Here is a quick overview for employers considering short term measures to reduce working hours and wages, in accordance with the Tripartite Advisory on responsible retrenchment . This applies to CPF paying employees, as well as foreigners on Employment Passes (EP), and Letters of Consent (LOC). *** The below steps are DIY. If you are a Futurebooks...

Startup founders from South and South East Asia are often asked by their incoming investors to establish a HoldCo in Singapore. Futurebooks as experienced Company Secretaries have assisted numerous startups accomplish this by rolling up their IP, existing OpCo, investors and ESOPs into a newly established Singapore parent. Let’s dive into the nitty gritty.   Step 1:...

Startup FAQs – Is Singapore Business Federation [SBF] membership compulsory? Startups that receive a funding round, and update their paid up capital to S$500,000 or its equivalent, are often unpleasantly surprised to receive a notice from the Singapore Business Federation that they have been mandatorily conscripted into the federation, and are now obliged to pay annual fees that...

Quick overview of balance requirements by two major banks in Singapore for companies incorporated in Singapore and the British Virgin Islands. This list is updated as of March 2019. Jurisdiction of company incorporation : Singapore 🇸🇬 Bank SGD account USD account OCBC S$5,000 (waived for first six months) US$1,000 (waived for first six months) UOB S$10,000 US$8,000  ...

This article answers the question: Do Singapore residents need to declare or pay taxes in Singapore on Director’s Fees received from an overseas company. Director’s Fees are defined as remuneration received strictly for occupying the office of Director. This is distinct from other forms of remuneration a Director may receive such as Salary. Director’s Fees are generally...