{"id":1622,"date":"2020-11-08T04:55:39","date_gmt":"2020-11-08T04:55:39","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?page_id=1622"},"modified":"2022-11-16T00:32:47","modified_gmt":"2022-11-15T16:32:47","slug":"faq","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/","title":{"rendered":"Frequently Asked Questions"},"content":{"rendered":"<div class=\"wpb-content-wrapper\" id=\"wpb-content-root\"><p>[vc_row full_width=&#8221;stretch_row_content_no_spaces&#8221;][vc_column icons_position=&#8221;left&#8221;][vc_single_image image=&#8221;2384&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row_content&#8221; hide_bg_image_on_tablet=&#8221;&#8221; hide_bg_image_on_mobile=&#8221;&#8221; row_delimiter=&#8221;&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221; hide_on_frontpage=&#8221;&#8221; css=&#8221;.vc_custom_1636593435817{padding-right: 60px !important;padding-left: 60px !important;}&#8221;][vc_column icons_position=&#8221;left&#8221;][vc_empty_space height=&#8221;60px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;]<div\t\tclass=\"sc_title color_style_default sc_title_default\">\t\t<h6 class=\"\n\t\tsc_item_subtitle sc_title_subtitle sc_align_left sc_item_title_style_default\t\t\">\n\t\tQuestions About Our Solutions\t\t<\/h6>\n\t\t<\/div>[vc_empty_space height=&#8221;40px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][vc_column_text]<style>#sp-ea-1544 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1544.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1544.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1544.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1544.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1544.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1544\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-15440\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse15440\" aria-controls=\"collapse15440\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Audit and Assurance (Company and Group Level)<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse15440\" data-parent=\"#sp-ea-1544\" role=\"region\" aria-labelledby=\"ea-header-15440\"> <div class=\"ea-body\"><style>#sp-ea-1753 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1753.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1753.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1753.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1753.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1753.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1753\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17530\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17530\" aria-controls=\"collapse17530\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who can act as a Company Auditor in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17530\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17530\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In Singapore, only public accountants or accounting firms approved by the Accounting and Corporate Regulatory Authority (ACRA) can act as company auditors.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17531\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17531\" aria-controls=\"collapse17531\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who is a Public Accountant?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17531\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17531\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A public accountant is a person who is registered in accordance with the Accountants\u00a0Act (Chapter 2) as a public accountant.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To be a Public Accountant (Company Auditor) in Singapore, the accountant must be:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a member of <\/span><span style=\"font-weight: 400\">The Institute of Singapore Chartered Accountants (ISCA), formerly the Institute of Certified Public Accountants of Singapore (ICPAS), which is the national professional body for accountants in Singapore;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Must be registered as <\/span><span style=\"font-weight: 400\">a public accountant<\/span><span style=\"font-weight: 400\"> with Accounting and Corporate Regulatory Authority of Singapore (ACRA);<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Chartered Accountant of Singapore <\/span><span style=\"font-weight: 400\">(CA); and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">One with relevant <\/span><span style=\"font-weight: 400\">membership in any professional accountancy body or organisation<\/span><span style=\"font-weight: 400\"> with practical experience in audit related field.<\/span><\/li><\/ul><p style=\"text-align: justify\">There is distinction between Chartered Accountants and Public Accountants. It is important to note that not all Chartered Accountants are Public Accountants. Only a Public Accountant can be appointed as company Auditor.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17532\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17532\" aria-controls=\"collapse17532\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the roles and duties responsibilities of an auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17532\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17532\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The role of auditors is to report on whether the company\u2019s financial statements:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Comply with financial reporting standards;\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Provide true and fair view of the company\u2019s financial position and performance;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To <\/span><span style=\"font-weight: 400\">ensure compliance with established internal control procedures by examining records, reports, operating practices and documentation;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Verifies assets and liabilities by comparing items to documentation; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Completes\u00a0<\/span><b>audit<\/b><span style=\"font-weight: 400\">\u00a0workpapers by documenting <\/span><b>audit <\/b><span style=\"font-weight: 400\">tests and findings.<\/span><\/li><\/ul><p style=\"text-align: justify\">The\u00a0auditor's primary responsibility\u00a0is to express an opinion on whether management has fairly presented the information in the financial statements are properly drawn up in accordance with the provisions of the Companies Act, Chapter 50 (the Act) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair view of the financial position of the company.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17533\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17533\" aria-controls=\"collapse17533\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the statutory duties of an Auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17533\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17533\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The statutory duties of an Auditor can be summarised as follows:<\/span><\/p><ol style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To make a report on the accounts of a company to members;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To express \u201ctrue and fair\u201d opinion:<\/span><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">On matters required by Section 201; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">On the balance sheet and profit and loss account<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To express \u201cCompliance with the Companies Act\u201d opinion as to whether:<ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The annual accounts are prepared in accordance with Companies Act; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The annual accounts are prepared in accordance with prescribed Accounting Standards<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To consider specific points before forming an opinion as to the following:<ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Whether the Auditor has obtained all the information and explanations that is required;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Whether proper accounting and other records, including registers, have been kept by the company as required by the Companies Act;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Where consolidated accounts are prepared otherwise than as one set of consolidated accounts for the group, whether he or she agrees with the reasons for preparing them in the form in which they are prepared, as given by the directors in the accounts;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Where consolidated accounts are prepared, whether procedures and methods use by holding company and subsidiary are appropriate; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If there are deficiencies in the accounts, the Auditor shall state that information in the report.<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To conduct an audit in accordance with the Singapore Standard on Auditing;<\/li><li style=\"font-weight: 400\">To issue a qualified report if accounts do not comply with the Singapore Financial Reporting Standards unless the Auditor agrees with the departures;<\/li><li style=\"font-weight: 400\">To act in the client\u2019s best interest and preserve confidentiality; and<\/li><li style=\"font-weight: 400\">To give holding company Auditors (Group Auditors) such information and explanation necessary for the purpose of audit.<\/li><\/ol><p style=\"text-align: justify\">In addition;<\/p><ol type=\"a\"><li style=\"text-align: justify\"><span style=\"font-weight: 400\">in the course of conducting an audit or review the Auditor has reasonable grounds to suspect that a contravention of the Companies Act has occurred, and that the contravention has not been or will not be dealt with adequately by including it in the report or bringing it to the attention of the directors, the Auditor must notify the ACRA in writing. <\/span><\/li><li style=\"text-align: justify\">if an Auditor of a public company or a subsidiary of a public company has no reason to believe that a serious offence involving fraud or other dishonesty has been committed against the company by officers or employees of the company, the Auditor has to report to the Minister or the Monetary Authority of Singapore (MAS).<\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17534\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17534\" aria-controls=\"collapse17534\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the general rights of a Company Auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17534\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17534\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To enable the Auditors to carry out their statutory duties effectively, the Auditors are given the following rights:<\/span><\/p><ol><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Access to books and records at all times;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Attendance at general meetings, receipt of all notices, and the right to be heard at any general meeting that he or she attends;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Duty to report to third parties for:<\/span><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Breach of any provisions of Companies Act, the Auditor has a duty to report to the Registrar; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fraud or dishonesty committed by employee against a public company or its subsidiaries, the Auditor has a duty to report to the Minister.<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">In the performance of his or her duty, the Auditor is entitled to require from the company\u2019s officers any information and explanation;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">If the company appoints another Auditor, then the Auditor had the right to make certain written subsidiary and their Auditors; and<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The right to resign at any time by giving notice to the company.<\/span><\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17535\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17535\" aria-controls=\"collapse17535\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the general work scope of Auditors?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17535\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17535\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><b>Auditors<\/b><span style=\"font-weight: 400\">\u00a0are specialists who review the accounts of companies and organisations to ensure the validity and legality of their financial records. They can also act in an advisory role to recommend possible risk aversion measures and cost savings that could be made.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A summary of audit work scope, and Auditors\u2019 duties that comprise of but are <\/span><b>not limited<\/b><span style=\"font-weight: 400\"> to the following:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Review of general risk and specific risk assessments of the company which includes performing analytical reviews, internal control review and review of error and misstatements, etc and the audit response;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Auditing Balance Sheet and Profit and Loss items general based on assertions and by relevant Singapore Standard on Auditing;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Obtaining relevant, reliable and sufficient audit evidence and documenting those evidences;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Reviewing the financial statements to check whether there are in compliance with the relevant FRS and management response to our query and inherent weakness and response; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Draw up an audit conclusion and issuing an appropriate audit opinion on the financial statements to the members of the company.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Auditors\u2019 usually issue an engagement letter detailing the scope of their work for audit engagements and other assurance related jobs.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The following <\/span><b>does not come under the scope of Auditors\u2019 duty<\/b><span style=\"font-weight: 400\"> (but rather the responsibility of the company\u2019s directors):<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Assisting in the drafting of the <\/span><span style=\"font-weight: 400\">company\u2019s Financial Statements<\/span><span style=\"font-weight: 400\"> which consist of the directors\u2019 report, statement by directors, policy notes, line notes to the accounts and risk assessment notes.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Assist in the review of the compliance with the Financial Reporting Standards (\u201cFRS\u201d).<\/span><\/li><\/ul><p style=\"text-align: justify\"><b>Accountancy work<\/b><span style=\"font-weight: 400\"> is not part of audit work and if required by client, are usually done as separate work request and will be billed separately. Some of the accountancy work may include the following:<\/span><\/p><ul><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Advising client on accounting treatments that conform to FRS;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Advising client on treatments of financial assets under appropriate classifications;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Assisting clients in computation of fair value adjustments;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Assisting clients in the preparation of schedules on balance and profit and loss items;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Assisting clients in the preparation of consolidated accounts of the group;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Other accounting related matters (examples where there are changes in FRS which may require restating prior year figures, etc) if any.<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17536\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17536\" aria-controls=\"collapse17536\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How are audit fees determined?