Yes, it is possible for a non-Singapore resident to open a bank account in Singapore, although the specific requirements and processes may vary among different banks. Generally, non-residents may need to provide additional documentation to prove their identity and address, such as a valid passport, employment pass, or utility bill. They may also need to [...]
The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]
If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]
In Singapore, directors play a critical role in the governance and management of a company. Some of the key responsibilities of directors in a Singapore company include: Compliance with laws and regulations: Directors must ensure that the company complies with all relevant laws and regulations, including the Companies Act and other relevant legislation. Corporate strategy: [...]
Variable Capital Companies (VCCs) are a new type of investment fund structure introduced in Singapore in 2019. VCCs are similar to traditional investment funds but with some key differences, making them a more flexible and adaptable option for fund managers and investors. Some of the key features of VCCs in Singapore include: Flexibility: VCCs allow [...]
All companies that are engaged in exporting and importing goods into and out of Singapore as well as transhipment activities are required to register with the Singapore Customs. Pre-2009, registered companies will be issued a Central Registration Number (CRN). This CRN is necessary when engaging in trading activities. However, from 1st January 2009, the Singapore [...]
As every company requires a local resident director, if there are foreigners who are looking to incorporate a company in Singapore, they will need a local resident to fill the position of the local resident director. A local resident director is someone who is ordinarily residing in Singapore. This DOES NOT mean that this person [...]
Before the 3rd of January 2016, companies would have two documents that bound their stakeholders and set out the manner in which the company were to deal with their business. They are: The Memorandum of Association; and The Articles of Association. What is the Memorandum of Association? It is a document that details the [...]
The relevant section in the Companies Act pertaining to the position of company secretary is section 171. With regards to a company not wanting to appoint a company secretary, section 171(4A) of the Companies Act provides us with some guidance. The section states: The office of secretary must not be left vacant for more than [...]
This question was emailed to us at [email protected]. A director is considered an employee of the company. Therefore, like every employee who receives payment, this is an expense to the company. If you consider the simple equation of: Profit = Revenue - Expenses You will see that if expenses increase, profit will decrease. Therefore, the [...]