Singapore’s reputation as a global hub for entrepreneurship is built on clear regulations, responsive government agencies, and a strong focus on innovation. In September 2025, 4,992 new companies were registered, reflecting strong confidence in the Singapore business environment. The month also brought certain regulatory and policy developments, including corporate law refinements, tax updates, immigration guidance, and new funding initiatives.
For business owners, staying current with these changes is essential to making informed decisions. In this roundup, we highlight the most relevant updates that affect companies operating in Singapore and provide insights to help you stay competitive in a fast-evolving market.
Company Law
ACRA Updates Guidance on VCC Annual Return Extensions
On 19 September 2025, ACRA released updated guidance on how Variable Capital Companies (VCCs) can apply for an extension of time to file their annual returns. The clarification sets out the criteria under which extensions will be granted, helping VCCs avoid late-filing penalties and remain compliant with regulatory requirements.
ACRA Highlights Beneficial Ownership Transparency at Regional Conference
ACRA shared Singapore’s approach to beneficial ownership transparency at the Third International Conference on Anti-Corruption Innovations in Southeast Asia, held in Bangkok. Assistant Chief Executive Hans Avinder explained the phased implementation of Singapore’s Beneficial Ownership (BO) register, discussed challenges in enforcement, and highlighted the use of emerging technologies to uncover hidden company ownership. The initiative underscores ACRA’s commitment to safeguarding Singapore’s business integrity and supporting global efforts to combat corruption.
Source: https://www.acra.gov.sg/news-events/news-details/id/892
Tax & Accounting Law
MOF Releases Income Tax (Refundable Investment Credits) Regulations 2025
In September 2025, the Ministry of Finance issued subsidiary legislation detailing the implementation of the new Refundable Investment Credit (RIC) scheme. The RIC provides qualifying companies with a refundable tax credit for approved investments in innovation, sustainability, and capability-building projects. Unlike traditional tax incentives that can only be offset against taxable income, the RIC ensures that companies can receive a cash refund if the credit exceeds their tax payable, improving cash flow and encouraging reinvestment.
Accounting Standards Update: Reduced Disclosures under FRS 119
On 8 September 2025, the Accounting Standards Council (ASC) published a technical article on reduced disclosures available under the Financial Reporting Standard (FRS) 119. This guidance is particularly relevant for smaller entities preparing employee benefits disclosures, providing clarity on when exemptions may be applied and how to align with Singapore’s financial reporting framework.
50% Corporate Income Tax Rebate & S$2,000 Grant Extended to YA 2025
As part of the 2025 Budget follow-through, businesses will benefit from a 50% corporate income tax rebate capped at S$40,000, along with a cash grant of S$2,000 for all companies, for the Year of Assessment 2025. This extension aims to support SMEs by reducing their effective tax burden and improving near-term cash flow.
Source: https://www.grantthornton.sg/insights/2025-insights/singapore-budget-2025-businesses/
Immigration Law
MOM Addresses Clarity in Job Postings and Rejections
On 24 September 2025, the Ministry of Manpower (MOM) provided a written reply in Parliament clarifying requirements for job postings under the Fair Consideration Framework. Employers must state clear job descriptions and justifiable reasons for candidate rejection. The update reinforces transparency in the hiring process, particularly for Employment Pass applications, and helps ensure that foreign hiring complements rather than displaces local talent.
MOM Addendum to President’s Address Highlights Workforce Priorities
On 16 September 2025, MOM issued its addendum to the President’s Address, reaffirming Singapore’s commitment to balancing openness with local employment priorities. The statement emphasized continued refinement of Employment Pass and Permanent Residency policies to attract high-quality foreign talent while strengthening protections for the local workforce. SMEs should anticipate gradual adjustments in eligibility and compliance requirements over the coming years.
