every completed month when the GST return remains outstanding.<\/li><li><strong>Late\/Non-Payment<\/strong>\u00a0\u2013 A\u00a0<strong>5%<\/strong>\u00a0of penalty will be levied on the amount of tax unpaid by the due date. An additional penalty of\u00a0<strong>2%<\/strong>\u00a0per month on the remaining tax unpaid after 60 days from the due date.<\/li><li>From January 1 2024, it will raise its GST from 8% to 9%<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5202\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5202\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Filing due dates (corporate income tax) <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5202\" class=\"elementor-element elementor-element-91f043d e-con-full e-flex e-con e-child\" data-id=\"91f043d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f659f7 elementor-widget elementor-widget-html\" data-id=\"0f659f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Scoped to avoid conflicts with Elementor Pro *\/\r\n.singapore-filing-widget {\r\n    display: flex !important;\r\n    justify-content: center !important;\r\n    align-items: center !important;\r\n    width: 100% !important;\r\n    \r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-filing-widget * {\r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-filing-widget .singapore-filing-table-container {\r\n    margin: 20px auto !important;\r\n    max-width: 1000px !important; \/* Limits table width for better centering *\/\r\n    width: 100% !important;\r\n    overflow-x: auto !important; \/* Enables horizontal scrolling on small screens *\/\r\n}\r\n.singapore-filing-widget .singapore-filing-table {\r\n    width: 100% !important;\r\n    border-collapse: collapse !important;\r\n    font-size: 14px !important;\r\n    margin: 0 !important;\r\n    background: #fff !important;\r\n    border: 1px solid #e2e8f0 !important;\r\n}\r\n.singapore-filing-widget .singapore-filing-table th,\r\n.singapore-filing-widget .singapore-filing-table td {\r\n    border: 1px solid #e2e8f0 !important;\r\n    padding: 10px !important;\r\n    text-align: center !important;\r\n}\r\n.singapore-filing-widget .singapore-filing-table th {\r\n    background: #f1f5f9 !important;\r\n    font-weight: bold !important;\r\n    color: #1a4b5c !important;\r\n}\r\n.singapore-filing-widget .singapore-filing-table td:first-child,\r\n.singapore-filing-widget .singapore-filing-table th:first-child {\r\n    text-align: left !important;\r\n    font-weight: bold !important;\r\n    background: #f9fafb !important;\r\n}\r\n\r\n\r\n\/* Responsive Design *\/\r\n@media (max-width: 768px) {\r\n    .singapore-filing-widget {\r\n        padding: 15px !important;\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table-container {\r\n        margin: 15px auto !important;\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table {\r\n        font-size: 13px !important; \/* Slightly smaller font for tablets *\/\r\n        min-width: 600px !important; \/* Ensures table remains scrollable *\/\r\n    }\r\n}\r\n@media (max-width: 480px) {\r\n    .singapore-filing-widget {\r\n        padding: 10px !important;\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table-container {\r\n        margin: 10px auto !important;\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table {\r\n        font-size: 12px !important; \/* Smaller font for mobile *\/\r\n        min-width: 600px !important; \/* Ensures horizontal scrolling *\/\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table th,\r\n    .singapore-filing-widget .singapore-filing-table td {\r\n        padding: 8px !important; \/* Reduced padding for mobile *\/\r\n    }\r\n    .singapore-filing-widget .singapore-filing-table-note {\r\n        font-size: 11px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<div class=\"singapore-filing-widget\">\r\n    <div class=\"singapore-filing-table-container\">\r\n        <table class=\"singapore-filing-table\">\r\n            <thead>\r\n                <tr>\r\n                    <th>Mode of Filing<\/th>\r\n                    <th>Filing Deadline<\/th>\r\n                <\/tr>\r\n            <\/thead>\r\n            <tbody>\r\n                <tr><td>e-Filing (Form C-S\/C)<\/td><td>30 Nov<\/td><\/tr>\r\n            <\/tbody>\r\n        <\/table>\r\n       \r\n    <\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f396646 elementor-widget elementor-widget-text-editor\" data-id=\"f396646\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>From YA2021, all companies will be required to e-File by 30 November . Paper filings will not be accepted.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5203\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5203\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Consequences of late \/ non-filing of tax returns <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5203\" class=\"elementor-element elementor-element-132629a e-con-full e-flex e-con e-child\" data-id=\"132629a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f1ab81c elementor-widget elementor-widget-text-editor\" data-id=\"f1ab81c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>IRAS may take the following actions if companies fail to file the Form C-S\/ C, accounts and tax computation by the due date:<\/p><ul class=\"cross\"><li>Issue an estimated Notice of Assessment (NOA). The company must pay the estimated tax within one month;<\/li><li>Offer to compound the offence with a composition amount not exceeding $1,000;<\/li><li>Issue a Section 65B(3) notice to the director to submit the required information in the Form C-S\/ C to IRAS; and\/or<\/li><li>Summon the company or person responsible for running the company (including the directors) to Court.<\/li><\/ul><p class=\"mt20\">Effective from 14 January 2022, there will be a penalty for late filing of annual lodgements beyond three months. Penalty can go up to $600.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5204\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5204\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Tax exemptions and rebates <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5204\" class=\"elementor-element elementor-element-b9808ac e-con-full e-flex e-con e-child\" data-id=\"b9808ac\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e97210f elementor-widget elementor-widget-text-editor\" data-id=\"e97210f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If client owned bank account in Singapore with SG$ currency then they are subjected to Singapore corporate tax 17%, otherwise please provide support document or summary of transaction that show income derived from outside Singapore.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-321951f elementor-widget elementor-widget-n-accordion\" data-id=\"321951f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5250\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-5250\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Nonresident companies <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5204 e-n-accordion-item-5250\" class=\"elementor-element elementor-element-31c64d7 e-con-full e-flex e-con e-child\" data-id=\"31c64d7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e0bd52f elementor-widget elementor-widget-text-editor\" data-id=\"e0bd52f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li>A\u00a0non-resident Singapore company\u00a0is legally tax exempt if all of its income and profits are derived from overseas. Consequently, it can be an excellent entity to legally book global income;<\/li><li>If a company is managed and controlled by directors and members residing outside of Singapore, then it is considered as a non-resident company;<\/li><li>For the foreign income to be tax exempt, non-resident companies must not hold a bank account in Singapore to which the income and profits are remitted. Companies are obliged to hold international bank accounts.<\/li><li>A company incorporated in Singapore but deemed as non-resident by the authorities is legally tax exempt if all income and profits are derived from overseas. Consequently, a properly structured Singapore company can be an excellent entity to legally book global income. If certain criteria are met, it is possible for the foreign income of a Singapore resident company to be legally tax exempt.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5251\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5251\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Resident companies <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5204 e-n-accordion-item-5251\" class=\"elementor-element elementor-element-d39ba9a e-con-full e-flex e-con e-child\" data-id=\"d39ba9a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-17a5d58 elementor-widget elementor-widget-text-editor\" data-id=\"17a5d58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li>Good news for a newly\u00a0registered Singapore Companies. Entrepreneurs can now enjoy tax rebate on the profit in the first three financial years. Singapore Government exempt Private company on the following eligibility Criteria;<ul><li>Registered in Singapore;<\/li><li>Tax Resident in Singapore for the given year of assessment;<\/li><li>Have more than 20 shareholders consistently throughout the assessment year or at least one individual must hold at least 10% of total number of issued ordinary shares in the company.