In Singapore, every company has to have at least one director. In some cases, a company can have more than one director and this is very common. Every company requires at least one of the director to be a resident director. A resident director is a director whose normal place of residence is in Singapore. [...]
Singapore is one of the most convenient places in the world to set up a company. If all the documentation is complete, a company can be set up in less than a day. Once a company is set up, the responsibility is placed on the directors to adhere to the constitution of the company and [...]
A charge is a form of a security interest that a company puts to a lender or creditor to secure repayment of a loan. There are fixed and floating charges. A fixed charge is a charge on secured assets. These may be charges on things like property, machinery, shares. A floating charge is a charge [...]
The Company Constitution is a set of document that sets out the rules and manner in which the company is being regulated and managed. In the past, this was referred to as the Memorandum of Association and Articles of Association. Since 3rd January 2016, these two documents have been merged into the Company Constitution. In [...]
In Singapore, a company can make dividend payments only if it is making a profit. Dividend payments are recommended by directors of a company and will be voted on and approved by shareholders at the company's Annual General Meeting (AGM). Once these dividend payments receive the required number of votes and are approved, they are [...]
There may be times when you may want to sell your shares of your private company to someone. You may also want to purchase the shares of another private company. Here are some steps which should be followed. Documents required An Instrument of Transfer (An agreement between the transferor and transferee for the transfer or [...]
Estimated Chargeable Filing (ECI) is a compulsory filing requirement for companies unless the company qualifies for a waiver. There are advantages for companies that file their ECI earlier and within the qualifying period as they may opt to pay corporate taxes by instalments. The benefits for filing ECI early are: 1) Instant acknowledgement upon successful [...]
Shareholders' Meeting The meetings of a Singapore incorporated company can be divided into two sections. Shareholders' Meetings and Directors' Meetings. In this article, we will be touching on Shareholders' Meetings. The Shareholders are the owners of the company and thus have the right to decide certain on certain issues. In Singapore, certain meetings are mandatory [...]
The first board meeting should be held within the first month from the date of incorporation. At this meeting, the appointment of the first directors of the company will be confirmed. Other things to be resolved at this meeting will be the common seal (not compulsory), share certificates and statutory books. Any other matters related [...]
A company's financial year end determines the end of the company's accounting period, after which financial report for the period will be prepared for purposes such as filing annual returns with ACRA and filing corporate tax returns with IRAS. By default, ACRA assigns a company's financial year end to be exactly a year from its [...]