A Company and a Limited Liability Partnership (LLP) are both incorporated entities which mean that they have a separate legal personality from their ownership. We encounter a lot of queries about which business structure is best recommended for people looking to set up business structures and more often than not, we usually gravitate and recommend [...]
A promoter of a company is a person who undertakes to form a company with reference to a given project, to set it going. He takes the necessary steps to accomplish that purpose. For example, you and four other friends decide to set up a company to deal with importing and exporting fashion wear. They [...]
A de facto director is a person who is not formally appointed to the company's board as a director but is acting as if he had been so. To formally appoint a director, typically a general meeting must be convened and the shareholders have to pass a resolution to appoint an individual as a director. [...]
We have seen cases whereby clients have confused the roles of shareholders and directors. In this article, we will be explaining the roles and powers of the shareholders and the directors. The shareholders are the owners of the company. The directors, on the other hand, are the management of the company. Thus the management powers [...]
When a company raises money, it may give security to the creditor. If it uses its assets as security, a charge is said to be made over the assets. The lender takes a charge over assets to secure repayment over a loan. There are two types of charges: Fixed charge A charge on fixed assets. [...]
There is no proper definition of a zombie company but in essence, it is a company that makes enough revenue to continue operations and service a portion of its debt. There is little to no growth and the company is constantly looking for lifelines from either loans, external funding or government grants. Here are [...]
Dear all, this is a notice that was sent to all companies by the registrar. We are reproducing it on our announcement page to keep everyone up to date. Just in case you may have overlooked this matter. Yours sincerely, The editorial team at Singapore Secretary Services Dear Sir/Mdm, Since 31 Mar 2017, companies, [...]
The 2-tier penalty framework applies to the filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). It was announced on the 30th of December 2020 and takes effect on the 30th of April 2021. Under this 2-tier penalty framework, Singapore-incorporated companies, VCCs and LLPs [...]
The 2-tier penalty framework for filing of annual returns and annual declarations by Singapore companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) will be deferred. It was supposed to take effect from the 30th of April 2021. The current penalty framework will continue to apply: Late lodgement penalty for Local Companies: Flat rate of [...]
Companies are required, in accordance with the Personal Data Protection Act (PDPA), to appoint a data protection officer (DPO) to ensure that the company is compliant with the act. The details of the DPO should be made publicly available. Typically, companies will put this information on their website. In the event of a breach or [...]