<\/li><\/ul><\/li><li>In order to minimize the global withholding tax, Singapore has signed\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Quick-Links\/International-Tax\/List-of-DTAs--limited-treaties-and-EOI-arrangements\/\" target=\"_blank\" rel=\"noopener nofollow\">84 double taxation treaties<\/a>. Singapore was one of the 68 countries that signed OECD Multilateral instrument on 7<sup>th<\/sup>\u00a0June 2017.<\/li><li>As per\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Quick-Links\/Tax-Acts\/Income-Tax-Act\/\" target=\"_blank\" rel=\"nofollow noopener\">Income Tax Act<\/a>\u00a0and the\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Quick-Links\/Tax-Acts\/Economic-Expansion-Incentives-Act\/\" target=\"_blank\" rel=\"nofollow noopener\">Economic Expansion Incentives (EEIA)<\/a>, Singapore offers wide range of investment incentives including tax holidays and concessions, accelerated depreciation schemes and favourable loan conditions;<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5252\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5252\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Start-ups <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5204 e-n-accordion-item-5252\" class=\"elementor-element elementor-element-2a0f119 e-con-full e-flex e-con e-child\" data-id=\"2a0f119\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a95ac73 elementor-widget elementor-widget-text-editor\" data-id=\"a95ac73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li>To stimulate entrepreneurship, the\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates--Tax-Exemption-Schemes-and-SME-Cash-Grant\/\" target=\"_blank\" rel=\"nofollow noopener\">Singapore government<\/a>\u00a0offers an extremely attractive tax exemption scheme for start-up companies. For the first three years,\u00a0<a href=\"https:\/\/cla.global\/singapore-company-registration\/startup\/\" target=\"_blank\" rel=\"noopener\">Singapore start-ups<\/a>\u00a0are exempt from corporate tax on the first S$100,000 and the next S$200,000 is 50% tax exempt;<\/li><li>This scheme is applicable to tax resident companies that\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0have less than 20 shareholders and\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0are not investment holding nor property development companies;<\/li><li>Year four onwards, partial tax exemption will apply to all tax resident companies as follows: 75% on the first S$10,000 and 50% on the next S$290,000.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5253\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5253\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Tax rebate <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5204 e-n-accordion-item-5253\" class=\"elementor-element elementor-element-603d5e7 e-con-full e-flex e-con e-child\" data-id=\"603d5e7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a379f80 elementor-widget elementor-widget-text-editor\" data-id=\"a379f80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Corporate Income Tax rebates are given to companies to ease their business costs and are applicable for the Years of Assessment (YAs) 2013 to 2020.<\/p><p>The rebates apply to\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0resident companies,\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0non-resident companies that are not subject to a final withholding tax and\u00a0<span class=\"yellow-roman\">iii)<\/span>\u00a0companies that receive income taxed at a concessionary tax rate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28e6c58 elementor-widget elementor-widget-html\" data-id=\"28e6c58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Scoped to avoid conflicts with Elementor Pro *\/\r\n.singapore-rebate-widget {\r\n    display: flex !important;\r\n    justify-content: center !important;\r\n    align-items: center !important;\r\n    width: 100% !important;\r\n  \r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-rebate-widget * {\r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-rebate-widget .singapore-rebate-table-container {\r\n    margin: 20px auto !important;\r\n    max-width: 1000px !important; \/* Limits table width for better centering *\/\r\n    width: 100% !important;\r\n    overflow-x: auto !important; \/* Enables horizontal scrolling on small screens *\/\r\n}\r\n.singapore-rebate-widget .singapore-rebate-table {\r\n    width: 100% !important;\r\n    border-collapse: collapse !important;\r\n    font-size: 14px !important;\r\n    margin: 0 !important;\r\n    background: #fff !important;\r\n    border: 1px solid #e2e8f0 !important;\r\n}\r\n.singapore-rebate-widget .singapore-rebate-table th,\r\n.singapore-rebate-widget .singapore-rebate-table td {\r\n    border: 1px solid #e2e8f0 !important;\r\n    padding: 10px !important;\r\n    text-align: center !important;\r\n}\r\n.singapore-rebate-widget .singapore-rebate-table th {\r\n    background: #f1f5f9 !important;\r\n    font-weight: bold !important;\r\n    color: #1a4b5c !important;\r\n}\r\n.singapore-rebate-widget .singapore-rebate-table td:first-child,\r\n.singapore-rebate-widget .singapore-rebate-table th:first-child {\r\n    text-align: left !important;\r\n    font-weight: bold !important;\r\n    background: #f9fafb !important;\r\n}\r\n\r\n\r\n\/* Responsive Design *\/\r\n@media (max-width: 768px) {\r\n    .singapore-rebate-widget {\r\n        padding: 15px !important;\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table-container {\r\n        margin: 15px auto !important;\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table {\r\n        font-size: 13px !important; \/* Slightly smaller font for tablets *\/\r\n        min-width: 600px !important; \/* Ensures table remains scrollable *\/\r\n    }\r\n}\r\n@media (max-width: 480px) {\r\n    .singapore-rebate-widget {\r\n        padding: 10px !important;\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table-container {\r\n        margin: 10px auto !important;\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table {\r\n        font-size: 12px !important; \/* Smaller font for mobile *\/\r\n        min-width: 600px !important; \/* Ensures horizontal scrolling *\/\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table th,\r\n    .singapore-rebate-widget .singapore-rebate-table td {\r\n        padding: 8px !important; \/* Reduced padding for mobile *\/\r\n    }\r\n    .singapore-rebate-widget .singapore-rebate-table-note {\r\n        font-size: 11px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<div class=\"singapore-rebate-widget\">\r\n    <div class=\"singapore-rebate-table-container\">\r\n        <table class=\"singapore-rebate-table\">\r\n            <thead>\r\n                <tr>\r\n                    <th>YA<\/th>\r\n                    <th>Corporate Income Tax Rebate<\/th>\r\n                    <th>Capped at<\/th>\r\n                <\/tr>\r\n            <\/thead>\r\n            <tbody>\r\n                <tr><td>2021 & onwards<\/td><td>No rebates<\/td><td>$0<\/td><\/tr>\r\n                <tr><td>2020<\/td><td>25%<\/td><td>$15,000<\/td><\/tr>\r\n                <tr><td>2019<\/td><td>20%<\/td><td>$10,000<\/td><\/tr>\r\n                <tr><td>2018<\/td><td>40%<\/td><td>$15,000<\/td><\/tr>\r\n                <tr><td>2017<\/td><td>50%<\/td><td>$25,000<\/td><\/tr>\r\n                <tr><td>2016<\/td><td>50%<\/td><td>$20,000<\/td><\/tr>\r\n                <tr><td>2013 to 2015<\/td><td>30%<\/td><td>$30,000<\/td><\/tr>\r\n            <\/tbody>\r\n        <\/table>\r\n       \r\n    <\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5205\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5205\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Singapore tax relief and business grant schemes <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5205\" class=\"elementor-element elementor-element-c84a54c e-con-full e-flex e-con e-child\" data-id=\"c84a54c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab6f78e elementor-widget elementor-widget-text-editor\" data-id=\"ab6f78e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As one of the world\u2019s best places to start up a business, Singapore offers an array of tax relief schemes and small business grants. CLA Consultants Group has been assisting our Clients to access government incentives and support programs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e4fad9 elementor-widget elementor-widget-text-editor\" data-id=\"4e4fad9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table id=\"tablepress-2262\" class=\"tablepress tablepress-id-2262 key-personnel tablepress-responsive tbody-has-connected-cells\"><thead><tr class=\"row-1\"><th class=\"column-1\">Title<\/th><th class=\"column-2\">Base \/ nature<\/th><th class=\"column-3\">Link<\/th><th class=\"column-4\">Prerequisites<\/th><th class=\"column-5\">Relief (based of YA2020)<\/th><\/tr><\/thead><tbody class=\"row-striping row-hover\"><tr class=\"row-2\"><td class=\"column-1\" colspan=\"5\">Tax incentives<\/td><\/tr><tr class=\"row-3\"><td class=\"column-1\">Partial tax exemption<\/td><td class=\"column-2\">Profit before taxation<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates-and-Tax-Exemption-Schemes\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>New start-up tax exemption was not claimed during current year of assessment (<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Learning-the-basics\/Basic-Guide-for-New-Taxpayers\/Income-Tax-Glossary\/#:~:text='Year%20of%20Assessment'%20(YA,2019%20to%2031%20Dec%202019.