Giving back to society is always a good thing. Some companies do it through programs embedded in their corporate structure. These are commonly called Corporate Social Responsibility (CSR) programs. Some companies do it a step further and function as a Social Enterprise. Social Enterprises are business entities set up with clear social goals. There are [...]
Xero is excellent for small businesses. If you are looking for a program to do your accounts, it should be able to handle most accounting tasks for small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manage sales, purchases, inventory and payroll. Business owners can create [...]
Singapore is a great place to do business. It is corruption free, has a highly educated and skilled workforce and has low corporate taxes. Singapore is a cosmopolitan country and an extremely open economy. It is no wonder that many people in Singapore do choose to open companies or register as a sole proprietorship or [...]
All Singapore registered private limited companies have a responsibility to remain compliant with the Accounting and Corporate Regulatory Authority (ACRA). There are two mandatory filings which must be done on an annual basis. These are namely the Annual General Meeting (AGM) and their Annual Returns (AR). Annual General Meeting (AGM) An AGM is a mandatory [...]
Previously known as two separate documents, the Memorandum of Association and Articles of Association, the Companies (Amendment Act) 2014 combined them into a single document called the Company Constitution. The Company Constitution is a legal document which spells out the rules and regulations as to how the company should be governed. It also firms up the [...]
Singapore is one of the easiest places to do business. One of the main reasons for this is the simple structure and corporate governance which business owners have to adhere to. That being said, it would be wise to understand the various business entities which you can set up in Singapore before embarking on your [...]
In Singapore, a non-profit entity is one that does not distribute its surplus revenue among its members. A traditional profit-driven entity would seek to maximise profits so that this profits can be distributed among its members. A non-profit entity's purpose is to serve public interest and benefits. A non-profit entity needs to be set up [...]
What is a directors' resolution? A directors' resolution is a formal document which accounts for the decisions, implementation of new terms and intentions of the board members of the company. The Companies Act states that the running of a company is the responsibility of the directors. In most cases, this management, direction and supervision require [...]
Companies that embrace good corporate governance are known to instill greater investor confidence. At this year’s seminar, held jointly by Accounting and Corporate Regulatory Authority (ACRA), Singapore Exchange (SGX) and Singapore Institute of Directors (SID), the theme is “Rebooting Corporate Governance”. Highlights: Hear first-hand from the Corporate Governance Council chairs and regulators on the latest [...]
The Monetary Authority of Singapore (MAS) launched a new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. The objective of this grant is to promote the use of Artificial Intelligence (AI) and data analytics in financial institutions. This AIDA Grant will focus on two tracks, [...]