According to Section 26(1) of the Companies Act, "Unless otherwise provided in this Act, the constitution of a company may be altered or added to by special resolution." Usually, companies will adopt the model constitution as provided in the Companies Act upon incorporation. As a company progresses, it may decide to make changes to the [...]
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 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 [...]
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 answer is yes. Since 10th June 2003, the Home Office Scheme allows businesses, be it sole proprietors, partnerships or companies, to use their residential address as the registered business address. If you are living in a Housing and Development Board (HDB) flat, you will need to obtain prior approval from the HDB and if [...]
From our understanding of the question posed, the question is about purchasing shares in a Singapore company. We have broken down the answer into two sections. We will discuss purchasing all the shares of a Singapore company as well as purchasing part of the total shares of a Singapore company. Purchasing all the shares [...]
If your company qualifies as a small company, then it does not need to appoint an auditor. The company qualifies as a small company if: 1) For a particular financial year, it is a private company; and 2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years [...]
Paid-Up Capital is essentially the monies which the company has received in exchange for its shares. This money must be deposited into the company's bank account and can only be used for the running of the company. For example, if a company sells 100,000 ordinary shares for SGD$100,000 to a shareholder, this SGD$100,000 must be [...]
If you set up a Singapore company, your company will be liable for corporate taxes and the individuals who are employed in the company will have to pay personal income taxes on the salaries that are paid to them. In Singapore, corporate tax rates are a flat 17%. However, there are common tax reliefs [...]
An Annual General Meeting (AGM) is one of the statutory requirements for all companies. It is an annual meeting where the directors will present the company financial statements as well as other related matters to the shareholders. The shareholders are essentially the owners of the company and the directors are working for the shareholders. The [...]