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17536\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17536\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><b>Audit fees <\/b><span style=\"font-weight: 400\">refer to the amount of fees received by\u00a0auditors\u00a0for their professional services\u00a0rendered to client.<\/span> <span style=\"font-weight: 400\">The amount of fees depends, among others, the risk of the assignment, the complexity of the services provided, the level of expertise required to carry out the services of proficiency level, the cost structure of the firm concerned, including other professional considerations.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In most cases, prior to commencement, an auditor will consider the scope of the work involved by reviewing the company\u2019s accounts, relevant records, risk involved and provide an estimated audit quotation for client\u2019s approval.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17537\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17537\" aria-controls=\"collapse17537\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Appointment of company Auditors<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17537\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17537\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company shall appoint an Auditor within 3 months from the date of its incorporation, unless a Company is exempted from audit requirements the Companies Act.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Initial appointment of Auditors is made by the directors within 3 months after incorporation of the company.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Thereafter, the Auditors are appointed or re-appointed at each annual general meeting by the members of the company.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If the directors do not appoint Auditors as required by Section 205 of Companies Act, the Registrar may do so on the written application of any members.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17538\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17538\" aria-controls=\"collapse17538\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Resignation of Auditor<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17538\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17538\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Under the Companies Act Section 205(14) provides that an Auditor of a company may only resign:<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li><span style=\"font-weight: 400\">If he or she is not the sole Auditor of the company; or<\/span><\/li><li><span style=\"font-weight: 400\">At a general meeting.<\/span><\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The Auditor will send the resignation letter to the company and on receipt of such a notice; the directors may call for General Meeting of the company as soon as is practicable. The resignation shall take effect at the General Meeting upon the appointment of another Auditor.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17539\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17539\" aria-controls=\"collapse17539\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the audit exemption criteria?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17539\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-17539\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\"> The audit exemption is applicable for financial years beginning on or after the change in the law (1 Jul 2015).<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Qualification Criteria<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company qualifies as a small company if:<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li><span style=\"font-weight: 400\">it is a private company in the financial year in question; and<\/span><\/li><li>it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:<ol type=\"a\"><li>total annual revenue \u2264 $10m;<\/li><li><span style=\"font-weight: 400\">total assets \u2264 $10m;<\/span><\/li><li><span style=\"font-weight: 400\">no. of employees \u2264 50.\u00a0 <\/span><\/li><\/ol><\/li><\/ol><p style=\"text-align: justify\">For a company which is part of a group, to qualify to the audit exemption:<\/p><ol style=\"text-align: justify\" type=\"a\"><li><span style=\"font-weight: 400\">the company must qualify as a small company; and<\/span><\/li><li>entire group must be a \u201csmall group\u201d<\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">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.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">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:<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li><span style=\"font-weight: 400\">it ceases to be a private company at any time during a financial year; or<\/span><\/li><li>it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.<\/li><\/ol><p style=\"text-align: justify\">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.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175310\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175310\" aria-controls=\"collapse175310\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> When will the small company audit exemption take effect?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175310\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175310\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The audit exemption will be applicable for financial years beginning on or after the change in the law (1 Jul 2015). Transitional provisions have been provided for the first two years after the change in law.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175311\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175311\" aria-controls=\"collapse175311\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How does the small company criteria apply in the first 2 years (transitional period) after the exemption takes effect (1 Jul 2015)?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175311\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175311\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To determine if a company qualifies as a small company in the first 2 financial years commencing after the exemption takes effect, the company must assess if it fulfils the requirements in each of the years. E.g. in order to determine whether a company would qualify in FY2016, the company should look at whether it is a private company in FY2016 and whether it meets the 2 out of 3 quantitative criteria in FY2016. If it does not qualify for that year, it will still get a chance to qualify for FY2017, if it is a private company and meets the 2 out of 3 quantitative criteria in FY2017.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175312\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175312\" aria-controls=\"collapse175312\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How does a new company incorporated after 1 Jul 2015 qualify as a small company? For a new company, because the company is newly incorporated, there would not be any financial information to assess for the previous 2 years.<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175312\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175312\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To determine if a company qualifies as a small company in its first 2 financial years after its incorporation, the company must assess if it fulfils the requirements in each of the years. E.g. if a company is incorporated after Jul 2015, in order to determine whether a company would qualify in its first financial year, the company should look at whether it is a private company and whether it meets the 2 out of 3 quantitative criteria in than year. If it does not qualify in that year, it will still get a chance to qualify in its second financial year, if it is a private company and meets the 2 out of 3 quantitative criteria in its second financial year.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175313\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175313\" aria-controls=\"collapse175313\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How do companies determine their total assets and total revenue?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175313\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175313\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The total revenue and total assets of a company would be determined by the accounting standards and what appears as the total revenue or total assets in the financial statements of the company.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175314\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175314\" aria-controls=\"collapse175314\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How do companies determine their number of employees?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175314\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175314\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The number of employees is based on the number of full-time employees employed by the company at the end of the financial year.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175315\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175315\" aria-controls=\"collapse175315\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> If a company has corporate shareholders and meet the criteria, can they enjoy the small company audit exemption?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175315\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175315\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">There is no longer a requirement that the company has to be an exempt private company (one of the requirements for which is that there is no corporate shareholder) to qualify for the audit exemption. A private company which has corporate shareholders but fulfils the criteria can be entitled to the small company audit exemption.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175316\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175316\" aria-controls=\"collapse175316\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> If a holding company has audited the consolidated financial statements for the group, would the subsidiary be required to audit its financial statements, even if the subsidiary satisfies as a small company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175316\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175316\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In order for a subsidiary to be able to qualify for the small company exemption, the group to which it belongs would have to qualify as a small group and fulfil the thresholds on a consolidated basis. Therefore, even if the subsidiary is able to qualify as a small company, but the group to which it belongs is not a small group, and the holding company has to audit the consolidated financial statements, the subsidiary would not be able to enjoy the benefits of audit exemption.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175317\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175317\" aria-controls=\"collapse175317\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Does the small company audit exemption apply to foreign companies?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175317\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175317\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The small company audit exemption only applies to Singapore incorporated companies. However, for the purposes of determining whether the group to which a company belongs is a small group, all entities within that group are taken into account, including foreign entities, in determining whether the consolidated total revenue and consolidated total assets of the group meet the thresholds.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175318\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175318\" aria-controls=\"collapse175318\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> If the holding company is a foreign company, how do you determine the consolidated total revenue and consolidated total assets for the purpose of determining whether the group is a small group?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175318\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175318\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Even where the holding company is a foreign company, a Singapore subsidiary will need to determine whether the group to which it belongs qualifies as a small group, to determine if it can qualify for the small company audit exemption. Where the holding company has prepared consolidated financial statements, the \u201cconsolidated total assets\u201d and \u201cconsolidated revenue\u201d of the group shall be determined in accordance with the accounting standards applicable to the group. Where the holding company does not prepare consolidated financial statements, the consolidated total assets should be determined by the aggregation of the total assets of all the members of the group, and the consolidated revenue should be determined by the aggregated revenue of all the members of the group.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175319\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175319\" aria-controls=\"collapse175319\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Does the small company criteria affect the obligations for filing financial statements with ACRA?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175319\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175319\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">No. The obligations for filing financial statements are determined by whether the company is a solvent exempt private company. There are no changes to the current criteria for determining the obligation for filing financial statements.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175320\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175320\" aria-controls=\"collapse175320\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Are dormant company exempt from audit?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175320\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175320\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company will also be exempt from audit requirements if:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It has been dormant from the time of its formation; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It has been dormant since the end of the previous financial year.<\/span><\/li><\/ul><p style=\"text-align: justify\">A company is dormant during a period in which\u00a0<b>no accounting transaction occurs<\/b>. Dormant companies\u00a0will cease to be considered dormant once such an accounting transaction occurs.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175321\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175321\" aria-controls=\"collapse175321\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the difference between a private company and exempt private company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175321\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175321\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If the\u00a0company\u00a0does not have more than 50 shareholders, it's called a\u00a0private company.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Whereas, an Exempt Private Company (EPC) is one which has a maximum of 20 shareholders, no corporation is a shareholder and the Minister has deemed it to be an EPC under the Companies Act.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175322\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175322\" aria-controls=\"collapse175322\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> When can the Authority request for the accounts to be audited?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175322\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175322\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The Registrar may require the company to lodge its audited accounts and the Auditor\u2019s report with the Authority if:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">he is satisfied that there has been a breach of certain provisions of the Companies Act; or<\/span><\/li><\/ul><ul><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">it is otherwise in the public interest to do so.