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 [...]
As every company requires a local resident director, if there are foreigners who are looking to incorporate a company in Singapore, they will need a local resident to fill the position of the local resident director. A local resident director is someone who is ordinarily residing in Singapore. This DOES NOT mean that this person [...]
Before the 3rd of January 2016, companies would have two documents that bound their stakeholders and set out the manner in which the company were to deal with their business. They are: The Memorandum of Association; and The Articles of Association. What is the Memorandum of Association? It is a document that details the [...]
The relevant section in the Companies Act pertaining to the position of company secretary is section 171. With regards to a company not wanting to appoint a company secretary, section 171(4A) of the Companies Act provides us with some guidance. The section states: The office of secretary must not be left vacant for more than [...]
This question was emailed to us at [email protected]. A director is considered an employee of the company. Therefore, like every employee who receives payment, this is an expense to the company. If you consider the simple equation of: Profit = Revenue - Expenses You will see that if expenses increase, profit will decrease. Therefore, the [...]
A company can return excess capital it might have to its shareholders through dividends, share capital reduction or share buybacks. In this article, we will be focusing on share buybacks, namely for private companies in Singapore. A share buyback is exactly what it says. A company is buying back its own shares. Instead of the [...]
Share Capital is the amount of money that the shareholders have committed to the company in exchange for shares. For example, if the shareholders have committed that they will invest $10,000 into the company in exchange for 10,000 ordinary shares, then the share capital of the company is $10,000 for 10,000 ordinary shares. Paid Up [...]
As a starting point, in Singapore, investment gains are not taxable. Hence, if an individual or a business entity like a company sells a property, shares or other financial instruments, the possible profits that are received are not subject to tax. According to IRAS, the following gains are generally not taxable: Gains that are [...]
In accordance with the Companies Act, every Singapore registered company is required to appoint a company secretary. In many instances, companies may outsource this position, as well as the duty to maintain corporate compliance, to a corporate service provider like Singapore Secretary Services. The role of the Company Secretary is to assist in the administration [...]
This article was previously featured on Singapore Employment Agency and syndicated on our website. The short answer to this question would be yes. However, there are a few qualifiers and you should read further into this article to better understand what they are. There are many who would like to come to Singapore [...]