About Daryl

This author has not yet filled in any details.
So far Daryl has created 217 blog entries.

I would like to have a Singapore company with a local bank account to do business. What are my options?

Singapore is a great place to do business. It is a very open economy and foreigners are free to fully own a Singapore company. i.e. own 100% of the shares of a Singapore company. The requirement is that there needs to be a local resident director in the company. Local resident director would also include [...]

By |2021-03-17T16:50:24+08:00March 17th, 2021|Questions and Answers|

How to protect my rights if I have a nominee shareholder?

There may be instances whereby some shareholders may want to get someone to hold their shares of the company on their behalf. The person nominated is said to be holding the shares in trust and is called a nominee shareholder. The person who nominated the nominee is called the beneficial owner. For example, John asks [...]

By |2021-03-12T14:55:56+08:00March 12th, 2021|Questions and Answers|

How to comply with PDPA consent requirements

The Personal Data Protection Act The Personal Data Protection Act (PDPA) requires businesses to obtain clients' consent before obtaining and using their personal data. This article aims to help companies comply with the PDPA requirements when obtaining and using clients' personal data. Personal data refers to information that can identify the client. This data includes [...]

By |2021-03-29T12:24:32+08:00March 12th, 2021|Running a Company|

What is the Local Qualifying Salary (LQS)?

The Local Qualifying Salary (LQS) determines the number of local employees who can be used to calculate a company's S Pass and Work Permit quota entitlement. It is the minimum salary that is to be paid to a staff to qualify as full-time employment. Currently, the LQS is SGD$1,400. This means that a company will [...]

By |2021-02-19T16:33:07+08:00February 19th, 2021|Employment and Immigration|

How much personal income tax do I need to pay if I am an Employment Pass holder?

If you are issued with a work pass that is valid for at least one year, you will be treated as a tax resident of Singapore upfront. This means that upon you receiving the work pass, you will be considered a Singapore tax resident. However, if you stay in Singapore for less than 183 days, [...]

By |2021-02-19T12:48:15+08:00February 19th, 2021|Accounting Bookkeeping Tax and XBRL|

Budget 2021: SGUnited boosted by SGD$5.4 billion

The SGUnited Jobs and Skills Package, the SGUnited Skills, SGUnited Traineeships and SGUnited Mid-Career Pathways Programmes, will get an additional SGD$5.4 billion. This will support the hiring of 200,000 locals in 2021 and will provide up to 35,000 traineeship and training opportunities. The SGUnited Jobs and Skills Package was first launched in May 2020 to [...]

By |2021-03-29T12:24:24+08:00February 17th, 2021|Running a Company|

How to reduce a company’s share capital using the non-court order method

For typical companies limited by shares, reducing the share capital of the company will involve one of two methods: Reducing share capital with the approval of the court (The court order method) Reducing share capital without the approval of the court (The non-court order method) For this article, we will be touching on the non-court [...]

By |2021-02-15T20:09:20+08:00February 15th, 2021|Running a Company|

I want to remove a director from the company due to his breach of director’s duties. How do I do it?

This question is in response to a question posted. We are assuming that the question is in relation to a private company. The company may wish to remove the director from the company's board due to the following reasons: Poor personal conduct A breach of the director's duties Poor performance Thus if the director did [...]

By |2021-02-10T12:00:27+08:00February 10th, 2021|Questions and Answers|

What is a Letter of Consent?

A Letter of Consent (LOC) is an authorisation letter that is issued by the Ministry of Manpower (MOM) that allows eligible holders of Dependant Passes (DP Holders) or Long-Term Visit Pass (LTVP or LTVP+) to work in Singapore. By default, DP, LTVP and LTVP+ holders are not allowed to work in Singapore. To be eligible [...]

By |2021-02-08T16:31:24+08:00February 8th, 2021|Employment and Immigration, What Is...|

How can the Enterprise Development Grant help my company?

The Enterprise Development Grant (EDG) was created to help Singapore companies grow and transform. The grant supports projects that will help companies upgrade their business, innovate or venture overseas. To be eligible for the Enterprise Development Grant, a company needs to: Be a registered business entity in Singapore and be operating Have a minimum of [...]

By |2021-04-06T17:18:28+08:00February 5th, 2021|Questions and Answers|
Go to Top