Dear Reader,
Welcome to our E-Newsletter April 2017
It gives me an immense sense of happiness and honor to announce that 3E Accounting International Network is growing and expanding fast. On March 2, 3E Accounting Singapore was honored to be awarded the Best Home-grown Global Accounting Network by Singapore Brand. The award, portrays not only our success, but our achievement as the first and the largest Singapore-based global accounting network. This month, we managed to have 6 more network members to join our global network, which includes Spain, New Zealand, Portugal, Finland, Taiwan and Turkey. In other words, we are capable of support 39 countries with our expanded network and professional team.
The international network has increased revenue as a result of being able to offer member companies a fuller and a complete solution to reach out and expand its business profile internationally. We aim to have 50 network countries by 2018 and we have confidence that it is achievable! On 18 March 2017, 3E Accounting was delighted to be featured in ISCA Journal for being An Accounting Firm that Makes Work-Life Balance Possible.
Updates of New Company Act
Aimed to ensure the regulatory regimes continue to remain robust, the Company Act in Singapore was amended recently to support Singapore to grow and function as the global hub for business and investors. You may read up the latest changes here to know more about what are the changes and how will they help in a business. However, 3E Accounting will update clients through email for the details requirements and we are ready to help you and your business under the amendment of the company act.
Upcoming Changes to the Companies Act, Limited Liability Partnerships Act and Accountants Act
We would like to inform you of upcoming key legislative changes with the passing of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017. These amendments will ensure that Singapore’s corporate regulatory environment remains robust and competitive.
Companies including small-and-medium enterprises (SMEs) will benefit from some of the changes. In particular, the compliance cost will be reduced for private companies which will be exempted from holding annual general meetings (AGMs), subject to specified safeguards. To reduce the administrative burden, the timelines for companies to hold AGMs and file annual returns will also be simplified. For further details on the legislative changes and help resources, please refer to ACRA’s website.
Singapore’s Taxation
As the tax season is approaching, we would like to keep you updated with the latest news about Singapore’s taxation. The revenue threshold for ECI waiver will be increased from S$1 million to S$5 million. The updated criteria for ECI waiver will apply to companies with financial year ending in or after July 2017. You can read more about ECI waiver and Form C-S from our website.
Venture to Malaysia
Malaysia is rising to become a nation that can do business easily with less compliance cost. If you are thinking of expanding your business portfolio to Malaysia, we have moved one step ahead to make it easier where we setup a Malaysia desk in our Singapore office that you can research and plan ahead before going to Malaysia.
We look forward to your ongoing and increased support as our business grows and our team look forward to meeting your business needs.
Thank you.
Lawrence Chai
Managing Director
Read More in our E-Newsletter April 2017.
