Tax Filing & Tax Consultancy

Tax Filing & Tax Consultancy

Navigating tax regulations can be complex and daunting. Our team of experts is here to ensure that you maximize your tax efficiency while still being compliant with all regulations. From personalized consultancy to seamless filing, you can trust us to handle it all. Let us take the stress out of tax filing so you can focus on what matters most – growing your business. 

FAQ

Businesses in Singapore typically need to file corporate income tax returns (Form C-S/ C) and Goods and Services Tax (GST) returns. 

Corporate income tax returns are typically due by November 30th, while GST returns are due on the last day of the month following the end of the accounting period. 

Our services include tax planning, compliance reviews, tax optimization strategies, assistance with tax audits, and advisory on tax implications of business decisions. 

Tax consultancy can help individuals and businesses optimize their tax positions, reduce tax risks, plan for future tax obligations, and take advantage of available tax incentives or deductions. 

The documents required for tax filing vary depending on your tax situation but typically include income statements, receipts, invoices, and relevant financial records. 

Yes, we provide tax filing services for both individuals and businesses, including sole proprietorships, partnerships, corporations, and other entities. 

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.

Company Incorporation

Company Incorporation

A strong start sets the stage for success. Let us handle the hassle of incorporating your business, ensuring a seamless and legally compliant beginning. With our knowledgeable team guiding you through every step, we streamline your incorporation journey. Consider the stage ready for your business endeavours. 

FAQ

There are several benefits to incorporating a company in Singapore, these include:

  • Political Stability: Singapore’s stable political climate provides a safe and conducive environment for businesses to operate and grow
  • Strong legal framework: The robust legal system offers strong protection for investors and ensures enforceability of contractual agreements.
  • Strategic location: Situated at the crossroads of Asia, Singapore provides easy access to major markets in the region, facilitating international trade and business expansion.
  • Pro-business: Singapore is known for its pro-business stance with streamlined regulations and extensive government support services aimed at fostering entrepreneurship and business development.
  • Easy access to talent: With a highly educated workforce, it is relatively easy to find skilled professionals in wealth management.
  • Favourable tax regime: The corporate tax rate is low at 17%. There are no capital gains or withholding taxes and a wide array of tax incentives and exemptions is available.

Incorporating a company in Singapore offers several tax benefits, which contribute to its attractiveness as a business destination:

Low Corporate Tax Rate: Singapore maintains a competitive corporate tax rate of 17%, which is among the lowest globally for developed economies.

Tax Exemption Scheme for New Startups: Newly incorporated companies can enjoy significant tax exemptions under the Start-Up Tax Exemption (SUTE) scheme where companies enjoy 75% exemption on the first S$100,000 of normal chargeable income for the first three consecutive years and an additional 50% exemption on the next S$100,000 of normal chargeable income.

One-Tier Tax System: Singapore operates on a one-tier corporate tax system where taxes paid by a company on its profits are not subject to further taxation when dividends are distributed to shareholders. This eliminates double taxation of corporate profits.

Absence of Capital Gains Tax: Singapore does not impose taxes on capital gains, except in certain specific cases like gains from the sale of properties held as trading assets.

No Withholding Tax on Dividends: Dividends paid by a Singapore company to its shareholders are not subject to withholding tax, irrespective of whether the shareholder is a resident or non-resident.

Extensive Double Taxation Avoidance Agreements (DTAs): Singapore has a comprehensive network of DTAs with over 80 countries, which helps to reduce the incidence of double taxation on income earned in foreign jurisdictions.

Foreign-Sourced Income Exemption: Subject to certain conditions, foreign-sourced income received in Singapore by a Singapore tax resident company may be exempt from tax, further enhancing Singapore’s attractiveness as a regional or global hub for businesses.

There are several types of business entities available in Singapore, each with their own advantages and disadvantages:

  • Sole Proprietorship
  • Partnership
  • Limited Liability Partnership (LLP)
  • Private Limited Company (Pte Ltd)
  • Public Company Limited by Shares
  • Subsidiary Company
  • Branch Office
  • Variable Capital Company (VCC)
  • Company Limited by Guarantee

Yes, we can provide guidance based on your specific business goals, operational needs and regulatory considerations.

Consultation and Assessment: Conduct an initial consultation to understand your business objectives, ownership preferences, liability concerns and growth plans.

Expert Advice: Based on our expertise and knowledge of Singapore’s business environment, we can provide expert advice on the various business structures available and their implications.