<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175323\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175323\" aria-controls=\"collapse175323\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the exception to exemption from audit requirements?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175323\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175323\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Even if a company is exempt from audit requirements, the Registrar may still require the company to lodge its audited financial statements and an auditor\u2019s report if the Registrar is satisfied that the company has breached laws relating to the:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Keeping of accounting records (<\/span><a href=\"https:\/\/sso.agc.gov.sg\/Act\/CoA1967#pr199-\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">section 199 of the Companies Act<\/span><\/a><span style=\"font-weight: 400\">); or<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Laying of its financial statements at its AGM (<\/span><a href=\"https:\/\/sso.agc.gov.sg\/Act\/CoA1967#pr201-\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">section 201 of the Companies Act<\/span><\/a><span style=\"font-weight: 400\">).<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175324\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175324\" aria-controls=\"collapse175324\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What does the audit exemption mean?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175324\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175324\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Companies <\/span><span style=\"font-weight: 400\">need not engage an Auditor<\/span><span style=\"font-weight: 400\"> to have its accounts audited but it still has to prepare financial statements for statutory filing and comply with other requirements of the Companies Act; example;<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u00a0<\/span> <span style=\"font-weight: 400\">the company must send to all shareholders copies of the company\u2019s financial statements or consolidated financial statements, except that the members need not be furnished of the Auditor\u2019s report or a copy of the report on yearly basis;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u00a0<\/span> <span style=\"font-weight: 400\">Company\u2019s financial statements must be lodged with the Registrar together with the annual return of the company.<\/span><\/li><\/ul><p style=\"text-align: justify\">Regardless of audit exemption. A company still needs to submitted it unaudited financial statements with the tax department \u00a0 together with relevant returns.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175325\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175325\" aria-controls=\"collapse175325\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What should Financial Statements comprise of?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175325\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175325\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to the Singapore Financial Reporting Standard (SFRS), a complete compilation of financial statements should comprise the following documents:<\/span><\/p><ol style=\"text-align: justify\"><li style=\"font-weight: 400\"><b>A statement of financial position<\/b><span style=\"font-weight: 400\">\u00a0(otherwise known as a balance sheet), which includes the company\u2019s assets, liabilities and equity.<\/span><\/li><li style=\"font-weight: 400\"><b>A statement of comprehensive income<\/b><span style=\"font-weight: 400\">, which includes the revenue, capital gains and losses, financing costs of the company as well as other comprehensive income.<\/span><\/li><li style=\"font-weight: 400\"><b>A statement of changes in equity,\u00a0<\/b><span style=\"font-weight: 400\">which includes the different classes of shares issued by the company, changes to the company\u2019s share capital at the beginning and end of the financial year, and transactions between the company and its shareholders.<\/span><\/li><li style=\"font-weight: 400\"><b>A statement of cash flows,\u00a0<\/b><span style=\"font-weight: 400\">which includes cash or cash equivalents flowing in or out of the company due to its operating, financing and investing activities.<\/span><\/li><li style=\"font-weight: 400\"><b>Notes<\/b><span style=\"font-weight: 400\">\u00a0on significant accounting policies and other explanatory information.<\/span><\/li><li style=\"font-weight: 400\"><b>Comparative information<\/b><span style=\"font-weight: 400\">\u00a0of the above statements and notes on the preceding period.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Detailed income statement (for management purpose)<\/span><\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If the company has changed its accounting methods retrospectively, or is making a retrospective restatement of items in its financial statements, a\u00a0<\/span><b>statement of financial position<\/b><span style=\"font-weight: 400\">\u00a0(reflecting this change) as at the beginning of the previous period is also needed.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In addition, the Director(s) report and Statement by director(s) will accompany the financial statements.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175326\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175326\" aria-controls=\"collapse175326\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the types of Audit opinion?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175326\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175326\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">An opinion is the end product of an Auditors\u2019 work and it is based upon all the test, procedures and follow up work that the Auditor has conducted in like with legislation and SSAs.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The following are types of Auditor\u2019s opinion usually issued by an Auditor;<\/span><\/p><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">Matters that <\/span><\/i><b><i>do not<\/i><\/b><i><span style=\"font-weight: 400\"> affect the Auditor\u2019s opinion<\/span><\/i><\/p><ol style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Unqualified<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Emphasis of matter<\/span><\/li><\/ol><p style=\"text-align: justify\">An <i>unqualified <\/i>opinion implies that:<\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Financial information was prepared using acceptable accounting policies which have been consistently applied;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Financial information complies with relevant regulations and statutory requirements;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">View presented by the financial information as a whole is consistent with the Auditor\u2019s knowledge of the business of the entity; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adequate disclosure of all material matters relevant to the proper presentation of the financial information<\/span><\/li><\/ul><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">Matters that <\/span><\/i><b><i>do <\/i><\/b><i><span style=\"font-weight: 400\">affect the Auditor\u2019s opinion<\/span><\/i><\/p><ol style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Qualified opinion,<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Disclaimer of opinion, or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adverse opinion.<\/span><\/li><\/ol><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">Qualified Opinion<\/span><\/i><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A qualified opinion should be expressed when the Auditor concludes that an unqualified opinion cannot be expressed but that the effect of any disagreement with management, or limitation on scope is not as material and pervasive as to require an adverse opinion or a disclaimer of opinion.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A qualified opinion should be expressed as being \u2018except for\u2019 the effects of the matter to which the qualification relates.<\/span><\/p><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">Disclaimer Opinion<\/span><\/i><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A disclaimer of opinion should be expressed when the possible effect <\/span><span style=\"font-weight: 400\">of a limitation on scope<\/span><span style=\"font-weight: 400\"> is so material and pervasive that the Auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements.<\/span><\/p><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">Adverse Opinion<\/span><\/i><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">An adverse opinion should be expressed when the <\/span><span style=\"font-weight: 400\">effect of a disagreement<\/span><span style=\"font-weight: 400\"> is so material and pervasive to the financial statements that the Auditor concludes that a qualification of the report is not adequate to disclose the misleading or incomplete nature of the financial statements.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175327\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175327\" aria-controls=\"collapse175327\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the Limitations of Statutory Audits?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175327\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175327\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">There is an expectation gap between the role of an Auditor and what the general public thinks an Auditor should do. In order to avoid such misunderstanding, the Audit report will include both the managements and auditors\u2019 responsibilities clearly.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The role of the Auditor is to express an opinion as to the truth and fairness of financial statements; this implies that:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The accounting principles are appropriate in the circumstances;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The financial statements, including the related notes are informative of matters that may affect their use, understanding and interpretation;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The information presented is classified and summarised in a reasonable manner (neither too detailed or condensed); and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The financial statements reflect the underlying events and transactions in a manner that presents the financial position, results of operations and changes in the financial position.<\/span><\/li><\/ul><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">General Limitations<\/span><\/i><\/p><ol type=\"a\"><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The purpose of the audit is<\/span> <b>NOT<\/b><span style=\"font-weight: 400\"> to ensure that the financial statements are 100% correct or to find any fraud that may be present in the company.\u00a0<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The Auditor\u2019s opinion is not a guarantee of the future viability of the entity, nor an assurance of the management\u2019s effectiveness and efficiency.<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Auditors do not bear any responsibility for the preparation and presentation of the financial statements as these are management\u2019s responsibility.<\/span><\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175328\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175328\" aria-controls=\"collapse175328\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the benefits of an audit?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175328\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175328\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">There is a common misconception that companies only invest in audit because they are required to do <\/span><span style=\"font-weight: 400\">so by law<\/span><span style=\"font-weight: 400\">.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">There are <\/span><span style=\"font-weight: 400\">compelling commercial<\/span><span style=\"font-weight: 400\"> reasons for both large and small companies to invest in audits which are as follows;\u00a0<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Satisfy stakeholders, such as employees, customers, suppliers, shareholders or minority shareholders and other interest groups;\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bankers will require audited accounts for loan processing;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Enable them to comply with banking requirements covenants;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Potential investors will want to review audited accounts for investing or sales purposes;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Facilitate the purchase and sale of business;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Audited accounts will be useful for tendering of both government and private contracts;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Audit provides more credible and quality financial information;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Help deter and detect material fraud and error, usually perpetuated by employees;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It also represents an opportunity for the company accountants to get updates of latest FRS and relevant changes in Companies Act from the Auditor;\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Facilitate the payment of corporate tax, goods and services tax, and other taxes on time and accurately, thereby avoiding interest, penalties and investigations;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Take advantage of the spin-off benefits such as advice or suggestion on the structure and operations of systems from the Auditors; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Demonstrate good corporate governance and prestige.<\/span><\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Besides the above, smaller companies that make investment in an audit will find the following additional services worthwhile:<\/span><\/p><ol type=\"a\"><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The cost of audit is often affordable for small companies; particularly where the Auditors are is involved in the preparation of the statutory accounts on behalf of management.<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Small companies who prepare their own accounts often need help in arriving at adjustments, such as those for obsolete stock, depreciations, bad debt, reviews of accruals and other provisions.<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The close involvement of the Auditor provides companies with comfort faced with tax and regulatory investigations.<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Utilise the spin-off benefits of an audit (Auditor usually advise on other areas like latest tax changes, GST, account preparation, personnel tax matters, corporate secretarial matters etc,)<\/span><\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175329\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175329\" aria-controls=\"collapse175329\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are some of the work done and reports issued by Auditors (Public Accountants)<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175329\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175329\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">As there are exemptions from small companies from audit, business owners can still engage an audit firm to prepare the financial statements and review of their accounting records on management behalf.