The Ministry of Finance has announced that the United Arab Emirates (UAE) will introduce a federal corporate tax on business profits for the first time. This marks a significant shift for a country that has traditionally attracted businesses from around the world due to its status as a tax-free commerce hub. Starting June 1, 2023, [...]
A tax haven is a country or jurisdiction that offers individuals and businesses little or no tax liability, usually through the implementation of favourable tax policies, such as low or no tax rates, lax financial regulations, and strict secrecy laws. These jurisdictions may also offer other advantages, such as political and economic stability, ease of [...]
According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]
For a start, you will need to know that there are two types of goods. Controlled goods and non-controlled goods. If you intend to bring goods from abroad to sell in Singapore, you must obtain import permits and licenses for "controlled goods." First, ensure that your business is registered with the Accounting and Corporate Regulatory [...]
The concept of par value is that every share issued by a company must have a par value, which is the minimum price at which the share can be issued. The par value represents the minimum amount of money that shareholders must pay to the company for each share they own. Companies can also issue [...]
When there is a dispute between shareholders of a company, it is important to try to resolve the issue as quickly and amicably as possible to avoid negative impacts on the company's operations and reputation. Here are some steps that can be taken to resolve the dispute: Review the company's governing documents: Start by reviewing [...]
A Scheme of Arrangement is a legal procedure under which a company can make an agreement with its shareholders or creditors to restructure its operations or financial affairs. It is a mechanism provided by law to facilitate a compromise between a company and its members or creditors. A scheme of arrangement is not the end [...]
A shareholders agreement is a legally binding document that outlines the rights and obligations of the shareholders of a company. The following are some of the key reasons why it is important for a company to have a shareholders agreement in place: Clarifies Ownership and Control: A shareholders agreement can help to clarify the ownership [...]
A trust agreement is a legal document that sets out the terms and conditions of a trust. The following are some of the key provisions that may be included in a trust agreement: Trustee: The name of the trustee or trustees who will be responsible for managing the trust assets and making distributions to the [...]
To hold company shares in trust for someone else means that the registered shareholder of the shares (the legal owner) is holding the shares on behalf of another person (the beneficial owner). In Singapore, the registered shareholder is listed as the legal owner of the shares on the company's register of members, while the beneficial [...]