The SGUnited Jobs and Skills Package, the SGUnited Skills, SGUnited Traineeships and SGUnited Mid-Career Pathways Programmes, will get an additional SGD$5.4 billion. This will support the hiring of 200,000 locals in 2021 and will provide up to 35,000 traineeship and training opportunities. The SGUnited Jobs and Skills Package was first launched in May 2020 to [...]
For typical companies limited by shares, reducing the share capital of the company will involve one of two methods: Reducing share capital with the approval of the court (The court order method) Reducing share capital without the approval of the court (The non-court order method) For this article, we will be touching on the non-court [...]
The Personal Data Protection Act (PDPA) states that companies have to properly dispose of documents containing personal data. Failing which they may be penalised. Personal data refers to data from which an individual can be identified. Any data such as a person's name (or part thereof), identification number, passport details, height, weight, gender, bank details [...]
In the proposed changes to the Personal Data Protection Act (PDPA), organisations will be penalised more heavily for data breaches. At the same time, organisations will have more freedom to use personal data to innovate. These changes were passed in Parliament on Monday, 2nd November 2020. A key change to the PDPA is the maximum [...]
Under the requirements laid out in the Personal Data Protection Act (PDPA), every organisation is required to appoint at least one individual as the organisation's Data Protection Officer (DPO). The DPO's business contact information (BCI) has to be made publicly available. The DPO may be a person whose scope of work solely relates to data [...]
If you are thinking of incorporating a company or your company is already incorporated, here is a list of compliance requirements that all company directors should ensure that the company adheres to. Do note that it is the duty of the company directors to ensure that the company is following the regulatory requirements. Appointment of [...]
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 [...]