Source: https://www.mom.gov.sg/newsroom/press-releases/2025/0916-mom-addendum
ICA Updates Guidance on Renunciation of Singapore Citizenship
On 17 September 2025, the Immigration & Checkpoints Authority (ICA) released updated guidance on the renunciation of Singapore citizenship. The new materials provide more detailed instructions on eligibility, required documents, and processing timelines. This update is aimed at improving clarity and reducing administrative delays for applicants navigating the renunciation process.
Source: https://www.ica.gov.sg/enter-depart/for-singapore-citizens/renunciation
Licensing & Regulatory Compliance
MAS Updates the Code on Collective Investment Schemes (CIS)
On 3 September 2025, MAS updated its Code on Collective Investment Schemes (CIS), which sets best-practice standards for fund managers, approved trustees, and VCC stakeholders. The refreshed Code page reflects the latest revision date and links to related regulatory instruments, signalling incremental tweaks practitioners should align with when preparing offer documents and ongoing disclosures.
Source: https://www.mas.gov.sg/regulation/codes/code-on-collective-investment-schemes
MAS Launches Initiatives for Responsible Online Financial Content
On 25 September 2025, MAS announced a package of measures to promote responsible online financial content, including advisory letters to content creators and companion guidance to raise standards for financial information shared on social platforms. This matters for licensed firms partnering with creators and for startups using influencer marketing in fintech or wealth content.
Government Grants, Incentives & Support Schemes
EnterpriseSG Scale-Up Programme Achieves S$2.5B Growth
On 17 September 2025, Enterprise Singapore announced that firms under its Scale-Up programme collectively added S$2.5 billion in revenue within three years. The initiative supports high-potential local companies through growth planning, leadership development, and market access. The latest results highlight the programme’s role in strengthening Singapore’s scale-up ecosystem and positioning SMEs for global expansion.
IRAS updates the e-Tax Guide for the Enterprise Innovation Scheme (EIS)
IRAS refreshed its EIS e-Tax Guide, clarifying qualifying activities, enhanced deductions, documentation, and the cash payout option timelines for YA 2024–2028. The Enterprise Innovation Scheme is a tax initiative that supports businesses investing in innovation, R&D, and capability development. It offers up to 400% tax deductions or allowances on the first S$400,000 of qualifying expenditure, with an alternative cash payout option for eligible companies. The latest updates provide SMEs with clearer filing rules and substantiation requirements ahead of YA 2025/2026 claims.
IMDA updates the InvoiceNow-Ready Solution Providers (IRSP) list
On September 2 IMDA published a refreshed IRSP list to support e-invoicing adoption (Peppol/InvoiceNow), helping SMEs identify accredited software options that meet the latest requirements, including GST InvoiceNow readiness. This eases vendor selection and accelerates digital invoicing compliance.
Source: https://file.go.gov.sg/invoicenowirsp.pdf
Funding & Startup Ecosystem
Singapore FinTech Festival 2025 Dates Confirmed
On 18 September 2025, MAS confirmed that the Singapore FinTech Festival will take place from 12–14 November at Singapore EXPO. The annual flagship event brings together global fintech players, startups, and regulators to showcase emerging technologies and funding opportunities. Founders and investors can expect new partnership announcements and networking prospects ahead of the festival.
EnterpriseSG Launches “Call for Projects on Sustainable Cities”
From 1 September 2025, Enterprise Singapore opened a joint innovation call for solutions in sustainable urban development, with submissions closing on 23 January 2026. The initiative targets startups and SMEs developing projects in green infrastructure, energy efficiency, and digital city technologies. Selected projects may receive co-funding and partnership opportunities to pilot solutions in Singapore and abroad.
EnterpriseSG Launches Sprout@AMK for Heartland Innovators
On 21 September 2025, Enterprise Singapore launched Sprout@AMK, a dedicated innovation hub for community-based and retail innovators. The first cohort of 15 enterprises will receive mentorship, pilot opportunities, and connections to investors. The programme aims to nurture heartland entrepreneurship and create scalable business models within local neighbourhoods.
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