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new in Business here in Singapore

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mark02410021
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new in Business here in Singapore

Postby mark02410021 » Wed, 01 Jul 2015 6:25 pm

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Hi All,

I'm a EP and my wife is a DP, I have recently apply for Business Registration and got approved from ACRA and notified HSA.

do i need to hire accountant for the book keeping?
from IRAS website it says there that I can customize my receipt, how can I start my OR Number? can I start from 0001?
my wife business is just small small business say home base just to add income.
thank you,

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Re: new in Business here in Singapore

Postby Strong Eagle » Wed, 01 Jul 2015 10:14 pm

Why have you notified HSA? If you know how to properly record your income and expenses, and how to file a sole proprietorship return, you don't need an accountant. But, if you don't know this, you should at least visit one for advice. You need to be very careful not to mix personal and company expenses or you will get in trouble with IRAS.

Business invoices must have the word 'Invoice' on them and 'Tax Invoice' if you collect GST. Every business document you use must have the full business name and registration number printed on it. This includes invoices and letterheads.

You should use sequentially numbered invoices and keep track of every one of them. IRAS is always on the lookout for people who are skimming... collecting income but not reporting it.

If your wife is a DP have you applied for and received a LOC for her to work in the business? If not, she cannot legally work.

mark02410021
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Re: new in Business here in Singapore

Postby mark02410021 » Wed, 01 Jul 2015 10:47 pm

my wife Business are purely cosmetic so she need to notify the HSA as I have read in online guide.
i think i need to talk to someone to settle my returns.

yeah as mention from the forum my wife need to apply for LOC. I hope this will be granted very soon.

thank you.

mark02410021
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Re: new in Business here in Singapore

Postby mark02410021 » Thu, 02 Jul 2015 8:50 am

anyone can help where to find LOC form.

just now i am trying to look LOC from MOM website but cannot find.
or is it my current employer, who sponsor my wife DP, need to apply for LOC?
thank you



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Re: new in Business here in Singapore

Postby Strong Eagle » Thu, 02 Jul 2015 9:54 am

mark02410021 wrote:anyone can help where to find LOC form.

just now i am trying to look LOC from MOM website but cannot find.
or is it my current employer, who sponsor my wife DP, need to apply for LOC?
thank you



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The company that hires your wife, ie, your business, needs to apply for the LOC.

http://www.mom.gov.sg/passes-and-permit ... of-consent

mark02410021
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Re: new in Business here in Singapore

Postby mark02410021 » Thu, 16 Jul 2015 10:12 am

now I am processing my LOC.
another thing:
i have my friend he is holding Spass(from his job) and i ask him to do part time like sending my sold items to the costumers place. is it safe and legal?his job in his current work is totally different from my business.so no conflict of interest is made.

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Re: new in Business here in Singapore

Postby Strong Eagle » Thu, 16 Jul 2015 11:03 am

mark02410021 wrote:now I am processing my LOC.
another thing:
i have my friend he is holding Spass(from his job) and i ask him to do part time like sending my sold items to the costumers place. is it safe and legal?his job in his current work is totally different from my business.so no conflict of interest is made.

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Completely illegal... your friend cannot do work for you.

mark02410021
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Re: new in Business here in Singapore

Postby mark02410021 » Thu, 16 Jul 2015 12:39 pm

i.c. thanks strong eagle.

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Re: new in Business here in Singapore

Postby mark02410021 » Thu, 16 Jul 2015 1:23 pm

with regards to home office scheme
is it true that if hdb use as my business address property tax will increase?

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