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 [...]
The corporate veil is a metaphor to recognise that a validly registered company has its own legal identity that is distinct from its members (shareholders) and officers (for example, directors and secretaries). The effect of incorporation is that the company is a body corporate with a distinct legal identity. It may sue and be sued, [...]
Before the 3rd of January 2016, companies would have two documents that bound their stakeholders and set out the manner in which the company were to deal with their business. They are: The Memorandum of Association; and The Articles of Association. What is the Memorandum of Association? It is a document that details the [...]
The relevant section in the Companies Act pertaining to the position of company secretary is section 171. With regards to a company not wanting to appoint a company secretary, section 171(4A) of the Companies Act provides us with some guidance. The section states: The office of secretary must not be left vacant for more than [...]
The Covid-19 pandemic accelerated the adoption of holding Annual General Meetings (AGMs) via virtual means. However, as we move towards normalcy, companies are reverting to holding physical AGMs. The question that remains is: should companies still hold virtual AGMs? Virtual AGMs are held on platforms like Zoom, Microsoft Teams, Cisco Webex or Google Meet. Participants [...]
We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]
Corporate tax filing season is here! The corporate tax deadline for the year of assessment 2022 (YA2022) is on the 30th of November 2022. YA 2022 is for all financial periods which ended in 2021. For example, if the financial period is from 1st April 2020 to 31st March 2021, the financial period ended in [...]
From ACRA: To strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combating laundering, terrorism financing and other threats to the integrity of the international financial system, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a new requirement for companies, including foreign companies, and Limited Liability Partnerships (LLPs). Maintaining Registers of Nominee [...]
Do note that the NOR scheme has ceased. The last NOR status granted will run/ be valid from YA 2020 to YA 2024. Tax concessions under the NOR scheme: To qualify, you will need to be: A tax resident in the respective YA Fulfill the qualifying conditions Qualifying conditions: Be a non-resident in [...]
This question was emailed to us at [email protected]. A director is considered an employee of the company. Therefore, like every employee who receives payment, this is an expense to the company. If you consider the simple equation of: Profit = Revenue - Expenses You will see that if expenses increase, profit will decrease. Therefore, the [...]