Structuring Recommendations: We recommend the most appropriate business structure that aligns with your goals, whether it’s a sole proprietorship, partnership, LLP, private limited company, etc.

Regulatory Compliance: We guide you through the regulatory requirements and legal considerations associated with each business structure, ensuring compliance with Singapore laws.

Implementation Support: Once a structure is chosen, Watershore can assist with the incorporation process, including preparing necessary documentation, filing with relevant authorities like ACRA (Accounting and Corporate Regulatory Authority), and setting up corporate governance frameworks.

Ongoing Support: We can also provide ongoing support with corporate secretarial services, compliance monitoring, and advice on operational matters as your business grows.

To incorporate a company in Singapore, you will need to prepare and file several key documents. Here are the general steps:

  1. Register the company name. Choose a unique company name at ACRA website and submit an online application. ACRA will review and approve the name if available.
  2. Registered Address. You need to provide a local Singapore address that will serve as the registered office of the company. This address will be used for official correspondence. Individuals associated with business entities must, in addition to providing a residential address, also file a contact address at which they can be reached in person or by post.
  3. Prepare the company constitution. This is a legal document that sets out the key characteristics of a company (company’s name, objectives, and share structure) and internal rules governing its operations. It stipulates the rights and obligations of its participants including its shareholders, directors and company secretaries.
  4. Appoint directors whereby at least one director who must be a Singapore resident (citizen, permanent resident, or holder of an Employment Pass/ EntrePass).
  5. Appoint a qualified company secretary within 6 months of incorporation.
  6. Designate Shareholders and paid-up capital. Declare the amount of share capital and the number of shares each shareholder will hold. At least one shareholder (can be the same person as the director) and shareholders can be individuals or corporate entities.
  7. File the incorporation documents with ACRA. Submit documents (e.g. MAA, name reservation, details of directors, shareholders, and secretary, registered office address etc) and payment of registration fees.
  8. Obtain a business registration number (UEN) from ACRA. This is a unique 9-digit number issued to your company upon approval of incorporation.
  9. Open a business bank account. You will need the UEN and other documents to open a bank account for your new company.
  10. Register for GST and CPF. GST registration with the Inland Revenue Authority of Singapore (IRAS) is applicable if your turnover exceeds S$1 million and Central Provident Fund (CPF) registration for employees.
  11. Apply for licenses and permits required for your business activities.

Watershore, a regulatory and compliance service provider, can assist companies with the following key requirements:

  1. File annual returns and financial statements.
  2. Maintain accurate financial records.
  3. Hold annual general meetings and keep minutes.
  4. Comply with tax regulations.
  5. Renew permits/licenses.
  6. Adhere to regulatory standards.
  7. Fulfil statutory obligations.
  8. Update company details as needed.

Requirements for appointing directors in Singapore are straightforward. Directors can be appointed either by the existing board of directors or shareholders, depending on the company’s constitution. There are no mandatory qualifications required to be appointed as a director in Singapore. However, directors are expected to act with reasonable diligence and care in carrying out their duties. They must also comply with relevant laws and regulations, disclosing any conflicts of interest.

Yes, according to the Singapore Companies Act, every company must have at least one local resident. The local resident director is responsible for ensuring compliance with Singapore laws and regulations, including financial reporting, tax filing and other statutory obligations.

If you are a foreign entrepreneur and do not have a local resident to fulfil this requirement, Watershore can provide nominee director services. The nominee director shall not be actively involved in the management of the company beyond compliance duties.

Yes, Watershore can assist in appointing a nominee director (ND) for your company. However, please note that NDs shall not be actively involved in the management of the company beyond compliance duties and cannot act as the sole director actively involved in business operations.

Incorporating a company in Singapore typically involves an instant name reservation process via ACRA’s BizFile system, followed by a 1 to 3-day incorporation period, provided all required documents are correctly prepared and submitted. Upon approval, ACRA issues a Certificate of Incorporation, marking the official start of business operations.

To incorporate a company in Singapore, you will need to prepare and file several key documents:

Company Name Approval: Before incorporating, you need to reserve a name for your company. This can be done online through BizFile, the online filing system of the Accounting and Corporate Regulatory Authority (ACRA).

Company Constitution: This is a legal document that sets out the key characteristics of a company (company’s name, objectives, and share structure) and internal rules governing its operations. It stipulates the rights and obligations of its participants including its shareholders, directors and company secretaries.

