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So far Web Admin has created 70 blog entries.

Must I maintain the paid-up capital in the company’s bank account?

Paid-Up Capital is essentially the monies which the company has received in exchange for its shares. This money must be deposited into the company's bank account and can only be used for the running of the company. For example, if a company sells 100,000 ordinary shares for SGD$100,000 to a shareholder, this SGD$100,000 must be [...]

2019-01-21T11:56:14+00:00January 21st, 2019|

How much do I have to pay in taxes as a start up company in Singapore?

If you set up a Singapore company, your company will be liable for corporate taxes and the individuals who are employed in the company will have to pay personal income taxes on the salaries that are paid to them.   In Singapore, corporate tax rates are a flat 17%. However, there are common tax reliefs [...]

2019-01-19T13:27:38+00:00January 19th, 2019|

Singapore PR scheme for individuals working in Singapore

Individuals who have been working in Singapore can apply for Singapore Permanent Residency (PR) under the Scheme for Professional/ Technical Personnel/ Skilled Workers. Under this scheme, the applicant has to be working in Singapore on an Employment Pass, Entrepreneur Pass (EntrePass) or S Pass. The individual can apply to obtain Singapore PR for his or [...]

2019-01-19T11:21:05+00:00January 19th, 2019|

XBRL (eXtensible Business Reporting Language)

XBRL stands for eXtensible Business Reporting Language and is a global framework for exchanging business information. Having a common framework to analyse data makes it easier to exchange and analyse business information of companies. XBRL allows for the generation of data which may be used by a large group of stakeholders for decision-making and analysis, [...]

2019-01-18T11:52:10+00:00January 18th, 2019|

The difference between a Private Company and an Exempt Private Company

The most typical company that is incorporated is Private Company limited by Shares. There are, however, two different types of Private Company limited by Shares, namely a Private Company and an Exempt Private Company.   Exempt Private Company limited by Shares An Exempt Private Company limited by Shares is a private company which has at [...]

2019-01-17T19:24:34+00:00January 17th, 2019|

How to select the right nominee director for your company?

Some businesses may require a nominee director for a variety of reasons. For foreign-owned companies, they may require a nominee director to fulfil statutory requirements of having one local resident director. Some individuals may be employed in certain companies that prohibit them from being a director in another company. These individuals may want to set [...]

2019-01-17T13:23:30+00:00January 17th, 2019|

What are the penalties for failing to hold an AGM?

An Annual General Meeting (AGM) is one of the statutory requirements for all companies. It is an annual meeting where the directors will present the company financial statements as well as other related matters to the shareholders. The shareholders are essentially the owners of the company and the directors are working for the shareholders. The [...]

2019-01-17T11:02:34+00:00January 17th, 2019|

How do I maintain my company’s accounts?

The main administrative and compliance costs in running a company are the accounting or bookkeeping costs followed by the corporate secretarial fees. It is very important to maintain proper company accounts. It is important to note that in Singapore, all companies with financial period starting on or after 1st January 2003 have to comply with [...]

2019-01-16T11:40:23+00:00January 16th, 2019|

Can a foreigner start a company in Singapore?

Yes, a foreigner can start a company in Singapore. There are no restrictions on foreign shareholding or directorship of a Singapore company. A Singapore company can have 100 per cent foreign shareholding and 100 per cent foreign directors. You will, however, have to have one local resident director. That local resident director can be a [...]

2019-01-14T02:58:09+00:00January 14th, 2019|

What are the differences between an employment pass and an Entrepass?

If you start a company in Singapore, you may want to work in Singapore. You may want to take up the position as the local resident director of the company or would like to reside and work in Singapore to grow your company. You can either apply for an Employment Pass (EP) or an Entrepreneur [...]

2019-01-11T03:04:28+00:00January 11th, 2019|
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