Yearly Archives: 2020

Pursuant to the Covid-19 (temporary measures) (Amendment No. 3) Bill which was tabled in Parliament on 2 November 2020, the Ministry of Law is intending to introduce the Re-Align Framework. The Re-Align Framework focuses on helping businesses which are affected by Covid-19, to ease the burden of certain contractual obligations. It provides for renegotiation and/or … Continue reading The Re-Align Framework→

The enterprise leadership for transformation programme was announced at Budget 2020 and launched in end October. 60 participants from 38 SMEs will undergo a one year curriculum which will address knowledge gaps in leadership and business fundamentals. The programme will provide specific guidance in drawing execution road maps. The businesses will be able to view … Continue reading The enterprise leadership for transformation→

Help is being offered to small businesses in the form of two new schemes. One initiative will help sole proprietors or partnerships restructure unsecured debt. Another scheme will help small- and medium-sized enterprises (SMEs) plan out their credit facilities across multiple banks and finance companies. The two schemes are both from the Association of Banks … Continue reading Small businesses offered assistance in restructuring debts→

The Straits Times announced that President Halimah Yacob has formally assented to the third Supplementary Supply and Budget Adjustments Bill that provides for an extra $8 billion in Covid-19 support. The extra funds will help the Government in providing support in sectors most affected by the coronavirus, including assisting workers through the Jobs Support Scheme … Continue reading An additional S$8 billion approved for Covid-19 support→

Singapore is in the midst of distributing tokens meant for contact tracing to all residents. These Bluetooth contact tracing tokens can either be carried around or worn on a lanyard. The tokens are a physical version of the existing app that was introduced in March. The tokens use Bluetooth to detect other users devices and … Continue reading Singapore rolls out contact tracing token→

On August 27, 2020, Singapore’s Ministry of Manpower (MoM) has increased the minimum qualifying salaries for foreign workers to receive the Employment Pass (EP) and S Pass work permits. In addition, EP holders working in the financial services sector will need to meet a wage threshold, the first time the ministry has set such a … Continue reading Increased qualifying salary requirement→

SINGAPORE will remain open to top international talent even as the country accelerates its economic transformation efforts and invests in and enhances connectivity to the city-state. This is key as Singapore aspires to be the key nerve centre for businesses for trade, global supply and value chains, professional services, data, finance, technology, and talent said … Continue reading Singapore needs global talent→

Amidst the covid-19 pandemic and its many consequences, we are being forced to rethink a lot of what we have considered the norm. And this includes how and where we work. Working from home has taken a whole new meaning in the face of the pandemic and we are now learning that many of us … Continue reading Singaporeans should look beyond PMET jobs→

The pandemic has shook the world and its economy and has affected some areas more than others. Businesses are facing their worst fears by having to shut down, with people being restricted and with supply chain disruptions. There are pressing issues that all companies have to deal with and the tax implications of covid can … Continue reading Covid-19: Tax Challenges in Singapore→

Singapore launched a new corporate structure in January called the Variable Capital Company in its pursuit to become the leading financial centre in the region. The VCC is designed for traditional and alternative investment funds and was designed specifically to attract the funds of fund managers and family offices registered in low tax jurisdictions like … Continue reading New Corporate Structure in Singapore attract multibillion-dollar hedge funds→