Adopt technology

Good record keeping practices

Good record keeping is important to run a business. Companies that adopt good record keeping practices are able to:

Make better business decisions
Be aware of the financial status of the company (e.g. profit or loss position, whether there is internal fraud or theft)
Reduce the cost and effort required to file the Corporate Income Tax Returns, and to reply to IRAS’ queries (if any)

You may use an accounting software in your business to facilitate record keeping and accurately capture the accounting information.

Start Digital Package

If you have just started your business or are new to digital technology, you can now take up a Start Digital Package to give you a head start in going digital. You can benefit from starting with the right foundational digital tools by taking up any two solutions, at no cost for at least six months with a minimum 18-month contract period, from these categories:

Accounting*
HR management system & payroll*
Digital marketing
Digital transactions
Cybersecurity

*Businesses and employers can use selected accounting and/or payroll software to file tax returns/information to IRAS directly with a few clicks of buttons:

Corporate Income Tax (CIT) Form C-S returns and/or Goods & Services Tax (GST) returns from accounting software; and
Auto-Inclusion Scheme (AIS) and/or Tax Clearance for Employees (IR21) from payroll software

Productivity Solutions Grants

The Productivity Solutions Grant (PSG) supports companies keen on using IT solutions and equipment to enhance business processes by providing up to 80% funding support. PSG covers sector-specific solutions and solutions across industries, such as customer management, data analytics, financial management and inventory tracking.

A full list of digital solutions (includes PSG-supported solutions) can be found here under the SME Go Digital Programme. Some examples include InvoiceNow (billing solution) and PayNow Corporate (digital payment).

Register a domain name

You can register a domain name (ending with “.com.sg” or “.sg”) with any of the authorised registrars accredited by the Singapore Network Information Centre (SGNIC) after registering your business. With the ACRA SME Programme, you will save at least $30 for the first year of registration for one domain name.