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Welcome To Our Latest Newsletter

Dear Valued Clients,

   Welcome to our E-newsletter for 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
Lawrence Chai
Managing Director

Latest News

  Companies Act Amended to Enhance Transparency in Singapore
The Companies Act was amended in Singapore with the aim to ensure that corporate regulatory regimes continue to remain robust. The changes were also done with the aim to support Singapore’s growth as a global hub for businesses and investors. To continue to grow and move forward… Read More

  UPDATES – Revenue threshold increased to S$5 million for ECI waiver and Form C-S
ECI The revenue threshold for ECI waiver will be increased from S$1 million to S$5 million. This updated criteria for ECI waiver will apply to companies with financial year ending in or after July 2017. Company’s Financial Year ends  Criteria… Read More

  Over 85,000 Employers to receive $660 million in Wage Credit Scheme Payouts by 31 Mar 2017
Over 85,000 employers in Singapore will receive about $660 million in Wage Credit Scheme (WCS) payouts by 31 March 2017. SMEs will receive around 70% of the sum disbursed. Through the WCS payouts in March 2017, the Government co-funds… Read More

  Best Place for Start-up Talents
SINGAPORE: The Republic scored another feather in it’s cap when it recently surpassed the famed Sillicon Valley to become the best place in the world for start-ups to hire talent. Based on a global survey of 10,000 start-up founders spanning across more than a hundred cities, Singapore ranked number one… Read More

  Seller’s stamp duty (“SSD”) changes with effect from 11 March 2017
Singapore Government has reduced the stamp duties that sellers have to pay on residential properties and slightly relaxed rules on loan thresholds, more than 3 years after the last round of property cooling measures and borrowing curbs that helped send private housing prices falling… Read More

  More Help For Singaporean Workers
Workforce Singapore (WSG) is a statutory body set up under the Ministry of Manpower (MOM) to oversee the transformation of the local workforce and industry to meet ongoing economic challenges. Its aim is to help promote the development, competitiveness, inclusiveness and employability of all levels of the workforce to ensure… Read More

  Improving Re-employment Opportunities for Older Workers
5 in 10 job vacancies are PMET jobs; mainly education, healthcare, infocomm and service-related occupations Nearly half of all vacancies as at 30 September 2016 were for professionals, managers, executives and technicians (PMETs). The job openings were mainly education, healthcare, infocomm and service-related occupations. These are the key findings from the “Job… Read More

  All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017
All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017 In line with Government’s direction to harness technology for enhanced productivity, all COR applications have to be e-Filed via myTax Portal from 1 Jun 2017. Paper applications will no longer be accepted from this date onwards. Online via myTax Portal Log… Read More

  Committee on Future Economy
SINGAPORE: This country has over the years enjoyed sustained economic growth and successfully weathered many economic crises. Singapore’s economy has become more diversified and people in the country today enjoy a very good quality of life. The approach taken by the Singapore government to ensure its economy remains vibrant is through… Read More

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Notice of Holiday

Good Friday

Our office will be closed on 14 April 2017 for Good Friday Public Holiday.

We will be operating on 17 April 2017 (Mon) onwards.

Dear Clients,

Our directors and staffs will
have no access to the email during these period and all
email will be attended to once we are back to the office on the next working day. We apologize for any inconvenience caused.

About 3E Accounting

Why switch to 3E Accounting

3E Accounting is a leading international accounting firm that provides truly one-stop solutions for businesses, committed in helping businesses in the areas of Company incorporation, nominee director, LLP setup, immigration, work pass application, stamp seal maker, accounting, tax, GST, secretarial, human resource, cloud based accounting software support, business advisory, and virtual office services.

Currently, our network group has presence in 39 countries globally, with a total combined staff strength of more than 700 staffs and 63 offices across Asia, North and South America, Africa, Oceania and Europe. We are not just to support you locally in Singapore, but to support you for your business expansion in overseas as well when you are ready.

Find out more: Why switch your service provider to 3E Accounting
Company Compliance
For more information about Company Compliance, Please click here. (i.e. GST registration and CPF contribution and other requirements).

Hiring Staff in Singapore
For Guide to Hiring Staff in Singapore, please click here.

Corporate Income Tax Submission Deadline
Kindly remind that the deadline for submission of your Company's Form C / Form C-S for the Year of Assessment 2015 is on 30 November 2016.

Productivity and Innovation Credit (PIC)
Under the Productivity and Innovation Credit (PIC) scheme, your business can enjoy: - 400% tax deductions/ allowances and/ or - 60% cash payout For more information, please see PIC Bonus in Singapore

GST Registration Obligation
All Singapore companies must register for GST if their annual taxable revenue is more than S$1 million, or if their current taxable income and annual taxable revenue is expected to be more than S$1 million. The business must register for GST within thirty days from the time it is deemed liable.

Withholding Tax Obligation
Under the law, when a person or a company makes payment(s) of a specified nature (for example, Royalty, Interest, Technical Service Fee, etc) to a non-resident company or individual, he/she is required to withhold a percentage of that payment and pay the amount withheld to IRAS. The amount withheld is called Withholding tax. Kindly be reminded that it is our Company's policy that you must engage our withholding tax reporting services if you are engaging our nominee director services.

Tax Planning
Looking for tax savings method for Personal and Company, please refer to: Tax Clearance Obligation
Tax clearance is where the employer ensures that a non-Singapore Citizen employee who ceases employment in Singapore or plans to leave Singapore for more than three months pays all his taxes. As an employer, it is your responsibility to notify IRAS and seek tax clearance for the affected employees.

Click here for more Resources

Awards and Milestones

3E Accounting
3E Accounting Pte Ltd
51 Goldhill Plaza #07-10/11
Singapore 308900
+65 6690 9262
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