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Osome Singapore Blog is about starting and running a business in Singapore — it is a kind of a first-aid kit for beginner entrepreneurs who need to learn quickly

A collection of 130 posts

How Singapore Will Support Your Business During the Pandemic

The Resilience Budget measures will help local companies survive: up to 25% of the salaries'll get co-funded, tax payments are called off and loans are secured. Read on for details

5 min read

Renting Your First Office Space in Singapore: a Step-by-step Guide

No matter what you want to lease, be it a coworking or traditional office space, there are some universal tips for both. We will help you draw up a plan and avoid some pitfalls. A calculator is included!

6 min read

How Does Transfer Pricing Work in Singapore?

Affiliated businesses often trade on preferential conditions and thus pay less tax. To prevent that, countries developed a system to control the “family business” — the transfer pricing rules. Let’s see how they influence the prices you set, how to play by these rules and what documents to prepare.

5 min read

Understanding Business Insurance

Business is fraught with dangers, and all dangers, from fires to lawsuits, can lead to a financial disaster. You can’t guarantee bad things won’t happen to you, but you can minimize the damage — with the right insurance policy.

5 min read

Osome achieves Xero Platinum status in 3 months

Xero, the global small business platform, awarded Osome with a platinum partner status. This is the highest level of recognition that Xero offers to their counterparts, with only 3 other companies in Singapore holding the title.

2 min read

One-Stop for E-govt Services in Singapore: Why Register for CorpPass

CorpPass is a one-stop authentification platform that helps your business interact with the authorities. We explain what the use of it is, who must sign up for CorpPass, and how to register.

3 min read

3 Сases When It Makes Sense to Register for GST Voluntarily and 1 Case When It Doesn’t

You don't have to register for GST until your revenue is above S$1M. However, you can choose to register earlier as sometimes it can hep you save money. Let's see how it works!

4 min read

The Wage Credit Scheme (WCS)

Singapore encourages employers to pay more in wages by co-funding the pay raises. Learn how you and your team can benefit from it and how the financial aid works. Calculations included!

8 min read

XBRL

XBRL — is an acronym for the eXtensible Business Reporting Language. It is a language and a framework for standard financial reporting worldwide. In Singapore filing to ACRA must be submitted in XBRL format.

1 min read

Unaudited Report

Unaudited Report — the data a company has to table to the AGM within 6 months of its financial year end. It includes a profit and loss report, balance sheet, compliance notes and director’

1 min read

UEN

UEN — Unique Entity Number, an id of a company. A 9- or 10- digits code issued by ACRA for every business in the country. UEN is the most important characteristic of a company

1 min read

Turnover

Turnover (of assets) — sales of the company within a given period, usually a month or a year. It is often used as a synonym for revenue. A business can also have inventory turnover

1 min read

Tax Haven

Tax Haven — a country that offers little or no tax for foreign individuals. They usually provide a favorable environment for both personal and corporate tax needs and do not require citizenship to benefit

1 min read

Tax Clearance

Tax clearance — a procedure to check the tax status of a person that plans to leave Singapore. If your employee is going to stop working for you in Singapore, or transfers overseas, or

1 min read

Stakeholder

Stakeholder — a person or entity that has an interest in the positive performance of a company. An example can be shareholders: they are always stakeholders as they incorporated the business in Singapore and

1 min read

Sole Proprietorship

Sole Proprietorship — is a business set up by one individual. A disadvantage is it doesn’t provide a separate legal entity. The entrepreneur thus personally owns all the risks. For example, you’d

1 min read

Share

Share — a unit of ownership in the company. Shares give a right to company’s profit: if any is declared, a company secretary distributes it proportionally to shareholders in the form of dividends.

1 min read

Quarterly Report

Quarterly Report — a reporting standard applied by the Ministry of Finance to the public listed companies. While for private companies submitting financials annually is enough, the public ones report 4 times a year.

1 min read

Public Company

Public company — a company that trades it shares on a stock exchange. That means that anybody can buy shares of the company and that their price is determined by the market. To become

1 min read

Privacy Policy

Privacy policy — an official document registering the way your company works with users’ data. It states the ways you collect, gather, use, disclose, and manage personal data. Any company set up in Singapore

1 min read

PR

Permanent Resident — immigration status with most rights second only to being a citizen. A PR holder receives nearly all vital rights except a right to vote and hold public service and most of

1 min read

Partnership

Partnership — a business structure in Singapore formed by two to twenty partners. There are several partnership types: General Partnership, Limited Partnership, or Limited Liability Partnership. They vary in terms of liability, agreements between

1 min read

Ordinary Share

Ordinary share — a type of share that gives its owner one vote and a proportional claim to company profit (if any) equal to other ordinary shareholders. If there are preference shares in the

1 min read

Offshore Account

Offshore account — a business open abroad to benefit from better conditions, such as tax reliefs, ease of opening and managing business, or lower costs. Often used with a negative connotation when describing illegal

