A tax deductible donation strategy in Singapore lets corporate entities reduce their financial obligations while being able to give back to their communities and adhere to their mission & vision. On top of this, it helps them achieve something that paints them as a company that cares for people and society. Here are some tips when planning one:
- Build your advocacy: It does not have to be directly related to the company. For instance, an energy corporation can start a CSR program in Singapore that focuses on the welfare of children or build awareness about hunger in other parts of the world. Overall, as long as it is socially relevant, your company can start it!
- Examine your finances because it is a determining factor on how much you can expend and use for your charity organisation in Singapore. This step is also necessary for those who wish to formulate a tax deductible donationstrategy.
- Consider a crowdfunding platformto spread the word about your campaign, gather funds from anyone who wishes to help, and make donating even more accessible to other people. It works for everyone with limited funds or those who want to start something small.
- Hire people who can manage the campaign and everything that surrounds it. First, make sure your finances are in check because you would not want to go into a tax relief donationwithout even thinking. Second, marketing is key! You are, of course, running a non-profit campaign, but it is necessary to spread the word to encourage people.
- The last and most important tip: Practice what you preach! Starting a CSR program for your business means it should align with your mission & vision. For example, you would not want to be associated with an employee who perpetuates abusive behaviour against children when you have a campaign about child abuse cases.
Singapore Children’s Society gives corporations an avenue to perform their CSR program and offers a crowdfunding platform in Singapore when needed. Visit their website for more information.
