The concept of par value is that every share issued by a company must have a par value, which is the minimum price at which the share can be issued. The par value represents the minimum amount of money that shareholders must pay to the company for each share they own. Companies can also issue [...]
A shareholders agreement is a legally binding document that outlines the rights and obligations of the shareholders of a company. The following are some of the key reasons why it is important for a company to have a shareholders agreement in place: Clarifies Ownership and Control: A shareholders agreement can help to clarify the ownership [...]
A trust agreement is a legal document that sets out the terms and conditions of a trust. The following are some of the key provisions that may be included in a trust agreement: Trustee: The name of the trustee or trustees who will be responsible for managing the trust assets and making distributions to the [...]
To hold company shares in trust for someone else means that the registered shareholder of the shares (the legal owner) is holding the shares on behalf of another person (the beneficial owner). In Singapore, the registered shareholder is listed as the legal owner of the shares on the company's register of members, while the beneficial [...]
Yes, it is possible for a non-Singapore resident to open a bank account in Singapore, although the specific requirements and processes may vary among different banks. Generally, non-residents may need to provide additional documentation to prove their identity and address, such as a valid passport, employment pass, or utility bill. They may also need to [...]
The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]
If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]
In Singapore, directors play a critical role in the governance and management of a company. Some of the key responsibilities of directors in a Singapore company include: Compliance with laws and regulations: Directors must ensure that the company complies with all relevant laws and regulations, including the Companies Act and other relevant legislation. Corporate strategy: [...]
Variable Capital Companies (VCCs) are a new type of investment fund structure introduced in Singapore in 2019. VCCs are similar to traditional investment funds but with some key differences, making them a more flexible and adaptable option for fund managers and investors. Some of the key features of VCCs in Singapore include: Flexibility: VCCs allow [...]
All companies that are engaged in exporting and importing goods into and out of Singapore as well as transhipment activities are required to register with the Singapore Customs. Pre-2009, registered companies will be issued a Central Registration Number (CRN). This CRN is necessary when engaging in trading activities. However, from 1st January 2009, the Singapore [...]