There may be a host of reasons for a company to be struck off the register. When a company is struck off, it ceases to exist. Therefore, a company must fulfil the criteria under section 344A of the Companies Act. Do note that it is an offence for someone to strike off a company without [...]
This is a question that was posed to us by a potential client. This individual is a shareholder of a Singapore registered company. We are assuming that he has never received any dividends from the company. With reference to section 403 of the Companies Act, dividends can only be paid out from the company's net [...]
We received this question from a prospective client. He is a foreigner and is considering shifting his business to Singapore. He is looking to incorporate a Singapore company and would be looking to apply for a valid work pass for him to live and work in Singapore. This article will be answering his question in [...]
On the 16th of February 2024, Deputy Prime Minister and Finance Minister Lawrence Wong announced the Budget 2024 in parliament. Budget 2024 is about taking Singapore forward with its Forward Singapore Roadmap. The goal is to grow the economy, create better jobs, have more paths for equality and mobility, and provide more assurance for families [...]
Establishing a Singapore offshore company involves registering and operating a business from a location separate from its primary stakeholders and operations. In essence, the company is a local Singapore company and its ownership, management and control may be outside of Singapore. The appeal of Singapore for entrepreneurs and investors is rooted in the diverse advantages [...]
This is in response to a question posed to us in an email. We are sharing the answer in a blog post as this may be a common question for foreigners looking to incorporate a Singapore company. The requirement as stated in section 145(1) of the Companies Act is that there needs to be at [...]
As stated in section 68(2) of the Income Tax Act, every employer is required to report employee earnings to IRAS. Here is a reproduction of the statute: The Comptroller may, by notice in the Gazette, require every employer to prepare and deliver to the Comptroller or any person specified in the notice, for any year [...]
Section 10L of the Income Tax Act 1947 (ITA) takes effect from the 1st of January 2024. This section deals with the tax treatment for gains from the sale of foreign assets. In this article, I will provide a very brief explanation of the Here is a reproduction of sections 10L(1) and (2) of [...]
Dear all, We have started to use communities to disseminate messages. This will allow us to get announcements out to clients more efficiently. We need to harness the use of WhatsApp communities as our client list has grown to a size where we are unable to keep up with sending announcements to individual chats. The [...]
This question pertains to self-employed individuals and partnerships. So if you are a self-employed individual, sole proprietor or partnership, this question and its answer are relevant to you. All self-employed individuals, sole proprietors and partnerships have to prepare their statement of accounts. This is under the law. The statement of accounts reflects the business income [...]