What is an SSIC code?

SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]

By |2020-10-09T05:24:40+08:00October 9th, 2020|What Is...|

What is a Segregated Portfolio Company?

A segregated portfolio company (SPC) is a separate legal entity and is sometimes referred to as a protected cell company. It is generally more complex than the typical private company limited by shares. An SPC segregates the assets and liabilities of different classes and series of shares from one another and from the general assets [...]

By |2020-10-06T09:49:47+08:00October 6th, 2020|What Is...|

What is the Payment Services Act (PSA)?

The Payment Services Act 2019 (PS Act) came into force on the 28th of January 2020. It provides a framework for the regulation of payment systems and payment service providers in Singapore. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of [...]

By |2020-09-20T23:21:38+08:00September 20th, 2020|What Is...|

What is a Social Enterprise?

A social enterprise is a business that has specific social objectives that serve its purpose. Social enterprises are still firms that aim to maximise profits while maximising benefits to society and the environment. The profits of social enterprises are primarily used to fund social programs. Social enterprises are somewhat middle ground between a traditional profit [...]

By |2020-07-26T14:22:30+08:00July 26th, 2020|What Is...|

What is a Data Protection Officer?

Under the Personal Data Protection Act (PDPA), organisations are required to appoint at least one person as the Data Protection Officer (DPO). The broad role of the DPO is to ensure that the organisation complies with the PDPA. The DPO can either be a person from within the organisation or the organisation can appoint a [...]

By |2020-07-07T10:15:52+08:00July 7th, 2020|What Is...|

What is a Chief Executive Officer (CEO)?

The term Chief Executive Officer, or CEO, refers to the most senior executive decision-maker in the company. In many instances, the term CEO and Managing Director (MD) is used interchangeably. The Companies Act defines the CEO as a person who is principally responsible for the management and conduct of the company and its business. So [...]

By |2020-07-03T11:45:38+08:00July 3rd, 2020|What Is...|

What is a Managing Director?

The term managing director is often used to refer to a senior executive member of a company. The job scope of the managing director is not spelt out in the Companies Act. However, there is an option to list an individual as a managing director of a company in Bizfile+, the business filing portal of [...]

By |2020-07-02T12:37:00+08:00July 2nd, 2020|What Is...|

What is the Register for Registrable Controllers?

The Register for Registrable Controllers is a document that lists all controllers and beneficial owners of a company. A controller is an individual or an entity that has significant interest or significant control over the company.   Significant interest is determined as an individual or an entity that: holds 25 per cent or more of [...]

By |2020-06-06T11:21:45+08:00June 6th, 2020|What Is...|

What is the Register of Members

The Register of Members is a record of all shareholders or members of a company. This may also be called the Register of Shareholders for companies that issue shares. In the register, the following information about the members of the company need to be maintained: Name of members Address of members Date of becoming a [...]

By |2019-09-03T12:12:00+08:00September 3rd, 2019|What Is...|

What is a Director

A director of a company is an appointed or elected person of the company who, along with the other directors, if any, are responsible for the implementation and direction of company policy. In essence, it is usually the shareholders who appoint the directors of the company and directors act as agents of the company. It [...]

By |2019-09-02T10:00:28+08:00September 2nd, 2019|What Is...|
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