\" target=\"_blank\" rel=\"noopener nofollow\">YA<\/a>)<\/li><li>Company must be incorporated in Singapore<\/li><\/ul><\/td><td class=\"column-5\">75% for first<br \/>SG$10,000<p>\u00a0<\/p><p>50% for next SG$190,000<\/p><p>Capped SG$102,500<\/p><\/td><\/tr><tr class=\"row-4\"><td class=\"column-1\">New start up exemption<\/td><td class=\"column-2\">Profit before taxation<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates-and-Tax-Exemption-Schemes\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Available only for first three\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Learning-the-basics\/Basic-Guide-for-New-Taxpayers\/Income-Tax-Glossary\/#:~:text='Year%20of%20Assessment'%20(YA,2019%20to%2031%20Dec%202019.\" target=\"_blank\" rel=\"noopener nofollow\">YA<\/a>s<\/li><li>Company must be incorporated in Singapore<\/li><li>Company must be\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Other-Taxes\/Withholding-tax\/Non-resident-companies\/Tax-Residence-Status-of-a-Company\/\" target=\"_blank\" rel=\"noopener nofollow\">tax resident<\/a>\u00a0in Singapore for that\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Learning-the-basics\/Basic-Guide-for-New-Taxpayers\/Income-Tax-Glossary\/#:~:text='Year%20of%20Assessment'%20(YA,2019%20to%2031%20Dec%202019.\" target=\"_blank\" rel=\"noopener nofollow\">YA<\/a><\/li><li>All of the shareholders are individuals or at least one shareholder is an individual holding at least 10% of the issued ordinary shares of the company<\/li><\/ul><\/td><td class=\"column-5\">75% for first SG$100,000<p>\u00a0<\/p><p>50% for next SG$100,000<\/p><p>Capped at SG$125,000<\/p><\/td><\/tr><tr class=\"row-5\"><td class=\"column-1\">Tax rebate<\/td><td class=\"column-2\">Corporate tax<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates-and-Tax-Exemption-Schemes\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\">All companies unless income is subject to withholding tax<\/td><td class=\"column-5\">25% of tax payable<p>\u00a0<\/p><p>Capped at SG$15,000<\/p><\/td><\/tr><tr class=\"row-6\"><td class=\"column-1\">Losses carried forward<\/td><td class=\"column-2\">Accumulated losses carried to subsequent period<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Unutilised-Items--Losses--Capital-Allowances-and-Donations-\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Only taxable\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Self-Employed\/Working-out-your-taxes\/Deductions-to-Save-Tax\/Business-Expenses\/\" target=\"_blank\" rel=\"noopener nofollow\">expenses<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Working-Out-Your-Taxes\/What-is-Taxable--What-is-Not\/\" target=\"_blank\" rel=\"noopener nofollow\">income<\/a><\/li><li>Can be carried forward up to 5\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Individuals\/Locals\/Learning-the-basics\/Basic-Guide-for-New-Taxpayers\/Income-Tax-Glossary\/#:~:text='Year%20of%20Assessment'%20(YA,2019%20to%2031%20Dec%202019.\" target=\"_blank\" rel=\"noopener nofollow\">YA<\/a>s<\/li><li>Company must satisfy\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Unutilised-Items--Losses--Capital-Allowances-and-Donations-\/\" target=\"_blank\" rel=\"noopener nofollow\">Shareholding Test<\/a>\u00a0(no substantial change in a shareholder structure)<\/li><\/ul><\/td><td class=\"column-5\">Accumulated losses of last 5 years of assessment<\/td><\/tr><tr class=\"row-7\"><td class=\"column-1\">Losses carried back<\/td><td class=\"column-2\">Losses of current year to claim taxes paid in a past<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Claiming-Reliefs\/Loss-Carry-Back-Relief\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Can be carried back for one YA or three YAs (for YA 2020 enhanced carry-back relief) immediately preceding the YA in which trade losses were incurred<\/li><li>Only taxable expenses and income<\/li><\/ul><\/td><td class=\"column-5\">Capped at SG$100,000<\/td><\/tr><tr class=\"row-8\"><td class=\"column-1\">Deductible donations<\/td><td class=\"column-2\">Amount of donation<\/td><td class=\"column-3\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Other-Taxes\/Charities\/Donations-and-Tax-Deductions\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\">Donations made to Singapore government or public for causes benefitting local community<\/td><td class=\"column-5\">250% of donation is tax deductible<\/td><\/tr><tr class=\"row-9\"><td class=\"column-1\" colspan=\"5\">Other incentives<\/td><\/tr><tr class=\"row-10\"><td class=\"column-1\">Digital Resilience Bonus<\/td><td class=\"column-2\">Digital improvements<\/td><td class=\"column-3\"><a href=\"https:\/\/www.enterprisesg.gov.sg\/campaigns\/budget-2020\/improve-business-capabilities-and-leadership\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\">Adoption of baseline digital solutions such as PayNow Corporate and e-invoicing<\/td><td class=\"column-5\">S$10,000<\/td><\/tr><tr class=\"row-11\"><td class=\"column-1\">Enterprise Leadership for Transformation<\/td><td class=\"column-2\">Education<\/td><td class=\"column-3\"><a href=\"https:\/\/www.enterprisesg.gov.sg\/non-financial-assistance\/for-singapore-companies\/growth-partnership-programme\/enterprise-leadership-for-transformation\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Net assets or revenue more than SG$5 million<\/li><li>Physical presence in Singapore<\/li><li>30% of equity held by a local<\/li><\/ul><\/td><td class=\"column-5\">One-year programme required to develop business<\/td><\/tr><tr class=\"row-12\"><td class=\"column-1\">SkillsFuture Enterprise Credit<\/td><td class=\"column-2\">Enterprise transformation (e g training courses, qualification programs, etc)<\/td><td class=\"column-3\"><a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/skillsfuture-enterprise-credit\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Contributes at least S$750 Skills Development Levy<\/li><li>Employs at least 3 local employees<\/li><li>Meets\u00a0<a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/skillsfuture-enterprise-credit\" target=\"_blank\" rel=\"noopener nofollow\">Qualifying Periods<\/a><\/li><\/ul><\/td><td class=\"column-5\">SG$10,000<\/td><\/tr><tr class=\"row-13\"><td class=\"column-1\">Productivity Solutions Grant<\/td><td class=\"column-2\">Investments in high-tech and other programs \/ solutions to increase business productivity<\/td><td class=\"column-3\"><a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/productivity-solutions-grant\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Must have business presence in Singapore<\/li><li>Purchased equipment \/ subscription is used for Singapore company needs<\/li><li>Minimum 30% local shareholding in company<\/li><li>Annual sales turnover less than S$100 million, OR less than 200 employers<\/li><\/ul><\/td><td class=\"column-5\">Refund of up to 80% of purchase cost<\/td><\/tr><tr class=\"row-14\"><td class=\"column-1\">Enterprise Development Grant<\/td><td class=\"column-2\">Grant to support projects within\u00a0<a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/core-capabilities\" target=\"_blank\" rel=\"noopener nofollow\">core capabilities<\/a>,\u00a0<a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/innovation-and-productivity\" target=\"_blank\" rel=\"noopener nofollow\">innovation and productivity<\/a>\u00a0or\u00a0<a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/market-access\" target=\"_blank\" rel=\"noopener nofollow\">market access activities<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/overview\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-4\"><ul><li>Must have business presence in Singapore<\/li><li>Minimum 30% local