Converting a Sole Proprietorship into a Private Limited Company

As a business grows, some business owners may want to convert their sole proprietorship into a private limited company. Here are some of the reasons why some business owners may want to make the switch.   1) To limit liabilities As a sole proprietor, your liabilities are unlimited. This means that you are liable for [...]

2019-06-12T09:49:15+08:00June 12th, 2019|Useful Articles|

Singapore Company Director’s Remuneration

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 [...]

2019-05-22T11:18:45+08:00May 22nd, 2019|Useful Articles|

Singapore Company Shares and Share Classes

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 [...]

2019-05-21T14:46:02+08:00May 21st, 2019|Uncategorized, Useful Articles|

How to compile a company’s financial statements

At the end of every financial year, the directors of a company will need to compile their financial statements. The financial statements can be audited and unaudited. For exempt private companies limited by shares or small companies, they may present their financial statements unaudited as they qualify for audit exemption. For exempt private companies limited [...]

How to reduce the share capital of a company

Share capital represents the amount that the shareholders invest in a company. Share capital may be increased or reduced. If the shares are paid for then the shares are considered paid up. If shares are partially paid or have yet to be paid up then we classify this as unpaid share capital. The shareholders holding [...]

2019-03-12T13:18:58+08:00March 13th, 2019|Useful Articles|

How to remove a director from a Singapore company

For certain reasons, a company may wish to remove a director. Some of the reasons may be: Poor performance Breach of duties to the company Negative limelight on the individual   In a private company According to the Companies Act, the removal of a company director is through an ordinary shareholder's resolution. This is provided [...]

2019-02-18T02:32:42+08:00February 18th, 2019|Useful Articles|

Closing down your Singapore Company. Winding up and striking off a company.

Certain companies may decide to close down for a variety of reasons. These companies may have ceased business and the shareholders and directors may decide that they would like to close down the company. Some other reasons might include unprofitability of business, the retirement of key personnel and disagreements among key members in the company. [...]

2019-02-11T03:07:34+08:00February 11th, 2019|Useful Articles|

Steps to incorporate a Singapore Company

Here are the steps to incorporating a Singapore Company. It will take approximately 1 to 2 days to incorporate a Singapore Company. If you are a Singaporean or Singapore Permanent Resident who is living in Singapore and will be the sole director and shareholder of the proposed Singapore Company, the timeframe to incorporate can be [...]

2019-02-09T02:24:06+08:00February 9th, 2019|Useful Articles|

Responsibilities and duties of a director

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. [...]

2019-01-31T12:27:02+08:00January 31st, 2019|Useful Articles|