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">An Auditor or a CA can be engaged for the following;<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To compile and prepare the financial statements of a company without issuing any reports;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To review and compile financial statements and issue a Compilation report;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To review and compile financial statements and issue a <\/span><b>Review report<\/b><span style=\"font-weight: 400\">,\u00a0\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Other agreed upon procedures<\/span><\/li><\/ol><p style=\"text-align: justify\"><b>Compilation <\/b><span style=\"font-weight: 400\">includes the preparation of financial statement, such as a balance sheet, profit and loss account, statement of equity, statement of cash flow and notes the financial statements. The job may also include the collection, classification and summary of other financial information for financial statement disclosure purpose.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The procedures employed are not sufficient to enable the public accountant to express any assurance on the financial information. That means, the public accountant will not say that the statements give \u201ca true and fair view\u201d for example.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A <\/span><b>review of financial statements<\/b><span style=\"font-weight: 400\"> engagement provides more assurance to other users of the financial statements as compared to the compilation of financial information alone.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In effect, this review gives a \u201cnegative assurance\u201d as the public accountant will state whether anything has come to his attention that cause him to believe that the financial statements are not prepared in accordance with the financial reporting framework.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company would ask for this service if it wanted to apply to a bank for loan, for example.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">An <\/span><b>agreed-upon procedures<\/b><span style=\"font-weight: 400\"> engagement may involve the public accountant reviewing individual items of financial data, for example, accounts payable and sales of a segment of an entity, a financial statement such as a balance sheet or even a complete set of financial statements.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">This engagement may be performed for example, at consignor\u2019s request to check the balance of stock at an overseas warehouse or review on compliance on certain grants, etc.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">As the public accountant simply provides a report of the factual findings of agreed-upon procedures, no assurance is expressed.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175330\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175330\" aria-controls=\"collapse175330\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the advantages of engaging a Public Accountant to prepare compilation of financial statements?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175330\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175330\"> <div class=\"ea-body\"><ol type=\"a\"><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">You are getting an expert to review and prepare your financial statement on your behalf, which will give greater weight age on the financial statement.<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Less costly than an audit.<\/span><\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175331\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175331\" aria-controls=\"collapse175331\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Difference between fraud and error.<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175331\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175331\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The distinguishing factor between fraud and error is whether the underlying action that results in the misstatement in the financial statements is <\/span><span style=\"font-weight: 400\">intentional or unintentional<\/span><span style=\"font-weight: 400\">.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Unlike error, fraud is intentional and usually involved deliberate concealment of the facts. Fraud is a broad legal concept; the Company\u2019s shareholders should be concerned with fraudulent acts that cause a material misstatement in the financial statements. Also, Auditors do not legally determine if fraud has taken place.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Should a material misstatement be found due to the possibility of fraud, it may cause the Auditor to question management\u2019s integrity and the reliability of evidence obtained from management in other areas of the audit.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175332\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175332\" aria-controls=\"collapse175332\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Difference between management and employee fraud<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175332\" data-parent=\"#sp-ea-1753\" role=\"region\" aria-labelledby=\"ea-header-175332\"> <div class=\"ea-body\"><div><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Management fraud involves one or more members of management or those entrusted with governance, which are more difficult to detect.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Employee fraud involves only employees of the entity.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Fraud may also involve third parties outside the entity through collusion by management, those charged with governance or employees.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The Auditor will be usually concerned with two types of misstatements in the consideration of fraud;<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li style=\"list-style-type: none\"><ol type=\"a\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">misstatements resulting from fraudulent financial reporting; and\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">those arising from misappropriation of assets.<\/span><\/li><\/ol><\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Misstatements resulting from fraudulent financial reporting involves intentional misstatements or omissions of amounts or disclosures in financial statements to deceive financial statement users and may be accomplished through:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Deception such as manipulation, falsification, or alteration of accounting records or supporting documents from which the financial statements are prepared;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Misrepresentation in, or intentional omission from, the financial statements of events, transactions, or other significant information;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Intentional misapplication of accounting principles relating to measurement, recognition, classification, presentation, or disclosure.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Fraudulent financial reporting often involves management override of controls using techniques such as:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Recording fictitious journal entries, particularly close to the end of an accounting period, to manipulate operating results or achieve other objectives;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Inappropriately adjusting assumptions and changing judgments used to estimate account balances, like provisions;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Omitting, advancing or delaying recognition in the financial statements, of events and transactions that have occurred during the reporting period;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Concealing or not disclosing facts that could affect the amounts recorded in the financial statements, example legal actions against the company;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Engaging in complex transaction that are structured to misrepresent the financial position or financial performance of the entity, example transaction with undisclosed related parties; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Altering records and terms related to significant and unusual transactions.<\/span><\/li><\/ul><p style=\"text-align: justify\"><b>Conditions under which fraud is conceived<\/b><\/p><div><div class=\"table\"><\/div><div class=\"wrapper1\"><div class=\"div1\"><\/div><\/div><div class=\"wrapper2\"><div class=\"div2\"><table><tbody><tr><th>Conditions<\/th><th>Fraudulent Financial Reporting<\/th><th>Misappropriation of Assets<\/th><\/tr><tr><td>Incentives\/ Pressures<\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Industry \/ economic conditions such as high degree of competition or market saturation.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Excessive pressure for management to meet requirements \/ expectations of third parties (e.g. need to obtain additional debt or equity financing).<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Management has significant financial interest in the entity.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Management compensation contingent upon achieving aggressive targets.<\/span><\/li><\/ul><\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Personal financial obligations by management\/employee with access to cash<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adverse relationships between entity and employees with access to cash\/assets (e.g. anticipated employee layoffs)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Recent changes to employee compensation\/ benefit plans.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Promotions, compensations or rewards inconsistent with expectations<\/span><\/li><\/ul><\/td><\/tr><tr><td>Opportunities<\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Nature of the industry (e.g. significant operations located or conducted across international borders).<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ineffective monitoring by management (e.g. domination by a single person or small group without compensating controls).<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Complex or unstable organisation structure e.g. high turnover of senior management<\/span><\/li><\/ul><\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Large amount of cash in hand<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Inventory items are small, of high value or in demand<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Inadequate segregation of duties<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Inadequate approval procedures for purchasing<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Lack of timely reconciliation for cash, investments, inventory and fixed assets<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Lack of mandatory vacation for employees<\/span><\/li><\/ul><\/td><\/tr><tr><td>Rationalisation<\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Low morale among senior management<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Management committing to analysts\u2019 aggressive forecasts<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Management failing to correct known material weaknesses on timely basis<\/span><\/li><\/ul><\/td><td><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Disregard the need to monitor or reduce the risks of asset misappropriation<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Overriding existing controls<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Displeasure or dissatisfaction with the entity<\/span><\/li><\/ul><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"table\"><table><tbody><tr><td><b>DISCLAIMER:<\/b> Whilst every effort has been made to ensure that the information provided is correct and up-to-date, no guarantee is given that it is free from error or omission. Information given is of a general nature, and may not be applicable in a specific situation or for individual circumstances. Accordingly, we disclaim liability for any act done or omission made on the information provided and any consequences for any such act or omission. For specific legal advice, you should seek professional legal assistance.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-15441\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse15441\" aria-controls=\"collapse15441\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> New Business Ventures<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse15441\" data-parent=\"#sp-ea-1544\" role=\"region\" aria-labelledby=\"ea-header-15441\"> <div class=\"ea-body\"><style>#sp-ea-1760 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1760.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1760.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1760.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1760.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1760.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1760\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17600\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17600\" aria-controls=\"collapse17600\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the general requirements for company set up in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17600\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17600\"> <div class=\"ea-body\"><ul class=\"lists1\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">100% shares can be held by foreign or local corporation or individual shareholder<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Minimum initial paid-up share capital is $1.00<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Minimum 1 shareholder, 1 director and 1 company secretary<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sole shareholder can also act as sole director<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sole director cannot act as company secretary<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Company secretary must be Singapore Resident (we can be the named company secretary, if required)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">At least one director must be a resident of Singapore (i.e. Singapore Citizen, Singapore Permanent Resident, Employment Pass \/ Entrepass \/ Dependant Pass holder)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Directors must be a natural person of \u201cfull age\u201d and capacity (must be 18 years old and above)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Directors cannot be an undischarged bankrupt or convicted of any offence involving fraud or dishonesty whether in Singapore or elsewhere.<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17601\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17601\" aria-controls=\"collapse17601\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What basic information is required for company set up in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17601\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17601\"> <div class=\"ea-body\"><ul class=\"lists1\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Proposed name of company<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Principle activities for the proposed company (maximum 2 types of activities)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Number of shares to be issued to each shareholders<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Photocopy or scanned copy of Passport and\/or Identity Card of all shareholders and directors (if Shareholder is a company, please provide the Company Incorporation certificate or official company profile and a company resolution or Power of Attorney to appoint a representative for signing of the company incorporation documents)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Proof of address of all directors and shareholders (i.e. latest utility bill or phone bill or credit card bill)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Registered office address<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">For Documents signed outside of Singapore, Notary Public witnessing is required<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Documents in other languages must be translated to English by certified translator<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17602\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17602\" aria-controls=\"collapse17602\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How long does it take to incorporate a company in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17602\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17602\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">The time frame for incorporation (with local director\/ shareholder) is usually around 3 working days (1 day for name reservation and 2 days for incorporation, subject to all requested information made available to AM Corporate Services beforehand and receipt of payment on our invoice). However, if the documents have to be sent overseas for execution by the directors \/ subscribers, the time taken will depend on when these documents can be returned to us for submission to ACRA. Please note that with effect from 13 January 2003 the ACRA does not issue hardcopy of Form 9 (Certificate of Incorporation). Only an E-Notice confirming incorporation will be transmitted to the applicant\u2019s email address. If you require a hardcopy of certificate of confirmation of incorporation from ACRA, this can be purchased from ACRA at S$50.00.