shareholding in company<\/li><li>Approved\u00a0<a href=\"https:\/\/www.enterprisesg.gov.sg\/financial-assistance\/grants\/for-local-companies\/enterprise-development-grant\/apply\/pre-application\" target=\"_blank\" rel=\"noopener nofollow\">application<\/a>\u00a0by ES<\/li><\/ul><\/td><td class=\"column-5\">Grant supports up to 90% of project<\/td><\/tr><tr class=\"row-15\"><td class=\"column-1\">Other incentives<\/td><td class=\"column-2\"><a href=\"https:\/\/www.iras.gov.sg\/IRASHome\/Schemes\/Businesses\/Applying-For-Tax-Incentives\/\" target=\"_blank\" rel=\"noopener nofollow\">See here<\/a><\/td><td class=\"column-3\">\u00a0<\/td><td class=\"column-4\">\u00a0<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-5206\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-5206\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Summary <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-1080 e-n-accordion-item-5206\" class=\"elementor-element elementor-element-864b874 e-con-full e-flex e-con e-child\" data-id=\"864b874\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ae113e elementor-widget elementor-widget-text-editor\" data-id=\"0ae113e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A summary of Singaporean corporation tax rules include:<\/p><ul><li>A Singaporean LLC is legally exempt from all local taxes if the business has\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0neither customers nor suppliers in Singapore nor\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0staff nor active directors in Singapore and\u00a0<span class=\"yellow-roman\">iii)<\/span>\u00a0does not have a corporate bank account in Singapore. This non-resident LLC cannot benefit from double taxation treaties.<\/li><li>A Singaporean LLC is\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Other-Taxes\/Withholding-tax\/Non-resident-companies\/Tax-Residence-Status-of-a-Company\/\" target=\"_blank\" rel=\"noopener nofollow\">tax resident<\/a>\u00a0when the business in managed from Singapore including\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0the majority of shareholders and directors reside in Singapore or frequently travel to Singapore to oversee local business activities, including attending Board meetings and\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0has a multi-currency corporate bank account in Singapore. A tax resident LLC enjoys the benefits of double taxation treaties and local government grants and tax incentives.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1081\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1081\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Tax reporting, accounting and auditing considerations <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1081\" class=\"elementor-element elementor-element-7390ea8 e-con-full e-flex e-con e-child\" data-id=\"7390ea8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-07b256f elementor-widget elementor-widget-text-editor\" data-id=\"07b256f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol class=\"tick\"><li>Annual return and income tax returns are filed online.<\/li><li>The corporate tax filing deadline for all Singapore companies is 30 November every year.<\/li><li>It\u2019s compulsory for all companies to prepare a financial statement within six months of the company FYE in accordance with Singapore Reporting Standards.<\/li><li>Dormant and small companies are exempt from an audit if they fulfil the following conditions:<ol><li>They are a private company (owned by 50 members or less) for the financial year.<\/li><li>They meet at least two of the following three quantitative criteria for the immediate past two financial years:<ul><li>Total revenue not more than S$10 million<\/li><li>Total assets not more than S$10 million<\/li><li>Total number of employees not more than 50<\/li><\/ul><\/li><\/ol><\/li><li>All Singapore companies must register for GST if annual sales exceed or are expected to exceed S$1 million.<\/li><li>Late filling penalty for a Singapore company is S$300. Fr the subsequent 3 months, the late penalty doubles to S$600.<\/li><li>If a company does not fulfil its accounting and tax obligation, it can be struck off by the Singapore authorities as per the Singapore Company Act.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1082\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1082\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Consolidated financial statement <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1082\" class=\"elementor-element elementor-element-c324bfc e-con-full e-flex e-con e-child\" data-id=\"c324bfc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a12d799 elementor-widget elementor-widget-text-editor\" data-id=\"a12d799\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul class=\"tick\"><li>According to the\u00a0<a href=\"https:\/\/www.asc.gov.sg\/\" target=\"_blank\" rel=\"noopener nofollow\">Singapore Accounting Standards<\/a>, a parent entity that controls more than one entity required to prepare consolidated financial statement.<\/li><li>However, the parent entity is exempted from preparing a consolidated financial statement if it meets all the following requirements:<ol><li>a wholly owned subsidiary or partially owned subsidiary of another entity and all other owners have been informed and do not object to the parent not presenting the consolidated financial statement;<\/li><li>its debt or equity instrument are not traded in the public market;<\/li><li>it didn\u2019t file nor in the process of filing its financial statement with the securities commission or other government authorities for the purpose of issuing any class of instrument; and<\/li><li>its ultimate or intermediate parent prepare financial statement that are available for public.<\/li><\/ol><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1083\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1083\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Singapore company tax exemption package <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1083\" class=\"elementor-element elementor-element-7e6f038 e-con-full e-flex e-con e-child\" data-id=\"7e6f038\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-db8f96c elementor-widget elementor-widget-text-editor\" data-id=\"db8f96c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul class=\"tick\"><li>A properly structured Singapore company can be legally tax exempt if certain criteria are met;<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1084\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1084\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Compare different Singapore entities <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1084\" class=\"elementor-element elementor-element-46e3877 e-con-full e-flex e-con e-child\" data-id=\"46e3877\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-56e6bb3 elementor-widget elementor-widget-html\" data-id=\"56e6bb3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Scoped to avoid conflicts with Elementor Pro *\/\r\n.singapore-company-widget {\r\n    display: flex !important;\r\n    justify-content: center !important;\r\n    align-items: center !important;\r\n    width: 100% !important;\r\n    \r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-company-widget * {\r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-company-widget .singapore-table-container {\r\n    margin: 20px auto !important;\r\n    max-width: 1000px !important; \/* Limits table width for better centering *\/\r\n    width: 100% !important;\r\n    overflow-x: auto !important; \/* Enables horizontal scrolling on small screens *\/\r\n}\r\n.singapore-company-widget .singapore-table {\r\n    width: 100% !important;\r\n    border-collapse: collapse !important;\r\n    font-size: 14px !important;\r\n    margin: 0 !important;\r\n    background: #fff !important;\r\n    border: 1px solid #e2e8f0 !important;\r\n}\r\n.singapore-company-widget .singapore-table th,\r\n.singapore-company-widget .singapore-table td {\r\n    border: 1px solid #e2e8f0 !important;\r\n    padding: 10px !important;\r\n    text-align: center !important;\r\n}\r\n.singapore-company-widget .singapore-table th {\r\n    background: #f1f5f9 !important;\r\n    font-weight: bold !important;\r\n    color: #1a4b5c !important;\r\n}\r\n.singapore-company-widget .singapore-table td:first-child,\r\n.singapore-company-widget .singapore-table th:first-child {\r\n    text-align: left !important;\r\n    font-weight: bold !important;\r\n    background: #f9fafb !important;\r\n}\r\n.singapore-company-widget .singapore-table td:nth-child(2),\r\n.singapore-company-widget .singapore-table th:nth-child(2) {\r\n    text-align: left !important;\r\n    background: #f9fafb !important;\r\n}\r\n\r\n\r\n\/* Responsive Design *\/\r\n@media (max-width: 768px) {\r\n    .singapore-company-widget {\r\n        