Tax Clearance for Employees – Startup FAQs

Jun 20

Tax Clearance for Employees – Startup FAQs

The lowdown on tax clearance for departing foreign employees of a Singapore company. A company is required to withhold the final month’s salary, and file a tax clearance with Inland Revenue Authority Of Singapore (IRAS) when a foreign employee is about to depart the company’s payroll.This is a requirement that flows from Section 68 (5) of the Singapore’s Income Tax Act as reproduced below (highlighting ours) Who are considered...

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FAQs: Late filing of personal income tax for individuals and sole proprietors

Jun 05

FAQs: Late filing of personal income tax for individuals and sole proprietors

“Better late than never”, or in this case, a fine or a court summon! If you haven’t done so, you can still file your personal income tax NOW. We have answered all the common questions below on personal tax filing and what you can do when you are way past the deadline. If you need further consultation, drop us a message in the message box below or send an...

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Limited Partnership vs Limited Liability Partnership

Apr 21

Limited Partnership vs Limited Liability Partnership

Limited Partnership or LP A Limited Partnership (LP) is comprised of at least one General Partner and at least one Limited Partner. This is a business vehicle introduced by ACRA in 2009. Pros and Cons of Limited Partnership A corporate body can act as a Limited Partner or General Partner Liability of Limited Partner is restricted to capital contributed Easy to register and minimal compliance   General Partner has...

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Comparison between Sole Proprietorship and General Partnership

Apr 12

Comparison between Sole Proprietorship and General Partnership

Do you want to know the difference between Sole Proprietorship and General Partnership? Sole Proprietor A Sole Proprietorship is a registered business owned by one person or one company. This is a good option for an entrepreneur to start lean. Case study – Sole Proprietorship   Ana Liew, a Singapore Permanent Resident, is a home baker specialising in cupcakes and speciality cakes. She decides to register her business with...

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Comparison on legal structures for Singapore startups

Apr 05

Comparison on legal structures for Singapore startups

Compare available company structures in Singapore suitable for startups If you are considering to set up your company in Singapore, we have outlined below the best legal structure for your startup. We are looking into the following business types: Sole proprietorship Partnerships or General Partnerships Limited Partnership Limited Liability Partnership Company or Private Limited Company   Scroll right to view more  Comparable terms around the world Sole Trader...

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