IComSec Singapore

"Selamat Hari Raya Haji 2024!🎆 Wishing everyone a joyous celebration filled with peace, reflection, and togetherness. May your sacrifices be rewarded and your prayers answered. ✨💫

🌟Benefits of registering a company in Singapore🇸🇬：
1. Strategic Geographical Location👣
-Gateway to Asia: Singapore's strategic location in Southeast Asia provides easy access to major markets in Asia, including China, India, and the ASEAN countries. Singapore has one of the best airports in the world, allowing foreign entrepreneurs easy access to key global markets.

2. Investment Incentive♟
-Government Grants and Support: promote business development (such as the Global Trader Programme ‘GTP’, International Headquarters Programme ‘IHP’, and Regional Headquarters Programme ‘RHP’.

3. Ease of doing business✍
-Efficient Registration Process: The process for registering a company in Singapore is straightforward and can often be completed within a day. In most circumstances, it takes less than three days to incorporate a company in Singapore (subject to compliance approval), which is fully computerized by Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
-Minimum of one shareholder, one director, one local company secretary, a local address, and a share capital of just $1.

4. Favourable Tax System📌
-Low Corporate Tax Rates: Singapore's corporate tax rate is a flat 17%, which is relatively low compared to many other developed countries.

"Happy Wesak Day!"🧎 May this day bring peace to your heart and joy to your spirit. 🌼🙏

A Comprehensive Guide to explore Business Entities in Singapore: 🇸🇬
Singapore's dynamic business environment has long been a magnet for entrepreneurs and investors worldwide. When considering starting a business in Singapore, it's vital to choose the right business entity to suit your specific needs.

1. Sole Proprietorship: 🙆🏻‍♂

A sole proprietorship is the simplest form of business entity in Singapore. It's suitable for individuals looking to run a business on their own. The key features of a sole proprietorship include:

🧑🏻‍💻Ownership: The business is entirely owned by one individual.
⚖Liability: The owner has unlimited personal liability for the business's debts and obligations.
📥Registration: Sole proprietorships must be registered with the Accounting and Corporate Regulatory Authority (ACRA).

2. Partnership: 👬

Partnerships are formed when two or more individuals or entities come together to operate a business. There are two main types of partnerships in Singapore:

🙋🏻‍♀General Partnership: In a general partnership, all partners have unlimited personal liability for the business's debts.
🙋🏻‍♂Limited Partnership: Limited partners have limited liability, while general partners have unlimited liability.

3. Limited Liability Partnership (LLP): 🙋🏻‍♂

An LLP is a hybrid entity that combines elements of a partnership and a private limited company. It's a suitable option for professionals like lawyers and accountants. Key characteristics include:

⚖Liability: Partners have limited liability, protecting their personal assets from business debts.
📥Registration: An LLP must be registered with ACRA.

4. Private Limited Company (Pte. Ltd.):

A private limited company is a separate legal entity from its owners and is the most common choice for businesses in Singapore. It offers limited liability protection to shareholders. Key features include:

🧑🏻‍💻Ownership: Shareholders own the company.
⚖Liability: Shareholders' liability is limited to their shareholdings.
📥Registration: Companies must be registered with ACRA.

5. Branch Office:

A branch office is a branch of a foreign company operating in Singapore.

👍🏻Advantages: Can benefit from the reputation and resources of the parent company.
👎🏻Disadvantages: Not a separate legal entity, parent company bears all liabilities.

6. Representative Office:

A representative office is established by a foreign company for market research and liaison activities.

👍🏻Advantages: No registration fee, can be used to understand the Singapore market before committing fully.
👎🏻Disadvantages: Cannot engage in commercial activities or generate revenue, limited to a maximum of three years.

In conclusion, the choice of business entity in Singapore depends on various factors, including your business goals, the number of owners, and liability considerations. Whether you're a local entrepreneur or an international investor, Singapore offers a variety of business structures to support your ventures.

🎉 Embracing the Radiance of Hari Raya Aidilfitri with Joy

🌙✨ When the new moon lights up the night sky, it predict the precious occasion of Hari Raya Aidilfitri. It's a time of reflection, gratitude and the joyful reunion of family and friends.

