What is needed to be proven to claim against a director who has breached his fiduciary duties?

A director owes fiduciary duties to his principal, i.e., his company. What this means is that the director has a duty of loyalty and fidelity to the company. This can be summarised by two rules, namely the no conflict and no profit rule. Therefore, when a director diverts business away from his company and the [...]

By |2023-10-23T18:48:00+08:00October 16th, 2023|Questions and Answers, Running a Company|

Can I claim capital allowance on vehicles?

Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars).   [...]

By |2023-10-24T15:34:20+08:00October 10th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

How do I remove a partner from a partnership?

According to section 1(1) of the Partnership Act 1890 ("PA"), a Partnership is defined as a relationship between persons carrying on a business with a view of profit. Therefore, so long as two or more individuals come together to do business with the intention of generating profit, they are deemed under the PA to be [...]

By |2023-10-24T16:54:56+08:00October 5th, 2023|Questions and Answers|

What is the difference between Estimated Chargeable Income (ECI) and Corporate Tax Filing?

Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023. The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company's financial year. As the financial year of various companies may differ, [...]

By |2023-10-04T17:43:34+08:00October 2nd, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

How will I know the status of a company?

To check the status of a Singapore company, you can use the online services provided by the Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for regulating business entities in Singapore. ACRA offers a user-friendly online portal where you can access various information about companies registered in Singapore. Here's how you can do [...]

By |2023-10-05T17:49:11+08:00September 27th, 2023|Questions and Answers|

What makes a company part of a group?

In the realm of business, a parent company refers to a corporate entity that possesses or exercises control over one or more other companies, typically by owning more than 50% of their voting rights. A subsidiary, on the other hand, denotes a company that is controlled by another company, usually through ownership of over 50% [...]

By |2023-10-06T16:15:57+08:00July 14th, 2023|Questions and Answers|

What is the minimum age for a shareholder?

In accordance with Singapore legislation, every incorporated company must have at least one shareholder. A shareholder is an individual or legal entity that holds an ownership stake in the company. It is not mandatory for a shareholder to be a natural person; it can also be a legal entity. The fundamental requirement is that the [...]

By |2023-10-26T13:43:35+08:00June 22nd, 2023|Questions and Answers|

Is it possible for an individual to be both a director and a shareholder of a company?

Directors and shareholders serve as crucial participants within the structure of a company, exerting influence and shaping its decisions. They each have distinct responsibilities and fulfil separate functions. However, is it feasible for an individual to assume both the roles of a director and a shareholder? That's an excellent question! Let's delve deeper into this [...]

By |2023-10-27T11:36:50+08:00May 30th, 2023|Questions and Answers|
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