For every company incorporated in Singapore, filing an Annual Return (AR) with the Accounting and Corporate Regulatory Authority (ACRA) is a mandatory compliance requirement. This process ensures that your company's information held by ACRA remains current and accessible, promoting corporate transparency. Failing to file on time can lead to penalties and potential legal consequences for [...]
Singapore's dynamic business environment attracts numerous local and international enterprises. As these businesses navigate the regulatory landscape, the role of a nominee director often becomes a critical consideration. This article provides a comprehensive overview of nominee director services in Singapore, detailing their function and the circumstances where a company might find them indispensable. Understanding the [...]
The typical stages involved in a private company sale, from the seller's perspective, can be outlined as follows: Planning and Preparation: This initial phase is crucial for a successful sale. It involves several key activities: Deciding on the rationale for selling and defining the seller's objectives. This could be for financial, commercial, or non-commercial reasons. [...]
Overview A Letter of Consent (LOC) in Singapore is issued by the Ministry of Manpower (MOM). It allows eligible Dependant Pass (DP) holders, Long Term Visit Pass (LTVP) holders, and LTVP+ holders to work or start a business. LOC applications are made through an online portal with a 1-3 weeks processing time. Eligibility Requirements To [...]
Non-executive directors (NEDs) play an important role in the governance and oversight of a Singapore company. While they do not have day-to-day management responsibilities, NEDs contribute valuable insights, expertise, and independent oversight to the board of directors. Here are the typical roles and duties of a non-executive director in a Singapore company: Strategic Guidance and [...]
This question stems from queries that clients posed to our accounting team. As you may already be aware, Raffles Corporate Services does provide bookkeeping services. This means that clients send us their bills, invoices, receipts and other accounting-related documents to have their financial statements prepared. The financial statements are important as they are used for [...]
Considerations for the necessity of a shareholder agreement: While not mandatory, a shareholder agreement can greatly facilitate the smooth operation of a company or business. There are several reasons why a shareholder agreement may be required: a) To supplement the company's constitution. b) To incorporate specific provisions among shareholders. c) To address shareholder concerns. d) [...]
To hold company shares in trust for someone else means that the registered shareholder of the shares (the legal owner) is holding the shares on behalf of another person (the beneficial owner). In Singapore, the registered shareholder is listed as the legal owner of the shares on the company's register of members, while the beneficial [...]
In his Budget 2023 address, Deputy Prime Minister Lawrence Wong declared the introduction of measures to assist families in Singapore, including extended paid paternity leave and increased financial support for parents. While acknowledging the government's existing "generous set of measures" to help parents cover the costs of raising children, he emphasized the necessity to modify [...]
The duties of a Singapore Company Director is spelt out in section 157(1) and 157(2) of the Companies Act 1967. The relevant sections state: 157(1) A director must at all times act honestly and use reasonable diligence in the discharge of the duties of his or her office. (2) An officer or agent of a [...]