PayNow Corporate Is Finally in Singapore Businesses in Singapore will now be able to instantly receive and make payments with their Unique Entity Numbers (UEN), now that the PayNow Corporate e-payment services have finally been launched. As of 13 August 2018, PayNow Corporate is made available to all businesses, government agencies and corporate bodies whom…
Rule Changes Make It Easier for Singapore SMEs to Bid on Public Projects Small business in Singapore may soon be able to start bidding for government projects with the new changes to the rules in place which make it much easier for small and medium enterprises (SMEs) to get in on the bidding game. SMEs…
Singapore Foreign Reserves Gain at $8.5Billion The Monetary Authority of Singapore (MAS) recently announced in it’s annual report that the official foreign reserves (OFR) gained $8.5 bilion for the FY2017/18. According to the MAS, strengthening of the Singapore dollar against the US dollar provided a translated negative effect of $13.8 billion while investment gains contributed…
All Singapore Business Will Be Required to Have CorpPass from 1 September 2018 Beginning 1 September 2018, it will now be mandatory for all business in Singapore to transact online using a CorpPass Account. The Singapore government announced last year that CorpPass will be the only acceptable login method for businesses who wish to continue…
Changes In Statutory Requirements for AGM and Filing of Annual Return with ACRA – Effect on 31 August 2018 Recently, the Accounting and Corporate Regulatory Authority (“ACRA”) of Singapore has announced new changes regarding the statutory requirements of Annual General Meetings (“AGM”) and filing of Annual Returns (“AR”) that will take effect on 31 August…
Singapore New Rules For Precious Stones and Metals Dealers Singapore has awakened to the risk in precious stones and metals transaction in terms of money laundering and financing terrorism. Recently, the Ministry of Law of Singapore has added one new strategy in its anti-money laundering and counter the financing of terrorism (“AML/CFT”) regime – the…
CorpPass to Replace EASY in Singapore by 1 September 2018 From 1 September 2018, CorpPass will be replacing EASY as the new authorization system. All businesses will be required to use CorpPass as of the next Q3 for any transactions completed with IRAS (Inland Revenue Authority Singapore). This new system will also be used to…
Co-location of ACRA’s Service Counter at Revenue House commencing 3 Sep 2018 In order to make Singaporean’s dealings with government bodies easier via improved efficiency and coordinated services, ACRA’s service counter will be co-located at the Taxpayer Service Centre at Revenue House together with service counters of IRAS, SME Centre, and CorpPass from 3 September…
Recent Adjustments to Additional Buyer’s Stamp Duty (ABSD) Rates To keep price hikes in line with economic fundamentals in Singapore, the government recently announced adjustments to the Additional Buyer’s Stamp Duty (ABSD) rates and Loan to Value (LTV) limits on residential property purchases. According to reports, private residential property prices began rising in the third…
Singapore New National Wages Council 2018 / 2019 Guidelines Introduced Backed by higher growth in the United States and some emerging markets, global growth is expected to pick up in 2018. However, due to concerns over protectionist actions and trade tensions, there could be negative effects on international trade and global growth. In Singapore, the…
