Business Owner Tips

Real Estate GST for Company Owners

With the exception of residential properties, the sale and lease of all properties in Singapore are subject to GST. Anyone buying a commercial property will be required to pay the 7% GST on the purchase price. However, if the individual is the owner of a registered company, the GST amount paid on the purchase of a commercial property may be claimed back, as long as guidelines set out by the Inland Revenue Authority of Singapore (IRAS) are fulfilled.According [...]

Licences & Permits Issued by National Environment Agency (NEA)

With effect from 1 April 2019, all food-related services, notably Food Shop, Stall, and Hawker Licences, have been transferred to Singapore Food Agency (SFA). However, if your business operation involves handling of waste and hazardous materials, the following list offers a quick glance of the licences and permits you may require from NEA.Application for Registration of Public Health Pesticide & Repellents Against VectorsCleaning Business LicenceCoffin PermitEnhanced Clean Mark Accreditation SchemeEnvironmental Control Officer CertificateFumigation PermitFumigator LicenceFuneral Parlour LicenceGeneral Waste [...]

Licences & Permits Issued By Montetary Authority of Singapore (MAS)

In Singapore, financial institutions in the banking, capital markets, insurance and payments sectors are regulated and overseen by MAS. The following is a quick glance of the licences and permits you may require, if your company belongs to any of the above-mentioned categories.Application for Authorised Reinsurers & Approved MAT Insurers: A person carrying on reinsurance business outside Singapore may apply in writing to MAS for authorisiation in section 34 of the Insurance Act (Cap. 142) (“IA”) Application for [...]

Outsourced Accounting Services in Singapore

Outsource Accounting Services in SingaporeSingapore is best known for providing a favorable working environment for not only the already successful businesses but also the small and medium enterprises that are trying to get a footing in the country. The low corporate tax, robust copyright protection regulations, and transparent business policies are some of the primary factors that favor SMEs.You could hire a skilled company secretary to help you handle these matters, but as the company grows, you might be [...]

Singapore Company Incorporation Process and Facts

Here is a brief overview of the minimum requirements of incorporating a private limited company in the Singapore. 1# Shareholding Unlike in other countries, business associates who are not citizens of Singapore are allowed to hold 100% ownership of a business. Though not mandatory, the firm assisting you to register your business can act as a nominated shareholder in the company. 2# One Local Director According to the current company incorporation regulation, one of the company directors has to be a citizen of Singapore. 3# Company Secretary All [...]

Reasons to incorporate a limited liability company in Singapore

Incorporating a Private Limited Company in Singapore Even though Sole Proprietorship is the easiest and simplest business structure in Singapore that you can register to do business, it comes certain major disadvantages that must be understood and considered. Disadvantages of Sole Proprietorship No Separate Legal Entity There is no separation between the business owner and the business. This means that you are fully liable for all debts and legal actions filed against the business. Your liability is unlimited, and creditors can legally sue [...]

Incorporating a Singapore Offshore Company

Singapore Offshore Company Incorporation Singapore was ranked  by the World Bank Group as the Number Two easiest place to do business in the world. A Singapore offshore company is a corporate entity that is not complex to establish and operate, as well as tax efficient, thanks to Singapore's  stable economic and political environment, and also its one-tier tax system. Furthermore, the process of registering an offshore company in Singapore involves only two procedures: one, reserve an approved company name, and two, register [...]

Credentials and Duties of a Singapore Corporate Secretary

Appointing a Singapore Company Secretary Companies successfully incorporated in Singapore are required to appoint a Corporate Secretary within 6 months from the date of their incorporation.VentureHaven’s Corporate Secretarial Services provide business operations with a wide range of secretarial services they need to stay in compliance with regulations governing Singapore businesses.  Corporate secretaries also perform a range of business, operational and financial duties upon which efficient administration of a company relies. Duties most corporate secretaries are responsible for include:Board [...]

Massage Establishment Act New Regulations

New Business Licence Restrictions for Massage Parlours in Singapore Passed in November 2017, new provisions under the Massage Establishment Act (MEA) targeting unlicensed massage joints came into force in March 2018. Under the new regulations, massage parlours located in HDB estates are to close for business by 10.30pm every day. However, massage parlours operating within hotels, as well as in designated areas, such as Orchard Road, Marina Centre, Marina Bay, Shenton Way, Collyer Quay, Changi Airport, can continue to operate [...]

Everything You Want To Know About Employment Pass In Singapore

Professionals interested in job opportunities in Singapore must secure an Employment Pass. Also known as EP, the Employment Pass allows foreign nationals to work in the country, as long as they have acceptable qualifications and a minimum salary of S$3300 per month. At VentureHaven, we intend to help companies and employees in securing EPs as required. Here are some of the other details you need to know about getting a EP. The basics Employment Pass (EP) is mainly meant for professionals, [...]

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