Singapore companies no longer able to hold official meetings online from July 2023
Singapore Ministry of Law has revoked the blanket options for companies to hold official meetings online as of July 1, 2023 The Ministry of Law (MinLaw) has announced that companies, Variable Capital Companies and Business Trusts will no longer have the blanket option of conducting official meetings online from July 1, 2023. This gives entities six months to resume meeting arrangements in accordance with written law or their governing instruments. In April 2020, the Meetings Orders were introduced as part of the Covid-19 (Temporary Measures) Act 2020. This allowed various types of entities to convene, hold or conduct meetings through electronic means in order to minimise physical interactions and transmission […]
Get to know Singapore’s corporate taxes
Singapore has one of the lowest corporate tax rates in the world, yet they can still be reduced further by legal means Tax rates are leveraged by countries to attract companies and investment, improving economic outcomes and competitiveness. Singapore’s tax rates are one of the lowest in the world and this, combined with world-class infrastructure, stable and efficient governance and a location at the centre of Southeast Asia, makes it one of the most attractive places in the world to set up a business. While the headline corporate tax rate of 17% is low, there are ways in which companies can further reduce their tax burden. Tax incentives and schemes […]
Singapore moves to attract top talent with new Work Pass
Overseas Networks and Expertise Pass aims to bring in top performers with niche technical skills in areas such as data science and vaccine development, as well as entrepreneurs Singapore’s Minister of Manpower, Tan See Leng, announced yesterday (August 29, 2022) the launch of a new Work Pass for foreign professionals that will become open to applications on January 1, 2023. The new pass, called the Overseas Networks and Expertise Pass, will allow individuals with a fixed monthly salary of $30,000 and above to take on multiple jobs or set up a business. The pass is also open to those who may earn less on a monthly basis but have outstanding […]
Tax incentive scheme for Singapore Family Offices updated by MAS
Stricter criteria for Family Offices in Singapore to receive tax incentive come into force from April 18, 2022 The Monetary Authority of Singapore (MAS) have amended the tax incentive scheme enjoyed by Family Offices. The new conditions apply to section S13O and Section 13U of the Income Tax Act of 1947. The new criteria are designed to increase the standards and professionalism of the sector, encourage local hiring and drive investments in local businesses, start-ups and other assets. Key changes to the S13O scheme include: Local investments – the fund must invest a minimum of S$10 million or at least 10% of its AuM (whichever is lower) locally. Investments could […]
Singapore announces 2022 Budget
Finance Minister sought to chart Singapore’s emergence from the pandemic through budget The Singapore Budget 2022 was announced today by Finance Minister Lawrence Wong. The budget, entitled ‘Charting Our New Way Forward Together’, aimed to chart Singapore’s progress beyond the pandemic, included continued support measures for affected industries (such as aviation), measures designed to shore up the country’s finances, such as the GST hike, as well as initiatives to transition to net-zero. Here are some key takeaways: Carbon Tax of $25 per tonne to kick in from 2024 In line with Singapore’s net-zero ambitions, a carbon tax of $25 per tonne will kick in in 2024 and 2025, rising to […]
How SFOs could benefit from a relaxation of Singapore’s VCC requirements
Variable Capital Companies (VCC) in Singapore currently exclude Single Family Offices (SFO) as permissible fund managers On January 15, 2020, the Variable Capital Companies Act 2018 (“VCC Act”) and its subsidiary legislation came into force to introduce a new legal framework for variable capital companies (VCCs). VCCs allow funds to be set up as a standalone, or as an umbrella entity with one or more sub-funds with different investment objectives, assets, debts and investors. However, to date only fund managers that have a capital markets licence, fund management companies which are registered and certain financial institutions who have obtained exemptions are able to manage VCCs. These requirements exclude SFOs who […]
From home to the office – getting back to work
The easing of Work From Home requirements will present new challenges for organisations On March 24, Singapore announced that its Work From Home (WFH) requirements will be eased, allowing more office workers to return to the office in early April. While Malaysia, Hong Kong and other Asian nations still have restrictions in place, as vaccinations increase and COVID-19 cases drop, it is likely that other countries will follow Singapore in removing restrictions. 2021 should see a gradual return to the office for many employees in the region. While much has been written about the WFH trend and how this may become permanent, the likelihood is a majority of employees will […]
Singapore to extend alternative arrangements for company General Meetings
Measures passed in April 2020 during the height of the COVID-19 pandemic extended by Singapore government In April 2020, as the COVID-19 pandemic led to a nationwide ‘Circuit Breaker’ lockdown, the Singapore government passed a number of measures designed to allow companies in Singapore to hold their meetings virtually, or postpone them. The measures allowed entities, including Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders, to hold meetings through alternative electronic means, rather than in person. These measures were put in place to limit person-to-person contact and reduce the spread of the COVID-19 virus. The measures, which were due to expire on 30 June 2021, have been […]
Singapore budget focuses on jobs and strengthening businesses
Singapore’s Deputy Prime Minister Heng Swee Keat delivered the 2021 Budget on February 16, 2021, promising to build a stronger Singapore following the COVID-19 pandemic The budget aims to create good jobs, and opportunities for businesses, as well as working towards becoming a greener and more sustainable country, and building the social compact and community spirit. For businesses, the DPM extended the Jobs Support Scheme (JSS) by either three or six months for certain sectors that continue to be affected by the coronavirus pandemic. Costing S$700 million, the extension covers the aviation, aerospace and tourism sectors at Tier One, and the retail, arts and culture, food services and built environment […]
How to set up a Family Office in Singapore
2020 was a bumper year for Family Offices in Singapore with an estimated 200 single-family offices in Singapore managing assets of about US$20bn as of December last year The popularity of Singapore as a place to establish a Family Office does not seem to be dissipating, with Google Co-Founder Sergey Brin recently setting up a Family Office here, joining hedge fund manager Ray Dalio and inventor James Dyson among other high-profile billionaires. From economic and political stability, to deep ecosystem and Family Office-friendly policies such as the new Variable Capital Company (VCC) framework, there are plenty of reasons why Singapore is the location of choice for many wealthy individuals and […]