CorpPass

CorpPass is a corporate digital identity for businesses and other entities (such as non-profit organisations and associations) to transact with government agencies online. CorpPass is the single login method for all government-to-business transactions from 1 September 2018, and is managed by the Government Technology Agency (GovTech).

Permits and Licences

After successfully registering your business entity with ACRA, you may need to apply for a permit or a licence from other government agencies before commencing business. Visit the LicenceOne website to check if this applies to you.

Taxation

You may be liable for certain taxes such as income tax, corporate tax, and Goods and Services Tax (GST). Visit the IRAS website to determine your tax obligations.

You may need to register for GST if:

  • Your taxable turnover at the end of the calendar quarter (i.e. 3 months ending March, June, September or December) prior to 1 January 2019 and the past three quarters is more than $1 million.
  • Your taxable turnover at the end of any calendar year on or after 1 January 2019 is more than $1 million.

Click to read more about GST registration on IRAS’ website.

Sole Proprietorships

The business income earned by a sole-proprietor will be assessed in his name. The total income after offsetting any trade loss brought forward and donations will be his assessable income.

GST registration will be in the name of the sole-proprietor. He will have to take into consideration the turnover of all his sole-proprietorship businesses and income from his trade, profession and vocation (e.g. taxi-driver, hawker, commission agent, freelancer, etc.) to determine his liability to register for GST.

Partnership

The share of divisible profit/loss from the partnership will be assessed under the partners’ names, and each partner will be taxed accordingly. Where the partner is an individual, his share of income from the partnership will be taxed at his personal income tax rate. Where a partner is a company, its share of income from the partnership will be taxed at the corporate tax rate.

GST registration will be in the name of the partnership. The turnover of all the partnership businesses set up by the same composition of partners is to be summed up to determine the partnership's liability to register for GST.

Limited Liability Partnership

In a limited liability partnership, each partner will be taxed on his or its share of the income from the LLP. Where the partner is an individual, his share of income from the LLP will be taxed at his personal income tax rate. Where a partner is a company, its share of income from the LLP will be taxed at the corporate tax rate.

GST registration will be in the name of the LLP.

Limited Partnership

In a Limited Partnership, each partner will be taxed on his or its share of the income from the LP. Where the partner is an individual, his share of income from the LP will be taxed at his personal income tax rate. Where a partner is a company, its share of income from the LP will be taxed at the corporate tax rate.

GST registration will be in the name of the limited partnership. The turnover of all the partnership businesses set up by the same composition of partners is to be summed up to determine the partnership's liability to register for GST.

Company

For income tax purposes, a company is taxed in its own name.

GST registration will be in the name of the company. It will have to sum up its turnover and all its sole-proprietorship businesses (if any) to determine its liability to register for GST.

Medisave Contribution for Self-employed Persons

All self-employed persons who earn a yearly net trade income of more than $6,000 need to contribute to Medisave. This requirement is only applicable to Singaporean Citizens and Permanent Residents. Visit the Central Provident Fund Board website for more information on Medisave contributions.

Employment Obligations for Employers

The WorkRight initiative helps employees and employers understand their rights and obligations respectively under the Employment Act and Central Provident Fund Act. Visit the WorkRight website for more information.

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