WISECORP help Singapore businesses with GST registration, and we file it accurately and on time. GST is a Goods and Services tax, or value‑added tax. GST registration in Singapore is compulsory if your company’s turnover is over S$1 million a year. As of 1 January 2023, the GST rate is 8%. The GST rate for the goods and services you sell to someone outside Singapore is 0%.
A voluntary GST registration is also an option and might bring you perks. Since 2020, GST is applied not only to the goods and services rendered in Singapore but also to some of those coming and going from overseas. Outsourcing bookkeeping and accounting can minimise the risk of missing the GST changes. It also helps you grasp the requirements and choose the most beneficial scenario for your particular type of business when dealing with GST.
WISECORP help Singapore businesses with GST registration, and we file it accurately and on time. GST is a Goods and Services tax, or value‑added tax. GST registration in Singapore is compulsory if your company’s turnover is over S$1 million a year. As of 1 January 2023, the GST rate is 8%. The GST rate for the goods and services you sell to someone outside Singapore is 0%.
A voluntary GST registration is also an option and might bring you perks. Since 2020, GST is applied not only to the goods and services rendered in Singapore but also to some of those coming and going from overseas. Outsourcing bookkeeping and accounting can minimise the risk of missing the GST changes. It also helps you grasp the requirements and choose the most beneficial scenario for your particular type of business when dealing with GST.
The Singapore Employment Pass (EP) is a type of work visa issued to foreign professional employees, managers and owners/directors of Singapore companies. There is no quota system limiting the number of Employment Passes that can be issued to a company. Singapore Employment Pass and Employment Visa can be used interchangeably in most cases. The EP is normally issued for 1-2 years at a time and is renewable thereafter.
The Singapore Employment Pass (EP) is a type of work visa issued to foreign professional employees, managers and owners/directors of Singapore companies. There is no quota system limiting the number of Employment Passes that can be issued to a company. Singapore Employment Pass and Employment Visa can be used interchangeably in most cases. The EP is normally issued for 1-2 years at a time and is renewable thereafter.
XBRL stands for eXtensible Business Reporting Language. It is an internationally recognised language used in computers for business reporting and electronic communication of business information between organisations.
With effect from 1 November 2007, Accounting & Corporate Regulatory Authority (ACRA) requires Singapore incorporated companies to file their financial statements in XBRL format. The use of XBRL will create a pro-enterprise financial reporting environment for businesses in Singapore, allowing financial information to be easily accessible and exchanged. It also enhances the accountability of businesses with increased transparency of business information.
The process of preparation and filing of XBRL reports can be tedious and time-consuming. By outsouring the preparation of financial statements to a professional service provider, WISECORP, companies can save time and focus more on the core business. Directors can also be assured that XBRL reports are prepared in compliance with the latest XBRL filing requirements.
XBRL stands for eXtensible Business Reporting Language. It is an internationally recognised language used in computers for business reporting and electronic communication of business information between organisations.
With effect from 1 November 2007, Accounting & Corporate Regulatory Authority (ACRA) requires Singapore incorporated companies to file their financial statements in XBRL format. The use of XBRL will create a pro-enterprise financial reporting environment for businesses in Singapore, allowing financial information to be easily accessible and exchanged. It also enhances the accountability of businesses with increased transparency of business information.
The process of preparation and filing of XBRL reports can be tedious and time-consuming. By outsouring the preparation of financial statements to a professional service provider, WISECORP, companies can save time and focus more on the core business. Directors can also be assured that XBRL reports are prepared in compliance with the latest XBRL filing requirements.
Legalisation is the process of authenticating or certifying a legal document so a foreign country's legal system will recognise it as with full legal effect., ie it is the official attestation of the origin of a document. Therefore, a document executed in Singapore for use in Italy would be legalised by the Embassy of Italy in Singapore and a document executed in Italy for use in Singapore would be legalised by the Singapore Embassy in Italy.
WISCORP provides legelisation service for documents issued in Singapore for use overseas.
Legalisation is the process of authenticating or certifying a legal document so a foreign country's legal system will recognise it as with full legal effect., ie it is the official attestation of the origin of a document. Therefore, a document executed in Singapore for use in Italy would be legalised by the Embassy of Italy in Singapore and a document executed in Italy for use in Singapore would be legalised by the Singapore Embassy in Italy.
WISCORP provides legelisation service for documents issued in Singapore for use overseas.