In the heart of this festive season, we wish you having memorable memories on this Hari Raya Aidilfitri.

🌟

Celebrating Easter Day🐰

🌱Easter symbolizes the universal message of rebirth and growth. Just like native plants that thrive after a rain, may this Easter Day bring new beginnings, budding desires, and a renewed sense of purpose.

Cheers to the season of joy! 🌷🐣

Embrace the Peace of Good Friday 🙏✨

On this holy day, let us bow our heads in prayer, raise our voices in hymns, and open our hearts to receive the blessings of God’s love. May the peace of Christ be with you all, now and forever.

#🕊️PeacefulMoments

🎉✨ Embracing New Beginnings: Happy New Year! ✨🎉

May you find the strength to overcome any obstacles and the courage to chase your dreams. May the New Year bring you closer to the beautiful tapestry of life you're meant to create.
Happy New Year, dear friends! 🌟🥂🎆

🎄✨ Embracing the Joy of Christmas Day! 🎄✨

From my heart to yours, we wish you a truly Merry Christmas. May it be a day of love, laughter, and the start of wonderful new memories. 🎉❤️🌠

🌟✨ Embracing the Magic of Christmas Eve! 🌟✨

From my heart to yours, we wish you all a very Merry Christmas Eve. May it be filled with warmth, love, and the sweetest moments. 🌠🎀🎄

Wishing you a Deepavali filled with love, light, and the joy of new beginnings. May your path be illuminated with wisdom, and your heart be warmed by the love of family and friends. 🙏✨

Happy Deepavali! 🪔🕊️🌟

🏢🤝 Understanding the Differences Between Pte. Ltd. and Sole Proprietorship in Singapore 🇸🇬

When starting a business in Singapore, one of your first decisions is choosing the right business structure. The two common options are Private Limited Company (Pte. Ltd.) and Sole Proprietorship. Let's explore the key differences:

1) Legal Structure:

Pte. Ltd. (Private Limited Company):
💼 A separate legal entity from its shareholders.
💰 Offers limited liability protection, keeping personal assets safe.
👔 Perceived as more credible and stable.

Sole Proprietorship:
👥 The business and owner are considered a single entity.
📉 Owner has unlimited personal liability, risking personal assets.
🚶‍♂️ Simpler but less credible.

2) Incorporation:

Pte. Ltd. (Private Limited Company):
📝 A formal and extensive process.
📚 Registration with the Accounting and Corporate Regulatory Authority (ACRA).
📜 Complying with legal and regulatory requirements.
🏢 Requirements include a registered office, at least one director, and a company secretary.

Sole Proprietorship:
📄 Simpler compared to incorporating a Pte. Ltd.
🔍 Typically involves registration with ACRA or local authorities.
📃 Fewer requirements, no need for a company secretary.

3) Company Secretary:

Pte. Ltd. (Private Limited Company):
📋 Legally required to appoint a qualified company secretary.
🤝 Key role in ensuring compliance with statutory and regulatory requirements.
📦 Manages records and facilitates communication with regulatory authorities.

Sole Proprietorship:
🙋‍♂️ Not legally required to appoint a company secretary.
💼 Owners often handle administrative tasks themselves.

The choice between a Pte. Ltd. and a Sole Proprietorship in Singapore depends on your business goals, level of commitment to compliance, and the need for liability protection. Pte. Ltd. provides limited liability but involves more formalities and requires a company secretary. Sole Proprietorship is simpler to set up but lacks liability protection and doesn't require a company secretary. Make a choice that suits your business's unique needs and as

To know more, 🌐: https://www.icomsec.com.sg/
Or contact us at 📞: https://wa.link/f2h3gh