padding: 15px !important;\r\n    }\r\n    .singapore-company-widget .singapore-table-container {\r\n        margin: 15px auto !important;\r\n    }\r\n    .singapore-company-widget .singapore-table {\r\n        font-size: 13px !important; \/* Slightly smaller font for tablets *\/\r\n        min-width: 600px !important; \/* Ensures table remains scrollable *\/\r\n    }\r\n}\r\n@media (max-width: 480px) {\r\n    .singapore-company-widget {\r\n        padding: 10px !important;\r\n    }\r\n    .singapore-company-widget .singapore-table-container {\r\n        margin: 10px auto !important;\r\n    }\r\n    .singapore-company-widget .singapore-table {\r\n        font-size: 12px !important; \/* Smaller font for mobile *\/\r\n        min-width: 600px !important; \/* Ensures horizontal scrolling *\/\r\n    }\r\n    .singapore-company-widget .singapore-table th,\r\n    .singapore-company-widget .singapore-table td {\r\n        padding: 8px !important; \/* Reduced padding for mobile *\/\r\n    }\r\n    .singapore-company-widget .singapore-table-note {\r\n        font-size: 11px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<div class=\"singapore-company-widget\">\r\n    <div class=\"singapore-table-container\">\r\n        <table class=\"singapore-table\">\r\n            <thead>\r\n                <tr>\r\n                    <th>No<\/th>\r\n                    <th>Question<\/th>\r\n                    <th>Tax resident LLC<\/th>\r\n                    <th>Offshore company<\/th>\r\n                    <th>Non-resident taxable LLC<\/th>\r\n                <\/tr>\r\n            <\/thead>\r\n            <tbody>\r\n                <tr><td>1<\/td><td>Must pay Singaporean corporation tax of 17%?<\/td><td>Yes<\/td><td>No<\/td><td>Yes<\/td><\/tr>\r\n                <tr><td>2<\/td><td>Corporate bank account location<\/td><td>In Singapore<\/td><td>Outside Singapore<\/td><td>In Singapore<\/td><\/tr>\r\n                <tr><td>3<\/td><td>Management and control of entity<\/td><td>In Singapore<\/td><td>Outside Singapore<\/td><td>Outside Singapore<\/td><\/tr>\r\n                <tr><td>4<\/td><td>Practical example<\/td><td>CLA Consultants Singapore Pte Ltd<\/td><td>A US-based Client owns a Singapore LLC and Hong Kong bank account<\/td><td>A US-based Client owns a Singapore LLC and DBS Singapore bank account<\/td><\/tr>\r\n                <tr><td>5<\/td><td>Annual net profits tax exemption bracket<\/td><td>The first SG$125,000 of annual net profits are tax free for first 3 years. Anything over this SG$ amount is taxed at 17%<\/td><td>Legally tax exempt on all profits<\/td><td>The first SG$102,500 of annual net profits are tax free. Anything over this SG$ amount is taxed at 17%<\/td><\/tr>\r\n                <tr><td>6<\/td><td>Access to double tax treaties?<\/td><td>Yes<\/td><td>No<\/td><td>No<\/td><\/tr>\r\n                <tr><td>7<\/td><td>Can obtain a tax resident certificate?<\/td><td>Yes<\/td><td>No<\/td><td>No<\/td><\/tr>\r\n                <tr><td>8<\/td><td>Can open a Singapore merchant account?<\/td><td>Yes<\/td><td>No<\/td><td>Yes<\/td><\/tr>\r\n                <tr><td>9<\/td><td>Access to Government grants and incentives?<\/td><td>Yes<\/td><td>No<\/td><td>No<\/td><\/tr>\r\n                <tr><td>10<\/td><td>An excellent holding company of global subsidiaries?<\/td><td>Yes<\/td><td>No<\/td><td>No<\/td><\/tr>\r\n                <tr><td>11<\/td><td>Can have a virtual office with call answered from Singapore?<\/td><td>Yes<\/td><td>Yes<\/td><td>Yes<\/td><\/tr>\r\n                <tr><td>12<\/td><td>Can hire staff in Singapore?<\/td><td>Yes<\/td><td>No<\/td><td>Yes<\/td><\/tr>\r\n            <\/tbody>\r\n        <\/table>\r\n       \r\n    <\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1085\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1085\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> CLA Consultants Group fees for accounting and tax support <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1085\" class=\"elementor-element elementor-element-db70836 e-con-full e-flex e-con e-child\" data-id=\"db70836\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-83b1607 elementor-widget elementor-widget-html\" data-id=\"83b1607\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\r\n\/* Scoped to avoid conflicts with Elementor Pro *\/\r\n.singapore-accounting-widget {\r\n    display: flex !important;\r\n    justify-content: center !important;\r\n    align-items: center !important;\r\n    width: 100% !important;\r\n    \r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-accounting-widget * {\r\n    box-sizing: border-box !important;\r\n}\r\n.singapore-accounting-widget .singapore-accounting-table-container {\r\n    margin: 20px auto !important;\r\n    max-width: 1000px !important; \/* Limits table width for better centering *\/\r\n    width: 100% !important;\r\n    overflow-x: auto !important; \/* Enables horizontal scrolling on small screens *\/\r\n}\r\n.singapore-accounting-widget .singapore-accounting-table {\r\n    width: 100% !important;\r\n    border-collapse: collapse !important;\r\n    font-size: 14px !important;\r\n    margin: 0 !important;\r\n    background: #fff !important;\r\n    border: 1px solid #e2e8f0 !important;\r\n}\r\n.singapore-accounting-widget .singapore-accounting-table th,\r\n.singapore-accounting-widget .singapore-accounting-table td {\r\n    border: 1px solid #e2e8f0 !important;\r\n    padding: 10px !important;\r\n    text-align: center !important;\r\n}\r\n.singapore-accounting-widget .singapore-accounting-table th {\r\n    background: #f1f5f9 !important;\r\n    font-weight: bold !important;\r\n    color: #1a4b5c !important;\r\n}\r\n.singapore-accounting-widget .singapore-accounting-table td:first-child,\r\n.singapore-accounting-widget .singapore-accounting-table th:first-child {\r\n    text-align: left !important;\r\n    font-weight: bold !important;\r\n    background: #f9fafb !important;\r\n}\r\n.singapore-accounting-widget .singapore-accounting-note {\r\n    font-size: 12px !important;\r\n    color: #666 !important;\r\n    margin-top: 10px !important;\r\n    text-align: left !important;\r\n}\r\n\r\n\r\n\/* Responsive Design *\/\r\n@media (max-width: 768px) {\r\n    .singapore-accounting-widget {\r\n        padding: 15px !important;\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-table-container {\r\n        margin: 15px auto !important;\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-table {\r\n        font-size: 13px !important; \/* Slightly smaller font for tablets *\/\r\n        min-width: 600px !important; \/* Ensures table remains scrollable *\/\r\n    }\r\n}\r\n@media (max-width: 480px) {\r\n    .singapore-accounting-widget {\r\n        padding: 10px !important;\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-table-container {\r\n        margin: 10px auto !important;\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-table {\r\n        font-size: 12px !important; \/* Smaller font for mobile *\/\r\n        min-width: 600px !important; \/* Ensures horizontal scrolling *\/\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-table th,\r\n    .singapore-accounting-widget .singapore-accounting-table td {\r\n        padding: 8px !important; \/* Reduced padding for mobile *\/\r\n    }\r\n    .singapore-accounting-widget .singapore-accounting-note {\r\n        font-size: 11px !important;\r\n    }\r\n}\r\n<\/style>\r\n\r\n<div class=\"singapore-accounting-widget\">\r\n    <div class=\"singapore-accounting-table-container\">\r\n        <table class=\"singapore-accounting-table\">\r\n            <thead>\r\n                <tr>\r\n                    <th>Singapore accounting and tax task<\/th>\r\n                    <th>US$<\/th>\r\n                <\/tr>\r\n            <\/thead>\r\n            <tbody>\r\n                <tr><td>Singapore active company unaudited annual tax and accounting<\/td><td>2,700<\/td><\/tr>\r\n                <tr><td>Singapore dormant company unaudited annual tax and accounting<\/td><td>1,200<\/td><\/tr>\r\n                <tr><td>Singapore active company audited annual tax and accounting *<\/td><td>7,750<\/td><\/tr>\r\n                <tr><td>Singapore annual personal tax return<\/td><td>1,950<\/td><\/tr>\r\n                <tr><td>Singapore company residence certificate<\/td><td>950<\/td><\/tr>\r\n                <tr><td>IRAS written confirmation of legal tax exemption<\/td><td>1,500<\/td><\/tr>\r\n                <tr><td>Average monthly bookkeeping services<\/td><td>550<\/td><\/tr>\r\n                <tr><td>Quarterly GST reporting services (active entity)<\/td><td>950<\/td><\/tr>\r\n                <tr><td>Quarterly GST reporting services (dormant entity)<\/td><td>450<\/td><\/tr>\r\n            <\/tbody>\r\n        <\/table>\r\n        <div class=\"singapore-accounting-note\">\r\n            Note: * For an active trading company, these accounting, audit and tax fees are an estimate of CLA Consultants Group fees to efficiently and effectively discharge your annual company accounting and tax obligations. Following receipt of a set of draft accounting numbers from your company, CLA Consultants Group will more accurately advise accounting and tax fees.