1 min read

NRIC

NRIC — National registration identity card in Singapore. Every Singapore citizen and Permanent resident receives an NRIC. It has a unique code assigned to the document that is required among other things for online

2 min read

Nominee Director

Nominee Director (resident director) — a Singapore resident that acts as a Director of the company on paper without interfering with your decisions. A company set up in Singapore can have as many directors

1 min read

MTI

Ministry of Trade and Industry (MTI) — a government body in charge of two very large sectors of the economy, MTI has divisions dedicated to different sectors (e.g. Energy Division), international bodies (ASEAN

1 min read

MOM

Ministry of Manpower (MOM) — a government body in charge of work passes, employment practices, workplace safety and health, and statistics on labor market. How do I apply for Employment Pass?It takes MOM

1 min read

MOF

Ministry of Finance (MOF) — a government body in charge of financial regulation, country budget, and supporting business environment. ACRA and IRAS, two bodies overseeing companies set up in Singapore, are both under the

1 min read

MINLAW

Ministry of Law (MINLAW) — a government body in charge of the legal system. It also includes statutory boards in charge of Intellectual Property and Land Authority. If you are a foreigner setting up

1 min read

Micro Enterprise

Micro Enterprise — a small company that has 10 or fewer employees. Micro Enterprises are eligible for SME Micro Loans from Enterprise Singapore. It provides up to S$100,000 for daily operations or

1 min read

MHA

Ministry of Home Affairs (MHA) — a government body in charge of national security, public safety, and immigration. While MOM issues visas and processes applications, MHA grants PR status and deals with illegal immigration.

1 min read

MFA

Ministry of Foreign Affairs (MFA) — a government body in charge of diplomatic relations with other nations. The Ministry of Foreign Affairs of Singapore manages the country’s diplomatic relations with 188 countries which

1 min read

Margin

Margin — the difference between the cost of your product and its selling price, or ration of profit to revenue. In financials, a margin is the money borrowed from a brokerage to buy securities.

1 min read

LLP

Limited Liability Partnership (LLP) — a business structure in Singapore that creates a separate legal entity. It requires fewer compliance activities than a private limited company, for example, there’s no need to file

1 min read

LLC

Limited Liability Company — Pte Ltd or LLC is an exempt private company limited by shares. It is the most common choice for entrepreneurs in Singapore. A big advantage is it provides a legal

1 min read

Limited Partnership

Limited Partnership — a business structure in Singapore that provides partners with different liabilities: one is a general partner and the other is limited (or dormant) partner. The role of the limited partner is

1 min read

Limited Liability

Limited liability — a method of company organization that reduces the financial liability of the owner to a fixed amount, usually equal to his investment in the company. It protects the owner from risking

1 min read

ISCA

Institute of Singapore Chartered Accountants (ISCA) — the professional association for Accountants. You must be a member of ISCA in order to practice accounting in Singapore. To become a member, you should pass the

1 min read

Income Tax

Income Tax — a tax on personal earnings for individuals, income tax rate in Singapore is progressive starting at 0%. The maximum is 22% for yearly income over S$320,000. Foreigners pay the

1 min read

IMDA

Info-Сommunications Media Development Authority (IMDA) — a government agency dedicated to supporting and developing infocomm and media field. They are also in charge of regulating the sector, which they aim to do in a

1 min read

GST

Goods and Services Tax — a value added tax. GST rate in Singapore is 7%. It is applied to most of the goods and services exchanged in Singapore. The business is only required to go through GST registration and pay the tax after its yearly turnover exceeds S$1 million.

1 min read

General Partnership

General Partnership — a business structure in Singapore that has more than one owner. A general Partnership does not form a separate legal entity, so the partners’ liability is unlimited. The partners are each

1 min read

Form C-S/ C

Form C-S/ C — is a simplified report on your company income tax that needs to be e-filed with IRAS. The form is 3 pages long and the deadline for submitting it is 30th

1 min read

Financial Year

Financial year — a reporting period for your company. You can choose whichever timeline suits you best and determine any day of the year to be your financial year end (FYE). It is common

1 min read

EPS

Earnings per Share — EPS, a portion of the company’s profit allocated to each share. EPS are used to evaluate the profitability of the company. EPS basic formula is calculated as follows: company

1 min read

Enterprise Singapore

Enterprise Singapore — a government agency in Singapore dedicated to business growth. They mediate receiving grants, loans, and tax incentives for all companies set up in Singapore. They also provide toolkits for various business

1 min read

ECI

Estimated Chargeable Income (ECI) — the income of a company after deducting tax-allowable expenses. ECI is a necessary piece of data a company submits to IRAS within 3 months from the end of their

1 min read

Due Diligence

Due Diligence — an investigation into the performance of the business concluding in a report. It is common to conduct due diligence to prepare for a major contract or an agreement. The report aims

1 min read

Dormant status in Singapore

Dormant Company — a company that has not had any commercial transactions for a year. In Singapore, Dormant companies can follow simpler filing procedures with ACRA and IRAS if they fit the definition of

1 min read

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