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. [...]
We have seen cases whereby clients have confused the roles of shareholders and directors. In this article, we will be explaining the roles and powers of the shareholders and the directors. The shareholders are the owners of the company. The directors, on the other hand, are the management of the company. Thus the management powers [...]
When a company raises money, it may give security to the creditor. If it uses its assets as security, a charge is said to be made over the assets. The lender takes a charge over assets to secure repayment over a loan. There are two types of charges: Fixed charge A charge on fixed assets. [...]