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 [...]
Striking off a company is to close down a company and the effect is that the company will cease to exist. However, there may be instances where certain persons may want to restore a previously struck off company. There are provisions in the Companies Act for this under sections 344(5) of the Companies Act. Under [...]
Whether you are an individual or a business entity, you might want to check on a particular Singapore company to verify its details before entering into any business dealings with it. For example, it might be prudent for an individual or business entity to verify the position of an individual before entering into a contract. [...]
If the payments for the director are based on a contract of service, then the directors would be considered as employees and they would be engaged under a contract of service. However, if the directors' fees were voted and approved by the shareholders at a general meeting, then these payments would not be subject to [...]
What is payroll management? Payroll management is about administering employees' salaries, bonuses, relevant payments and financial records and possibly other miscellaneous items like leave and medical leave matters. Payroll management is an important aspect of running a company. It is mandatory to maintain and keep employees' records according to the Employment Act. You have two [...]
Payment for shares can be in cash or non-cash consideration. As shares are issued to raise capital for the company, the company usually has remedies in its constitution. If we refer to the Model Constitution, the company has the various remedies on shares that are not paid up: It has a lien on the shares [...]
The 2-tier penalty framework applies to the filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). It was announced on the 30th of December 2020 and takes effect on the 30th of April 2021. Under this 2-tier penalty framework, Singapore-incorporated companies, VCCs and LLPs [...]
Every Singapore company has at least one SSIC code. SSIC stands for Singapore Standard Industrial Classification. At times, companies may decide to change their business activity. For example, a company may be a physical retail store and because of certain circumstances, they might change to doing something else. Either a wholesaler or an online store. [...]
Every company in Singapore will have an SSIC code. It is short for Singapore Standard Industrial Classification. It is important to have an accurate SSIC code. The SSIC code should match the company's business activities. Every Singapore company can have up to two SSIC codes. Typically, most companies should focus on the first SSIC code. [...]