The Market Readiness Assistance (MRA) provides a support level of up to 70% up to 31st March 2023. As announced at Budget 2021, the maximum support level of up to 80% will be until 31st March 2022. MRA will be enhanced to include Trace Credit Insurance as a supportable area under the overseas market set-up [...]
With effect from 30th July 2020, Companies and Limited Liability Partnerships (LLPs) are required to lodge the Non-Public Register of Registrable Controllers (RORC) information with ACRA. This is on top of them maintaining their own RORC. The process was initially started in mid-2020 but due to technical errors, the registrar, ACRA, delayed the e-service. On [...]
Freelancers typically do not have a company under their name. We are assuming that the person who sent us this question does not have one under her name. This person has been a freelancer for a couple of years and is contemplating setting up a private limited as she wants to get involved in larger [...]
A company may wish to return its profits in the form of dividends to its shareholders. To declare dividends, the following documents should be prepared. A directors' resolution There should be meeting minutes or a form of written declaration where the directors of the company had voted for and approved that dividends are to be [...]
The Inland Revenue Authority of Singapore (IRAS) imposes penalties on individuals and companies who do not pay their taxes or delay paying their taxes (i.e. pay their taxes late). Taxes should be paid one month from the Notice of Assessment (NOA) before the due date. For companies The penalties that can be levied on [...]
From 1st May 2021, family members of foreigners working in Singapore who hold dependant's passes (DP) will need to have a valid work pass to work in Singapore. Previously, they only needed to apply to the Ministry of Manpower (MOM) for a Letter of Consent (LOC). The LOC expiry date would typically match the expiry [...]
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 [...]
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 [...]
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 [...]
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 [...]