Singapore Budget 2021

Singapore Budget 2021 Commentary

Last year, Singapore’s economy got impacted by the worst recession on record, and in response; the minister for finance delivered an unprecedented 5 budgets of S$ 100 billion to help combat the Covid-19 pandemic. This year, the economy is forecast to grow at between 4% to 6% as much as the recovery is expected to be uneven as some of the sectors are likely to progress well with others still remaining under stress.

The measures taken with budget 2021 are designed to help keep Singaporean workers afloat and also enable them to think of new opportunities on how to thrive during these challenging times.

Here is a snapshot of the budget 2021 alongside a commentary of the changes;

Green Plan 2030

The minister for finance while announcing the budget touched on Singapore Green Plan 2030. This entails a plan to tackle climate crisis and the efforts to increase solar capacity while also engaging in research into other sources of renewable energy. The green infrastructure projects and the incentives are intended to help encourage wider adoption of low emission vehicles and all these are geared towards building a more sustainable future for the generations to come.

The title of the budget 2021 was Emerging Stronger Together and while budget 2021 provides an array of support that’s more targeted towards the hardest hit business sectors and workers as they continue with the struggle amid the pandemic. This focus is coupled with attention towards the future with regard to digital transformation and business innovation alongside strengthening efforts to tackle climate crisis and invest in the renewable energy sources.

Household Support Package

For the families that are still coping with uncertainties that came along as a result Covid-19; the minister of finance announced that S$900 million has been set aside for household support package. The amount also includes one-off cash payments for the lower to middle income earners. The minister also spoke of the measures that have been taken to help strengthen social safety.

The minister talked of the proposed GST rate that’s to be increased from 7% to 9% during the period 2022 – 2025 and this is likely to influence the economic outlook. The ministered confirmed that the S$6 billion assurance package that was announced last year would help many Singaporean households to be cushioned against the impact of GST increase when the time comes.

Covid Resilience Package

The minister of finance also announced an S$11 billion COVID-19 resilience package to help support the recovery process. This amount will primarily help with safeguarding public health, vaccinations, and continued support for the workers and the business sectors that are hardest hit. The temporary wage support is another key highlight of the budget as it helps many workers who are hardest hit to prevent bankruptcy which is likely to affect households deeply.

Keeping the current workers employed also has short-term and long-term benefits with the most immediate being prevention of further financial hardship as a result of the pandemic. A targeted measure such as the jobs support scheme that was announced through SGUnited Skills with an additional S$5.4 billion was allocated to help minimize the long-term effects for those who get displaced.

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Corporate Secretarial Services in Singapore

Importance of Corporate Secretarial Services in Singapore

When considering the incorporation of a company in Singapore that’s capable of yielding the desired results and contributing to the economy of the country; it’s important to note that such a task can never be achieved by just an individual or a few people. It’s vital that the company engages a firm that offers corporate secretarial services in Singapore. A company secretary in Singapore plays such an integral part in ensuring that businesses perform efficiently.

It’s a statutory requirement in Singapore that every company registered in Singapore appoints a company secretary within six months of registration as stipulated in the company law of Singapore. There are however, a number of companies that prefer outsourcing such services and that’s due to a number of issues. A company secretary has to be an individual who is over 18 years of age. The person appointed must be a resident of Singapore and must have professional qualifications and the experience required to execute the required tasks.

Here are the reasons why corporate secretarial services in Singapore are important;

  • Observes statutory compliance
  • Ensures corporate governance
  • Prepares and files the various reports and forms
  • Maintains custody of company seal
  • Engages with shareholders on administrative matters and communication

Statutory compliance

The Accounting and Corporate Regulatory Authority is a government body that ensures business compliance in Singapore. The work of a company secretary is to ensure that the company’s annual reports alongside other statutory requirements are observed and filing is done on time. If in case ACRA fails to receive the returns; it’s the company secretary that gets contacted. Issues of corporate compliance require a high level of expertise and engagement of personnel that’s well versed with the roles and responsibilities of a company secretary. Working with a reputable firm such as Onestop CA for the provision of Corporate secretary services in Singapore can be of great help.

When you engage a reputable firm for company secretary services in Singapore, it will be their task to ensure that statutory filings are done in time and compliance is observed. The company therefore, doesn’t have to worry about any serious consequences that come with missing deadlines such as demands to pay penalties.

Corporate Governance

The aspect of corporate governance is becoming quite critical in today’s business environment and this is due to a number of reasons. Company secretary services in Singapore continue to evolve from that of an administrative member of the board to a role that encompasses a much broader role which might also include engaging in the company’s corporate governance. It’s become the duty of a company secretary to ensure the development and implementation of processes that promote and also sustain good corporate governance.

The dynamics of boardrooms are shifting and it’s vital that robust governance arrangements that are clearly documented and communicated to the company be put in place. Working with a reputable firm that offers robust company secretary services in Singapore such as Onestop CA has the potential of ensuring an effective framework for corporate governance is put in place for sustained business growth and progress.

Originally published by onestop-audit.com