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So far Daryl has created 192 blog entries.

Key proposed changes to the Personal Data Protection Act (PDPA)

In the proposed changes to the Personal Data Protection Act (PDPA), organisations will be penalised more heavily for data breaches. At the same time, organisations will have more freedom to use personal data to innovate. These changes were passed in Parliament on Monday, 2nd November 2020. A key change to the PDPA is the maximum [...]

By |2020-11-27T14:56:39+08:00November 27th, 2020|Running a Company|

Registering your company’s Data Protection Officer information with ACRA via BizFile+

Under the requirements laid out in the Personal Data Protection Act (PDPA), every organisation is required to appoint at least one individual as the organisation's Data Protection Officer (DPO). The DPO's business contact information (BCI) has to be made publicly available. The DPO may be a person whose scope of work solely relates to data [...]

By |2020-11-27T14:48:24+08:00November 27th, 2020|Running a Company|

How to treat Business Losses in Singapore

When it comes to running a business, the main goal usually is to maximize profits. However, due to economic uncertainty as well as weak demand due to the current pandemic, many companies may find that they will incur losses. Here is the treatment of possible losses for Singapore companies.   Treatment of losses on a [...]

By |2020-11-24T16:10:54+08:00November 24th, 2020|Accounting Bookkeeping Tax and XBRL|

What is an Exempt Supply and Out of Scope supply?

This is in reference to Goods and Services Tax (GST) in Singapore. An exempt supply has two categories. The sale and lease of residential land and transactions of financial services. It is important to note that the input tax incurred in making exempt supplies is not claimable. Out of scope supplies refers to supplies which [...]

By |2020-11-12T12:16:23+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

What is a Taxable Supply and Zero Rated Supply?

This is in reference to Goods and Services Tax (GST) in Singapore. A taxable supply is a supply of goods and services made in Singapore that is subject to GST. A taxable supply can either be standard rated (the current GST rate is 7%) or zero-rated supply. Most goods and services in Singapore are standard [...]

By |2020-11-12T10:32:47+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

What are the reasons of having a Shareholders Agreement?

A Shareholders Agreement is a legal document binding the shareholders. It spells out the legal rights and obligations of the shareholders and their relationship with each other. A Shareholders Agreement is to complement the company's constitution. It should add additional rules and regulations that are not covered by the constitution. The Shareholders Agreement binds the [...]

By |2020-11-13T15:22:34+08:00November 10th, 2020|Useful Incorporation Articles|

Registration and Compliance Fees to register a Singapore Company with us

Here is a guide to setting up a Singapore company with Little Big Secretary Services Pte Ltd. We are an ACRA Registered Filing Agent and we provide corporate secretarial and accounting services. Setting up a company in Singapore is relatively straightforward and quick. Here is a breakdown of the cost and timeline for incorporation as [...]

By |2020-11-13T15:22:43+08:00November 9th, 2020|Useful Incorporation Articles|

What happens if a company fails to file its Annual Returns?

Based on Section 197 of the Companies Act, all companies are required to file their annual returns on time. If the annual returns are filed late, a $300 late lodgement fee will be imposed by the registrar against the company for annual returns filed after the deadline. This $300 late lodgement fee will be imposed [...]

By |2020-11-01T21:10:55+08:00November 1st, 2020|Questions and Answers|

Can a company loan money to its directors or shareholders?

If a director or shareholder would like to loan money from the company, there are certain restrictions and procedures to be adhered to. It is generally not permitted for a director to loan money from the company except in certain circumstances. It is possible for shareholders to loan money from the company.   Loans to [...]

By |2020-10-29T00:29:45+08:00October 29th, 2020|Questions and Answers|
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