We received this question from a prospective client. He is a foreigner and is considering shifting his business to Singapore. He is looking to incorporate a Singapore company and would be looking to apply for a valid work pass for him to live and work in Singapore. This article will be answering his question in [...]
This is in response to a question posed to us in an email. We are sharing the answer in a blog post as this may be a common question for foreigners looking to incorporate a Singapore company. The requirement as stated in section 145(1) of the Companies Act is that there needs to be at [...]
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 [...]
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). [...]
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 [...]
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, [...]
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 [...]
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% [...]
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 [...]
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 [...]