Every company in Singapore will have an SSIC code. It is short for Singapore Standard Industrial Classification. It is important to have an accurate SSIC code. The SSIC code should match the company's business activities. Every Singapore company can have up to two SSIC codes. Typically, most companies should focus on the first SSIC code. [...]
Freelancers typically do not have a company under their name. We are assuming that the person who sent us this question does not have one under her name. This person has been a freelancer for a couple of years and is contemplating setting up a private limited as she wants to get involved in larger [...]
Singapore is a great place to do business. It is a very open economy and foreigners are free to fully own a Singapore company. i.e. own 100% of the shares of a Singapore company. The requirement is that there needs to be a local resident director in the company. Local resident director would also include [...]
There may be instances whereby some shareholders may want to get someone to hold their shares of the company on their behalf. The person nominated is said to be holding the shares in trust and is called a nominee shareholder. The person who nominated the nominee is called the beneficial owner. For example, John asks [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]