🎉Congratulations to Malaysia for hosting the MAICSA Annual Conference 2023!🎉 During the MAICSA Annual Conference 2023 and the Panel Discussion on "𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞: 𝐄𝐦𝐛𝐫𝐚𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞," we had the privilege of hosting Ms. Stacia Lim, the Director of IComSec Sdn Bhd, a seasoned professional in corporate services. Ms. Lim shed light on the challenges faced by traditional business models, including limited storage capacity, task monitoring difficulties, and compliance issues. She emphasized how our unique 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐚𝐬 𝐚 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 (𝐏𝐚𝐚𝐒) 𝐡𝐚𝐬 𝐫𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐞𝐝 𝐡𝐞𝐫 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐩𝐫𝐚𝐜𝐭𝐢𝐜𝐞, 𝐫𝐞𝐬𝐮𝐥𝐭𝐢𝐧𝐠 𝐢𝐧 𝐡𝐞𝐢𝐠𝐡𝐭𝐞𝐧𝐞𝐝 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐚𝐧𝐝 𝐢𝐦𝐩𝐫𝐨𝐯𝐞𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐦𝐚𝐫𝐠𝐢𝐧𝐬 in Malaysia.

Mr. Ang Boon Chow, our Chief Digital Officer at Wezmart Group, stressed the importance of strategic thinking within the corporate services sector to overcome these challenges. He discussed the role of technology in enhancing work efficiency and elevating customer satisfaction. Furthermore, Mr. Ang highlighted the significance of collaboration among professionals, promoting unity over competition—a philosophy encapsulated by our motto, "𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐮𝐜𝐜𝐞𝐬𝐬."🥳

Ms. Carol Fung, a Senior Manager at MDEC, effectively moderated the session in Malaysia. Additionally, we had the privilege of welcoming Mr. Serm Teck Choon, co-founder of Antsomi, who shared valuable insights into the transformative impact of technology on businesses.😎

A Comprehensive Guide to Statutory Documents for a Private Limited Company in Singapore🇸🇬:

Establishing a Private Limited Company (Pte Ltd) in Singapore is a popular choice for business owners due to its limited liability protection and credibility. When you incorporate a Pte Ltd company, there are several statutory documents you need to prepare and maintain to comply with the regulatory framework. In this comprehensive guide, we'll take you through the list of statutory documents for a Pte Ltd company in Singapore.📑

1. Certificate of Incorporation:
The Certificate of Incorporation is the foundational document that serves as proof of your company's existence. It contains vital information such as your company's name, registration number, and date of incorporation. The Accounting and Corporate Regulatory Authority (ACRA) issues this certificate. 📜

2. Constitution:
The constitution, while not mandatory, outlines your company's internal rules and regulations. It specifies the powers of directors, the rights of shareholders, and procedures for meetings. Having a constitution can provide clarity in corporate governance. 📃

3. Memorandum and Articles of Association (M&AA):
The M&AA is a legally binding document that outlines your company's objectives, powers, and rules for governance. It delineates the relationship between the company, its shareholders, and its directors. 📑

4. Register of Members:
The Register of Members maintains records of your company's shareholders, including their names, addresses, and shareholdings. This register is crucial for recording ownership and conducting shareholder meetings. 📊

5. Register of Directors:
The Register of Directors contains information about your company's directors, including their names, addresses, and details of other directorships they hold. It is essential for transparency and compliance. 👥

6. Register of Secretaries:
This register documents details about your company secretary or secretaries, including their names and addresses. It is necessary for complying with ACRA's requirements. 🤐

7. Register of Charges:
If your company has taken loans or issued debentures secured against its assets, you must maintain a Register of Charges. This register includes details of the charges and their terms. 💼

8. Minutes of Meetings:
Minutes of general meetings and board meetings should be documented, recording discussions, decisions, and resolutions made during these meetings. These minutes provide evidence of your company's corporate actions. 📝

9. Accounting Records:
Every company is required to maintain proper accounting records that explain its financial transactions and financial position. 💰

10. Financial Statements:
Annual financial statements, including the balance sheet, income statement, and cash flow statement, must be prepared and presented to shareholders at the Annual General Meeting (AGM). These statements offer an overview of your company's financial health. 📊💹

11. Annual Return:
The Annual Return is a document that provides updated information about your company, including its registered office address, directors, shareholders, and company secretary. It must be filed with ACRA annually. 📅

Complying with the statutory requirements for a Pte Ltd company in Singapore is essential for good corporate governance and legal compliance. Utilizing digital tools like iComSec can simplify the process, allowing you to focus on building and growing your business in Singapore's competitive business landscape. 🚀📈

🎉🎉BIG CONGRATULATIONS to Wezmart HQ in Malaysia on achieving the ISO 9001:2015 certification!🥳🎉

Your commitment to quality, innovation, and excellence shines through this significant accomplishment. As you continue to embrace emerging technologies to address the evolving needs of your partners, associates, and clients, you're not just setting standards but raising the bar in the A-RegTech field.

