I want to remove a director from the company due to his breach of director’s duties. How do I do it?

This question is in response to a question posted. We are assuming that the question is in relation to a private company. The company may wish to remove the director from the company's board due to the following reasons: Poor personal conduct A breach of the director's duties Poor performance Thus if the director did [...]

By |2021-02-10T12:00:27+08:00February 10th, 2021|Questions and Answers|

How can the Enterprise Development Grant help my company?

The Enterprise Development Grant (EDG) was created to help Singapore companies grow and transform. The grant supports projects that will help companies upgrade their business, innovate or venture overseas. To be eligible for the Enterprise Development Grant, a company needs to: Be a registered business entity in Singapore and be operating Have a minimum of [...]

By |2021-06-09T11:14:39+08:00February 5th, 2021|Grants and Other Incentives, Questions and Answers|

What records do I need to keep for my Singapore company?

In Singapore, it is compulsory for companies to keep proper records of all business transactions. The records are needed to explain the financial position and transactions of the company and to ensure that the financial statements prepared are true and fair. You will also need the records to ensure that your company complies with its [...]

By |2020-12-15T13:55:15+08:00December 15th, 2020|Questions and Answers|

Who needs to file corporate tax for YA 2020?

The corporate tax filing deadline is upon us. The deadline to file corporate tax for the Year of Assessment 2020 (YA2020) is 15th of December 2020.  There is no hardcopy filing and all corporate taxes are to be e-filed. Do not confuse the corporate tax filing season which occurs at the end of every year [...]

By |2020-12-03T16:46:15+08:00December 3rd, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

What happens if a company fails to file its Annual Returns?

Based on Section 197 of the Companies Act, all companies are required to file their annual returns on time. If the annual returns are filed late, a $300 late lodgement fee will be imposed by the registrar against the company for annual returns filed after the deadline. This $300 late lodgement fee will be imposed [...]

By |2020-11-01T21:10:55+08:00November 1st, 2020|Questions and Answers|

Can a company loan money to its directors or shareholders?

If a director or shareholder would like to loan money from the company, there are certain restrictions and procedures to be adhered to. It is generally not permitted for a director to loan money from the company except in certain circumstances. It is possible for shareholders to loan money from the company.   Loans to [...]

By |2020-10-29T00:29:45+08:00October 29th, 2020|Questions and Answers|

What are the consequences for late filing or non filing of Corporate Income Tax Returns?

The corporate tax filing deadline is different from the personal income tax filing deadline. The corporate tax filing deadline for Year of Assessment (YA) 2020 is 15th December and the deadline for YA2021 onwards is 30th November. Do note that dormant companies are required to file their Corporate Income Tax Returns unless it has been [...]

By |2020-10-27T04:54:17+08:00October 27th, 2020|Questions and Answers|

Do I need to pay corporate tax on income that is derived outside of Singapore?

This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25).   (25)  It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]

By |2020-10-15T14:57:24+08:00October 15th, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Can a foreign owned Singapore company open a company bank account in Singapore?

Singapore is a very open economy and we do welcome individuals from all over the world to open companies in Singapore to do legitimate business. Foreigners can fully own a Singapore company. A foreigner can also apply for a valid working pass to become the local director of the Singapore company. Being open and pro-business [...]

By |2020-10-10T11:48:48+08:00August 26th, 2020|Questions and Answers, Useful Incorporation Articles|

What is the difference between a social enterprise and a charity?

Very often people do get confused by social enterprises and charities. Even though they may seem similar in nature, there are clear and obvious distinctions. For a non-profit organisation to be called a charity, it has to apply for charity status. For the sake of this article, we will use charity and non-profit organisations to [...]

By |2020-07-26T14:57:56+08:00July 27th, 2020|Questions and Answers|
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