Estimated Chargeable Income (ECI) is an estimate of a company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). The Inland Revenue Authority of Singapore (IRAS) requires that the ECI be filed so that they can raise an early assessment. The data collected by IRAS will also be useful in helping the [...]
Dependant Passes are issued by the Ministry of Manpower (MOM) to family members of qualified Employment Pass and S Pass holders. The family members who are eligible are spouses and children under the age of twenty-one. To qualify, the Employment and S Pass holder must earn a minimum of SGD$6,000 a month for their spouses [...]
Shareholders' Meeting The meetings of a Singapore incorporated company can be divided into two sections. Shareholders' Meetings and Directors' Meetings. In this article, we will be touching on Shareholders' Meetings. The Shareholders are the owners of the company and thus have the right to decide certain on certain issues. In Singapore, certain meetings are mandatory [...]
Share Capital, otherwise known as equity financing, refers to the amount of money and property that a company has received in exchange for shares of the company. The shares can be either ordinary or preferred. Share Capital is listed in the balance sheet of the company as: 1) Common or preferred shares par value 2) [...]
Paid-Up Capital is the amount of money that a company has received in exchange for its shares. Paid-Up Capital is created when the company sells its share on the primary market, directly to investors. Paid Up-Capital comprises of two sections: 1) The par value of the shares issued 2) The additional Paid-Up Capital Each share [...]
The first board meeting should be held within the first month from the date of incorporation. At this meeting, the appointment of the first directors of the company will be confirmed. Other things to be resolved at this meeting will be the common seal (not compulsory), share certificates and statutory books. Any other matters related [...]
A resolution of a company is the formal decision of a company made by the board of directors or the shareholders. There are generally 3 types of resolutions that can be passed. Board Resolution Ordinary Resolution Special Resolution The resolution can be passed at a physical meeting or by written means. Since it can be [...]
For a variety of reasons, a company's paid-up capital may need to be increased. As the paid-up capital shows the financial strength of a company, there may be instances whereby a company may need to increase the paid-up capital before tendering for certain projects. Also, there may be investors who may inject money into the [...]
Employment Pass (EP) holders are allowed to be directors of the company which their EP is tied to. An EP holder is only allowed to work for the employer specified on the EP. Thus, if the employer would like an EP holder from within the company to take on a directorship, he can do so. [...]
A company's financial year end determines the end of the company's accounting period, after which financial report for the period will be prepared for purposes such as filing annual returns with ACRA and filing corporate tax returns with IRAS. By default, ACRA assigns a company's financial year end to be exactly a year from its [...]