A shareholders agreement is a legally binding document that outlines the rights and obligations of the shareholders of a company. The following are some of the key reasons why it is important for a company to have a shareholders agreement in place: Clarifies Ownership and Control: A shareholders agreement can help to clarify the ownership [...]
A trust agreement is a legal document that sets out the terms and conditions of a trust. The following are some of the key provisions that may be included in a trust agreement: Trustee: The name of the trustee or trustees who will be responsible for managing the trust assets and making distributions to the [...]
To hold company shares in trust for someone else means that the registered shareholder of the shares (the legal owner) is holding the shares on behalf of another person (the beneficial owner). In Singapore, the registered shareholder is listed as the legal owner of the shares on the company's register of members, while the beneficial [...]
Paid-up capital refers to the portion of a company's authorized capital that has been paid for by shareholders in exchange for shares. In Singapore, the minimum paid-up capital required to register a private limited company is SGD $1. The paid-up capital of a Singapore-registered company has several important functions and significances, including: Legal Requirement: A [...]
In accounting, goodwill is an intangible asset that represents the excess of the purchase price paid for a company over the fair market value of its net identifiable assets (such as tangible assets, liabilities, and intangible assets like patents or trademarks). Goodwill can arise from various factors, including a company's reputation, brand name, customer relationships, [...]
Yes, it is possible for a non-Singapore resident to open a bank account in Singapore, although the specific requirements and processes may vary among different banks. Generally, non-residents may need to provide additional documentation to prove their identity and address, such as a valid passport, employment pass, or utility bill. They may also need to [...]
Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]
The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]
During budget 2023, Deputy Prime Minister Lawrence Wong announced that the CPF monthly ceiling will be raised from the current S$6,000 to S$8,000 by 2026. This will mean that for salaries up to S$8,000, there will be CPF contributions from both the employee and employer. Currently, this CPF monthly ceiling is set at S$6,000. This [...]
Selling a business in Singapore involves several steps and requires careful planning and preparation. Here are some general steps you can take: Prepare your business for sale: Before selling your business, you need to ensure that your financial statements are up-to-date and that your business is in good shape. This can include making any necessary [...]