In the realm of corporate governance in Singapore, the ability to demand a poll at a company meeting is a crucial mechanism that ensures fair representation and accurate reflection of shareholder sentiment. This process, governed by the Companies Act 1967, allows for a more precise method of voting than a simple show of hands. Let's [...]
In Singapore, the process of choosing a chairman for directors' meetings is characterized by a structured approach that combines established procedures with the flexibility to adapt to specific circumstances. The selection of a chairman is a crucial aspect of corporate governance, ensuring that meetings are conducted efficiently and effectively. Election by the Directors The primary [...]
Directors play a crucial role in the governance and management of a company. In Singapore, they have significant autonomy in regulating their own meeting procedures. This flexibility is primarily exercised through the company's articles of association and their internal practices, as the Companies Act generally does not prescribe detailed procedures for board meetings. This article [...]
The board of directors plays a pivotal role in the governance and management of a company. Their responsibilities are extensive, encompassing a wide range of duties that ensure the company's success, protect stakeholders' interests, and maintain compliance with relevant laws and regulations. Here's a breakdown of the primary functions of the board of directors in [...]
The Singapore Budget 2024 has been unveiled for almost a year, and it brought a host of measures designed to support businesses in navigating a challenging global economic landscape. With a focus on sustainability, innovation, and resilience, the budget introduces several initiatives that could significantly impact businesses across various sectors. Whether you’re a small business [...]
According to section 2 of the Central Provident Fund Act (CPF Act), wages means the remuneration in money, including any bonus, due or granted to a person in respect of his employment but does not include such payments as the Minister may, by notification in the Gazette, specify. All items that fall under the definition [...]
In Singapore, whether a company needs to pay Central Provident Fund (CPF) contributions on allowances depends on the type of allowance and how it is classified under CPF rules. Below is a general guideline: Allowances Attracting CPF Contributions CPF contributions are generally payable on allowances that are considered part of an employee's wages. Examples include: [...]
The Annual Return Filing (AR Filing) is done when the company has completed its Annual General Meeting (AGM). Here at Raffles Corporate Services, we will remind our corporate clients that the AGM needs to be held. There are generally three ways to hold the AGM. Physically, virtually or in writing. A physically held AGM would [...]
For a myriad of reasons, a company may have been previously struck off and now the shareholders and or directors wish to have it restored. By restoration, we refer to having the name of the company restored to the register of companies. There are two methods to have the company restored: Court-ordered restoration; and Administrative [...]
Drafting a company constitution is a very important matter. This is essentially a rulebook as to how a company should conduct its business. Adherence to the company constitution is necessary when dealing with company related matters. Therefore, how a company operates stems from its constitution. Great thought must be placed as to how the company [...]