Financial statements should not be prepared on a going concern basis if management determines after the balance sheet date that it intends to liquidate the entity or to cease trading.
To know more please contact us at Mrinal@mss-consultancy.com or visit us at  https://www.facebook.com/Mssconsultancy

Companies can tap on the IP Financing Scheme to access to loan facilities by using their granted patents as collateral. 
For more information, please check the link below.

http://www.ipos.gov.sg/IPforYou/IPforBusinesses/IPFinancingScheme.aspx

ACRA advises to be alert when dealing with companies that do not state their name and registration number in business correspondences. Click the link below to find out more...

http://www.channelnewsasia.com/news/singapore/acra-advisory-how-to-do-a/1173714.html

All businesses must register for Goods and Services Tax (GST) when their taxable turnover exceeds SGD$1million in the last 4 quarters or if they can reasonably foresee that it will exceed SGD$1million in the next 12 months. If your business does not meet the criteria above, it can still register for GST voluntarily. 

Do contact us if you wish to discuss your GST obligations or if you wish to know whether being voluntarily GST registered will be beneficial to you. 
 
You can reach us at shamala@mss-consultancy.com or visit www.mss-consultancy.com

ACRA has developed a new information product known as the Corporate Compliance
and Financial Profile (CCFP). The CCFP provides comprehensive blocks of business
information on any company that has registered with ACRA. Its contents include updated
information of the business profile, compliance rating as well as financial
profile based on three latest years of comparative data including financial
ratios as well as audit and directors’ opinion.

Please be wary of scam emails supposedly from the Inland Revenue Authority of Singapore. IRAS will not request you to provide your financial details in this manner. 
Please see the article below. Do contact us at shamala@mss-consultancy.com should you require any further clarification. 

http://www.channelnewsasia.com/news/singapore/police-looking-into-tax/1141442.html

As per the Companies Act, directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:

• comply with Accounting Standards 
• give true and fair view of the profit and loss, and the state of affairs of the company. 

In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair profit and loss accounts and balance-sheets.

Please contact us at Mrinal@mss-consultancy.com to know more or alternatively visit us at www.mss-consultancy.com

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The tax exemption scheme for newly incorporated companies was introduced in Year of Assessment (YA) 2005 and further enhanced in YA 2008.

Under this scheme, a newly incorporated company that meets the qualifying conditions can claim full tax exemption (100%) on the first $100,000 of Chargeable Income for the first three YAs from incorporation. 

A further 50% exemption is given on the next $200,000 of the Chargeable Income for the first three YAs from incorporation. 

If a company does not meet the qualifying conditions, there are still tax exemptions that it will be able to enjoy. Do contact us at shamala@mss-consultancy.com to find out more.

Do you know as a sole-proprietor/self-employed person, you are required to keep proper records and accounts of your business transactions. This is so that your income earned and business expenses claimed can be readily determined. You must be able to support your records and accounts with invoices, receipts, vouchers and other supporting documents. Estimates and improper records are not acceptable.

Employment pass holders and S pass holders can apply with fixed monthly salary of S$4000 can apply for dependent pass for their spouse and unmarried children. For Dependent pass to work in Singapore, he or she is required to apply for letter of consent with Ministry of Manpower. Each application would be assessed on its merits. The letter of consent ceases to be valid , when the dependent pass is cancelled or pass holder is no longer employed. We assist to complete your documentation and review your application, however, there is no assurance on the pass being approved or rejected. The result of the application depends completely on the discretion of MOM officer. MOM will look into the credentials of the company and applicant. Therefore, it is very important to get all the required documents completed and submitted with MOM.