Has your company registered your DPO information with the PDPC?

All companies (and entities) need to appoint a Data Protection Officer (DPO). The DPO is the person who is in charge of setting the data protection policies as well as liaising with the Personal Data Protection Commission (PDPC) among other responsibilities. If you have not appointed a DPO for your company, the CorpPass Administrators for [...]

By |2024-04-12T12:20:58+08:00April 12th, 2024|Running a Company|

How to conduct responsible retrenchment

In accordance with the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment (TAMEMRR), it is imperative that the criteria for selecting employees for redundancy are objective and the process is executed equitably. While adherence to the TAMEMRR is not mandated by law for employers, it delineates recommended practices for progressive workforce management, emphasizing the [...]

By |2024-04-09T13:34:04+08:00April 9th, 2024|Employment and Immigration, Running a Company|

Understanding the Distinction Between CEO and Founder Titles in a Professional Context

In the realm of business, the titles of CEO (Chief Executive Officer) and Founder carry significant weight and implications, both internally within the organization and externally in the broader business community. This analysis aims to delineate the roles and responsibilities associated with each title, their impact on company operations, and how they are perceived in [...]

By |2024-04-01T13:24:24+08:00April 1st, 2024|Running a Company|

What is IR8A?

As stated in section 68(2) of the Income Tax Act, every employer is required to report employee earnings to IRAS. Here is a reproduction of the statute:   The Comptroller may, by notice in the Gazette, require every employer to prepare and deliver to the Comptroller or any person specified in the notice, for any year [...]

By |2024-02-07T18:26:54+08:00February 7th, 2024|Accounting Bookkeeping Tax and XBRL, Running a Company|

Changing the name of your company

Even though you have settled for a company name from the onset, there may be reasons to change the company name as time passes. The company may be repurposed to do other activities or a more suitable name may come to mind later. Whatever the case, companies, in general, are allowed to make changes to [...]

By |2024-01-23T13:43:18+08:00January 23rd, 2024|Running a Company|

A company’s fiscal year. What you need to know.

A company's fiscal year refers to a company's financial period. Typically, in almost all scenarios, this would be a 12-month period. The most common fiscal year would be the calendar year (i.e. 1st January to 31st December). However, companies are accorded flexibility in selecting their fiscal year. There may be a multitude of considerations. A [...]

By |2024-01-03T19:21:50+08:00January 3rd, 2024|Running a Company, Useful Incorporation Articles|

What is needed to be proven to claim against a director who has breached his fiduciary duties?

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 [...]

By |2023-10-23T18:48:00+08:00October 16th, 2023|Questions and Answers, Running a Company|

What is PayNow and PayNow Corporate?

PayNow offers an improved money transfer experience, allowing retail customers of participating banks and non-financial institutions (NFIs) in Singapore to swiftly send and receive Singapore Dollar funds within the country. This can be done using only a mobile number, Singapore NRIC/FIN, or a Virtual Payment Address (VPA). Importantly, the sender no longer needs to possess [...]

By |2023-10-06T15:22:32+08:00September 5th, 2023|Running a Company, What Is...|
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