\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1086\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1086\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Maintaining accounting, secretarial and corporate structure data <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1086\" class=\"elementor-element elementor-element-90da23e e-con-full e-flex e-con e-child\" data-id=\"90da23e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e2127fa elementor-widget elementor-widget-text-editor\" data-id=\"e2127fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul class=\"tick\"><li>Entities should maintain proper books of accounts and also record all invoices and receipts for their company expenses and income. The same can be required at any time by the Singapore authorities;<\/li><li>Entities should also maintain the secretarial records such as board resolutions and meeting minutes of all the important management decisions taken by the Directors;<\/li><li>Under Singapore legal system for business, the information related to the corporate structure such as shareholders, directors, shares and secretaries is centralized by the Accounting and Corporate Regulatory Authority\u2019s\u00a0<a href=\"https:\/\/www.bizfile.gov.sg\/ngbbizfileinternet\/faces\/oracle\/webcenter\/portalapp\/pages\/BizfileHomepage.jspx?_afrLoop=4633099204958063&amp;_afrWindowMode=0&amp;_afrWindowId=null#%40%3F_afrWindowId%3Dnull%26_afrLoop%3D4633099204958063%26_afrWindowMode%3D0%26_adf.ctrl-state%3D1eadkxi2o_4\" target=\"_blank\" rel=\"nofollow noopener\">bizfile system<\/a>. However, any change in the corporate structure of the entity must be immediately notified to secretary of the entity for updating of the ACRA records.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1087\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"8\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1087\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Amendment in tax return <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1087\" class=\"elementor-element elementor-element-ea1bc05 e-con-full e-flex e-con e-child\" data-id=\"ea1bc05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0242a97 elementor-widget elementor-widget-text-editor\" data-id=\"0242a97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In the unlikely case of a tax filing mistake, a company\u2019s management is required to file notice using the\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/About-Us\/Taxes-in-Singapore\/Helping-and-Encouraging-Compliance\/IRAS--Voluntary-Disclosure-Programme\/\" target=\"_blank\" rel=\"noopener nofollow\">Voluntary Disclosure Programme<\/a>\u00a0(VDP). The notice should be submitted as soon as the mistake is identified. Timely action will significantly help reduce potential penalties and the IRAS officer\u2019s treatment of your case.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1088\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"9\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1088\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Estimated chargeable income (ECI) filing <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1088\" class=\"elementor-element elementor-element-e6c6f3c e-con-full e-flex e-con e-child\" data-id=\"e6c6f3c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-027ba37 elementor-widget elementor-widget-text-editor\" data-id=\"027ba37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul class=\"tick\"><li>Starting from the Year of Assessment 2020, all companies are required to file\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Filing-Estimated-Chargeable-Income--ECI-\/Definition-of-Estimated-Chargeable-Income--ECI--and-When-to-File\/\" target=\"_blank\" rel=\"noopener nofollow\">Estimated Chargeable Income<\/a>\u00a0within three months of the financial year end. For more details about exemptions, refer to\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Filing-Estimated-Chargeable-Income--ECI-\/Companies-That-Do-Not-Need-to-Submit-Estimated-Chargeable-Income--ECI-\/\" target=\"_blank\" rel=\"noopener nofollow\">this website<\/a>.<\/li><li>The Singapore government does not impose any late filing penalties assuming the tax return (Form C, Form CS or Form CS Lite) has been done on time.<\/li><li>Your company does not need to file ECI in any Year of Assessment (YA) when both of the following criteria are met:<ol><li>Annual revenue is $5 million or below for the financial year; and<\/li><li>ECI is nil for the YA. The ECI should be the amount before deducting the exempt amount under the\u00a0<a href=\"https:\/\/www.iras.gov.sg\/taxes\/corporate-income-tax\/basics-of-corporate-income-tax\/corporate-income-tax-rate-rebates-and-tax-exemption-schemes#partial-tax-exemption-scheme-for-companies\" target=\"_blank\" rel=\"noopener nofollow\">partial tax exemption scheme<\/a>\u00a0or the\u00a0<a href=\"https:\/\/www.iras.gov.sg\/taxes\/corporate-income-tax\/basics-of-corporate-income-tax\/corporate-income-tax-rate-rebates-and-tax-exemption-schemes#tax-exemption-scheme-for-new-start-up-companies\" target=\"_blank\" rel=\"noopener nofollow\">tax exemption scheme for new start-up companies<\/a>.<\/li><\/ol><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1089\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"10\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1089\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Notice Of Error (NOE) <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1089\" class=\"elementor-element elementor-element-a21dc59 e-con-full e-flex e-con e-child\" data-id=\"a21dc59\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a96a9cf elementor-widget elementor-widget-text-editor\" data-id=\"a96a9cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul class=\"tick\"><li><strong>Clerical\/typographical error<\/strong>: This NOE option is for errors contained in the filed document that were unintended and do not harm or mislead any person(s). The (non-refundable) government fee is S$60 (<a href=\"https:\/\/www.acra.gov.sg\/how-to-guides\/filing-a-notice-of-error-(noe)\/clerical-typographical-errors\" target=\"_blank\" rel=\"noopener nofollow\">click link<\/a>).<\/li><li><strong>Applications to Registrar for other errors<\/strong>: This NOE option is for errors contained in the document filed that were unintended and do not prejudice any person(s). The (non-refundable) government fee is S$60 (<a href=\"https:\/\/www.acra.gov.sg\/how-to-guides\/filing-a-notice-of-error-(noe)\/application-to-registrar-for-other-errors\" target=\"_blank\" rel=\"noopener nofollow\">click link<\/a>).<\/li><li><strong>Notification of revised financial statements<\/strong>: This NOE option is to re-file the company\u2019s financial statements which have been revised to correct non-compliance(s) with the requirements of the Companies Act and accounting standards. The (non-refundable) government fee is S$ 200 (non-refundable) (<a href=\"https:\/\/www.acra.gov.sg\/how-to-guides\/filing-a-notice-of-error-(noe)\/notification-of-revised-financial-statements\" target=\"_blank\" rel=\"noopener\">click link<\/a>).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10810\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"11\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10810\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Frequently asked questions <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-10810\" class=\"elementor-element elementor-element-e252c18 e-con-full e-flex e-con e-child\" data-id=\"e252c18\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-65b1e69 elementor-widget elementor-widget-n-accordion\" data-id=\"65b1e69\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1060\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-1060\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are financial statements prepared and submitted to ACRA? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1060\" class=\"elementor-element elementor-element-757464d e-con-full e-flex e-con e-child\" data-id=\"757464d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-feb0c20 elementor-widget elementor-widget-text-editor\" data-id=\"feb0c20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>All Singapore companies, except solvent Exempt Private Companies (EPC) must file\u00a0<a href=\"https:\/\/www.acra.gov.sg\/components\/wireframes\/howToGuidesChaptersDetails.aspx?pageid=810&amp;contentid=818\" target=\"_blank\" rel=\"nofollow noopener\">financial statements<\/a>\u00a0with ACRA.