Dear Valued Clients,
Welcome to our E-Newsletter September 2018
I hope this email finds you well!
Singaporean economic’s expansion pace is expected to moderate in 2H18 due to the weakening global growth outlook, as well as increased trade tension of the global economy. Having said that, Singaporean economy has seen a steady growth in the past few months. In the last quarter, Singaporean economy grew by 3.9% y-o-y, mainly led by the growth in the manufacturing sector.
On top of the economic performance, I would like to highlight some changes in the regulatory environment of Singapore.
Co-location of ACRA’s Service Counter at Revenue House commencing 3 Sep 2018
While more and more companies realised the fact that colocation is a good way to provide services at a lower cost, the Singaporean government has advanced one step forward to house ACRA’s service counter, IRAS, SME Centre, and CorpPass at the Taxpayer Service Centre at Revenue House from 3 September onwards. The colocation translates into a coordinated government dealings. That means that from 3 September onwards, Singaporean will have a more efficient and connected services at the government bodies.
Changes in Statutory Requirements for AGM and Filing of Annual Return with ACRA
In order to make sure Singapore maintains its position as a business-friendly and economically competitive country, we have seen certain legislative changes relating to Annual General Meetings (“AGMs”) and Annual Returns (“ARs”) timelines to reduce the regulatory burden with effect from 31 Aug 2018. Furthermore, the simplified process for Solvent EPCs and dormant private relevant companies to file Annual Returns has also been introduced.
The key changes in the statutory requirements are as follows:
- a. The alignment of timelines for holding AGM and filing AR with the Financial Year End (FYE).
- b. The introduction of specific safeguards for private companies exempted from holding AGMs.
- c. The simplified process of filing annual returns for the solvent Exempt Private Companies (EPC) and Dormant Companies.
CorpPass Registration and Third Party Authorisation
CorpPass refers to the corporate digital identity for all the businesses operating in the Singapore. CorpPass substitutes the previous personal login IDs, SingPass, the E-Services Authorisation System (EASY), as well as a slew of additional, agency-based login methods. In other words, CorpPass is a one-stop authentication and authorization service that enables corporate users to do transact with government agencies in a breeze. Besides, you can authorise a third party to act on behalf of your company. You may follow our step-by-step guidelines here to know more about CorpPass Registration and Third Party Authorisation.
Last but not least, the foundational of 3E Accounting is our commitment to help clients to meet their business needs in this changing economic environment – this is our goal and our promise to you. We wish you a successful September ahead!
Thank you.
Lawrence Chai
Managing Director
Read More in our E-Newsletter September 2018.
