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Filing Bankruptcy Amid Covid-19 Pandemic In Singapore: What You Should Know About The Covid-19 (Temporary Measures) Act (Expiring)

The prescribed period of Temporary Measures Act for three contracts will end on 31st Jan 2021:

- Hire Purchase and conditional sales agreements for commercial equipment or commercial vehicles, excluding those entered with banks of finance companies regulated by the Monetary Authority Of Singapore (MAS)

- Rental Agreements for commercial equipment or commercial vehicles

(SMEs who are affected can still opt to take up a repayment scheme under the Re-Align Framework)

- Events and tourism-related contracts

Read more here ➡️
S$42.6 Million in Unclaimed Money from Government – Does Your Business Have a Valid Claim?

It has been reported by the Ministry of Finance that the amount of unclaimed money held by the government amounted to approximately S$274 million, with 80 per cent belonging to individuals. That still leaves about S$42.6 million due to businesses.

How to check if your company has any unclaimed money?

Read more here ➡️
How the Simplified Insolvency Programme Can Help Micro and Small Companies In Financial Distress 2021

Who qualifies for the Simplified Insolvency Programme?

Micro and small companies must have liabilities of S$2 million or less, with a maximum of 30 employees and 50 creditors. For simplified winding up, there is a cap of S$50,000 on realisable unencumbered assets and it cannot be a foreign company

The application fee for both programmes under the SIP is $450, while the administration fee will be $18,750 for the SDRP and S$2,700 for the Swup.

Fees for additional services such as legal advice and valuation must be borne by the firm and paid directly to the service provider.

For non-corporate businesses, they can tap on the Sole Proprietors Scheme and Partnerships Scheme administered by Credit Counselling Singapore

Read more here ➡️
Deadline For Companies to Lodge Their Register of Registrable Controllers (RORC) with ACRA's Central Register by 30th June 2021

The RORC filing which was suspended in Sep 2020, has resumed as of 1st Feb 2020. All companies and LLPs, unless exempted will be give up to 30th June 2021 to lodge the RORC information with ACRA.

Should entities fail to do so by this deadline, they will be guilty of an offence and may have to pay a fine of up to S$5,000.

There will be no extension of time given for any reason.

Read more here ➡️
All newly arrived work permit and S Pass workers in construction, marine and process sectors from higher-risk countries or regions will be subjected to an additional seven-day testing post-stay-home notice (SHN) starting Feb 5

Read more here ➡️
The planned increase in Central Provident Fund (CPF) contribution rates should not be deferred further beyond early next year, said National Trades Union Congress (NTUC) deputy secretary-general Heng Chee How on Thursday.

From July next year, the retirement age will be raised from 62 to 63, and the re-employment age from 67 to 68. Eventually the retirement will be increased to 65 and the re-employment age to 70 by 2030.

From Jan 1, 2022, CPF contribution rates are set to raise by 2% to 28% for workers age 55 to 60.
Rates will also increase by 2% to 18.5% for workers aged 60 to 65. CPF contribution rates of people aged 55 to 70 will be gradually raised during this decade until those aged 60 and younger enjoy the full CPF rates.

Should SG Government extend their SWEAG Scheme?

Read more here
Best Telegram Channels Business Owners in Singapore Should Join

Telegram channels are much like radio stations: one-way broadcasters that can reach out to an unlimited number of subscribers who cannot respond in return, at least on the channel itself. This is great for disseminating information or directing a call to action somewhere else without the messages being buried by over-enthusiastic participants.

Telegram channels have been set up to provide a wide variety of useful information for Singaporeans. This includes island-wide F&B deals, personal finance advice, and even job listings.

Naturally, there also exist many telegram channels that business owners would find helpful. Here are some of the best ones that we recommend:

Read more here ➡️
PROPERTY 101: What’s The Difference Between Joint Tenancy vs Tenancy-in-Common

Many Singaporeans will likely purchase a property jointly with someone else in their lifetimes. They may do so for a number of reasons. The obvious one is that financially, the property required two people to pool their resources together to purchase it.

Whatever the reason, a decision must be made at the point of purchase regarding which option of co-ownership to take up.

There are potentially significant consequences attached to this decision, not least in determining how the property will be inherited or how ownership of the property can be transferred

Read more here ➡️
Government Jobs Support Measures Which Are Expiring Soon - 2021 Edition

We have previously covered SME government grants from 2020 which will be expiring or have already expired, in light of the prediction that Budget 2021 will most likely dial back broad support for everyone and instead extend more help towards sectors that require it the most.

The following job support measures meant to provide relief to both employers and employees last year will also be following suit.

Read more here ➡️
6 Tips For Small Businesses to Improve Their Risk Management

You often hear about business owners pumping in millions of their own money for capital in a new venture as a way to launch things off the ground and put skin in the game or to expand their current businesses further.

Risk is the life force of entrepreneurship. It’s inevitable and dangerous, but absolutely necessary at times. Risk management in small businesses is arguably more crucial, seeing that resources and leeway are both limited, and these entities often struggle to survive (especially in times of crisis). Here are a few tips to help Singapore business owners improve risk management:

Read more here ➡️
Everything You Need to Know About Traded Endowment Polices - With PolicyWoke

We previously introduced resale endowment policies, or traded endowment policies, and opined on whether they are a good investment choice.

We have teamed up with PolicyWoke to answer some of the questions that our smart towkays have been wondering about.

Read more here ➡️
SINGAPORE BUDGET 2021: What SMEs Need To Know

Last year saw Singapore suffer its worst economic recession since independence. Over five Budgets pushed out last year, including two supplementary budgets, almost S$100 billion was spent on support measures to assist businesses and jobs for individuals.

As such, with the understanding that we have crossed in 2021 on a better standing, much attention and anticipation has been placed on the first Budget announced yesterday, dubbed the “Emerging Stronger Together Budget”, to see how the government will be approaching the need to further aid the country’s recovery.

Read more here ➡️
Guide to Getting a Home Loan in 2021

In this post, we will be providing comprehensive information on the whole decision-making process that one should embark on before getting a housing or mortgage loan.

Read more here ➡️
2021 EDITION: SGUnited Mid-Career Pathways Programme

What is the difference between Company Attachments & Company Training?

Read more here ➡️
Recap: Expired or Expiring Singapore SME Government Grants from 2020

Recap of expired/expiring grant and which have been extended

Read more here ➡️
2021 Edition: SGUnited Skills Programme – 20,000 Job Seekers to be Supported

The SGUnited Skills Programme share many similarities with the SGUnited Mid-Career Pathway Programme.

Both of them are meant for mid-career job seekers whose livelihoods were affected by the economic impact of the coronavirus, and aim to help them by providing full-time training opportunities so that these job seekers can learn the requisite in-demand skills for gainful employment.

Read more here ➡️
Singapore Income Tax: Filing Employee Earnings

Have you filed your employees' earnings to IRAS?
Not sure which forms to use?

As a company's Director, you need to file your personal income tax too.
And how about self-employed individuals and sole prop?

Read more here
Changes To Senior Worker Support Package 2021: Up to S$250,000 Grants for Companies

It was ceased early this year (2021) due to over-subscription for this scheme but applications have now been resumed again with a reduction of total funding from S$375,000 to S$250,000 following Budget 2021 announcement.

Reduction from S$5,000 max payout for increasing retirement age policy to S$2,500 per pax

Read more here ➡️