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17603\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17603\" aria-controls=\"collapse17603\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Are there any special conditions for a single director and shareholder company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17603\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17603\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">None. Director and shareholder can be <\/span><span style=\"font-weight: 400\">the<\/span><span style=\"font-weight: 400\"> same person. The only restriction is that you have to appoint a qualified company secretary.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17604\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17604\" aria-controls=\"collapse17604\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I convert my sole-proprietorship to a one-director company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17604\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17604\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">Yes, the owner of the sole proprietorship business can be the sole director and the shareholder of the company. You will need to appoint a qualified company secretary.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17605\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17605\" aria-controls=\"collapse17605\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How to open a corporate bank account after incorporation?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17605\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17605\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">Generally most banks have the following requirements for opening a corporate bank account for Singapore companies:<\/span><\/p><p><b>Documents required for opening of corporate bank account<\/b><\/p><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Account opening forms which will be provided by the respective banks (to be signed by authorised signatories)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Directors\u2019 resolution for the opening of the account indicating the authorised signatories for the account (most of the banks have their own format for you to sign)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Company\u2019 profile from the ACRA<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Company\u2019s Memorandum and Articles of Association (we will provide this)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Passport \/ Identity Card of directors \/ authorised signatories for bank\u2019s verification<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">For single director companies some banks requires the company secretary to be present for verification purpose<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Proof of residential address of Directors (i.e. latest Utility bill, phone bill etc.)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The banks may require additional documents on a case by case basis<\/span><\/li><\/ul><p><b>Document Signing Requirements<\/b><\/p><p><span style=\"font-weight: 400\">Most banks will require the authorised signatories and majority of the directors to be physically present in Singapore for the signing of forms and documents for the opening of the corporate bank account. However, some banks will accept the signing of these forms and documents at one of their overseas branches or in front of a Notary Public or before a Singapore Embassy in the country where you reside.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17606\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17606\" aria-controls=\"collapse17606\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What important issues do I need to consider after setting up a company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17606\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17606\"> <div class=\"ea-body\"><ul class=\"lists1\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Business license: Certain business requires one or more licenses and you can check by visiting <a href=\"http:\/\/www.business.gov.sg\/EN\/StartingUp\/LicencesNPermits\/index.htm\" target=\"_blank\" rel=\"noopener\">http:\/\/www.business.gov.sg\/EN\/StartingUp\/LicencesNPermits\/index.htm<\/a>., fortunately, very few business activities in Singapore require business licenses. We can assist with application of relevant business licenses if required for your business.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Opening of bank account soon after your company formation. This will help you with injecting funds into the company, receiving payments from customers, and paying your company bills. We can assist with the bank account opening process.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You will need to decide whether you should register for Goods &amp; Services Tax (GST). GST registration is not mandatory unless your annual turnover exceeds S$1 million. We can advise and assist you to register for GST, if required.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In you are importing and exporting goods, you will need to obtain a Central Registration (CR) number. The CR number is for use in all import, export and transhipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You should get basic stationary and marketing materials ready for your company as soon as possible. These include such items as business cards, letter heads, website, brochure, etc.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If you plan to bring any foreign employees, you will need to apply for their employment pass (EP) before they can commence their employment with your newly formed Singapore Company. We can advise and assist you with EP applications.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Renting an office space and acquiring office equipment to commence your business.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Holding the first board of directors meeting within 3 month of the company\u2019s incorporation to ratify pre-incorporation matters such as confirmation of registered address, adoption of company\u2019s common seal, issuance of subscribers shares, appointment of directors\/ company secretary\/ company auditor and other routine matters.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Review and sign the terms of engagement of the company secretary, company auditor, tax agent, bookkeepers, if you require all or some of these services.<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17607\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17607\" aria-controls=\"collapse17607\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How do I engage your services for setting up a company in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17607\" data-parent=\"#sp-ea-1760\" role=\"region\" aria-labelledby=\"ea-header-17607\"> <div class=\"ea-body\"><ul class=\"lists1\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Give us a call at <a href=\"https:\/\/api.whatsapp.com\/send?phone=6563346502\" target=\"_blank\" rel=\"noopener\">+(65) 6443 6502<\/a> or complete an <\/span><a href=\"https:\/\/twomc.com\/mohan1\/e-forms-quotations\/\"><span style=\"font-weight: 400\">E-Form Quotation<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Once we receive your form and the duly completed incorporation questionnaire, we will reach out to you to clarify any outstanding details.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon the receipt of the questionnaire and your payment, we will be able to commence our services immediately.<\/span><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-15442\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse15442\" aria-controls=\"collapse15442\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Business Connections Concierge<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse15442\" data-parent=\"#sp-ea-1544\" role=\"region\" aria-labelledby=\"ea-header-15442\"> <div class=\"ea-body\"><style>#sp-ea-1761 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1761.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1761.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1761.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1761.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1761.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1761\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17610\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17610\" aria-controls=\"collapse17610\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can a spouse or dependent pass work in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17610\" data-parent=\"#sp-ea-1761\" role=\"region\" aria-labelledby=\"ea-header-17610\"> <div class=\"ea-body\"><div class=\"answer\"><p><span style=\"font-weight: 400\">Dependant pass holders do not have an automatic right to work in Singapore. They must apply for a work pass independently. The employing company is required to submit the Letter of Consent application form to the Work Pass Division of the Ministry of Manpower.<\/span><\/p><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17611\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17611\" aria-controls=\"collapse17611\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can you guarantee the approval of the work passes?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17611\" data-parent=\"#sp-ea-1761\" role=\"region\" aria-labelledby=\"ea-header-17611\"> <div class=\"ea-body\"><div class=\"answer\"><p><span style=\"font-weight: 400\">We do not give any guarantees. All approvals or rejection are made by government authorities based on factors such as listed above and we don't make any false promises. However, if the application has all the above discussed factors, the chances of approval are excellent.<\/span><\/p><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17612\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17612\" aria-controls=\"collapse17612\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can you assist with Permanent Residency (PR) applications?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17612\" data-parent=\"#sp-ea-1761\" role=\"region\" aria-labelledby=\"ea-header-17612\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">Yes, we will be able to assist with PR application. The most common way to obtain PR in Singapore is through the Professional, Technical Personnel and Skilled Worker scheme. If you are a holder of the Employment Pass, EntrePass or S Pass, you and your spouse and unmarried children (under the age of 21) are eligible to apply for permanent residence. The Global Investors Program (GIP) is administered by the Singapore Economic Development Board to bring direct foreign investment into Singapore. Under this scheme, there are two options that an investor can choose. First option is that an investor can either invest S$2.5 million in a new business start-up or expansion of an existing business operation. The second option is that the investor can invest S$2.5 million in one or more GIP-approved funds (up to a maximum of 3 funds). The investor is also required to maintain the investments for a minimum period of 5 years commencing from the date of final approval of Permanent Residency. The Foreign Artist Talent Schemeis administered by the National Arts Council and Immigration and Checkpoints Authority of Singapore to attract foreign artists with exceptional talents to move in to Singapore. For more information on PR application procedures, do drop us and email and we will revert to you <\/span><span style=\"font-weight: 400\">accordingly.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>[\/vc_column_text][vc_empty_space height=&#8221;60px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;]<div\t\tclass=\"sc_title color_style_default sc_title_default\">\t\t<h6 class=\"\n\t\tsc_item_subtitle sc_title_subtitle sc_align_left sc_item_title_style_default\t\t\">\n\t\tQuestions About Our Services\t\t<\/h6>\n\t\t<\/div>[vc_empty_space height=&#8221;40px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][vc_column_text]<style>#sp-ea-1817 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1817.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1817.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1817.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1817.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1817.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1817\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-18170\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse18170\" aria-controls=\"collapse18170\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Tax<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse18170\" data-parent=\"#sp-ea-1817\" role=\"region\" aria-labelledby=\"ea-header-18170\"> <div class=\"ea-body\"><style>#sp-ea-1754 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1754.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1754.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1754.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1754.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1754.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1754\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17540\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17540\" aria-controls=\"collapse17540\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How to understand and determine the basis period and Year of Assessment (YA) for companies.<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17540\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17540\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"text-decoration: underline\"><span style=\"font-weight: 400\">Basis period and Year of Assessment<\/span><\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company is taxed on the income earned in the preceding financial year. This means that income earned in the financial year 2019 will be taxed in 2020.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">This financial year is known as the \"<\/span><b>basis period<\/b><span style=\"font-weight: 400\">\".<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The basis period is generally a 12-month period preceding the YA.<\/span><\/p><p><b>Examples based on different Financial Year Ends<\/b><\/p><table><tbody><tr><th><b>Financial Year End<\/b><\/th><th><b>Basis Period<\/b><\/th><th><b>YA<\/b><\/th><\/tr><tr><td><span style=\"font-weight: 400\">31 Mar of each year<\/span><\/td><td><span style=\"font-weight: 400\">1 Apr 2018 to 31 Mar 2019<\/span><\/td><td>2020<\/td><\/tr><tr><td><span style=\"font-weight: 400\">30 Jun of each year<\/span><\/td><td><span style=\"font-weight: 400\">1 Jul 2018 to 30 Jun 2019<\/span><\/td><td>2020<\/td><\/tr><tr><td><span style=\"font-weight: 400\">31 Dec of each year<\/span><\/td><td><span style=\"font-weight: 400\">1 Jan 2019 to 31 Dec 2019<\/span><\/td><td>2020<\/td><\/tr><\/tbody><\/table><p>The same rule applies to new companies.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17541\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17541\" aria-controls=\"collapse17541\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the definition of a company under Income Tax Act?