Net 30 Invoice for Singapore

Net 30 Invoice Template for Singapore

A Net 30 Invoice Template compliant with Singapore law is a standardized billing document that allows customers 30 days to pay the full invoice amount from the date of issue. This document incorporates Singapore's GST requirements, electronic transaction regulations, and business documentation standards. It includes mandatory business information, payment terms, and provisions for late payment under Singapore's commercial law framework.

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What is a Net 30 Invoice?

The Net 30 Invoice Template is designed for businesses operating in Singapore requiring a standardized approach to billing with 30-day payment terms. This document type is particularly useful for established business relationships where extending credit is appropriate. The template ensures compliance with Singapore's GST Act, Electronic Transactions Act, and business documentation requirements while providing clear payment terms and conditions. It includes all necessary fields for proper record-keeping and tax compliance, making it suitable for both local and international transactions.

What sections should be included in a Net 30 Invoice?

1. Invoice Header: Company name, registration number, GST number (if applicable), logo, date, invoice number, and other key business identifiers

2. Client Information: Full legal name of client, registered address, contact details, and client reference number if applicable

3. Item Details: Detailed listing of goods/services provided, including description, quantity, unit price, and subtotal for each item

4. Payment Terms: Net 30 payment terms, specific due date, accepted payment methods, and banking details

5. Total Amount: Calculation summary including subtotal, GST (if applicable), any discounts, and final total amount due in specified currency

What sections are optional to include in a Net 30 Invoice?

1. Purchase Order Reference: Section for including client's purchase order number and related reference information when required by corporate clients

2. Late Payment Terms: Details of interest rates, penalties, and consequences for payments made after the 30-day term

3. Shipping Information: Delivery details including shipping address, costs, and estimated delivery date for physical goods

4. Special Instructions: Any specific requirements or notes relevant to the invoice or payment processing

What schedules should be included in a Net 30 Invoice?

1. Detailed Item Breakdown: Comprehensive breakdown of complex service charges or multiple items with additional details

2. Payment Instructions Schedule: Detailed banking information, international payment codes, and specific payment processing requirements

3. Terms and Conditions: Standard terms and conditions applicable to the invoice, including payment terms, late payment provisions, and dispute resolution procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Invoice Form

Sector

Sales

Cost

Free to use
Industries

Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for establishing legally binding payment terms in the Net 30 invoice.

Goods and Services Tax Act (Cap. 117A): Regulates GST requirements for invoices, including mandatory information for GST-registered companies and proper tax calculations.

Income Tax Act (Cap. 134): Governs tax implications of business transactions and requirements for financial documentation for tax purposes.

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and digital signatures, relevant for electronic invoicing systems.

Late Payment of Commercial Debts (Interest) Act: Governs the rights to claim interest on late commercial payments and sets guidelines for payment terms.

Limitation Act (Cap. 163): Sets time limits for legal action on debt collection and enforcement of payment terms.

Business Registration Act (Cap. 32): Specifies requirements for business registration details that must appear on official business documents including invoices.

Companies Act (Cap. 50): Establishes requirements for company information disclosure and documentation in business transactions.

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer protection in commercial transactions, affecting payment terms and conditions.

Currency Act (Cap. 69): Regulates the use of currency in Singapore and requirements for currency denomination in commercial documents.

IRAS Record-Keeping Requirements: Specifies the duration and manner in which business records, including invoices, must be maintained for tax purposes.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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