Opening a trading company in Singapore involves several steps that need to be followed. Here is a general guide on how to open a trading company in Singapore: Decide on the business structure: The first step in opening a trading company is to decide on the business structure. You can choose to set up a [...]
There are two types of Payment Institution licences issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act. They are the Standard Payment Institution Licence and the Major Payment Institution Licence. The Payment Institution Licences will allow licence holders to provide any of the seven payment services that are regulated by [...]
According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]
When there is a dispute between shareholders of a company, it is important to try to resolve the issue as quickly and amicably as possible to avoid negative impacts on the company's operations and reputation. Here are some steps that can be taken to resolve the dispute: Review the company's governing documents: Start by reviewing [...]
Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]
Selling a business in Singapore involves several steps and requires careful planning and preparation. Here are some general steps you can take: Prepare your business for sale: Before selling your business, you need to ensure that your financial statements are up-to-date and that your business is in good shape. This can include making any necessary [...]
Every company in Singapore has a company constitution. This essentially is the "rule book" of the company. It sets out how the company does its business and how it deals with matters especially with regards to the conduct of directors and shareholders. You can retrieve the model constitution from this link: https://sso.agc.gov.sg/SL/CoA1967-S833-2015?DocDate=20200124 The model constitution [...]
If a customer in Singapore does not pay for agreed services, you may consider the following options: Negotiate payment: Try to reach a mutually agreed solution with the customer, such as a payment plan. It would be wise to try to reach a mutual agreement and settle it privately. This is so that the customer [...]
The Covid-19 pandemic accelerated the adoption of holding Annual General Meetings (AGMs) via virtual means. However, as we move towards normalcy, companies are reverting to holding physical AGMs. The question that remains is: should companies still hold virtual AGMs? Virtual AGMs are held on platforms like Zoom, Microsoft Teams, Cisco Webex or Google Meet. Participants [...]
Upon incorporation, companies must appoint a company secretary within six months. This is in accordance with section 171(4A) of the Companies Act which states: The office of secretary must not be left vacant for more than 6 months at any one time. In most cases, the company secretary is filled by the corporate service provider [...]