<\/p><p>An\u00a0<a href=\"https:\/\/acra.gov.sg\/How_To_Guides\/Setting_Up_in_Singapore\/Features_of_a_Company\/\" target=\"_blank\" rel=\"nofollow noopener\">EPC<\/a>\u00a0is a Singapore company which has\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0less than 20 shareholders and\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0none of the shareholders is a corporate entity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1061\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1061\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are financial statements prepared and submitted to IRAS? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1061\" class=\"elementor-element elementor-element-619792e e-con-full e-flex e-con e-child\" data-id=\"619792e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cb81bc4 elementor-widget elementor-widget-text-editor\" data-id=\"cb81bc4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>All companies must submit financial statements to IRAS if they meet the following criteria:\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0annual revenue higher than SG$5 million\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0claiming carry-back of\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Claiming-Reliefs\/Loss-Carry-Back-Relief\/\" target=\"_blank\" rel=\"nofollow noopener\">capital allowances\/losses<\/a>\u00a0<span class=\"yellow-roman\">iii)<\/span>\u00a0applying for\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Claiming-Reliefs\/Group-Relief\/\" target=\"_blank\" rel=\"nofollow noopener\">group relief<\/a>\u00a0<span class=\"yellow-roman\">iv)<\/span>\u00a0applying for\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Schemes\/Businesses\/Applying-For-Tax-Incentives\/\" target=\"_blank\" rel=\"nofollow noopener\">investment allowance<\/a>\u00a0and\u00a0<span class=\"yellow-roman\">v)<\/span>\u00a0claiming a\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Working-out-Corporate-Income-Taxes\/Claiming-Reliefs\/Foreign-Tax-Credit\/\" target=\"_blank\" rel=\"nofollow noopener\">foreign tax credit<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1062\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1062\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When must a company submit a corporation tax return to IRAS? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1062\" class=\"elementor-element elementor-element-5313668 e-con-full e-flex e-con e-child\" data-id=\"5313668\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-203adfc elementor-widget elementor-widget-text-editor\" data-id=\"203adfc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>All Singapore companies must a corporate tax return for the financial year by\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a030<sup>th<\/sup>\u00a0November of the following year (paper filing) or\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a015<sup>th<\/sup>\u00a0December of the following year (e-filing).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1063\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1063\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are consolidated financial statements required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1063\" class=\"elementor-element elementor-element-59c4f6d e-con-full e-flex e-con e-child\" data-id=\"59c4f6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dfda14d elementor-widget elementor-widget-text-editor\" data-id=\"dfda14d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If a Singapore company is the ultimate holding company for one or more entities (subsidiaries), it must prepare consolidated financial statements (See\u00a0<a href=\"http:\/\/www.assb.gov.sg\/docs\/attachments\/SB-FRS_110-Consolidated_Financial_Statements.pdf\" target=\"_blank\" rel=\"nofollow noopener\">SFRS 110<\/a>).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1064\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1064\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When is independent statutory annual audit required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1064\" class=\"elementor-element elementor-element-ee3c982 e-con-full e-flex e-con e-child\" data-id=\"ee3c982\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a16abb9 elementor-widget elementor-widget-text-editor\" data-id=\"a16abb9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If a Singapore company meets 2 out of the following\u00a0<a href=\"https:\/\/www.acra.gov.sg\/components\/wireframes\/legislationDetails.aspx?pageid=2818\" target=\"_blank\" rel=\"nofollow noopener\">3 requirements<\/a>\u00a0for two consecutive financial years:\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0revenue &gt; SG$10 million\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0assets &gt; SG$ 10 million or\u00a0<span class=\"yellow-roman\">iii)<\/span>\u00a0employees &gt; 50, then audit is required.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1065\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1065\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are audited consolidated financial statements required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1065\" class=\"elementor-element elementor-element-c4f5351 e-con-full e-flex e-con e-child\" data-id=\"c4f5351\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-01f3333 elementor-widget elementor-widget-text-editor\" data-id=\"01f3333\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If a Singapore company must prepare consolidated financial statements and the Group consolidated financial statements meet the audit requirements mentioned in the question above, then\u00a0<a href=\"https:\/\/www.acra.gov.sg\/components\/wireframes\/legislationDetails.aspx?pageid=2818\" target=\"_blank\" rel=\"nofollow noopener\">audited consolidated financial statements<\/a>\u00a0are required.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1066\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1066\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are financial statements not required to be prepared and not submitted to ACRA? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1066\" class=\"elementor-element elementor-element-a7ccd3c e-con-full e-flex e-con e-child\" data-id=\"a7ccd3c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a778dbe elementor-widget elementor-widget-text-editor\" data-id=\"a778dbe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Under Section 201 of the Companies Act, all Singapore companies must prepare financial statements, no exceptions. However, if the company is a solvent EPC (see question 1), it may not submit the financial statements to ACRA.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1067\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"8\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1067\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are financial statements not required to be prepared and not submitted to IRAS? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1067\" class=\"elementor-element elementor-element-6386f7a e-con-full e-flex e-con e-child\" data-id=\"6386f7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3b40cfc elementor-widget elementor-widget-text-editor\" data-id=\"3b40cfc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>All Singapore companies must prepare financial statements annually. However, if the company does not meet any of the 5 requirements mentioned in question 2, it is not required to submit the financial statements to IRAS. In such a case, it will only need to file\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/FormC-S\/\" target=\"_blank\" rel=\"nofollow noopener\">Form C-S<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1068\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"9\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1068\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are consolidated financial statements not required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1068\" class=\"elementor-element elementor-element-f3d75bd e-con-full e-flex e-con e-child\" data-id=\"f3d75bd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-af99f37 elementor-widget elementor-widget-text-editor\" data-id=\"af99f37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A Singapore parent company need not prepare consolidated financial statements if it meets all the\u00a0<a href=\"https:\/\/www.iasplus.com\/en\/standards\/ifrs\/ifrs10\" target=\"_blank\" rel=\"nofollow noopener\">following conditions<\/a>:<\/p><ul><li>It is a wholly-owned subsidiary or a partially-owned subsidiary of another entity;<\/li><li>Its debt or equity instruments are not traded in a public market;<\/li><li>It has never been required to file financial statements with a regulatory authority for issuing financial instruments in a public market; and<\/li><li>Its ultimate or any intermediate holding company produces financial statements available for public use that comply with International Financial Reporting Standards (IFRS).