Legal and Compliance
In Singapore, the responsibility of legal compliance is not a one-time affair, but a continuous process. Below is the various Singapore legal and compliance requirement to be followed by incorporated entities:
· Under group relief measures, current-year un-used losses, capital allowances and donations may be transferred by one company to another within a group, subject to meeting certain qualifying conditions.
· Singapore does not impose any restrictions on the remittance or repatriation of funds in or out of Singapore.
· Transfer pricing (TP) documentation must be organized at the group level and entity level. The Singapore Revenue expects companies to maintain contemporaneous TP documentation to support their transactions with related parties – as the entities have only 30 days to submit the documents on the Singapore Revenue’s request.
· To do Statutory filing compliance to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) as per the events as prescribed under the Companies Act.
· To hold Annual General Meeting and board of Directors meeting documents and preparation work as required under the regulations.
· GST-registered business is required to file GST returns on a quarterly basis.
· Employees that are Singapore Citizens or Permanent Residents, the employer is required to make contributions to the Central Provident Fund (CPF) fund.
· YourGlobalPro professionals can assist you with the Singapore Legal and Compliance requirements.c
HR and Employment Law and Immigration / VISA
In Singapore, the foreigners are allowed to work on work visas which is either work permit, S Pass or an Employment Pass – the preferred route of majority professionals, managerial personnel, and executives. Below are some of the important points in relation to HR & employment law in Singapore:
· The work days are generally Monday to Friday and Saturday is half day. – And timings for Monday to Friday are 9am to 1pm and from 2pm to 5pm with Lunch Break is from 1pm to 2pm.On Saturday, the timings are 9am to 1pm.
· Eight-hour work days with an hour lunch break in between- The maximum work hours per week are capped at 44.
· Written employment contract in Singapore
· no minimum salary requirement and it is subject to negotiation
· The benefits to employee include sick leave, annual leave, maternity leave, incentives & bonuses, relocation assistance; healthcare benefits, retirement fund contributions, housing allowance, allowance for children’s education, childcare benefits, transportation reimbursement
· All employees are given an annual leave around 14 days per year
· no statutory requirement to provide private health insurance benefits to employees in Singapore under the Employment Act
· Female employees that have been employed for more than 3 months may be eligible for paid maternity leave benefits
· Foreign nationals who intend to take up employment or to engage in a business, profession or occupation in Singapore must first apply for either a work permit or an employment pass.
· Singapore entity, which is normally the employer, must sponsor the work pass application
· Work permit (WPs) are granted for up to two years at a time and are renewable (maximum employment period in Singapore may apply)
· An employment pass (EP) may be granted to a foreigner who holds required degree, professional qualifications or specialist skills and whose “fixed monthly salary” exceeds SGD 3,300.