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A person must withhold and pay the withheld tax to IRAS when certain types of payment (e.g. interest, royalty, services, etc.) are made to a non-resident.

The rates of withholding tax differ depending on the nature of the payment.

As a payer, you must file and pay withholding tax (WHT) to IRAS by the 15th of the second month from the date of payment to the non-resident.

WHT must be filed even if the payment to a non-resident is exempted under the Avoidance of Double Taxation Agreement (DTA) or Approved Royalties Incentive (ARI).

A Limited Liability Partnerships (LLP) gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.

Minimum features of a limited liability partnership:

• LLP agreement is needed to determine rules about the general partnership
• Partners have limited liability
• It is a separate legal entity from partners
• It can sue and or be sued in its name
• It has fewer formalities and procedures compared to a private limited company)
• Compute tax rates based on personal income tax rates (if a partner is an individual) or corporate tax rate if a partner is a company)
• It can acquire and hold property in its name
• Has a common seal in its name
• It can do such other acts and things in its name, as bodies corporate may lawfully do and suffer.

Singapore is the ideal gateway to doing business in the Asia-Pacific region.

We offer a wide range of services to assist investors who are keen to invest in this region.

Key Information about Dependent Pass:

• Eligible professionals and skilled workers holding valid passes can bring certain family members to Singapore by applying for a Dependent’s Pass.
• Subject to eligibility requirements, a Dependent’s Pass is tied with the validity period of the main work pass.
• DP holders are allowed to work in Singapore subject to the approval of the Ministry of Manpower.
• The employer or an employment agency must apply for the dependent’s pass on behalf of the candidate.

Under sections 201(2) and 201(5) of the Companies Act (the "Act"), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:

• comply with Accounting Standards; and
• give a true and fair view of the financial position and performance of the company.

The financial statements to be presented and laid at Company’s AGM may be audited or unaudited financial statements.

Key Information about Long-Term Visit Pass:

• Issued for a common-law, stepchild, or handicapped child of an eligible Employment Pass or S Pass holder who wishes to stay in Singapore.
• Subject to eligibility requirements, LTVP can be valid for up to 2 years, tied with the validity period of the main work pass.
• Eligible LTVP holders may be able to work in Singapore if they find jobs.
• No foreign worker levy or quota is required.

Unless exempted, all Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA. Depending on company type, nature, and financial position, companies are either required to file a full set of FS in XBRL format or key financial data in XBRL format and a full set of a signed copy of the FS tabled at an annual general meeting and/or circulated to members (AGM FS) in PDF to complete the filing of Annual Return.

Sole proprietorship, partnership, limited liability partnership, or limited partnership are not required to file FS with ACRA.

If your company wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA), it must be registered with the Monetary Authority of Singapore (MAS) or hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC) or licensed fund management company (FMC). Managers of venture capital funds may also apply to operate under the venture capital fund manager (VCFM) regime.

Individuals performing key functions in a fund management company, such as portfolio construction and allocation, research and advisory, business development and marketing, or client servicing are required to be representatives.
 

Our Private Client Service provides integrated business solutions to entrepreneurs, owner-managed and family businesses. We help our clients to integrate their business planning with their personal financial planning and help navigate complex issues like family business integration and succession planning.

Veritas Private has a global network of specialists who can help owner-managed and family business turn challenges into opportunities. Our solutions are designed to meet the unique needs of owner-managed companies, managing risks, and protection of assets, drive business performance and creating shareholder value.

It is a partnership consisting of a minimum of two partners, at least one general partner, and one limited partner. An individual or a corporation may be a general partner or a limited partner of the LP.

Minimum features of a limited partnership:

• The general partner has unlimited liability while the limited partner has limited liability
• It is not a separate legal entity from the partners
• It can sue or be sued in the partners’ names/firm’s name
• It is easy and less costly to administer
• Statutory obligation to file an annual renewal
• Compute tax rates based on personal income tax rates (if a partner is an individual) or corporate tax rate if a partner is a company)
• Business can be closed through cessation/dissolution of business by the general partner.

A partnership is a business owned by at least 2 partners. The partner can be an individual, a company, or a limited liability partnership.

Minimum features of a partnership:

• It is not a separate legal entity from the business owners
• Exists subject to partnership agreement
• The partners are personally liable for all the debts and losses of the partnership
• It can sue or be sued in the partners’ names/firm’s name
• It is easy and less costly to administer
• Statutory obligation to file an annual renewal
• Compute tax based on personal income tax rates
• Business can be closed through cessation of business by the partner
• Registrar can cancel registration if not renewed or where Registrar is satisfied

Section 197 of the Companies Act states that every Singapore-incorporate company must lodge a return with ACRA after its annual general meeting

Annual Return is filed electronically and it contains important information about the company such as the name of the directors, the secretary, its shareholders (also known as members), and the date to which the financial statements of the company are made up. Timely and accurate submission is required as the Annual Return provides critical information that helps the company’s stakeholders to make informed decisions. Non-filing of return has corresponding enforcement actions against the company’s officers.