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17541\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17541\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">For taxation purposes, a \"Company\"\u00a0includes:<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A business entity incorporated or registered under the Companies Act or any law in force in Singapore. It usually has the words \"Pte Ltd\" or \"Ltd\" as part of its name; or\u00a0<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A foreign company registered in Singapore such as a branch of a foreign company; or\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A foreign company incorporated or registered outside Singapore.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company <\/span><span style=\"font-weight: 400\">does not<\/span><span style=\"font-weight: 400\"> include sole-proprietorship and partnership businesses registered in or outside Singapore<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17542\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17542\" aria-controls=\"collapse17542\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who must pay corporate taxes in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17542\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17542\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Regardless of tax-residency status, all companies are required to pay corporate tax under the <\/span><a href=\"https:\/\/sso.agc.gov.sg\/Act\/ITA1947#pr10-\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Income Tax Act<\/span><\/a><span style=\"font-weight: 400\"> on any chargeable income derived from Singapore or foreign income remitted into Singapore.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">However, Singapore tax-resident companies enjoy several benefits over non-tax resident companies.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17543\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17543\" aria-controls=\"collapse17543\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> When is a company considered a Singapore tax-resident?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17543\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17543\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A company will be considered tax-resident in Singapore if its control and management had been exercised in Singapore for the preceding YA.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The YA is a 12-month period in which the company\u2019s income will be assessed. For example, for YA 2020, the 12-month period would generally be from 1 January 2019 to 31 December 2019.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In determining where the company\u2019s control and management is exercised, it is more dependent on the location where its strategic decisions are made (this will generally be the location of the company\u2019s <\/span><a href=\"https:\/\/singaporelegaladvice.com\/law-articles\/hold-board-meeting-singapore\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">board meetings<\/span><\/a><span style=\"font-weight: 400\">), rather than the company\u2019s place of incorporation.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17544\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17544\" aria-controls=\"collapse17544\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the corporate tax rate in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17544\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17544\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">With effect from YA 2010, a company is taxed at a flat rate of <\/span><b>17%<\/b><span style=\"font-weight: 400\"> on its chargeable income regardless of whether it is a local or foreign company. However, with the various level of tax exemption provided by the Singapore government, the effective tax rate for companies can be significantly lower.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17545\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17545\" aria-controls=\"collapse17545\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the tax exemption for new start-up companies and existing companies?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17545\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17545\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A partial tax exemption and a three-year start-up tax exemption for qualifying start-up companies are available.<\/span><\/p><p style=\"text-align: justify\"><b>(i) Partial Tax Exemption for all companies<\/b><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">All companies including companies limited by guarantee can enjoy the following tax exemption:<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">YA 2020 onwards<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">75% exemption on the first $10,000 of normal chargeable income; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A further 50% exemption on the next $190,000 of normal chargeable income.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">YA 2010 to 2019<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">75% tax exemption on the first $10,000 of normal chargeable income; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A further 50% exemption on the next $290,000 of normal chargeable income.<\/span><\/li><\/ul><p style=\"text-align: justify\"><b>(ii) Tax exemption for New Start-Up Companies \u2013 for the first three consecutive YAs where the YA falls in):<\/b><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">YA 2020 onwards<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">75% exemption on the first $100,000 of normal chargeable income; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A further 50% exemption on the next $100,000 of normal chargeable income.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">YA 2010 to 2019<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Full exemption on the first $100,000 of normal chargeable income; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A further 50% exemption on the next $200,000 of normal chargeable income.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The start-up exemption is not available to property development and investment holding companies.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">For further details on the tax exemption schemes and qualifying conditions, please refer to the following links:<\/span><\/p><p style=\"text-align: justify\"><b><i>All other companies<\/i><\/b><\/p><p style=\"text-align: justify\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates-and-Tax-Exemption-Schemes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Corporate-Tax-Rates--Corporate-Income-Tax-Rebates-and-Tax-Exemption-Schemes\/<\/span><\/a><\/p><p style=\"text-align: justify\"><b><i>For new start-ups<\/i><\/b><\/p><p style=\"text-align: justify\"><a href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Common-Tax-Reliefs-That-Help-Reduce-The-Tax-Bills\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Companies\/Learning-the-basics-of-Corporate-Income-Tax\/Common-Tax-Reliefs-That-Help-Reduce-The-Tax-Bills\/<\/span><\/a><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17546\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17546\" aria-controls=\"collapse17546\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Are dividends taxed in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17546\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17546\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">Singapore adopts a one-tier corporate tax system, under which all dividends paid by Singapore-resident companies are tax-exempt in the shareholder\u2019s hands. There is no withholding tax on dividend, if it is remitted to non-resident. <\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17547\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17547\" aria-controls=\"collapse17547\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is a Certificate of Residence (COR)?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17547\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17547\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A COR is a letter certifying that a company is a tax resident\u00a0of Singapore, i.e. the control and management of its business is exercised in Singapore.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17548\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17548\" aria-controls=\"collapse17548\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Why do companies apply for COR?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17548\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17548\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Companies need this certificate to claim tax benefits under the Avoidance of Double Taxation Agreements (DTAs) or Limited Treaties that Singapore concluded with foreign jurisdictions.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17549\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17549\" aria-controls=\"collapse17549\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who are considered tax residents of Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17549\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-17549\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a:\u00a0<\/span><\/p><ol style=\"text-align: justify\" type=\"a\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Singapore Citizen or Singapore Permanent Resident\u00a0(SPR) who\u00a0resides in Singapore except for temporary absences; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Foreigner who has stayed \/ worked in Singapore (excludes director of a company) for 183 days or more in the year preceding the YA.<\/span><\/li><\/ol><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Otherwise, you will be treated as a <\/span><b>non-resident<\/b><span style=\"font-weight: 400\"> of Singapore for tax purposes.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175410\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175410\" aria-controls=\"collapse175410\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the income tax rates for tax residents?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175410\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-175410\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Singapore's personal income tax rates for resident taxpayers are progressive. This means higher income earners pay a proportionately higher tax, with the current highest personal income tax rate at 22%. <\/span> <span style=\"font-weight: 400\">From YA 2017 onwards, tax rate is:<\/span><\/p><table><tbody><tr><th><b>Chargeable Income<\/b><\/th><th><b>Income Tax Rate (%)<\/b><\/th><\/tr><tr><td><span style=\"font-weight: 400\">First\u00a0$20,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $10,000<\/span><\/td><td><span style=\"font-weight: 400\">0 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">2<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $30,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $10,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">3.50<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $40,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">7<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $80,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">11.5<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $120,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">15<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First\u00a0$160,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">18<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First\u00a0$200,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">19<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $240,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">19.5<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First\u00a0$280,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">Next $40,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">20<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400\">First $320,000 <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">In excess of $320,000<\/span><\/td><td><span style=\"font-weight: 400\">- <\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\">22<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-175411\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse175411\" aria-controls=\"collapse175411\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the income tax rates for Non-Residents?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse175411\" data-parent=\"#sp-ea-1754\" role=\"region\" aria-labelledby=\"ea-header-175411\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><b>Taxes on Employment Income<\/b><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The employment income of non-residents is taxed at the flat rate of 15% or the progressive resident tax rates, whichever is\u00a0the higher tax amount.<\/span><\/p><p style=\"text-align: justify\"><b>Taxes on Director's fee, Consultation fees and all Other Income<\/b><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">From YA 2017, the tax rates for non-resident individuals (except certain reduced final withholding tax rates) has been raised from 20% to 22%. This is to maintain parity between the tax rates of non-resident individuals and the top marginal tax rate of resident individuals.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-18171\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse18171\" aria-controls=\"collapse18171\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Goods &amp; Services Tax (GST)<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse18171\" data-parent=\"#sp-ea-1817\" role=\"region\" aria-labelledby=\"ea-header-18171\"> <div class=\"ea-body\"><style>#sp-ea-1756 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-1756.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-1756.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-1756.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-1756.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-1756.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-1756\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17560\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17560\" aria-controls=\"collapse17560\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is Goods and Services Tax (GST) and how it works?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17560\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17560\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">GST is a consumption tax that is charged on the supply of goods and services in Singapore and the import of goods into Singapore. GST is an indirect tax currently at 7 percent. This tax is applied to nearly all supplies of goods and services provided by GST registered business in Singapore.<\/span><\/p><p><span style=\"font-weight: 400\">GST tax is charged to the end consumer therefore GST normally does not become a cost to the company. Businesses merely act as collecting agents on behalf of Singapore tax department. In other countries, GST is known as the Value-Added Tax or VAT.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17561\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17561\" aria-controls=\"collapse17561\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is compulsory GST Registration?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17561\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17561\"> <div class=\"ea-body\"><div class=\"answer\"><p><span style=\"font-weight: 400\">You need to register your company for GST when\u00a0<\/span><\/p><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The taxable turnover of the company exceeds S$1 million for the past 12 months, or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If the taxable turnover of the company in the next 12 months is expected to exceed S$1 million.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">In order to determine if your company needs to register for GST, you are expected to monitor your company\u2019s taxable income at the end of every quarter.<\/span><\/p><p><span style=\"font-weight: 400\">Businesses that have exceeded S$1 million in taxable turnover during the last 12 months are required to register for GST within 30 days from the end of the previous quarter on the occurrence of this event.