No. All S Pass or Work Permit holders are not allowed to be registered as company directors or secretaries. In addition, they are also not allowed to be shareholders of a Singapore company. Therefore, they cannot be registered with ACRA as company directors, secretaries and/or shareholders. If any S Pass or Work Permit holder does [...]
In BizFile+, which is the business filing system operated by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore, an "Alternate Address" is an optional address that directors, secretaries, and other company officers can use instead of their residential address in public records. The alternate address must be in the same country as the residential [...]
New Contact Address Regime With the enactment of the ACRA (Registry and Regulatory Enhancements) Bill 2024 on 2 July 2024 by Parliament, ACRA will introduce the use of a Contact Address to enhance the protection of residential addresses filed with the Registrar. Currently, the law mandates that residential addresses of company officers be disclosed to [...]
A company limited by guarantee (CLG) is a type of non-profit organization, commonly found in sectors such as education, charity, and social enterprises. Since CLGs do not have share capital and thus no shareholders, they rely on alternative methods for raising funds. Here are the primary ways a CLG can raise money: 1. Grants Government [...]
Treasury Shares in Singapore refer to shares that a company has repurchased from its existing shareholders and holds in its own name. These shares do not have voting rights, do not receive dividends, and are not counted when calculating earnings per share (EPS). The concept of treasury shares is governed under the Singapore Companies Act, [...]
If a Singapore company fails to file its corporate taxes on time, it may face a range of penalties imposed by the Inland Revenue Authority of Singapore (IRAS), including: Late Filing Fees: IRAS may impose a late filing fee for failing to file corporate tax returns by the due date (usually November 30 each year). [...]
Moving forward, GST-registered businesses will need to be on InvoiceNow solutions to send invoice data to IRAS for tax administration. The requirement will be rolled out progressively in phases. Here are the timeframes for the implementation. From 1 November 2025, newly incorporated companies that voluntarily register for GST will need to be on an InvoiceNow [...]
There are two methods for a previously struck-off company to be restored to the register of companies. They are: a) By way of an application to the Court under s 344(5) of the Companies Act 1967 (CA); or b)By way of an application for administrative restoration under s 344D CA a) By way of [...]
Singapore is coming down hard on money laundering and terrorism financing activities. Every Singapore company should have processes in place to deal with such matters. Every company should have an anti-money laundering framework in place. Creating an Anti-Money Laundering (AML) framework for a Singapore company involves a series of steps to ensure compliance with [...]
This is a question that is posed to us rather often. In typical limited companies, there will be shareholders. The liability of the shareholders is the amount of paid up capital that they have put into the company. For example, if a person buys 1000 shares of a company for $1000, then the company's paid [...]