There is no proper definition of a zombie company but in essence, it is a company that makes enough revenue to continue operations and service a portion of its debt. There is little to no growth and the company is constantly looking for lifelines from either loans, external funding or government grants. Here are [...]
A company may wish to return its profits in the form of dividends to its shareholders. To declare dividends, the following documents should be prepared. A directors' resolution There should be meeting minutes or a form of written declaration where the directors of the company had voted for and approved that dividends are to be [...]
A Letter of Consent (LOC) is an authorisation letter that is issued by the Ministry of Manpower (MOM) that allows eligible holders of Dependant Passes (DP Holders) or Long-Term Visit Pass (LTVP or LTVP+) to work in Singapore. By default, DP, LTVP and LTVP+ holders are not allowed to work in Singapore. To be eligible [...]
Form C is the Corporate Income Tax Filing document that is to be submitted to the Inland Revenue Authority of Singapore (IRAS) during Corporate Tax Filing. There are namely 3 forms to be submitted. Either Form C, Form C-S or Form C-S (Lite). Companies who do not meet the eligibility to file Form C-S must [...]
Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]
SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]
A segregated portfolio company (SPC) is a separate legal entity and is sometimes referred to as a protected cell company. It is generally more complex than the typical private company limited by shares. An SPC segregates the assets and liabilities of different classes and series of shares from one another and from the general assets [...]
The Payment Services Act 2019 (PS Act) came into force on the 28th of January 2020. It provides a framework for the regulation of payment systems and payment service providers in Singapore. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of [...]
A social enterprise is a business that has specific social objectives that serve its purpose. Social enterprises are still firms that aim to maximise profits while maximising benefits to society and the environment. The profits of social enterprises are primarily used to fund social programs. Social enterprises are somewhat middle ground between a traditional profit [...]
Under the Personal Data Protection Act (PDPA), organisations are required to appoint at least one person as the Data Protection Officer (DPO). The broad role of the DPO is to ensure that the organisation complies with the PDPA. The DPO can either be a person from within the organisation or the organisation can appoint a [...]