Introduction A share split is also commonly referred to as a stock split. It is usually done for commercial reasons. Usually, when the price of a share is restrictively high, the company may decide to break up or split that share into multiple smaller shares. For example, instead of 1 share being priced at $100, [...]
A digital bank is an online-only platform that provides new and traditional banking products and services to customers. The difference between a digital bank and a traditional bank is that a digital bank does not have a physical bank that customers can visit. However, most of the online functions that can be performed online for [...]
A promoter of a company is a person who undertakes to form a company with reference to a given project, to set it going. He takes the necessary steps to accomplish that purpose. For example, you and four other friends decide to set up a company to deal with importing and exporting fashion wear. They [...]
A de facto director is a person who is not formally appointed to the company's board as a director but is acting as if he had been so. To formally appoint a director, typically a general meeting must be convened and the shareholders have to pass a resolution to appoint an individual as a director. [...]
When a company raises money, it may give security to the creditor. If it uses its assets as security, a charge is said to be made over the assets. The lender takes a charge over assets to secure repayment over a loan. There are two types of charges: Fixed charge A charge on fixed assets. [...]
There is no proper definition of a zombie company but in essence, it is a company that makes enough revenue to continue operations and service a portion of its debt. There is little to no growth and the company is constantly looking for lifelines from either loans, external funding or government grants. Here are [...]
A company may wish to return its profits in the form of dividends to its shareholders. To declare dividends, the following documents should be prepared. A directors' resolution There should be meeting minutes or a form of written declaration where the directors of the company had voted for and approved that dividends are to be [...]
A Letter of Consent (LOC) is an authorisation letter that is issued by the Ministry of Manpower (MOM) that allows eligible holders of Dependant Passes (DP Holders) or Long-Term Visit Pass (LTVP or LTVP+) to work in Singapore. By default, DP, LTVP and LTVP+ holders are not allowed to work in Singapore. To be eligible [...]
Form C is the Corporate Income Tax Filing document that is to be submitted to the Inland Revenue Authority of Singapore (IRAS) during Corporate Tax Filing. There are namely 3 forms to be submitted. Either Form C, Form C-S or Form C-S (Lite). Companies who do not meet the eligibility to file Form C-S must [...]
Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]