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 [...]
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 [...]
If a company does not hold its Annual General Meeting and/or file its Annual Return within the required timeframe, the company may be issued a summons. It is possible to appeal against such summons. The Accounting and Corporate Regulatory Authority (ACRA) allows anyone to appeal to them for a review of the summons issued against [...]
There may be a host of reasons for a company to be struck off the register. When a company is struck off, it ceases to exist. Therefore, a company must fulfil the criteria under section 344A of the Companies Act. Do note that it is an offence for someone to strike off a company without [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Various categories of shares grant companies the flexibility to configure their ownership arrangement in a manner that can support their expansion. Companies possess the liberty to categorize shares into distinct classes, thereby accommodating numerous categories within their share system. Nonetheless, in broad terms, there exist two primary types of share classes. Ordinary Shares Ordinary [...]