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So far Daryl has created 452 blog entries.

How will I know the status of a company?

To check the status of a Singapore company, you can use the online services provided by the Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for regulating business entities in Singapore. ACRA offers a user-friendly online portal where you can access various information about companies registered in Singapore. Here's how you can do [...]

By |2023-10-05T17:49:11+08:00September 27th, 2023|Questions and Answers|

Enterprise Innovation Scheme (EIS)

The Government has recently launched a new Enterprise Innovation Scheme (EIS) designed to offer enhanced tax benefits to businesses engaged in eligible activities aimed at fostering innovation. Starting from the Year of Assessment (YA) 2024, companies involved in research and development (R&D), innovation, and capability development endeavours can now avail themselves of a generous 400% [...]

By |2023-10-05T18:00:16+08:00September 14th, 2023|Grants and Other Incentives, Latest News and Announcements|

What is PayNow and PayNow Corporate?

PayNow offers an improved money transfer experience, allowing retail customers of participating banks and non-financial institutions (NFIs) in Singapore to swiftly send and receive Singapore Dollar funds within the country. This can be done using only a mobile number, Singapore NRIC/FIN, or a Virtual Payment Address (VPA). Importantly, the sender no longer needs to possess [...]

By |2023-10-06T15:22:32+08:00September 5th, 2023|Running a Company, What Is...|

What is a Double Taxation Avoidance Agreement (DTA)?

Juridical double taxation occurs when the same income is subject to taxation twice—first in the jurisdiction where the income is generated and then again in the jurisdiction where it is received. To alleviate the implications of double taxation, countries enter into DTAs. A DTA partner refers to a jurisdiction that has signed a DTA with [...]

By |2024-04-16T14:46:04+08:00August 25th, 2023|What Is...|

The different share classes and how to convert shares from one class to another

Various categories of shares grant companies the flexibility to configure their ownership arrangement in a manner that can support their expansion. Companies possess the liberty to categorize shares into distinct classes, thereby accommodating numerous categories within their share system. Nonetheless, in broad terms, there exist two primary types of share classes.   Ordinary Shares Ordinary [...]

By |2023-10-06T15:37:28+08:00August 17th, 2023|Running a Company|

Contract of Service vs Contract for Service

Contract of Service A Contract of Service, as defined by the Ministry of Manpower (MOM), is a formal agreement between an employer and an employee. It provides a crucial foundation for both parties, offering security and protection. Essentially, it functions as an employment contract. For employees, this contract ensures a sense of security as it [...]

By |2023-10-24T17:08:30+08:00July 26th, 2023|Employment and Immigration|

A breakdown of an employee’s salary components

Variable Components Monthly Variable Component (MVC) MVC acts as an “emergency lever” component to help employers bring down wage costs in the case of sudden and severe business or economic setbacks to survive and save jobs. MVC forms part of the monthly basic salary and it shall be included in computing overtime payment and CPF [...]

By |2023-10-06T16:03:36+08:00July 24th, 2023|Employment and Immigration|

In what circumstances may an employer deduct or recover monies from an employee’s salary?

Salary payments are governed by the Employment Act (EA). Hence, an employer may only deduct an employee's salary for reasons allowed under the act. Alternatively, he may also do so if there is a court order. According to the act, authorised deductions can be made for the following reasons: For absence from work (without valid [...]

By |2023-10-24T17:21:45+08:00July 19th, 2023|Employment and Immigration|

Basic Payroll regulations in Singapore

Payroll-related matters in Singapore are regulated by the Employment Act (EA). The EA is applicable to all employees, regardless of nationality, who work under a contract of service. However, it excludes seamen, domestic workers, and individuals employed by statutory boards and the government. All employees under a contract of service with an employer are covered [...]

By |2023-10-24T17:28:13+08:00July 17th, 2023|Employment and Immigration|

What makes a company part of a group?

In the realm of business, a parent company refers to a corporate entity that possesses or exercises control over one or more other companies, typically by owning more than 50% of their voting rights. A subsidiary, on the other hand, denotes a company that is controlled by another company, usually through ownership of over 50% [...]

By |2023-10-06T16:15:57+08:00July 14th, 2023|Questions and Answers|
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