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Singapore Chartered Accountants Association and Singapore Academy of Law collaborate to support the professional services development of corporate sustainability projects

Singapore Chartered Accountants Association and Singapore Academy of Law collaborate to support the professional services development of corporate sustainability projects
Singapore Chartered Accountants Association and Singapore Academy of Law collaborate to support the professional services development of corporate sustainability projects

January 5, 2024, The Institute of Singapore Chartered Accountants (ISCA) and the Singapore Academy of Law signed a memorandum of understanding, announcing a collaboration to launch a 3-year plan to jointly build a strong professional services community to provide services in the area of sustainable development for businesses in Singapore and the region.

 


In order to take reasonable measures to address climate change, the demand for sustainability reporting and consulting services from businesses is increasing day by day. Currently, less than 50 companies in Singapore have the capacity to provide these services. Under the memorandum of understanding, both parties hope to provide more professional services through the Sustainability Apex Programme (SAP) with the goal of tripling the volume of services.

In accordance with the climate reporting recommendations put forward by the Singapore Sustainability Reporting Advisory Committee (SRAC), all listed companies will, from the 2025 fiscal year onwards, make climate-related disclosures in accordance with international sustainability standards. Large non-listed companies with annual revenue of at least S$1 billion will also be required to disclose from the 2027 fiscal year.



FOZL assists local and overseas clients in Singapore with registering Singapore companies and provides clients with accounting ， annual audits ， auditing ， tax filing ， trademark registration ， business consulting ， family office establishment and other services.

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【Singapore Company Registration Tips】 The Inland Revenue Authority of Singapore (IRAS) launches a donation application service to facilitate the submission of tax-deductible donation information by charitable organizations.

【Singapore Company Registration Tips】Singapore Inland Revenue Authority: Employers must submit their employees' 2023 income information by March 1, 2024.

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Relevant Knowledge

【Licensing】Food Import Licence

All companies wishing to import, export, or trans-ship food products must be registered and licensed by the Singapore Food Authority in accordance with the relevant laws of Singapore.

【Licensing】Custom Registration

Companies registered in Singapore can directly engage in international trade. If a company intends to import products into Singapore, the goods must undergo customs clearance upon arrival. This requires the company to submit an application to Singapore Customs in advance and obtain the necessary registration or permits. Once the customs registration is approved, logistics companies or customs brokers can declare the goods to Singapore Customs on behalf of your company, pay Goods and Services Tax (GST), and import the goods into Singapore.

【Licensing】13R & 13X

For investments in Asia and the Pacific, Singapore is an important base for family offices, private equity, real estate, and hedge fund managers.

【Licensing】Ship Registration

The Singapore ship registration system is administered by the Maritime and Port Authority of Singapore (MPA). The following outlines the eligibility, procedures, and documentation requirements for registering a vessel in Singapore.

【Licensing】Fund Management Licence

Under the Singapore Securities and Futures Act, if a company wishes to carry out (regulated) fund management services in Singapore in either of the two forms mentioned below, then the company must apply for a fund management company licence to the Monetary Authority of Singapore (MAS) or the company must hold a capital markets licence.

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