Looking for an accounting software?
MYOB could be one that can assist in your accounting needs.
Looking for an accounting software?
MYOB could be one that can assist in your accounting needs.
Low Tax Rate
The corporate tax rate is capped at 17%. Singapore has one of the lowest value-added tax rates in the world
Fast Process
The requirements to form a company are straight-forward with fast procedure
Foreign Currency
Singapore imposes no restrictions on the movement of foreign currency into or out of the country
Capital Investment
There are no restrictions on the amount of capital to invest
No. You can officially register your Singapore company from wherever you live in the world, and you don't have to be a Singapore citizen or permanent resident to incorporate your new Singapore business. The entire registration process can be completed online.
Yes. There are no issues with making the company inactive or dormant after it has been incorporated. You can start the business operation at a later date.
Your company should have at least one Singapore resident director, one shareholder (can be an individual or a corporate entity), a company secretary, and a physical office address in Singapore. A minimum initial paid-up share capital of S$1.
In the event that the shareholder is a corporation, please provide the corporate shareholder’s registration documents (Certificate of Incorporation, Memorandum & Articles of Association, Certificate of Incumbency, etc) and proof of registered address. In the case where the shareholder of the corporate shareholder is also a corporation, please provide registration documents of the corporate shareholder(s) as mentioned earlier until the individual beneficial owners are identified. For each corporate shareholder in your Singapore company, we would also like you to provide us with details of the corporate representative(s) (name, passport number and residential address) as well as written documents showing the authorisation of the corporate shareholder(s) to the corporate representative(s).
Even though Singapore has implemented GST, not all businesses have to/are allowed to charge and collect GST. Businesses have to be GST-registered before they are permitted to charge and collect GST.
To determine a business’ GST registration liability, it is required to look at the business’ taxable turnover. Taxable turnover is the total value (excluding GST) of all taxable supplies (includes all standard-rated and zero-rated supplies but excludes exempt supplies, out-of-scope supplies and sale of capital assets) made in Singapore.
It is mandatory for your business to register for GST if the taxable turnover:
If your business’ taxable turnover did not exceed S$ 1 million, you may register for GST voluntarily. However, you may wish to note that once registration is approved, the business must remain registered for at least 2 years and will have to comply with the GST regulations. As compliance to the GST regulations may be administratively costly, businesses, not mandated by law to be GST-registered, are encouraged to carefully weigh the pros and cons prior to registering voluntarily.
You must apply for GST registration within 30 days of the end of the quarter where your business is liable for GST registration or within 30 days from the date on which you forecast that your business’ taxable turnover for the next 12 months will be more than S$ 1 million.
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If GST is not registered promptly within the 30-day notification period, penalty may be imposed for late notification of GST registration liability. In addition, the date of registration will be backdated to the date that your business is liable to be registered even if no GST has been collected from your customers.
Listed company must hold an AGM within four months after company’s financial year end and file the annual return within five months after company’s financial year end.
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Unlisted company must hold an AGM within six months after company’s financial year end and file the annual return within seven months after company’s financial year end.
Every company must appoint a secretary within 6 months of the date of its incorporation. The company secretary must be residing locally in Singapore. He/she must not be the sole director of the company. A private company is not required to appoint a properly qualified person as a company secretary unless mandated by the Singapore Company Registrar, ACRA.
The secretary of a public company must comply with section 171(1AA) of the Companies Act. He/she must possess at least one of the following qualifications:
XBRL stands for eXtensible Business Reporting Language. It is an internationally recognised language used in computers for business reporting and electronic communication of business information between organisations.
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With effect from 1 November 2007, Accounting & Corporate Regulatory Authority (ACRA) requires Singapore incorporated companies to file their financial statements in XBRL format. The use of XBRL will create a pro-enterprise financial reporting environment for businesses in Singapore, allowing financial information to be easily accessible and exchanged. It also enhances the accountability of businesses with increased transparency of business information.
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In March 2020, ACRA announced the revision of filing requirements for Singapore incorporated companies. The revised XBRL filing requirements are expected to take effect in late Q3 2020. By late Q3 2020, all companies must file their financial statements in accordance with the revised XBRL filing requirement.
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WISECORP is a Singapore-based corporate services firm, established in 2018. We support individuals to set up businesses in Singapore and Offshore and specialize in managing non-core functions of business so you can focus on the core one, helping your businesses to achieve better results.
