Pre-emptive rights are rights that give the existing shareholders of the company the first right to purchase any shares that an existing shareholder may be selling. Such pre-emptive rights are important for a variety of reasons. The existing shareholders may not want the shares of the company to be transferred to someone who is not [...]
An annual general meeting (AGM) is a mandatory yearly gathering of a company's stakeholders to discuss important matters concerning the business. At this event, the company's board of directors delivers an annual report containing information about the company's performance and strategies to shareholders. Shareholders with voting rights participate in the meeting to vote on various [...]
Opening a trading company in Singapore involves several steps that need to be followed. Here is a general guide on how to open a trading company in Singapore: Decide on the business structure: The first step in opening a trading company is to decide on the business structure. You can choose to set up a [...]
There are two types of Payment Institution licences issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act. They are the Standard Payment Institution Licence and the Major Payment Institution Licence. The Payment Institution Licences will allow licence holders to provide any of the seven payment services that are regulated by [...]
According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]
When there is a dispute between shareholders of a company, it is important to try to resolve the issue as quickly and amicably as possible to avoid negative impacts on the company's operations and reputation. Here are some steps that can be taken to resolve the dispute: Review the company's governing documents: Start by reviewing [...]
Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]
Selling a business in Singapore involves several steps and requires careful planning and preparation. Here are some general steps you can take: Prepare your business for sale: Before selling your business, you need to ensure that your financial statements are up-to-date and that your business is in good shape. This can include making any necessary [...]
Every company in Singapore has a company constitution. This essentially is the "rule book" of the company. It sets out how the company does its business and how it deals with matters especially with regards to the conduct of directors and shareholders. You can retrieve the model constitution from this link: https://sso.agc.gov.sg/SL/CoA1967-S833-2015?DocDate=20200124 The model constitution [...]
If a customer in Singapore does not pay for agreed services, you may consider the following options: Negotiate payment: Try to reach a mutually agreed solution with the customer, such as a payment plan. It would be wise to try to reach a mutual agreement and settle it privately. This is so that the customer [...]