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 info@singaporesecretaryservices.com. 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 [...]
For the last year, our company has been recommending Aspire to clients who are looking for a digital bank account. We wrote an article about digital banks which can be found here: https://www.singaporesecretaryservices.com/what-is-a-digital-bank/. The main draw for most was that Aspire's corporate account is free. There were no monthly or annual charges. Moreover, there were [...]
Upon incorporation, companies must appoint a company secretary within six months. This is in accordance with section 171(4A) of the Companies Act which states: The office of secretary must not be left vacant for more than 6 months at any one time. In most cases, the company secretary is filled by the corporate service provider [...]
A company can return excess capital it might have to its shareholders through dividends, share capital reduction or share buybacks. In this article, we will be focusing on share buybacks, namely for private companies in Singapore. A share buyback is exactly what it says. A company is buying back its own shares. Instead of the [...]
Introduction A share split is also commonly referred to as a stock split. It is usually done for commercial reasons. Usually, when the price of a share is restrictively high, the company may decide to break up or split that share into multiple smaller shares. For example, instead of 1 share being priced at $100, [...]
Share Capital is the amount of money that the shareholders have committed to the company in exchange for shares. For example, if the shareholders have committed that they will invest $10,000 into the company in exchange for 10,000 ordinary shares, then the share capital of the company is $10,000 for 10,000 ordinary shares. Paid Up [...]
Brief introduction: To better understand the advantages and disadvantages, we will need to first understand what convertible notes really are and then we can better appreciate their usage. We have a previous article posted here: What is a convertible note?. This article spells out the usual steps a company may take to issue a convertible [...]