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 [...]
Interns do make up a valuable portion of the Singapore workforce. Many companies do offer internship positions mainly to local polytechnic and university students to expand their workforce and to assess possible candidates for full-time employment positions. Intership positions are also available to those who are not students. It may be a way of a [...]
[ANNOUNCEMENT ON ACRA.GOV.SG] We thank our BizFile+ users for their patience and understanding in the past one week while we are working urgently to resolve the system slowness and intermittent disruption issues. We sincerely apologise for the inconvenience users may have experienced. As we expect the traffic to the portal to continue to be high and [...]
BizFile+ portal will be available from 14 Sep at 6am onwards. The “Update Register of Registrable Controllers (RORC)” transaction in the Bizfile+portal will continue to be suspended. Advance notice will be given when the lodging of RORC information resumes and a revised deadline is set. As previously announced, penalties for statutory filings with due dates between [...]
Dear Sir/Madam, Important notice on filing of RORC information We are suspending the “Update Register of Registrable Controllers (RORC)” transaction in the BizFile+ portal until further notice due to technical issues. ACRA will further extend the deadline for companies and LLPs to lodge RORC information by one month to 31 Oct 2020. As some [...]
Due to technical issues with ACRA’s BizFile+ Portal, some users have experienced difficulties with filing transactions over the last few days. The deadline to lodge the Register of Registrable Controllers (RORC) information with ACRA will be extended to 13 Oct 2020. ACRA will also waive any penalties incurred for filings with due dates between 8 Sep [...]
Due to technical issues with ACRA’s BizFile+ Portal, some BizFile+ users have experienced difficulties with filing transactions over the last few days. Our IT team is currently working urgently to resolve the issues. 2 As some CSPs have not been able to file transactions for your clients in Bizfile+, ACRA will waive any penalties incurred for filings with [...]
On 27th August 2020, the Ministry of Manpower (MOM) announced changes to its foreign workforce policy. Changes to the Minimum Qualifying Salary for Employment Pass and S Pass Candidates and renewals For new applicants: From 1st September 2020, It will be raising the minimum qualifying salary for Employment Pass (EP) candidates to SGD$4,500 from [...]
Paid-up capital is the amount of money a company has received from shareholders in exchange for shares. In Singapore, companies can have as low a paid-up capital as SGD$1. In this instance, the company has received SGD$1 for perhaps 1 share of the company, assuming that the company is denominating one share at SGD$1. Let [...]
Singapore is a very open economy and we do welcome individuals from all over the world to open companies in Singapore to do legitimate business. Foreigners can fully own a Singapore company. A foreigner can also apply for a valid working pass to become the local director of the Singapore company. Being open and pro-business [...]
