Good afternoon, this is Tilkoblet Singapore.
Singapore has a comprehensive legal and regulatory framework governing business activities. Navigating through various laws, regulations, and licensing requirements can be daunting, especially for first-time entrepreneurs or foreign investors unfamiliar with the local business landscape.
Singapore’s regulatory landscape involves various government agencies overseeing different aspects of business operations. For example:
Accounting and Corporate Regulatory Authority (ACRA): This is the national regulator of business entities and public accountants in Singapore, which accounts for overseeing company registration, maintaining the register of companies, and regulating corporate governance and compliance with the Companies Act. ACRA also administers the Charities Act for the registration and regulation of charities and the Accounting Standards Council (ASC) for setting accounting standards.
Revenue Authority of Singapore (IRAS): IRAS is responsible for administering Singapore’s tax policies and enforcing tax laws. It oversees the collection of taxes, including corporate income tax, goods and services tax (GST), property tax, and personal income tax. IRAS provides tax guidance and assistance to businesses, conducts tax audits, and enforces tax compliance through penalties and fines.
Monetary Authority of Singapore (MAS): This is Singapore’s central bank and financial regulatory authority. It regulates financial institutions, including banks, insurers, securities firms, and asset managers, to ensure financial stability, integrity, and consumer protection. MAS also formulates monetary policy, manages the Singapore dollar exchange rate, and promotes Singapore as a financial center.
Infocomm Media Development Authority (IMDA): It is responsible for regulating the infocomm and media sectors in Singapore. It oversees telecommunications and media services, including licensing, spectrum allocation, content regulation, and consumer protection. IMDA promotes the development of the infocomm and media industries, fosters innovation and digital transformation, and facilitates regulatory compliance.
Ministry of Manpower (MOM): MOM is responsible for regulating labor relations and employment practices in Singapore. It administers employment laws, issues work permits and employment passes for foreign workers, and sets guidelines for workplace safety and health. MOM also promotes fair employment practices, facilitates skills training and development, and resolves disputes between employers and employees.
Singapore Customs:
Singapore Customs is the national customs authority responsible for enforcing customs and trade regulations. It administers customs procedures, tariffs, and trade facilitation measures to regulate the import, export, and transshipment of goods. Singapore Customs also combats smuggling, enforces intellectual property rights protection, and implements trade compliance programs. Businesses are required to comply with the regulations and requirements stipulated by these authorities to operate legally and sustainably in Singapore’s business environment.
Singapore places a strong emphasis on corporate governance to uphold transparency, accountability, and investor confidence. Companies are expected to adhere to corporate governance guidelines and best practices, such as maintaining accurate financial records, holding annual general meetings (AGMs), appointing qualified directors, and disclosing relevant information to shareholders and regulatory authorities. Ensuring compliance with these standards requires careful planning and ongoing monitoring by company directors and management.
With the increasing reliance on digital technologies and data-driven business models, Singapore has enacted comprehensive data protection laws, such as the Personal Data Protection Act (PDPA), to safeguard individuals’ personal information. Businesses collecting, using, or disclosing personal data must comply with strict data protection obligations, including obtaining consent, implementing data security measures, and responding to data breaches. Non-compliance with data protection regulations can result in significant fines and reputational damage for businesses.
As a global trading hub, Singapore is subject to international trade regulations and agreements
governing import, export, and customs procedures. Businesses engaged in international trade must comply with customs regulations, tariff classifications, and trade sanctions imposed by Singapore Customs and international trade organizations. Changes in trade policies or geopolitical developments can impact businesses’ supply chains, trade agreements, and export-import activities, requiring proactive risk management and compliance strategies.
https://dtt.sg
help@tilko.sg
Tilkoblet Pte. Ltd.
9 Straits View, #05-07 Marina One West Tower, Singapore 018937
Lettaga 