\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">Businesses that expect to exceed S$1 million in taxable turnover during the next 12 months must register for GST within 30 days of such determination.<\/span><\/p><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17562\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17562\" aria-controls=\"collapse17562\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the conditions for voluntary GST registration?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17562\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17562\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">When a GST-exempt business decides to register for GST voluntarily, it will need to satisfy any of the below-mentioned criteria:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your business makes taxable supplies;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your business makes only out-of-scope supplies. Out-of-scope supplies mainly refer to sales of goods which did not enter Singapore and goods in transit;\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your business makes exempt supplies of financial services that are also <\/span><a href=\"https:\/\/www.iras.gov.sg\/IRASHome\/GST\/GST-registered-businesses\/Working-out-your-taxes\/When-to-charge-0-GST\/Providing-International-Services\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">international services<\/span><\/a><span style=\"font-weight: 400\">; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your business procures services from overseas service providers and you would not be entitled to full input tax credit even if you were GST-registered.<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">For companies who opt for voluntary GST registration must complete <\/span><a href=\"https:\/\/elearn.iras.gov.sg\/EdulearnNetUpload\/CourseWare\/IrasLearning\/RegisteringForGST\/desktop\/index.html\" target=\"_blank\" rel=\"noopener\" class=\"blc-broken-link\" data-blc-broken=\"1\"><span style=\"font-weight: 400\">2 e-learning courses<\/span><\/a><span style=\"font-weight: 400\">, \"<\/span><a href=\"https:\/\/elearn.iras.gov.sg\/iraslearning\/web\/courseware\/viewCourse.aspx?cid=registeringforGST\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Registering for GST<\/span><\/a><span style=\"font-weight: 400\">\"\u00a0and \u201c<\/span><a href=\"https:\/\/elearn.iras.gov.sg\/iraslearning\/web\/courseware\/viewCourse.aspx?cid=overviewofGST\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Overview of GST<\/span><\/a><span style=\"font-weight: 400\">\u201d as well as pass a quiz. Do note that the Comptroller may also impose other conditions on your GST registration. These e-learning courses are not required if:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You have experience of managing other existing GST registered businesses; or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The person who prepares your GST returns is an Accredited Tax Advisers (ATA) or Accredited Tax Practitioners (ATP); or<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The business is applying to be registered under the Overseas Vendor Simplified Pay-only Registration Regime.\u00a0<\/span><\/li><\/ul><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The\u00a0cost of being GST-registered may outweigh the benefits\u00a0that you can enjoy. As voluntarily registered businesses must remain registered for two years, you should\u00a0assess the cost and benefits\u00a0over a two-year period before registering and the following are the areas you should consider:<\/span><\/p><ul><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">More responsibilities of being GST-Registered\u00a0<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Have to invest time and resources to train staffs in GST accounting<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Possible hefty penalties for non-compliance (e.g., failure to file on time)<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">If your customers are not GST registered, you may find it more difficult to increase your selling price to include the GST chargeable, especially for price sensitive customers with possibility of losing them<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17563\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17563\" aria-controls=\"collapse17563\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I choose not to register for GST?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17563\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17563\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Registration is compulsory once your total taxable turnover exceeds $1 million.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">However, if you are certain that your total taxable turnover for the next 12 months will not exceed $1 million because of specific circumstances (e.g. large-scale downsizing of business) and can substantiate this with documentation, you will not be required to register for GST.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If zero-rated supplies make up more than 90% of your total taxable supplies and being registered will lead to you claiming GST refunds, you may choose to apply for exemption from GST registration.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17564\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17564\" aria-controls=\"collapse17564\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What happens if I do not register for GST on time?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17564\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17564\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Your effective date of GST registration will be backdated to the date you ought to have been registered.\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">You are required to pay the GST on taxable supplies made from the date of registration even if you did not collect any GST from your customers.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17565\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17565\" aria-controls=\"collapse17565\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can IRAS waive the GST payable for the past sales since I did not collect any GST from my customers?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17565\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17565\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">No. The business is liable to pay GST and IRAS will compute based on the Revenue generated by the business ought to have been registered.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17566\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17566\" aria-controls=\"collapse17566\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I start charging my customers GST after I have submitted my application for GST registration?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17566\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17566\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">No. GST should only be charged on sales made on or after the effective date of GST registration. Once your application is approved, a letter bearing your GST registration number and the effective date of GST registration will be sent to you.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If I have collected GST prior to my application for registration, what should I do?<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">If you have wrongfully charged\/collected GST from your customers, you should notify the Comptroller of GST in writing with the following attachments:\u00a0<\/span><\/p><ul><li style=\"list-style-type: none\"><ul><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Summary of sales for which GST has been wrongfully collected (i.e. invoice date, value of sale and GST collected)\u00a0<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Copy of invoice issued\u00a0<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Cheque made payable to \u201cComptroller of GST\u201d for the amount of GST wrongfully collected<\/span><\/li><\/ul><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-17567\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse17567\" aria-controls=\"collapse17567\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are my responsibilities and obligations as a GST-registered business?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse17567\" data-parent=\"#sp-ea-1756\" role=\"region\" aria-labelledby=\"ea-header-17567\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Your responsibilities and obligations range from filing returns and paying for GST on time to keeping proper business and accounting records.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-18172\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse18172\" aria-controls=\"collapse18172\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Company &amp; Business Registration<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse18172\" data-parent=\"#sp-ea-1817\" role=\"region\" aria-labelledby=\"ea-header-18172\"> <div class=\"ea-body\"><style>#sp-ea-2285 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-2285.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-2285.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-2285.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-2285.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-2285.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1793020556\"><div id=\"sp-ea-2285\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-22850\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse22850\" aria-controls=\"collapse22850\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the common types of business structures in Singapore and the comparison between each structure?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse22850\" data-parent=\"#sp-ea-2285\" role=\"region\" aria-labelledby=\"ea-header-22850\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">There following are the main types of business structures to choose from:<\/span><\/p><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sole Proprietorship\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Partnership\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Limited Liability Partnership\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Limited Partnership\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Private Limited Company<\/span><\/li><\/ul><p style=\"text-align: center\"><b>BUSINESS ENTITIES COMPARISON<\/b><\/p><div class=\"table\"><\/div><div class=\"wrapper3\"><div class=\"div1\"><\/div><\/div><div class=\"wrapper4\"><div class=\"div2\"><table><tbody><tr><th><\/th><th>Sole-Proprietorship<\/th><th>Partnership<\/th><th>Limited Partnership<\/th><th>Limited Liability Partnershi<\/th><th>Company<\/th><\/tr><tr><td><b>Definition<\/b><\/td><td>A business owned by one person<\/td><td>An association of two or more persons carrying on business in common with a view to profit<\/td><td>A partnership consisting of two or more persons, with at least one general partner and one limited partner<\/td><td>A partnership where the individual partner\u2019s own liability is generally limited<\/td><td>A business form which is a legal entity which is separate and distinct from its shareholders and directors<\/td><\/tr><tr><td><b>Owned By<\/b><\/td><td>One person<\/td><td>Between 2 and 20 partners.<br \/>A partnership of more than 20 partners must incorporate as a company under the Companies Act, Chapter 50 (except for professional partnerships)<\/td><td>At least 2 partners; one general partner and one limited partner. No maximum limit.<\/td><td>At least 2 partners, no maximum limit.<\/td><td>Exempt Private Company \u2013 20 members or less and no corporation holds beneficial interest in the company\u2019s shares<br \/>Private Company \u2013 50 members or less<br \/>Public Company \u2013 can have more than 50 members<\/td><\/tr><tr><td><b>Legal Status<\/b><\/td><td>Not a separate legal entity<\/p><p>Owner has unlimited liability<\/p><p>Can sue or be sued in<br \/>individual\u2019s own name and can also be sued in business name<\/p><p>Can own property in<br \/>individual\u2019s name<\/p><p>Owner personally liable for debts and losses of business<\/td><td>Not a separate legal entity<\/p><p>Partners have unlimited liability<\/p><p>Can sue or be sued in firm\u2019s name<\/p><p>Cannot own property in firm\u2019s name<\/p><p>Partners personally liable for partnership\u2019s debts and losses incurred by other partners<\/td><td>Not a separate legal entity<\/p><p>General partner has unlimited liability<br \/>Limited partner has limited liability<\/p><p>Can probably sue or be sued<br \/>in firm\u2019s name<\/p><p>Cannot own property in<br \/>firm\u2019s name<\/p><p>General partner personally liable for debts and losses of the LP<\/p><p>Limited partner not<br \/>personally liable for the debts or obligations of LP beyond amount of his agreed contribution<\/td><td>A separate legal entity from<br \/>its partners<\/p><p>Partners have limited liability<\/p><p>Can sue or be sued in LLP\u2019s<br \/>name<\/p><p>Can own property in LLP\u2019s<br \/>name<\/p><p>Partners personally liable for debts and losses resulting from their own wrongful actions<\/p><p>Partners not personally<br \/>liable for debts and losses of LLP incurred by other partners<\/td><td>A separate legal entity from<br \/>its members and directors<\/p><p>Members have limited liability<\/p><p>Can sue or be sued in<br \/>company\u2019s name<\/p><p>Can own property in<br \/>company\u2019s name<\/p><p>Members not personally liable for debts and losses of company<\/td><\/tr><tr><td><b>Yearly Statutory Obligations<\/b><\/td><td>Yearly renewals (one year or<br \/>three years)<\/p><p>CPF Medisave Top-Up required for Self-employed Persons before they can renew sole-proprietorship<\/td><td>Yearly renewals (one year or<br \/>three years)<\/p><p>CPF Medisave Top-Up required for Self-employed Persons before they can renew partnership<\/td><td>Yearly renewals (one year or<br \/>three years)<\/p><p>CPF Medisave Top-Up required before they can renew LP<\/td><td>Annual declaration of<br \/>solvency\/insolvency must be lodged by one of the managers stating whether the LLP is able or not able to pay its debts during the normal course of business.<\/p><p>No statutory requirement for general meetings, directors, company secretary, share allotments etc.<\/td><td>Must appoint a company<br \/>secretary within 6 months of incorporation.<\/p><p>Must appoint an auditor within 3 months after incorporation, unless the company is exempt from audit requirements<\/p><p>Annual returns must be filed. Statutory requirements for general meetings, directors, company secretary, share allotments must be complied with.<\/td><\/tr><tr><td><b>Registration Requirements<\/b><\/td><td>Age 18 years or above.<br \/>Singapore citizen\/ Singapore permanent resident\/ EntrePass holder.<\/p><p>If owner not resident in Singapore, he must appoint an authorized representative who is ordinarily resident in Singapore.<\/p><p>Self-employed persons must<br \/>top up their Medisave account with the CPF Board before they register a new business name,<br \/>become a registrant of an existing business name, or renew their business name registration.<\/p><p>Undischarged bankrupts cannot manage the business without approval from the Court or the Official Assignee.<\/td><td>Age 18 years or above.<br \/>Singapore citizen\/ Singapore permanent resident\/ EntrePass holder.<\/p><p>If owner not resident in Singapore, he must appoint an authorized representative who is ordinarily resident in Singapore.<\/p><p>Self-employed persons must<br \/>top up their Medisave account with the CPF Board before they register a new business name,<br \/>become a registrant of an existing business name, or renew their business name registration.<\/p><p>Undischarged bankrupts cannot manage the business without approval from the Court or the Official Assignee.<\/td><td>At least one general partner and<br \/>limited partner. Both can be individuals (at least 18 years old) or body corporate (company or LLP).<\/p><p>If all general partners are ordinarily resident outside Singapore, they must appoint a local manager who is ordinarily resident in Singapore.