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. [...]
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 [...]