What are the Roles and Duties of a Non-Executive Director in a Singapore company?

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 [...]

By |2024-05-09T16:02:31+08:00May 16th, 2024|Uncategorized|

When is a good time to start preparing the financial statements for the company?

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 [...]

By |2024-04-11T16:02:25+08:00April 11th, 2024|Uncategorized|

Should my shareholders and I draft a shareholders agreement and what should we take note of?

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) [...]

By |2023-10-27T12:56:04+08:00May 25th, 2023|Uncategorized|

In Singapore, what does it mean to hold company shares in trust for someone else?

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 [...]

By |2023-11-14T16:58:14+08:00February 24th, 2023|Questions and Answers, Uncategorized|

[BUDGET 2023] More financial support for parents. More paid paternity leave.

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 [...]

By |2023-02-15T12:11:13+08:00February 15th, 2023|Uncategorized|

The fiduciary duties of a Singapore Company Director

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 [...]

By |2023-01-31T12:05:48+08:00January 31st, 2023|Uncategorized|

How to change your company secretary

Upon incorporation, companies must appoint a company secretary within six months. This is in accordance with section 171(4A) of the Companies Act which states: The office of secretary must not be left vacant for more than 6 months at any one time. In most cases, the company secretary is filled by the corporate service provider [...]

By |2022-07-27T16:24:59+08:00July 27th, 2022|Running a Company, Uncategorized|

How do I execute a share buyback?

A company can return excess capital it might have to its shareholders through dividends, share capital reduction or share buybacks. In this article, we will be focusing on share buybacks, namely for private companies in Singapore. A share buyback is exactly what it says. A company is buying back its own shares. Instead of the [...]

By |2022-07-15T16:28:18+08:00July 15th, 2022|Questions and Answers, Uncategorized|
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