About Daryl

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So far Daryl has created 279 blog entries.

Why do you need a security deposit for the Nominee Director service? How and when can we get this back?

As every company requires a local resident director, if there are foreigners who are looking to incorporate a company in Singapore, they will need a local resident to fill the position of the local resident director. A local resident director is someone who is ordinarily residing in Singapore. This DOES NOT mean that this person [...]

By |2023-01-31T16:38:09+08:00February 1st, 2023|Questions and Answers|

The fiduciary duties of a Singapore Company Director

The duties of a Singapore Company Director is spelt out in section 157(1) and 157(2) of the Companies Act 1967. The relevant sections state: 157(1) A director must at all times act honestly and use reasonable diligence in the discharge of the duties of his or her office. (2) An officer or agent of a [...]

By |2023-01-31T12:05:48+08:00January 31st, 2023|Uncategorized|

What is the Corporate Veil?

The corporate veil is a metaphor to recognise that a validly registered company has its own legal identity that is distinct from its members (shareholders) and officers (for example, directors and secretaries). The effect of incorporation is that the company is a body corporate with a distinct legal identity. It may sue and be sued, [...]

By |2023-01-25T13:18:19+08:00January 25th, 2023|What Is...|

Can my company not appoint a company secretary?

The relevant section in the Companies Act pertaining to the position of company secretary is section 171. With regards to a company not wanting to appoint a company secretary, section 171(4A) of the Companies Act provides us with some guidance. The section states: The office of secretary must not be left vacant for more than [...]

By |2023-01-18T11:37:51+08:00January 18th, 2023|Questions and Answers|

Considerations when holding a virtual AGM

The Covid-19 pandemic accelerated the adoption of holding Annual General Meetings (AGMs) via virtual means. However, as we move towards normalcy, companies are reverting to holding physical AGMs. The question that remains is: should companies still hold virtual AGMs? Virtual AGMs are held on platforms like Zoom, Microsoft Teams, Cisco Webex or Google Meet. Participants [...]

By |2023-01-17T13:05:20+08:00January 17th, 2023|Running a Company|

What is the difference between Personal Income Taxes and Corporate Taxes?

We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]

By |2022-10-13T12:03:04+08:00October 13th, 2022|Accounting Bookkeeping Tax and XBRL|

Commencement Of New Requirements Of The Corporate Registers (Miscellaneous Amendments) Act

From ACRA:   To strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combating laundering, terrorism financing and other threats to the integrity of the international financial system, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a new requirement for companies, including foreign companies, and Limited Liability Partnerships (LLPs). Maintaining Registers of Nominee [...]

By |2022-10-04T15:09:57+08:00October 4th, 2022|Latest News and Announcements|
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