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Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Visa For Singapore
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C

Central Provident Fund (CPF)
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Common Reporting Standard
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CorpPass

D

Declaration of Solvency
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Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
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Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form 45
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

General Partnership
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GovTech

H

Hedge Fund

I

Import/Export License
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Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
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Limited Partnership (LP)
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M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
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National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
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Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
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Registered Office Address

S

S Pass
Share
SingPass
Small Company
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Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Wage Credit Scheme

The Wage Credit Scheme is a three-year scheme introduced in Budget 2013 which seeks to co-fund 40% of the wage increase for employers between 2013 to 2015, and this is given to Singaporean workers earning a total monthly wage of $4,000. However, Budget 2021 which was extended by another year, sought to co-fund Singaporean employee wage increases up to 15% for a qualifying gross income set at $5000.

Qualifying Eligibility Conditions

  • All Singaporean workers who have received CPF contributions from one (1) employer within three months before the qualifying year for the wage credit scheme.
  • The employer must have settled or paid the workers within the three months of the qualifying year for the scheme.
  • The Singaporean worker must have at least a fifty-dollar increase in his or her monthly wage.
  • The Singaporean worker must be solely a worker, and should not own a part of the business whether as a partner, shareholder, or proprietor.
  • The business or entity in question has to be registered in Singapore.

 

Note: Qualifying years refer to the following years; 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, and 2021. Also, the three-month requirement for these conditions needs not to be consistent.

Additional Information

The Singaporean government has the right to hold out or restrain a person from obtaining the WCS payout if the employer is found to be;

  1. Unqualified for the WCS payout.
  2. A partaker or mastermind of a criminal act that relates to the employer’s business or field of trade.

 

Application Process

This is usually done by notice from IRAS to inform eligible employers of their qualifications for the Wage Credit Scheme. As such, formal application is not required. And eligible employers would receive their payouts on the 31st March of the qualifying year.

The WCS payout is aimed at reducing the labour cost of sustaining businesses even with the rampant economic challenges of the country.