👏Your dedication to maintaining stringent compliance services and consistently delivering exceptional work truly sets you apart. Your vision of transforming South East Asia's professional landscape with your digital solutions is inspiring and a testament to your innovative spirit.

A big shoutout to TÜV SÜD for their unwavering support throughout the certification process. True partnership and collaboration at its best! 🤝

Once again, CONGRATULATIONS on this remarkable milestone! Here's to even more groundbreaking success in the future. Keep shining!🌟🌟



Regenerate response

Happy Mother's Day to all the amazing moms out there! Your love, dedication, and sacrifice are truly appreciated. We see you, we value you, and we are grateful for you. Wishing you a memorable and joyful day! ❤️

Happy Labour Day! Wishing you and your family good health, happiness, and a joyful life! 💐👪😊

Accounting records keeping duration 📚

Your company must retain its accounting records and supporting documents for 5 years from the relevant YA.

Failure to do so may result in expenses claimed being disallowed and/or penalties. 💰

Example 1: Companies with Dec financial year end
Example 2: Companies with non-Dec financial year end

Estimation Tax - ECI Filing 📝💰

What is ECI? 🤔
ECI is an estimate of your company's taxable profits (after deducting tax-allowable expenses) for a Year of Assessment (YA). 💼💸

Determining if Your Company Needs to File ECI 📈
Your company has to file ECI within 3 months from the end of your financial year unless:

-Your company qualifies for the ECI filing waiver; or
-Your company is specifically not required to file ECI. It does not need to file ECI if:

1️⃣Foreign ship owners or charterers whose local shipping agent has submitted/ will submit the 2. Shipping Return 🚢📋

2️⃣Foreign universities 🎓🌍

3️⃣Designated unit trusts and approved CPF unit trusts # 💼📈

4️⃣Real estate investment trusts that have been granted the tax treatment under Section 43(2) of the Income Tax Act 1947 🏢💰

5️⃣Cases specifically granted the waiver to furnish ECI by IRAS 🆓📋

ECI Waiver 🙅‍♀️📋
Your company does not need to file ECI in any Year of Assessment (YA) when both criteria are met:

-Annual revenue1 is $5 million or below for the financial year; and
-ECI is nil for the YA. The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies. 💰👍

🇸🇬 Singapore Corpass

💡Definition

Corppass is a corporate digital identity for businesses and other entities (such as non-profit organisations and associations) to transact with Government agencies online. Managed by Government Technology Agency (GovTech).

👨‍💼📝 Corpass Role

1️⃣ Register Officer: A Registered Officer is a person officially registered to the entity with ACRA or a relevant UEN-issuance agency. eg. Owner, partner, director, Company secretary.

2️⃣ Admin: Appointed as an admin to view and manage Corpass Entity. Corppass Administrators (Admins) are selected by Registered Officers to manage Corppass for the entity. Each entity can appoint up to two Corppass Admins.

3️⃣ User: Enquiry Users and User account types are created by the Corppass Administrator of the entity. These group of users will need to activate their accounts after creation by the Administrator prior to transacting with digital services assigned to them.

Hari Raya Puasa 🎉

🕌 Selamat Hari Raya Puasa! Let us celebrate this joyous occasion with family and friends, and give thanks for the blessings in our lives. 🌙

Collaboration with Wolter Kluwer for Upgrade of Professional Information Support

Professionals are expected to provide high-quality services to earn and retain business while maintaining their clients' trust and confidence. They have an ethical obligation to perform their work with due care and diligence. Continuing professional development is crucial to maintaining technical skills and staying updated with the latest industry changes and innovations in order to best support SMEs.

On-the-job training, which includes reading, discussions, and networking events, is the most common method for professionals to learn and develop their knowledge and skills. It is essential for them to identify credible sources of professional knowledge to ensure the quality of services they provide to their customers.

