2016 Business News in Review
With 2016 being a year with many eventful updates, we review the top 10 news articles that were widely read this year:
10. Singapore Remains a Central Hub for Company Formations Despite Drop in Overall Q4 FiguresThe first of 3 updates on the Singapore Business Trends this year, in this article, we see why 16,612 new businesses were formed in Singapore in Q4 2015, dropping by 5.7% against the preceding quarter, but was still in line with the usual trend for last quarters.
9. Singapore Payroll Regulations – What You Need to Know?This article is a summary of the payroll regulations and updated changes that all business owners should know. Oversights may result in hefty penalties and also affect the reputation of the employer. Hawksford Singapore also now offers payroll services on cloud solutions. Enquire with us to find out more.
8. Singapore based service companies to benefit from upgrades to the China – Singapore Free Trade Agreement (CSFTA)The governments of Singapore and China have recently agreed to renegotiate and upgrade the terms of their Free Trade Agreement (FTA). The upgraded FTA will further liberate the terms of engagement when it comes to trade in goods and services between these two jurisdictions.
7. Foreign Investors and Entrepreneurs Flock to Set Up Shop in SingaporeSingapore remained the destination of choice for foreign companies in Q2 2016, with the number of internationally owned companies representing 39% of all business formations during the quarter, according to Hawksford’s Business Formations Statistics Report for the second quarter of 2016.
6. MOM has raised the bar further for Employment PassAnother regulatory update this year, the Ministry of Manpower (MoM) announced a revised higher salary threshold that will determine the eligibility of candidates applying for an Employment Pass (EP) in Singapore.
5. What You Need To Know About the CPF Changes in 2016.On the 1st January this year, changes which were made to the CPF regime during 2015’s budget came into effect. The article is a summary of the CPF changes made in 2016 that one should take note of.
4. New Group Chief Executive for HawksfordMichel van Leeuwen, an experienced financial services and fin-tech business leader who brings industry expertise from leadership roles at Cordium and Microsoft Capital Markets, has joined Hawksford as group chief executive to lead the delivery of its ambitious growth plans.
3. Highlights of the Singapore Budget 2016Part 1 of the series of Budget articles in 2016, the article is a summary of the key highlights of Singapore Budget 2016. This year’s budget has shifted away from the broad based approach, as relayed by Productivity and Innovation Credit (PIC), to a more targeted approach to drive productivity through the Automation Support Package. We have other Singapore Budget 2016 articles which can be found here.
2. Huge Jump in Foreign Held Companies Being Set Up in Singapore in Q1 2016The share of foreign held companies equalled the number of wholly locally held companies for the first time in the first quarter of 2016. Read the full report to find out the reasons to it.
1. Key Changes in The Implementation of Amended Companies Act (Phase 2)
One of the more important regulatory updates in the first quarter this year, the phase 2 of the Amended Companies Act article was the most read article of 2016 that all Singapore business owners or their corporate service provider should know about.
Thanks for the year and here’s to a good 2017!