From 31st March 2017, it is compulsory for all companies, unless exempted, to have a Register of Controllers and a Register of Nominee Directors. The Accounting and Corporate Regulatory Authority (ACRA) or relevant government bodies like the police can compel a company to hand over these registers for inspection. If these registers are found not to [...]
The common question we get when clients look for us to incorporate a Singapore company is regarding paid-up capital. In a nutshell, paid-up capital is the amount of money that the company has received in exchange for its shares. Shares can be paid-up or not paid-up. A company is a separate entity from the shareholders. [...]
A subsidiary company is a company whereby 51 per cent or more of the shareholding is owned by another company. Due to the controlling stake of 51 per cent or more of voting rights, the parent company (sometimes also referred to as the controlling company) has the power to determine who sits on the board [...]
A director of a Singapore company can be disqualified when: The director becomes bankrupt. The director is convicted of an offence involving fraud or dishonesty that is punishable with an imprisonment term of 3 months or more. The director has been convicted for 3 or more filing offences under the Companies Act within a period [...]
A Balance Sheet, taken along with the Profit & Loss Statement and Cashflow Statement gives you a clear indication of your business's financial health. You can think of the Balance Sheet as a scorecard that tells you about the financial health of your business at any given point in time. On it, it will have [...]
For certain reasons, a company may wish to remove a director. Some of the reasons may be: Poor performance Breach of duties to the company Negative limelight on the individual In a private company According to the Companies Act, the removal of a company director is through an ordinary shareholder's resolution. This is provided if [...]
As an entrepreneur, it is very important for you to keep track of your money inflow and outflow. You need to be able to analyze your business's financial health from different aspects. Your analysis is only as good as the quality of your data input. It is critical to get started with the right accounting [...]
To answer this question, we will need to know the tax rates and we will also need to set a few assumptions. Here is the Singapore Resident Tax Rate: Singapore has a flat rate of 17% for Corporate Taxes. Here are some Common Tax Reliefs for companies. You should be familiar [...]
The term dormant company has a different meaning for both the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA). IRAS defines a dormant company as a company having no revenue during the financial period. The company may still be dormant even though it has incurred expenses. ACRA [...]
Certain companies may decide to close down for a variety of reasons. These companies may have ceased business and the shareholders and directors may decide that they would like to close down the company. Some other reasons might include unprofitability of business, the retirement of key personnel and disagreements among key members in the company. [...]