About Daryl

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So far Daryl has created 204 blog entries.

What is the Local Qualifying Salary (LQS)?

The Local Qualifying Salary (LQS) determines the number of local employees who can be used to calculate a company's S Pass and Work Permit quota entitlement. It is the minimum salary that is to be paid to a staff to qualify as full-time employment. Currently, the LQS is SGD$1,400. This means that a company will [...]

By |2021-02-19T16:33:07+08:00February 19th, 2021|Employment and Immigration|

How much personal income tax do I need to pay if I am an Employment Pass holder?

If you are issued with a work pass that is valid for at least one year, you will be treated as a tax resident of Singapore upfront. This means that upon you receiving the work pass, you will be considered a Singapore tax resident. However, if you stay in Singapore for less than 183 days, [...]

By |2021-02-19T12:48:15+08:00February 19th, 2021|Accounting Bookkeeping Tax and XBRL|

Budget 2021: SGUnited boosted by SGD$5.4 billion

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 [...]

By |2021-02-17T18:24:37+08:00February 17th, 2021|Uncategorized, Useful Articles|

How to reduce a company’s share capital using the non-court order method

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 [...]

By |2021-02-15T20:09:20+08:00February 15th, 2021|Running a Company|

I want to remove a director from the company due to his breach of director’s duties. How do I do it?

This question is in response to a question posted. We are assuming that the question is in relation to a private company. The company may wish to remove the director from the company's board due to the following reasons: Poor personal conduct A breach of the director's duties Poor performance Thus if the director did [...]

By |2021-02-10T12:00:27+08:00February 10th, 2021|Questions and Answers|

What is a Letter of Consent?

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 [...]

By |2021-02-08T16:31:24+08:00February 8th, 2021|Employment and Immigration, What Is...|

How can the Enterprise Development Grant help my company?

The Enterprise Development Grant (EDG) was created to help Singapore companies grow and transform. The grant supports projects that will help companies upgrade their business, innovate or venture overseas. To be eligible for the Enterprise Development Grant, a company needs to: Be a registered business entity in Singapore and be operating Have a minimum of [...]

By |2021-02-15T19:41:12+08:00February 5th, 2021|Questions and Answers|

What is the Singapore Financial Reporting Standards?

The Singapore Financial Reporting Standards (SFRS) is the Financial Reporting Standards that Singapore adopts. Financial Reporting Standards prescribe the methods of recognition, measurement, presentation and disclosure requirements for transactions and events that are used for reporting. The SFRS is based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). [...]

By |2021-01-26T17:25:30+08:00January 26th, 2021|Accounting Bookkeeping Tax and XBRL|

How to dispose of documents that contain personal data

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 [...]

By |2020-12-16T16:20:32+08:00December 16th, 2020|Running a Company|

What records do I need to keep for my Singapore company?

In Singapore, it is compulsory for companies to keep proper records of all business transactions. The records are needed to explain the financial position and transactions of the company and to ensure that the financial statements prepared are true and fair. You will also need the records to ensure that your company complies with its [...]

By |2020-12-15T13:55:15+08:00December 15th, 2020|Questions and Answers|
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