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Converting a Sole Proprietorship into a Private Limited Company

As a business grows, some business owners may want to convert their sole proprietorship into a private limited company. Here are some of the reasons why some business owners may want to make the switch.   1) To limit liabilities As a sole proprietor, your liabilities are unlimited. This means that you are liable for [...]

2019-06-12T09:49:15+08:00June 12th, 2019|Useful Articles|

If my company is dormant, do I need to have it audited?

We briefly spoke about dormant companies in a previous article: What is a Dormant Company Here is a further elaboration to the topic. A company is considered dormant during a period in which there is no accounting transaction. A company is considered dormant if: It has been dormant from the time of its formation It [...]

2019-06-06T10:37:21+08:00June 6th, 2019|Questions and Answers|

Do I need a company seal to execute documents?

Traditionally, company seals are used by companies to execute deeds. Instances, whereby a company seal may be used, are when purchasing a property or issuing a share certificate. However, with effect from the 31st of March 2017, it is no longer necessary for a company to execute such documents with a company seal.   Section [...]

2019-05-31T14:11:48+08:00May 31st, 2019|Questions and Answers|

What is a shareholder agreement

A shareholder agreement is a document signed between shareholders of a company that supplements and complements the constitution of a company. A shareholder agreement may or may not be between all of the shareholders. It can be signed among some of the shareholders. It may also be signed between the shareholders and the company. One [...]

2019-05-29T13:36:50+08:00May 29th, 2019|What Is...|

Singapore Company Director’s Remuneration

Generally, a director can be remunerated in two ways, director's fees and salary.   Director's fees Director's fees are paid to the director for directorial services rendered to the company. It is not required for a company to pay its directors any director's fees but if it does, this payment has to be approved in [...]

2019-05-22T11:18:45+08:00May 22nd, 2019|Useful Articles|

Singapore Company Shares and Share Classes

The shares of a company represent ownership in a company. When a company is incorporated, the shareholders are the ones who own the company. The shareholders must also determine who owns how many shares. There are also different classes of shares with different rights. Shareholders are the ones who invest in the company and in [...]

2019-05-21T14:46:02+08:00May 21st, 2019|Uncategorized, Useful Articles|

How to compile a company’s financial statements

At the end of every financial year, the directors of a company will need to compile their financial statements. The financial statements can be audited and unaudited. For exempt private companies limited by shares or small companies, they may present their financial statements unaudited as they qualify for audit exemption. For exempt private companies limited [...]

How to reduce the share capital of a company

Share capital represents the amount that the shareholders invest in a company. Share capital may be increased or reduced. If the shares are paid for then the shares are considered paid up. If shares are partially paid or have yet to be paid up then we classify this as unpaid share capital. The shareholders holding [...]

2019-03-12T13:18:58+08:00March 13th, 2019|Useful Articles|