<\/p><p>Self-employed persons must<br \/>top up their Medisave account with the CPF Board before they register as a partner of a new LP,<br \/>become a registered partner of an existing LP, or renew their LP registration.<\/p><p>Undischarged bankrupts cannot manage the business without approval from the Court or the Official Assignee.<\/td><td>At least two partners, who<br \/>can be individuals (at least<br \/>18 years old) or body corporate (company or LLP).<\/p><p>At least one manager ordinarily resident in Singapore and at least 18 years old.<\/p><p>Undischarged bankrupts cannot manage the business without approval from the Court or the Official Assignee.<\/td><td>At least one shareholder.<\/p><p>At least one director ordinarily resident in Singapore, at least 18 years old.<\/p><p>If a foreigner wishes to act as a local director of the company, he can apply for an employment pass EntrePass from the Ministry of Manpower.<\/p><p>Undischarged bankrupts<br \/>cannot be a director and cannot manage a company without approval from the Court or the Official Assignee.<\/td><\/tr><tr><td><b>Taxes<\/b><\/td><td>Profits taxed at owner\u2019 personal income tax rates<\/td><td>Profits taxed at partners\u2019 personal income tax rates<\/td><td>Profits taxed at partners' personal income tax rates (if individual)\/ corporate tax rate (if corporation)<\/td><td>Profits taxed at partners\u2019 personal income tax rates (if individual)\/ corporate tax rate (if corporation)<\/td><td>Profits taxed at corporate tax rates<\/td><\/tr><tr><td><b>Business continuity<\/b><\/td><td>Exists as long as the owner is alive and desires to continue the business<\/td><td>Exists subject to partnership Agreement.<\/td><td>Exists subject to partnership<br \/>Agreement.<\/p><p>If there is no limited partner, the LP registration will be suspended and general partners are deemed registered under<br \/>the Business Registration Act.<\/p><p>Once a new limited partner is appointed, the registration of the LP will be restored to \u201clive\u201d and general partners\u2019 registration under the Business Registration Act ceases.<\/td><td>The LLP has perpetual<br \/>succession until wound up or struck off.<\/td><td>A company has perpetual<br \/>succession until wound up or struck off.<\/td><\/tr><tr><td><b>Closing the Business<\/b><\/td><td>By Owner - Cessation of Business.<\/p><p>Registrar can cancel registration if not renewed or where Registrar is satisfied business is defunct<\/td><td>By the partners - Cessation of business<\/p><p>Registrar can cancel registration if not renewed or where Registrar is satisfied business is defunct<\/td><td>By general partner -<br \/>Cessation of business or dissolution of LP.<\/p><p>Registrar can cancel registration if not renewed or where Registrar is satisfied business is defunct.<\/td><td>Winding Up \u2013 Voluntarily by<br \/>members or creditors, compulsorily by the High Court.<\/p><p>Striking off<\/td><td>Winding Up \u2013 Voluntarily by<br \/>members or creditors, compulsorily by the High Court<\/p><p>Striking off<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-22851\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse22851\" aria-controls=\"collapse22851\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the differences between a subsidiary, a branch and a representative office?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse22851\" data-parent=\"#sp-ea-2285\" role=\"region\" aria-labelledby=\"ea-header-22851\"> <div class=\"ea-body\"><p style=\"text-align: center\"><b>IN A NUTSHELL<\/b><\/p><div class=\"table\"><\/div><div class=\"wrapper5\"><div class=\"div1\"><\/div><\/div><div class=\"wrapper6\"><div class=\"div2\"><table><tbody><tr><th><\/th><th>Subsidiary (private company)<\/th><th>Branch<\/th><th>Representative Office<\/th><\/tr><tr><td>Legal structure<\/td><td>A separate legal entity<\/td><td>Not a separate legal entity<\/td><td>No legal status<\/td><\/tr><tr><td>Liabilities<\/td><td>Parent company is not liable<\/td><td>Parent company is liable<\/td><td>Parent company is liable<\/td><\/tr><tr><td>Name<\/td><td>Can be the same or different from the parent's name<\/td><td>Must be the same as parent's name<\/td><td>Must be the same as parent's name and must include the phrase 'Representative Office' in it<\/td><\/tr><tr><td>Taxation<\/td><td>Taxed as a Singapore resident entity<\/td><td>Taxed as a non-resident entity<\/td><td>Since no income can be generated, no taxes are applicable<\/td><\/tr><tr><td>Valid for<\/td><td>Valid until closed<\/td><td>Valid until closed<\/td><td>Must be renewed each year with maximum 3 years<\/td><\/tr><tr><td>Registration time (in general)<\/td><td>1-2 business days<\/td><td>1-2 business days<\/td><td>3-4 business days<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-22852\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse22852\" aria-controls=\"collapse22852\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the factors to consider when choosing a business structure?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse22852\" data-parent=\"#sp-ea-2285\" role=\"region\" aria-labelledby=\"ea-header-22852\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Generally, the structure of a business determines its legal, financial reporting and tax status.<\/span> <span style=\"font-weight: 400\">Choosing the most appropriate business structure to meet your business needs requires careful consideration. Some of the factors you should consider carefully before deciding on the best suited structure:<\/span><\/p><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your commercial objectives of setting up the business<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Amount of capital that you are prepared to invest<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The level of control you desire to have in the business\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Number of owners in the business<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To what extent are you prepared to shoulder liabilities and responsibilities in the business\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The extent of risks you are prepared to take<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Tax implications<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To consider the annual administrative and compliance cost of running the business\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The pros and cons of the different business structures\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">How easily can the business can be terminated<\/span><\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-22853\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse22853\" aria-controls=\"collapse22853\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How long does it take to incorporate\/register a private limited company?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse22853\" data-parent=\"#sp-ea-2285\" role=\"region\" aria-labelledby=\"ea-header-22853\"> <div class=\"ea-body\"><p><span style=\"font-weight: 400\">Majority of companies we have registered for clients fall within the following time frame:<\/span><\/p><div class=\"wrapper8\"><div class=\"div2\"><table><tbody><tr><td>Application for approval and reservation of name with Accounting and Corporate Regulatory Authority (ACRA)<\/td><td>Usually 1 working day (upon submission to ACRA) <sup>*1<\/sup><\/td><\/tr><tr><td>Preparation and execution of the incorporation documents in Singapore and submission of registration with ACRA (if all the directors \/ subscribers are present in Singapore to sign the documents)<\/td><td>2 to 3 working days <sup>*2<\/sup><\/td><\/tr><tr><td>ACRA confirmation of incorporation of company<\/td><td>Within 1 working day<\/td><\/tr><\/tbody><\/table><\/div><\/div><p>Footnotes:<\/p><p><sup>* 1 <\/sup>The above is applicable provided no further referral to other government authority is involved.<br \/>Also, dependent on the return of the duly completed incorporation questionnaire and due diligence documents listed in the verification list.<\/p><p><sup>* 2 <\/sup>The time frame for actual incorporation is usually around 2 to 3 working days,<br \/>subject to all requested information made available and due diligence completed. However, if the documents have to be sent overseas for execution,<br \/>the timeframe mainly depends on how fast the duly executed documents are returned for lodgement with ACRA.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-22854\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse22854\" aria-controls=\"collapse22854\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How to open corporate bank account after incorporation?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse22854\" data-parent=\"#sp-ea-2285\" role=\"region\" aria-labelledby=\"ea-header-22854\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Generally, most banks have the following requirements for opening a corporate bank account for Singapore companies:<\/span><\/p><p style=\"text-align: justify\"><b>Documents required for opening of corporate bank account:<\/b><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">account opening forms which will be provided by the respective banks (to be signed by authorized signatories)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Directors\u2019 resolution for the opening of the account indicating the authorized signatories for the account (most of the banks have their own format for you to sign)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Company\u2019 profile from the ACRA\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Company\u2019s Constitution\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Passport \/ Identity Card of directors \/ authorized signatories for verification by bank<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Proof of residential address of Directors (i.e. latest Utility bill, phone bill etc. \u2013 not older than 3 months)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The banks may require additional documents on a case by case basis which they will inform during enquiry stage<\/span><\/li><\/ul><p style=\"text-align: justify\"><i><span style=\"font-weight: 400\">(Note: For single director company, banks will also require the company secretary to be present for verification purpose)\u00a0\u00a0<\/span><\/i><\/p><p style=\"text-align: justify\"><b>Signing of documents requirements\u00a0<\/b><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">Most banks will require the authorized signatories and at least 2 directors to be physically present in Singapore for the signing of forms and completion of formalities relating to the opening of the corporate bank account(s).\u00a0<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">However, some banks will accept the signing of these forms and documents at one of their overseas branches or in front of a Notary Public or before a Singapore Embassy official in the country where you reside. With the worldwide pandemic, some banks have also turned to video conference \/ video calls for due diligence verification processes.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column icons_position=&#8221;left&#8221;][vc_empty_space height=&#8221;90px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Questions about Our Solutions, Questions about Our Services<\/p>\n","protected":false},"author":7,"featured_media":3098,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-1622","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Frequently Asked Questions - S C Mohan PAC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Frequently Asked Questions - S C Mohan PAC\" \/>\n<meta property=\"og:description\" content=\"Questions about Our Solutions, Questions about Our Services\" \/>\n<meta property=\"og:url\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/\" \/>\n<meta property=\"og:site_name\" content=\"S C Mohan PAC\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-15T16:32:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/no-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/\",\"url\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/\",\"name\":\"Frequently Asked Questions - S C Mohan PAC\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/scmohan.com.sg\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/no-image.jpg\",\"datePublished\":\"2020-11-08T04:55:39+00:00\",\"dateModified\":\"2022-11-15T16:32:47+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/#primaryimage\",\"url\":\"https:\\\/\\\/scmohan.com.sg\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/no-image.jpg\",\"contentUrl\":\"https:\\\/\\\/scmohan.com.sg\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/no-image.jpg\",\"width\":1000,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/faq\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/scmohan.com.sg\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Frequently Asked Questions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#website\",\"url\":\"https:\\\/\\\/scmohan.com.sg\\\/\",\"name\":\"S C Mohan PAC\",\"description\":\"Public Accountants and Chartered Accountants\",\"publisher\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/scmohan.com.sg\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#organization\",\"name\":\"S C Mohan PAC\",\"url\":\"https:\\\/\\\/scmohan.com.sg\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/scmohan.com.sg\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/SC-Mohan-PAC-Logo-Original.png\",\"contentUrl\":\"https:\\\/\\\/scmohan.com.sg\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/SC-Mohan-PAC-Logo-Original.png\",\"width\":415,\"height\":86,\"caption\":\"S C Mohan PAC\"},\"image\":{\"@id\":\"https:\\\/\\\/scmohan.com.sg\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Frequently Asked Questions - S C Mohan PAC","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/","og_locale":"en_US","og_type":"article","og_title":"Frequently Asked Questions - S C Mohan PAC","og_description":"Questions about Our Solutions, Questions about Our Services","og_url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/","og_site_name":"S C Mohan PAC","article_modified_time":"2022-11-15T16:32:47+00:00","og_image":[{"width":1000,"height":1000,"url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/no-image.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/","url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/","name":"Frequently Asked Questions - S C Mohan PAC","isPartOf":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#website"},"primaryImageOfPage":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/#primaryimage"},"image":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/#primaryimage"},"thumbnailUrl":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/no-image.jpg","datePublished":"2020-11-08T04:55:39+00:00","dateModified":"2022-11-15T16:32:47+00:00","breadcrumb":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/#primaryimage","url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/no-image.jpg","contentUrl":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/no-image.jpg","width":1000,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/"},{"@type":"ListItem","position":2,"name":"Frequently Asked Questions"}]},{"@type":"WebSite","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#website","url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/","name":"S C Mohan PAC","description":"Public Accountants and Chartered Accountants","publisher":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#organization","name":"S C Mohan PAC","url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#\/schema\/logo\/image\/","url":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/10\/SC-Mohan-PAC-Logo-Original.png","contentUrl":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/10\/SC-Mohan-PAC-Logo-Original.png","width":415,"height":86,"caption":"S C Mohan PAC"},"image":{"@id":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/pages\/1622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/comments?post=1622"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/pages\/1622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/media\/3098"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-json\/wp\/v2\/media?parent=1622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}