Non Profit Entity Essay
Ref link: http://www.sbsgroup.com.sg/incorporation/setting-up-a-non-profit-entity-in-singapore/
Registering a Non-Profit Entity in Singapore
A large number of people are interested in doing their bit in the interest of society and public. Singapore allows them to register non-profit organizations (NPO) and give their efforts a legal status.
Types of Business Structures
A Charitable Trust
A Public Company Limited by Guarantee
In Singapore, the interested parties can use one of these business structures to setup company in Singapore as an NPO. These individuals must apply to the Company Registrar of Singapore (ACRA) to open a company in Singapore.
ACRA (Accounting …show more content…
Additionally, they can apply for the IPC (Institutions of a Public Character) status. It then qualifies to receive tax-deductible donations. It is beneficial to the donor of the charity.
The donations to an IPC for the foreign charitable purpose do not come under this category. They are not tax deductible.
Registering an NPO as a Society
A non-profit organization can also be set up as a Society. Under this provision, a company, partnership, club, or an association can be formed as a society. A body of 10 or more pro-society individuals with financial means register a society. These entities are incorporated under the Singapore Societies Act.
To register a society, the interested parties must apply to the Registrar of Societies (ROS). However, it is not a separate entity from its members. Its President, Secretary, and Treasurer must come from the Singapore resident and it must have a constitution.
ACRA (the Accounting and Corporate Regulatory Authority) of Singapore directs these entities to audit their annual accounts and file their returns with the Registrar of Societies.
Registering a society is easy, but it attracts lesser donation than the Public Companies Limited by Guarantee.
Singapore Taxation for