You will find insights on various topics by our Mazars Outsourcing professionals. For more information, please contact Chris Fuggle, our Head of Outsourcing.
If you are a Singapore-incorporated company, you need to file your annual returns with ACRA within the statutory timeline after the end of every financial year. Understanding financial statements is crucial for making informed decisions, but navigating the world of annual returns can be daunting. In this guide, we cover everything you need to know including the documents to prepare, the...
In line with Singapore's long-term goal of improving retirement adequacy, the Singapore Government has announced that the employer and employee Central Provident Fund (CPF) contribution rates for workers aged 55 to 70 will continue to increase in 2023.
Outsourcing benefits companies in a myriad of ways including improving efficiency, enhancing work quality and ensuring better cost control
The Singapore government has announced a S$1.5 billion support package to provide immediate relief for lower-income and more vulnerable groups.
As of 1 September 2023 onwards, new Employment Pass (“EP”) candidates must pass a two-stage eligibility framework.
We are pleased to announce the promotion of Joanne Chong to Director to further strengthen our outsourcing services in Singapore, with immediate effect.
It is with great pleasure to announce that Mazars has assisted Latitude Financial Services (Latitude) in its successful business expansion into Singapore and the region.
Singapore introduces new requirements under the Corporate Registers (Miscellaneous Amendments) Act to strengthen its corporate governance regime and brings it into closer alignment with international standards.
In the Budget 2022 announcement on 18 February, Finance Minister Lawrence Wong announced that the minimum qualifying salary will be raised by S$500 for Employment Pass and S Pass applicants from September this year.
Ensuring compliance is essential for all companies, not just the ones listed on the stock exchange. The corporate environment is constantly evolving, making the challenges of corporate governance in the privately held business sector greater than ever.
The Department of Statistics has recently introduced the fourteenth edition of the Singapore Standard Industrial Classification (SSIC). SSIC is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases.
From 10 August 2021, work pass holders and their dependants with travel history to higher risk countries/regions can start applying for entry approval, on the condition that they must be fully vaccinated before arrival in Singapore.
The Immigration & Checkpoints Authority (ICA) will introduce a new Foreign Identification Number (FIN) series with the prefix M from 1 January 2022.
The Ministry of Manpower (MOM) will be making changes to the entry of work pass holders who have earlier obtained approvals to arrive from higher risk countries/regions from Tuesday 11 May 2021 onwards. As of 7 May 2021, high risk countries/regions refer to all countries/regions except Australia, Brunei Darussalam, Mainland China, New Zealand, Taiwan, Hong Kong and Macao.
Intra-corporate transferees (ICT) are employment pass (EP) holders, and must have worked for their company for at least one year before being posted to the branch, affiliate or subsidiary in Singapore.
With effect from 30 April 2021, ACRA will implement a 2-tier penalty framework for filing of annual return and annual declaration for all companies (including VCC) and limited liability partnerships (“LLPs”) as below:
The Economic Development Board (EDB) has announced that a new work pass called Tech.Pass will be launched next year. The target is top-tier foreign tech professionals and experts looking to start businesses, lead corporate teams or teach here. EDB is seeking to attract highly skilled technology professionals in fields such as e-commerce, artificial intelligence and cyber security.
The minimum qualifying salary will be raised to S$4,500 and S$2,500 for EP and S Pass Holders respectively.
On 13 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (the “Order”) was issued. The Order prescribes the alternative arrangements for the conduct of general meetings. The alternative arrangements apply to meetings convened, held, conducted or deferred...
As the Covid-19 situation continues to evolve, the Ministry of Manpower (MOM) has announced further measures to help affected businesses cope during this period.
As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, the Accounting and Corporate Regulatory Authority (ACRA) will be implementing a new filing requirement from May 2020.
With effect from 12 March 2020, employers must notify the Ministry of Manpower (MOM) if they implement any cost-saving measures that will impact employees’ salaries. This new policy is in place to ensure companies manage excess manpower responsibly.
The MOM announced changes to Singapore work pass requirements on 3 March 2020. Businesses employing foreigners in Singapore should be aware of the following changes:
"If you lack in-house payroll expertise or resources, are struggling with lengthy, repetitive and error-prone processes, if you consider you are at risk of penalties from a lack of up-to-date knowledge of regulatory change or have concerns on confidentiality or data protection then get in touch with our team today." – Chris Fuggle, Partner (Head of Outsourcing)
Tech@SG is a collaboration between the Singapore Economic Development Board (EDB) and Enterprise Singapore to help fast-growing tech companies access global talent.
Please be advised that commencing 31st March 2017 the Singapore Companies Act requires that:
The qualifying salary for foreign talent holding Employment Pass (EP) will be increased starting on 1 January 2017.
The Singapore Budget 2015 included several changes regarding CPF contribution and allocation rates which are set to be effective from 1 January 2016 onwards.
In April 2015, subsequent to the enactment of the Companies (Amendment) Bill on October 2014, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) announced the effective implementation of the legislative changes to the Companies Act in two phases on 1 July 2015 and 3 January 2016 respectively.
Singapore’s Ministry of Manpower has concluded its latest review of the Employment Act and, commencing 1 April 2016, there will be new steps to be undertaken by employers in light of the changes mandated. These changes will be applicable to all employees who are covered under the Employment Act.
The Singapore Government carries out periodic reviews and may update the requirements for the various passes from time to time. Following the latest review, there have been changes concerning the Dependants of the Employment Pass and S Pass holders with effect from 1st September 2015.
The Singapore Companies Act was enacted in 1967 and currently applies to all companies – public and private incorporated in Singapore and branches of foreign companies set up in Singapore.
Unicorns may be mythical creatures, but the companies that bear this name are now a major force in business
Mazars’ Chris Fuggle, Director of Regional Outsourcing Asia Pacific, is appointed as board member of the South East Asia Regional Board of the Chartered Institute of Management Accountants (CIMA).
Mazars is delighted to announce its strategic partnership with Roubler, a human resources and technology start up which automates and manages everything from tracking online job applications and ranking candidates to rostering, monitoring time and attendance and payroll.
From 1 April 2019, the application and issuance/renewal fees will be adjusted for Employment Pass, S Pass, Work Permit and other passes administered by the Ministry of Manpower (MOM).
There have been numerous social and business measures implemented to enable Singapore’s business and residential community to get back on track as soon as possible.
In October later this year, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) will be launching a new initiative to enhance the dissemination of comprehensive and useful business information to the business community through the implementation of BizFinx.
Compliance has long been a cornerstone of good business practice. But it can still be viewed as an obligation to be met rather than a driver of value. That’s why we conducted a survey of how business leaders approach global compliance, including where they focus investment, the risks they anticipate and what they expect from ‘good compliance’.
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