The Singapore Government is sparing no effort to keep Singapore as a leading destination for regional and global business investors. In the midst of the global Covid-19 pandemic, the Singapore Government is positioning itself as partners to business operators to ride out the pandemic, economic disruption and an uncertain future together. It is liaising between various industries and departments to craft and launch a range of assistance schemes, so businesses can cope, stay afloat, even kick-start long-term transformation plans.

Register Company in Singapore

With Circuit Breaker measures seeing continual success in keeping community transmission level and fatality low, Singapore is carefully, but surely, relaxing restrictions and resuming economic activities, while charting new paths and pivoting into new markets and products. So there remains much opportunity in Singapore to register new company and venture out into business territory. For interested business investors, here are some of the latest business support measures available from Enterprise Singapore, ACRA and EDB in response to the Covid outbreak to help you make your decision.

1. Assistance from Enterprise Singapore

  • Financing Support
    • Access to Lower-cost Loans for SMEs
    • Enterprise Development Grant [Enhanced]
    • Enterprise Financing Scheme [Enhanced]
    • Loan Insurance Scheme [Enhanced]
    • Productivity Solutions Grant [Enhanced]
    • Temporary Bridging Loan Programme [Enhanced]
  • Booster Packages
    • E-Commerce Booster Package
    • Food Delivery Booster Package
  • Digital Solutions
    • Digital Resilience Bonus
    • Grow Digital
    • Start Digital
    • SMEs Go Digital
  • General Support
    • Jobs Support Scheme
    • Specialised Cleaning Programme
    • Access Free Standards

For more information, visit Enterprise Singapore’s COVID-19 Business Support Measures website, or contact VentureHaven regarding register company in Singapore.

2. ACRA’s Enhanced Online Services

ACRA is a statutory board that regulates business entities, public accountants and corporate service providers in Singapore. Since Circuit Breaker measures were introduced, ACRA has closed its physical service counters and moved its services fully online. New guidelines for businesses scheduled to hold their annual general shareholder meetings (AGMs) and file annual returns include:

  • Extension of Deadline for AGMs and Annual Returns
    • Publicly listed companies can hold their AGMs 4 months after the financial year-end. Private companies can do so 6 months after their financial year-end.
    • ACRA has granted a 60-day extension to listed and non-listed companies whose AGMs fall between April 16 to July 31, 2020. The 60-day period also covers the filing of annual returns for the period from May 1, 2020 to August 31, 2020. Companies whose AGMs are due between April 1 to 15, 2020 will also have the dates extended by 60 days.
  • Capacity of BizFile Enhanced
      • Application for New Company Name;
      • Incorporation of Local Company;
      • Registration of Amalgamation;
      • Application for New Foreign Company Name;
      • Registration of Branch of Foreign Company;
      • Application for a New Business Name;
      • Application to Register Person(s) and Business Name;
      • Application for a New LLP Name;
      • Application to Register a New LLP;
      • Application for a New LP Name;
      • Application to Register a New LP;
      • Application for Approval of Public Accounting Firm;
      • Name Application for Public Accounting Firm; and
      • Transfer of Registration (Re-domiciliation).

3. EDB

The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. During this pandemic, EDB is actively monitoring the evolving situation and supporting businesses through many programmes designed to help operators tide over this current crisis.

  • Finance & Cashflow
    • Corporate income tax rebate and payment deferment
    • Enhanced propery tax rebate
    • Enhanced rental waivers
    • Financing grants and schemes
    • Managing cashflow, debt and insurance
    • Support package for +FinTechs
    • Assistance with legal contracts Relief on government fees
  • Manpower Costs
    • Wage Credit Scheme (WCS)
    • Foreign Worker Levy (FWL)
    • Jobs Support Scheme (JSS)
    • Career Support Programme (CSP)
    • SGUnited Traineeships
    • Career Trial
  • Employee Training
    • Funding support for training local employees
    • Professional Conversion Programme (PCP)

For more information, visit EDB’s  Supporting you through COVID-19 website, or contact VentureHaven regarding register new company in Singapore.

 

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