A share certificate is proof of ownership of a company's shares. The persons holding the share certificates are the shareholders of the company. Shareholders are commonly referred to as owners. The preparation and issuance of a share certificate are usually done by the company secretary. The share certificate must be issued in accordance with the [...]
Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]
Every company must appoint a secretary within 6 months from the date of incorporation. The post of company secretary must also not be left vacant for more than 6 months. The company secretary must be a local resident of Singapore and cannot be the sole director of that company. The secretary may also be held [...]
Before 31st March 2017, a Singapore company executing a document as a deed was required to affix the company's common seal on the deed in accordance with the company's constitution. The typical model constitution of a Singapore company incorporated before 31st March 2017 would state that the common seal of the company would have to [...]
There are two types of shareholders resolutions. Ordinary Resolution Special Resolution A Special Resolution is a resolution whereby the votes cast in favour of the resolution is at least three times higher than the votes cast against it. Therefore, 75 per cent of the votes is required to be cast to pass a special resolution. If [...]
A company director was hit with a record SGD$113,400 fine for multiple breaches of the Companies Act. They include failing to hold annual general meetings (AGMs) and failing to file annual returns (ARs). According to the Accounting and Corporate Regulatory Authority (ACRA), Tan Hang Song was fined SGD$113,400. The fine was nearly double the previous [...]
There are two types of shareholders resolutions. Ordinary Resolution Special Resolution An ordinary resolution is a resolution whereby the votes that are cast in support of the resolution exceeds the votes that are cast against it. In short, the resolution needs more than 50 per cent of the votes to be passed. If there are [...]
Profit and Loss Statements, also commonly known as P&L or income statements, shows you the profitability of your business over a given period of time. The Profit and Loss Statements are usually prepared monthly, quarterly and yearly. The Importance Of Profit and Loss Statements First and foremost, companies are required by law to complete [...]
According to Section 26(1) of the Companies Act, "Unless otherwise provided in this Act, the constitution of a company may be altered or added to by special resolution." Usually, companies will adopt the model constitution as provided in the Companies Act upon incorporation. As a company progresses, it may decide to make changes to the [...]
From 31st March 2017, it is compulsory for all companies, unless exempted, to have a Register of Controllers and a Register of Nominee Directors. The Accounting and Corporate Regulatory Authority (ACRA) or relevant government bodies like the police can compel a company to hand over these registers for inspection. If these registers are found not to [...]