Changes were made to the Companies Act on 31st March 2017 and the key changes were with regards to making company ownership more transparent so as to limit the use of Singapore companies for illegal uses such as money laundering and financing of terrorism. There were also changes to the Accountants Act but for this [...]
As uncertainties swirl over Singapore's economy, Deputy Prime Minister and Finance Minister Heng Swee Kiat delivered a generous, expansionary budget to aid companies and business tide through this period. The estimated budget deficit of SGD$10.9 billion, or 2.1 per cent of gross domestic product, even exceeds the forecasted budget deficit in 2009 of SGD$8.7 billion. [...]
Holding an Annual General Meeting (AGM) is a statutory requirement. However, in certain situations, a company may not be able to hold the AGM within the stipulated timeframe. If so, the company may submit an application to the Accounting and Corporate Regulatory Authority (ACRA) for an Extension of Time (EOT). The maximum extension is sixty [...]
The definition of a dormant company varies between the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The definitions are spelt out in this article: What is a Dormant Company Here is a video about dormant companies on our YouTube channel: We will break up the obligations [...]
When conducting a company meeting, the minutes of the meeting are usually taken. When preparing company meeting minutes, details such as the type of meeting, date, time, meeting attendees and transacted businesses are usually recorded. The minutes of a meeting should provide a snapshot of what transpired at the meeting and the actions to take [...]
The winding up or liquidation of a company is a process whereby the assets of a company are sold and the monies collected are used to pay off its debts. After all its creditors are paid off, any remaining monies can then be distributed to the shareholders of the company. When this process is completed, [...]
For various reasons, you may wish to close your company. To close a company you can either wind up or strike off the local company. Striking off a company is the more straightforward option so long as the requirements are adhered to. The striking off can be done via the Bizfile+, the Business Filing Portal [...]
Minority shareholders are shareholders with a non-controlling stake in the company. It refers to the shareholders with voting rights but the number of shares that they hold are insufficient to have a say in the company's affairs. In most cases, this refers to 50 per cent of the company's voting shares. Shareholders with voting rights [...]
Generally, a director can be remunerated in two ways, director's fees and salary. Director's fees Director's fees are paid to the director for directorial services rendered to the company. It is not required for a company to pay its directors any director's fees but if it does, this payment has to be approved in a [...]
The shares of a company represent ownership in a company. When a company is incorporated, the shareholders are the ones who own the company. The shareholders must also determine who owns how many shares. There are also different classes of shares with different rights. Shareholders are the ones who invest in the company and in [...]