Particulars of Shareholders, Directors and Company Secretary: You need to provide details of the shareholders (individuals or corporate entities) who will own the company. You must appoint at least one director who is ordinarily resident in Singapore (Singapore Citizen, Permanent Resident, or Employment Pass holder). This includes their names, nationalities, identification number, addresses, and the number of shares each will hold. You also need to appoint a qualified company secretary within six months of incorporation.

Registered Address: You need to provide a local Singapore address that will serve as the registered office of the company. This address will be used for official correspondence. For individuals associated with business entities, they must in addition to providing a residential address also file a contact address at which they can be reached in person or by post.

Watershore’s company incorporation services provide many advantages for businesses which include:  

  • Speed and efficiency: Watershore handles all the paperwork and administrative requirements to register your company quickly and accurately, saving you time and stress.
  • Expert knowledge: Watershore’s team consists of legal and tax experts who stay up to date on changing regulations to ensure your company complies with all requirements.
  • Support services: In addition to incorporation, Watershore offers ongoing support services like tax filing, registered agent services, and accounting to simplify business management.
  • Cost savings: Using Watershore’s services can be more cost-effective than hiring individual professionals to handle each task for your new company.
  • Peace of mind: Watershore acts as your advocate to guide you through the complex process of starting a business and ensures everything is done properly from the beginning.

Company incorporation creates a legal entity. The incorporated company becomes a separate legal entity from its owners and managers. This allows the company to enter into contracts, own assets, and sue or be sued.  

Company registration simply registers the company with regulatory bodies. A registered company is not necessarily incorporated. Registration provides the company a business license to operate legally but the owners remain personally liable.  

At Watershore, we offer both incorporation and registration services to help you establish your business entity efficiently.

Watershore provides an affordable and comprehensive company incorporation service in Singapore. While the company aims to provide value for money, incorporation costs vary between service providers based on the level of service and support offered. Customers should compare various options to determine the cheapest option based on their specific requirements. Watershore offers a range of incorporation packages and add-on services to suit different business needs.

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.

Estate & Legacy Planning

Estate & Legacy Planning

While often perceived as sombre, it is undoubtedly crucial for ensuring the well-being of your loved ones. We approach this process with empathy and sensitivity, understanding your unique situation and objectives. We consolidate assets, analyse potential estate expenses and assess capital needs in case of unforeseen circumstances. And recommending appropriate solutions to mitigate any potential shortfalls in capital. 

Drawing upon our expertise and insights, we then create a comprehensive estate and legacy plan for wealth transfer, charitable giving, or business succession. With our guidance and support, you can rest assured that your legacy will endure. 

FAQ

Wills: A legal document that outlines how your assets should be distributed after your death. 

Trusts: Legal arrangements where a trustee holds assets on behalf of beneficiaries, often used for managing assets and providing for loved ones. 

Beneficiary Designations: Directing who will receive certain assets, such as life insurance policies, retirement accounts, and bank accounts, upon your death. 

Singapore has no estate duty and capital gain tax, but other taxes like stamp duty and income tax may apply.  

However, when inheriting a residential property in Singapore through a will or under the Intestate Succession Act, stamp duties, including the Additional Buyer’s Stamp Duty (ABSD), are generally waived. This exemption applies even if the inheritor already owns multiple properties. 

Estate planning: focus on the distribution and management of financial assets and properties after passing. 

Legacy planning: focus on preserving and passing on intangible assets such as values, beliefs, memories, and traditions. 

If you pass away without a will in Singapore, your assets will be distributed according to intestacy laws. This follows a predetermined legal formula, potentially differing from your wishes.

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.

Family Office

Family Office

Build, preserve, and grow your wealth – Recognizing the uniqueness of every family, we begin by understanding your goals and needs, tailoring our approach to suit each client. 

Our professional team is dedicated to guiding you through every step of forming and maintaining your family office. This includes close collaboration with stakeholders (i.e. bankers, lawyers, fund managers, advisors, and trustees) and seamless coordination with regulatory bodies, ensuring strict tax compliance and efficiency throughout the process. 

With our expertise and personalized service, we empower you to navigate the complexities of wealth management confidently, enabling you to achieve your long-term financial prosperity. 

FAQ

Establishing a family office in Singapore offers benefits such as strategic location, political stability, robust legal framework, favourable tax regime, access to global markets, and a well-developed financial ecosystem. 

Family offices can be classified as single-family offices (serving one wealthy family) or multi-family offices (serving multiple families). They can also be structured as virtual family offices, outsourcing certain functions to external providers. 

Whether a family office is right for your family depends on factors such as the size of your wealth, complexity of financial affairs, desire for personalized services, and long-term financial objectives. Consulting with wealth management professionals can help determine suitability. 

