A shelf company is a registered legal entity that is operational but is dormant. Being dormant, it has no income and does not carry out any activities. It does have all the basic structure of a legal entity. It has a registered local address, local director, shareholder and company secretary. Typically, shelf companies have a [...]
During this circuit breaker period, non-essential workplaces are expected to be closed. However, there may be instances where certain employees may be required to return to the workplace for a short period of time. They can do so by applying for Time-Limited Exemption through this website: https://covid.gobusiness.gov.sg/ The application is to be done by the [...]
Company seal A company seal, or common seal, is an official seal by the company to endorse documents like deeds and share certificates. It bears the company's name and registration number and is a metal contraption used to emboss documents. The company seal is used for contracts that are required by law to be executed [...]
Changes were made to the Companies Act on 31st March 2017 and the key changes were with regards to making company ownership more transparent so as to limit the use of Singapore companies for illegal uses such as money laundering and financing of terrorism. There were also changes to the Accountants Act but for this [...]
As uncertainties swirl over Singapore's economy, Deputy Prime Minister and Finance Minister Heng Swee Kiat delivered a generous, expansionary budget to aid companies and business tide through this period. The estimated budget deficit of SGD$10.9 billion, or 2.1 per cent of gross domestic product, even exceeds the forecasted budget deficit in 2009 of SGD$8.7 billion. [...]
Holding an Annual General Meeting (AGM) is a statutory requirement. However, in certain situations, a company may not be able to hold the AGM within the stipulated timeframe. If so, the company may submit an application to the Accounting and Corporate Regulatory Authority (ACRA) for an Extension of Time (EOT). The maximum extension is sixty [...]
The definition of a dormant company varies between the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The definitions are spelt out in this article: What is a Dormant Company Here is a video about dormant companies on our YouTube channel: We will break up the obligations [...]
When conducting a company meeting, the minutes of the meeting are usually taken. When preparing company meeting minutes, details such as the type of meeting, date, time, meeting attendees and transacted businesses are usually recorded. The minutes of a meeting should provide a snapshot of what transpired at the meeting and the actions to take [...]
The winding up or liquidation of a company is a process whereby the assets of a company are sold and the monies collected are used to pay off its debts. After all its creditors are paid off, any remaining monies can then be distributed to the shareholders of the company. When this process is completed, [...]
For various reasons, you may wish to close your company. To close a company you can either wind up or strike off the local company. Striking off a company is the more straightforward option so long as the requirements are adhered to. The striking off can be done via the Bizfile+, the Business Filing Portal [...]