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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 136 posts

Is remitting through banks the best way to transfer money?

So you’re remitting or transferring money? Ever thought of finding a cheaper and simpler way compared to using the banks’ service? Read on here.

3 min read

Appointing a Company Director: Things to Know

Find out everything you need to know about appointing a resident director to open a company in Singapore here.

6 min read

The Definitive Guide to Opening a Representative Office in Singapore

Want to know how to open a representative office in Singapore before you incorporate a new company here? Read on.

5 min read

A Foreigner’s Guide to Setting Up a Company in Singapore from Hong Kong Within an Hour

We guide you on what you need to get your business in Singapore registered from Hong Kong. No plane ride needed.

9 min read

All You Need to Know About Appointing a Data Protection Officer For Your Company

Are you ready to select a Data Protection Officer to comply with Singapore’s Personal Data Protection Act? We’ll take you through the importance of choosing one, and tips to select the best person for the job.

6 min read

How Entrepreneurs in Singapore can Pay Less Tax Legally

Did you know that you can reduce your company’s taxable income and pay less tax to IRAS by writing off some of your business expenses? But which expenses can a company deduct from its income? We break it down for you.

6 min read

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

6 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!

8 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 Singapore 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

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