𝐖𝐞 𝐚𝐫𝐞 𝐩𝐫𝐨𝐮𝐝 𝐭𝐨 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐰𝐢𝐭𝐡 𝐖𝐨𝐥𝐭𝐞𝐫𝐬 𝐊𝐥𝐮𝐰𝐞𝐫 𝐂𝐂𝐇, 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 𝐨𝐟 𝐭𝐚𝐱, 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, 𝐇𝐑, 𝐚𝐧𝐝 𝐥𝐞𝐠𝐚𝐥 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬, 𝐢𝐧 𝐚 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐭𝐨 𝐩𝐫𝐨𝐦𝐨𝐭𝐞 𝐚𝐧𝐝 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐬𝐤𝐢𝐥𝐥𝐬 𝐚𝐧𝐝 𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞. 𝐖𝐢𝐭𝐡 𝐨𝐮𝐫 𝐬𝐡𝐚𝐫𝐞𝐝 𝐯𝐢𝐬𝐢𝐨𝐧, 𝐨𝐮𝐫 𝐣𝐨𝐢𝐧𝐭 𝐞𝐟𝐟𝐨𝐫𝐭𝐬 𝐰𝐢𝐥𝐥 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞 𝐭𝐨 𝐥𝐨𝐜𝐚𝐥 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬' 𝐠𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭.

We are pleased to share photos of the Memorandum of Understanding (MoU) signing ceremony between Wezmart Group's CEO, Mr. Yee CM, and Wolters Kluwer CCH's Regional Director, Ms. Sandy Cheung, which took place on March 21, 2023, at the Grand Ballroom of the One World Hotel.

SME Definition 🏭💰

SMEs in Singapore were previously defined as enterprises with annual sales turnover of not more than $100 million or employing no more than 200 staff. 💵👥

SME Malaysia 🇲🇾💼

Manufacturing sector - annual sales turnover of not more than $50 million or employing no more than 200 staff. 🏭💰👥

Service Sector - annual sales turnover of not more than $20 million or employing no more than 75 staff. 🏪💰👥

🇸🇬 Application of working visa

🛂 All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid pass. 💼

🇸🇬 What are the national minimum wage? 🤔
The minimum age to work in Singapore is 13 years old and above. However, children and young persons are limited in the type of work they can do in industrial settings (e.g. construction, transportation and manufacturing) and non-industrial settings.

Audit requirement/ Audit exemptions 🔍💼

A new small company concept which will determine exemption from statutory audit. 💡

Qualification Criteria ✔️
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

total annual revenue ≤ $10m 💰
total assets ≤ $10m 💵
no. of employees ≤ 50 👥

For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group” 👨‍👩‍👧‍👦

to qualify to the audit exemption. ✔️

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years. 📊

Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:

(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years. 🚫

Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years. 👨‍👩‍👧‍👦📉

Good Friday🙏🏼

In the midst of a busy and often chaotic world, Good Friday offers us a chance to pause, reflect, and connect with the deeper meaning of our lives.
It reminds us that even in the darkest of times, there is always hope. Let us hold onto that hope and support one another with love and compassion.
Wishing you a Happy Good Friday!🌟

Ramadan

Ramadan Mubarak! As we begin the holy month of Ramadan, let us embrace the spirit of generosity, compassion, and unity.🌙
Ramadan is a time of renewal, forgiveness, and hope. May the blessings of this holy month bring us peace, happiness, and spiritual fulfillment. 🙏Ramadan Kareem to all those who are observing!

Can a foreigner register a sole proprietorship?🤔

Foreigners who are residing overseas and want to register either a sole proprietorship or a partnership must appoint
- at least one locally resident authorised representative (e.g. Singapore citizens, Permanent residents or holders of EntrePass/ Employment Pass).
- The foreign owner(s) must also engage a registered filing agent (e.g. a law firm, accounting firm, or corporate secretarial form) to submit the application via BizFile+.

Who can be an authorised representative of a sole proprietorship or partnership?
An authorised representative must be:

- A natural person
- At least 18 years old
- Of full legal capacity
- Locally resident in Singapore
- Appointment of an authorised representative is required in the following scenarios:

Sole-proprietorship – The sole owner is residing outside of Singapore.
Partnership – All the partners are residing outside of Singapore.