Family offices typically offer a range of services including investment management, financial planning, tax planning, estate planning, philanthropic advisory, risk management, and family governance. 

The costs of setting up a family office in Singapore can vary depending on factors such as the size and complexity of the family’s wealth, scope of services required, and whether services are provided internally or outsourced. 

Yes, you can set up a SFO in Singapore without necessarily participating in GIP.


  1. Can the Investor still get PR if he sets up an SFO without GIP? Yes, but via other options:
    1. Professional, Technical Personnel, and Skilled Workers Scheme
    2. Spouse of a Singapore Citizen or Permanent Resident
    3. Aged Parents of a Singapore Citizen
    4. Investment in Singapore – While not part of the GIP, if the investor makes significant investments in Singapore that contribute to the country’s economy, he/she may still be considered favourably for PR under certain circumstances.

  2. Can the family members obtain PR/ EP without GIP? Yes, but via other options:
    1. Family Ties Scheme: Spouses and unmarried children (below 21 years old) of Singapore citizens or PRs may apply.
    2. Employment Pass: Family members who qualify for employment in Singapore based on their professional skills and qualifications.

  3. Are there limitation to number of EP under non-GIP SFO? The number of EP that a SFO can obtain is not specifically limited. However, the number of EPs that an SFO can obtain may be subject to other regulations and considerations, such as:
    1. Employment Pass Eligibility Criteria: Each EP application is assessed based on the individual’s qualifications, experience, and the employing company’s credibility.
    2. Company Size and Operations: Larger SFOs with more substantial operations may be able to obtain more EPs compared to smaller ones.
    3. Workforce Planning and Justification: When applying for EPs, SFOs need to demonstrate a genuine need for foreign talent and justify why local talent may not be suitable for the roles in question.
    4. Fair Consideration Framework (FCF): The Fair Consideration Framework requires employers in Singapore to consider Singaporeans fairly before hiring EP holders.

The investor’s track record includes various factors such as his/her educational background, professional experience, his/her roles and responsibilities and achievements (eg. AUM, investment returns).

It is alright for the NAV to drop below S$50mil. However, upon renewal of the PR, the SFO must employ at least 5 incremental Family Office professionals (with at least 3 Singapore Citizens) and maintain the S$50 million AUM across any of the 4 investment categories.

The SFO can invest in a Singapore-based operating company owned by the investor or a related party. The investment portfolio of the family office should be balanced, and it will be assessed during the GIP interview.

At the point of Re-Entry Permit (REP) renewal, the applicant should meet the minimum REP renewal criteria. The applicant will also have to submit a declaration form 1 year after the date of receiving Final Approval of his/her PR status, which includes the breakdown of the S$50 million deployed across the 4 specified investment categories. Failure to meet the minimum criteria could lead to a non-renewal of the applicant’s REP.

The Investor applies for PR under the GIP and includes their eligible family members (spouse and unmarried children under 21 years old) in the application. Upon main applicant’s GIP approval, he/she is granted PR status, eligible family members included in the application are typically granted PR status as well. The Investor can establish SFO and employ their family members under EPs if they meet the eligibility requirements, such as relevant skillset and experience, set by the MOM.

  1. Can the spouse apply for PR under GIP together? Or is the spouse only granted?
    • The spouse is typically included in the main applicant’s GIP application as a dependent, and if the main applicant’s GIP application is approved and they are granted PR status, the spouse is usually granted PR status as well.

  2. If the GIP-PR is cancelled due to failed renewal, does it affect the spouse’s PR?
    • If the spouse obtained PR status as a dependent of the main applicant under the GIP, the cancellation of the main applicant’s PR status may result in the review or cancellation of the spouse’s PR.

  3. Can the Investor obtain PR again via GIP if he failed the renewal criteria?
    • Yes, Investor may reapply for PR through the GIP again. However, the fact that the investor’s PR status was cancelled due to failure to meet renewal criteria may be taken into consideration during the reapplication process. It’s essential to address any issues or concerns that led to the cancellation and demonstrate the investor’s continued commitment.

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.

Personal Tax Planning

Personal Tax Planning

Our seasoned team of professionals offer tailored guidance and strategies to navigate Singapore’s tax laws seamlessly.

We start with a thorough assessment of your finances, identifying reliefs and deductions for optimal tax planning. From there, we craft a personalized strategy to maximize your tax savings, enabling you to focus on what matters most: your growth.

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.