What is payroll management? Payroll management is about administering employees' salaries, bonuses, relevant payments and financial records and possibly other miscellaneous items like leave and medical leave matters. Payroll management is an important aspect of running a company. It is mandatory to maintain and keep employees' records according to the Employment Act. You have two [...]
Certain business expenses can be deducted from your revenue. These deductions can reduce the income that is subject to tax. However, it is important to note that not all business expenses can be deductible. Here are some general rules: Expenses must be incurred. (An expense is incurred when the legal liability to pay has [...]
Finance minister Lawrence Wong will deliver the 2022 Budget on the 18th of February 2022. The Budget statement will be broadcast live on television and radio as well as on the Singapore Budget website. The Singapore Budget website: https://www.mof.gov.sg/singaporebudget The full budget statement will be published on this website as well. The Budget is seen [...]
A digital bank is an online-only platform that provides new and traditional banking products and services to customers. The difference between a digital bank and a traditional bank is that a digital bank does not have a physical bank that customers can visit. However, most of the online functions that can be performed online for [...]
After the incorporation of a company, the first board meeting should be convened. This is a meeting of the directors of the company. The meeting is usually done about one month after the date of incorporation. This meeting should set out the basic structure of the company. The resolution can be in one singular document [...]
There are a few common XBRL errors that companies make from time to time. These errors are and not limited to the following: Incomplete data Financial statements that are tabled at the AGM does not match the data prepared in XBRL format Wrongly tagged elements in the XBRL prepared If you have detected an error [...]
Payment for shares can be in cash or non-cash consideration. As shares are issued to raise capital for the company, the company usually has remedies in its constitution. If we refer to the Model Constitution, the company has the various remedies on shares that are not paid up: It has a lien on the shares [...]
A Company and a Limited Liability Partnership (LLP) are both incorporated entities which mean that they have a separate legal personality from their ownership. We encounter a lot of queries about which business structure is best recommended for people looking to set up business structures and more often than not, we usually gravitate and recommend [...]
A promoter of a company is a person who undertakes to form a company with reference to a given project, to set it going. He takes the necessary steps to accomplish that purpose. For example, you and four other friends decide to set up a company to deal with importing and exporting fashion wear. They [...]
A de facto director is a person who is not formally appointed to the company's board as a director but is acting as if he had been so. To formally appoint a director, typically a general meeting must be convened and the shareholders have to pass a resolution to appoint an individual as a director. [...]