When a company raises money, it may give security to the creditor. If it uses its assets as security, a charge is said to be made over the assets. The lender takes a charge over assets to secure repayment over a loan. There are two types of charges: Fixed charge A charge on fixed assets. [...]
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 [...]
Dear all, this is a notice that was sent to all companies by the registrar. We are reproducing it on our announcement page to keep everyone up to date. Just in case you may have overlooked this matter. Yours sincerely, The editorial team at Singapore Secretary Services Dear Sir/Mdm, Since 31 Mar 2017, companies, [...]
The 2-tier penalty framework applies to the filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). It was announced on the 30th of December 2020 and takes effect on the 30th of April 2021. Under this 2-tier penalty framework, Singapore-incorporated companies, VCCs and LLPs [...]
The 2-tier penalty framework for filing of annual returns and annual declarations by Singapore companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) will be deferred. It was supposed to take effect from the 30th of April 2021. The current penalty framework will continue to apply: Late lodgement penalty for Local Companies: Flat rate of [...]
Companies are required, in accordance with the Personal Data Protection Act (PDPA), to appoint a data protection officer (DPO) to ensure that the company is compliant with the act. The details of the DPO should be made publicly available. Typically, companies will put this information on their website. In the event of a breach or [...]
In order to obtain an employment pass, a foreigner will need to get the prospective employer to apply for an Employment Pass (EP) for him or her. I will then ask the person who posed this question whether the primary motivation for setting up a new company is to obtain an EP. If so, then [...]
In short, disqualified directors cannot hold director positions in local or foreign companies. Bankruptcy Disqualification under Section 148 of the Singapore Companies Act (CAP. 50) An individual who is declared bankrupt by a Singapore or foreign court cannot remain as or be appointed as a director of any company unless a Court Order [...]
Due to the impact of the COVID-19 pandemic, the Inland Revenue Authority (IRAS) is supporting businesses through a range of measures. One of them is allowing companies to arrange for a longer instalment plan when paying for their corporate taxes. If the company is facing difficulties in paying taxes, it is the responsibility of the [...]
An Employment Pass (EP) allows the pass holder to remain and work in Singapore. Here is a brief overview of the Employment Pass and what are the criteria required. Foreigners who are applying for an EP must fulfil the following criteria: Have a job offer in Singapore. There must be a written offer by a [...]
