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So far Daryl has created 240 blog entries.

Postponement of 2-tier penalty framework

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 [...]

By |2021-06-22T13:09:49+08:00June 22nd, 2021|Latest News and Announcements|

If my company does not comply with the Personal Data Protection Act (PDPA), what may happen?

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 [...]

By |2021-06-18T13:33:56+08:00June 18th, 2021|Running a Company|

Can I incorporate a company and get the company to apply for an Employment Pass for someone?

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 [...]

By |2021-06-14T14:20:28+08:00June 14th, 2021|Employment and Immigration|

Who are disqualified directors and what should be done?

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 [...]

By |2021-06-10T13:40:09+08:00June 10th, 2021|Running a Company|

COVID-19 Support: Longer Instalment Plans for Corporate Income Tax 2021

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 [...]

Criteria for Employment Pass

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 [...]

By |2021-06-07T15:17:10+08:00June 7th, 2021|Employment and Immigration|

How to determine the market value of a company

There are times where the shareholders may decide to sell off their shares of the company. There may be an acquisition made on a company or the shareholders of the company may decide to cash out of their investment in a company. If the shares of the company are listed on a stock exchange, the [...]

By |2021-06-03T13:23:19+08:00June 3rd, 2021|Running a Company|

How do I change my SSIC code?

Every Singapore company has at least one SSIC code. SSIC stands for Singapore Standard Industrial Classification. At times, companies may decide to change their business activity. For example, a company may be a physical retail store and because of certain circumstances, they might change to doing something else. Either a wholesaler or an online store. [...]

By |2021-05-28T13:52:27+08:00May 31st, 2021|Questions and Answers|

How important is it to have an accurate SSIC code?

Every company in Singapore will have an SSIC code. It is short for Singapore Standard Industrial Classification. It is important to have an accurate SSIC code. The SSIC code should match the company's business activities. Every Singapore company can have up to two SSIC codes. Typically, most companies should focus on the first SSIC code. [...]

By |2021-05-28T13:06:17+08:00May 28th, 2021|Questions and Answers|

Notification to Declare Onsite Manpower Details

This is an announcement that all company officers should have received via email. We are reproducing this email to help get this message out to all companies. Dear Sir / Madam, 1. As announced under Phase 2 (Heightened Alert) on 16 May 2021, work-from-home will be the default at workplaces. Employers must ensure that employees [...]

By |2021-05-25T13:26:13+08:00May 25th, 2021|Latest News and Announcements|
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