When starting a business entity, entrepreneurs are often faced with the dilemma of whether to start a Limited Liability Company (LLC), More commonly known as Private Limited Company, a Limited Liability Partnership (LLP) or Sole Proprietorship. In this article, we will discuss the differences between the three and spell out the advantages and disadvantages of [...]
SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]
Setting up a spa in Singapore can be a rather profitable business given the affluent nature of the population. This article will spell out the required licences as well as the requirements when setting up a spa in Singapore. The Massage Establishment Act states that a Massage Establishment (ME) License is required in order to [...]
A segregated portfolio company (SPC) is a separate legal entity and is sometimes referred to as a protected cell company. It is generally more complex than the typical private company limited by shares. An SPC segregates the assets and liabilities of different classes and series of shares from one another and from the general assets [...]
The Payment Services Act 2019 (PS Act) came into force on the 28th of January 2020. It provides a framework for the regulation of payment systems and payment service providers in Singapore. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of [...]
Interns do make up a valuable portion of the Singapore workforce. Many companies do offer internship positions mainly to local polytechnic and university students to expand their workforce and to assess possible candidates for full-time employment positions. Intership positions are also available to those who are not students. It may be a way of a [...]
[ANNOUNCEMENT ON ACRA.GOV.SG] We thank our BizFile+ users for their patience and understanding in the past one week while we are working urgently to resolve the system slowness and intermittent disruption issues. We sincerely apologise for the inconvenience users may have experienced. As we expect the traffic to the portal to continue to be high and [...]
BizFile+ portal will be available from 14 Sep at 6am onwards. The “Update Register of Registrable Controllers (RORC)” transaction in the Bizfile+portal will continue to be suspended. Advance notice will be given when the lodging of RORC information resumes and a revised deadline is set. As previously announced, penalties for statutory filings with due dates between [...]
Dear Sir/Madam, Important notice on filing of RORC information We are suspending the “Update Register of Registrable Controllers (RORC)” transaction in the BizFile+ portal until further notice due to technical issues. ACRA will further extend the deadline for companies and LLPs to lodge RORC information by one month to 31 Oct 2020. As some [...]
Due to technical issues with ACRA’s BizFile+ Portal, some users have experienced difficulties with filing transactions over the last few days. The deadline to lodge the Register of Registrable Controllers (RORC) information with ACRA will be extended to 13 Oct 2020. ACRA will also waive any penalties incurred for filings with due dates between 8 Sep [...]