Daryl, Author at Singapore Secretary Services

What will happen if I don’t prepare my Singapore company’s financial statements according to the Singapore Financial Reporting Standard?

If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]

By Daryl|2023-02-07T12:09:13+08:00February 15th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

The key features to take note of the Singapore Financial Reporting Standard (SFRS)

The Singapore Financial Reporting Standard (FRS) sets the accounting standards for companies in Singapore, and outlines the requirements for the preparation and presentation of financial statements. Some key features of the Singapore FRS include: Compliance with International Financial Reporting Standards (IFRS): The Singapore FRS is largely based on IFRS, and companies in Singapore must comply [...]

By Daryl|2023-02-07T12:04:42+08:00February 14th, 2023|Accounting Bookkeeping Tax and XBRL|

Key features of the Model Constitution for companies in Singapore

Every company in Singapore has a company constitution. This essentially is the "rule book" of the company. It sets out how the company does its business and how it deals with matters especially with regards to the conduct of directors and shareholders. You can retrieve the model constitution from this link: https://sso.agc.gov.sg/SL/CoA1967-S833-2015?DocDate=20200124 The model constitution [...]

By Daryl|2023-02-07T10:24:41+08:00February 13th, 2023|Running a Company, Useful Incorporation Articles|

What can you do if a customer does not pay for the agreed goods and services provided

If a customer in Singapore does not pay for agreed services, you may consider the following options: Negotiate payment: Try to reach a mutually agreed solution with the customer, such as a payment plan. It would be wise to try to reach a mutual agreement and settle it privately. This is so that the customer [...]

By Daryl|2023-02-06T16:32:44+08:00February 10th, 2023|Running a Company|

What are the roles of directors in Singapore companies?

In Singapore, directors play a critical role in the governance and management of a company. Some of the key responsibilities of directors in a Singapore company include: Compliance with laws and regulations: Directors must ensure that the company complies with all relevant laws and regulations, including the Companies Act and other relevant legislation. Corporate strategy: [...]

By Daryl|2023-02-06T14:41:35+08:00February 9th, 2023|Questions and Answers|

What are the key features of Variable Capital Companies (VCCs)?

Variable Capital Companies (VCCs) are a new type of investment fund structure introduced in Singapore in 2019. VCCs are similar to traditional investment funds but with some key differences, making them a more flexible and adaptable option for fund managers and investors. Some of the key features of VCCs in Singapore include: Flexibility: VCCs allow [...]

By Daryl|2023-02-06T13:16:04+08:00February 8th, 2023|Questions and Answers|

If I am trading, do I need to register with the Singapore Customs?

All companies that are engaged in exporting and importing goods into and out of Singapore as well as transhipment activities are required to register with the Singapore Customs. Pre-2009, registered companies will be issued a Central Registration Number (CRN). This CRN is necessary when engaging in trading activities. However, from 1st January 2009, the Singapore [...]

By Daryl|2023-02-06T12:02:57+08:00February 7th, 2023|Questions and Answers|

Amalgamation of Little Big Secretary Services Pte Ltd’s business

To all our clients, Little Big Secretary Services Pte Ltd has seen its business grow significantly since the company was incorporated about 5 years ago. We could not have made it this far without the support from our many clients. In fact, many clients were with us from an earlier entity and thus we can [...]

By Daryl|2023-02-03T13:25:02+08:00February 3rd, 2023|Latest News and Announcements|

Why do you need a security deposit for the Nominee Director service? How and when can we get this back?

As every company requires a local resident director, if there are foreigners who are looking to incorporate a company in Singapore, they will need a local resident to fill the position of the local resident director. A local resident director is someone who is ordinarily residing in Singapore. This DOES NOT mean that this person [...]

By Daryl|2023-01-31T16:38:09+08:00February 1st, 2023|Questions and Answers|

The fiduciary duties of a Singapore Company Director

The duties of a Singapore Company Director is spelt out in section 157(1) and 157(2) of the Companies Act 1967. The relevant sections state: 157(1) A director must at all times act honestly and use reasonable diligence in the discharge of the duties of his or her office. (2) An officer or agent of a [...]

By Daryl|2023-01-31T12:05:48+08:00January 31st, 2023|Uncategorized|

About Daryl