Singapore’s “New Company Start-Up Kit”

In Singapore, the first tax filing was a key pain point for newly-incorporated SMEs; thus, policymakers focused on developing a digital onboarding tool for newly-incorporated companies to help them set up correctly from the start and build confidence in them. Therefore, the IRAS developed a digital onboarding tool that provides relevant, bite-sized tax-related information to newly-incorporated companies at the point of incorporation of their business to have ample time to prepare and fulfil their tax requirements. The digital onboarding tool, called the ‘New Company Start-Up Kit’, helps newly-incorporated SMEs generate a tailored filing timeline, displaying critical information such as tax filing due dates, based on the business’ date of incorporation and first financial year-end. Through the Start-Up Kit, SMEs will receive filing reminders at an email address of their choice, as well as advice on any subsequent steps they need to take.