Part of the striking off process of a Singapore company involves clearing all outstanding taxes and tax obligations to the Inland Revenue Authority of Singapore (IRAS). If these are not cleared, IRAS may object to the application for striking off. The company in question should ensure the following: All outstanding tax returns (Form C-S/C) are [...]
The Business and IPC Partnership Scheme (BIPS) is a scheme that allows 250% corporate tax deduction on qualifying expenses when a business' or company's employees volunteer, provide professional services to recognised Institutions of Public Character (IPCs) The employee of a business or company in Singapore can qualify for the BIPS scheme provided: he or she [...]
If a company wants to hold an Extraordinary General Meeting (EGM), it has to send out a written notice to all its shareholders to inform them of the meeting. The notice period may differ between private and public companies. If a private company would like to hold an EGM to pass an ordinary or special [...]
The need to maintain a Register of Registrable Controller (RORC) came into effect on the 31st of March 2017 through the amendment of The Companies Act. Newly incorporated companies will be required to have and maintain the registers of registrable controllers within 30 days from the date of incorporation and existing companies will be given [...]
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 [...]