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1069\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"10\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1069\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When is an independent statutory annual audit not required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-1069\" class=\"elementor-element elementor-element-ed7f30a e-con-full e-flex e-con e-child\" data-id=\"ed7f30a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9395df7 elementor-widget elementor-widget-text-editor\" data-id=\"9395df7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>An independent statutory annual audit is not required if a Singapore company does not meet 2 out of the following\u00a0<a href=\"https:\/\/www.acra.gov.sg\/components\/wireframes\/legislationDetails.aspx?pageid=2818\" target=\"_blank\" rel=\"nofollow noopener\">3 requirements<\/a>\u00a0for two consecutive financial years:\u00a0<span class=\"yellow-roman\">i)<\/span>\u00a0revenue &gt; SG$10 million\u00a0<span class=\"yellow-roman\">ii)<\/span>\u00a0assets &gt; SG$ 10 million or\u00a0<span class=\"yellow-roman\">iii)<\/span>\u00a0employees &gt; 50, then audit is required.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10610\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"11\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10610\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> When are audited consolidated financial statements not required? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10610\" class=\"elementor-element elementor-element-16dedf5 e-con-full e-flex e-con e-child\" data-id=\"16dedf5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1fec89b elementor-widget elementor-widget-text-editor\" data-id=\"1fec89b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Audited consolidated statements are not required if a Singapore parent company meets all the requirements detailed in question 9 and 10.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10611\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"12\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10611\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> For a Singapore holding company, when are entity level financial statements required to be submitted to ACRA and IRAS? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10611\" class=\"elementor-element elementor-element-ed936ad e-con-full e-flex e-con e-child\" data-id=\"ed936ad\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-434d859 elementor-widget elementor-widget-text-editor\" data-id=\"434d859\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>ACRA and IRAS guidelines do not differentiate between a normal company or holding company. Consequently, a Singapore holding company must submit financial statements to ACRA and IRAS if it meets all the requirements in question 1 and 2.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10612\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"13\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10612\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is the benefit to have a holding company? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10612\" class=\"elementor-element elementor-element-1ec41b5 e-con-full e-flex e-con e-child\" data-id=\"1ec41b5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cb5b4de elementor-widget elementor-widget-text-editor\" data-id=\"cb5b4de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A holding company may enjoy the following benefits:<\/p><ul><li>Receive withholding tax on dividends, if DTAA is signed;<\/li><li>Legally minimize international tax on other passive income including royalties and IP;<\/li><li>Reduce risk exposure to assets of the existing company;<\/li><li>Conduit to raise capital and transfer it to the existing business;<\/li><li>Prepare for an Initial Public Offering (IPO).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10613\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"14\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10613\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How long must companies keep their financial and accounting and tax records? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10613\" class=\"elementor-element elementor-element-af53809 e-con-full e-flex e-con e-child\" data-id=\"af53809\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e5b8fe elementor-widget elementor-widget-text-editor\" data-id=\"5e5b8fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>According to local legislation a company should maintain proper records for a minimum of five calendar years, and must be able to provide necessary information to government authorities upon request.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10614\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"15\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10614\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Are there any due dates to object to the IRAS tax assessment? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10614\" class=\"elementor-element elementor-element-f456837 e-con-full e-flex e-con e-child\" data-id=\"f456837\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c057af elementor-widget elementor-widget-text-editor\" data-id=\"7c057af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Following receipt of Notice of Assessment from IRAS, the company\u2019s management has two months to raise an objection. The assessment will be considered final if no objection is received during this period.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10615\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"16\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10615\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is the best way to contact IRAS? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region region\" aria-labelledby=\"e-n-accordion-item-10810 e-n-accordion-item-10615\" class=\"elementor-element elementor-element-56e24ba e-con-full e-flex e-con e-child\" data-id=\"56e24ba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cd72e6b elementor-widget elementor-widget-text-editor\" data-id=\"cd72e6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>IRAS has a\u00a0<a href=\"https:\/\/www.iras.gov.sg\/irashome\/Contact-Us\/\" target=\"_blank\" rel=\"noopener nofollow\">live chat function<\/a>\u00a0on its website, operational Monday-Friday, 8am-5pm, Singapore time. Live chat is a much faster way to communicate with an IRAS officer than calling or e-mailing general enquiries, and you are likely to get an instant response.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-10811\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"12\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-10811\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> External readings <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-10811\" class=\"elementor-element elementor-element-1de0e70 e-con-full e-flex e-con e-child\" data-id=\"1de0e70\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-64a236a elementor-widget elementor-widget-text-editor\" data-id=\"64a236a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"http:\/\/www.kpmg.com\/SG\/en\/IssuesAndInsights\/ArticlesPublications\/Documents\/AsiaPacificTaxationSG.pdf\" target=\"_blank\" rel=\"nofollow noopener\">KPMG \u2013 Asia Pacific Taxation \u2013 Singapore<\/a><\/li><li><a href=\"https:\/\/dits.deloitte.com\/#TaxGuides\" target=\"_blank\" rel=\"nofollow noopener\">Singapore Deloitte \u2013 Tax Guide<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ba0fc7d e-flex e-con-boxed e-con e-parent\" data-id=\"ba0fc7d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>CLA assists multi-national Clients\u2019 with business set up in every country on the planet.<\/p>\n<p>For transparency purposes and to help multi-national Clients\u2019 budget future engagement fees, this page outlines average total engagement fees for every country on the planet.<\/p>\n<p>Click on the regional headings to see fees for every jurisdiction around the world.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-988278","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/pages\/988278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/comments?post=988278"}],"version-history":[{"count":52,"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/pages\/988278\/revisions"}],"predecessor-version":[{"id":990049,"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/pages\/988278\/revisions\/990049"}],"wp:attachment":[{"href":"https:\/\/cla.global\/singapore-company-registration\/wp-json\/wp\/v2\/media?parent=988278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}