The Market Readiness Assistance (MRA) provides a support level of up to 70% up to 31st March 2023. As announced at Budget 2021, the maximum support level of up to 80% will be until 31st March 2022. MRA will be enhanced to include Trace Credit Insurance as a supportable area under the overseas market set-up [...]
With effect from 30th July 2020, Companies and Limited Liability Partnerships (LLPs) are required to lodge the Non-Public Register of Registrable Controllers (RORC) information with ACRA. This is on top of them maintaining their own RORC. The process was initially started in mid-2020 but due to technical errors, the registrar, ACRA, delayed the e-service. On [...]
The Personal Data Protection Act The Personal Data Protection Act (PDPA) requires businesses to obtain clients' consent before obtaining and using their personal data. This article aims to help companies comply with the PDPA requirements when obtaining and using clients' personal data. Personal data refers to information that can identify the client. This data includes [...]
The SGUnited Jobs and Skills Package, the SGUnited Skills, SGUnited Traineeships and SGUnited Mid-Career Pathways Programmes, will get an additional SGD$5.4 billion. This will support the hiring of 200,000 locals in 2021 and will provide up to 35,000 traineeship and training opportunities. The SGUnited Jobs and Skills Package was first launched in May 2020 to [...]
For typical companies limited by shares, reducing the share capital of the company will involve one of two methods: Reducing share capital with the approval of the court (The court order method) Reducing share capital without the approval of the court (The non-court order method) For this article, we will be touching on the non-court [...]
The Personal Data Protection Act (PDPA) states that companies have to properly dispose of documents containing personal data. Failing which they may be penalised. Personal data refers to data from which an individual can be identified. Any data such as a person's name (or part thereof), identification number, passport details, height, weight, gender, bank details [...]
In the proposed changes to the Personal Data Protection Act (PDPA), organisations will be penalised more heavily for data breaches. At the same time, organisations will have more freedom to use personal data to innovate. These changes were passed in Parliament on Monday, 2nd November 2020. A key change to the PDPA is the maximum [...]
Under the requirements laid out in the Personal Data Protection Act (PDPA), every organisation is required to appoint at least one individual as the organisation's Data Protection Officer (DPO). The DPO's business contact information (BCI) has to be made publicly available. The DPO may be a person whose scope of work solely relates to data [...]
If you are thinking of incorporating a company or your company is already incorporated, here is a list of compliance requirements that all company directors should ensure that the company adheres to. Do note that it is the duty of the company directors to ensure that the company is following the regulatory requirements. Appointment of [...]
Part of the striking off process of a Singapore company involves clearing all outstanding taxes and tax obligations to the Inland Revenue Authority of Singapore (IRAS). If these are not cleared, IRAS may object to the application for striking off. The company in question should ensure the following: All outstanding tax returns (Form C-S/C) are [...]