When can a director be disqualified?

A director of a Singapore company can be disqualified when: The director becomes bankrupt. The director is convicted of an offence involving fraud or dishonesty that is punishable with an imprisonment term of 3 months or more. The director has been convicted for 3 or more filing offences under the Companies Act within a period [...]

2019-02-18T03:01:24+00:00February 19th, 2019|

Can I pay myself dividends instead of salary and save on taxes?

To answer this question, we will need to know the tax rates and we will also need to set a few assumptions.   Here is the Singapore Resident Tax Rate:   Singapore has a flat rate of 17% for Corporate Taxes. Here are some Common Tax Reliefs for companies. You should be familiar [...]

2019-02-15T20:19:22+00:00February 11th, 2019|

Can I use my home address as my registered business address?

The answer is yes. Since 10th June 2003, the Home Office Scheme allows businesses, be it sole proprietors, partnerships or companies, to use their residential address as the registered business address. If you are living in a Housing and Development Board (HDB) flat, you will need to obtain prior approval from the HDB and if [...]

2019-02-08T23:12:33+00:00February 8th, 2019|

How do I purchase a Singapore company?

From our understanding of the question posed, the question is about purchasing shares in a Singapore company. We have broken down the answer into two sections. We will discuss purchasing all the shares of a Singapore company as well as purchasing part of the total shares of a Singapore company.   Purchasing all the shares [...]

2019-02-05T01:00:35+00:00February 5th, 2019|

Does my company need to appoint an auditor?

If your company qualifies as a small company, then it does not need to appoint an auditor. The company qualifies as a small company if: 1) For a particular financial year, it is a private company; and 2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years [...]

2019-01-28T00:19:42+00:00January 27th, 2019|

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|

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|
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