There are two types of shareholders resolutions. Ordinary Resolution Special Resolution An ordinary resolution is a resolution whereby the votes that are cast in support of the resolution exceeds the votes that are cast against it. In short, the resolution needs more than 50 per cent of the votes to be passed. If there are [...]
From 31st March 2017, it is compulsory for all companies, unless exempted, to have a Register of Controllers and a Register of Nominee Directors. The Accounting and Corporate Regulatory Authority (ACRA) or relevant government bodies like the police can compel a company to hand over these registers for inspection. If these registers are found not to [...]
A subsidiary company is a company whereby 51 per cent or more of the shareholding is owned by another company. Due to the controlling stake of 51 per cent or more of voting rights, the parent company (sometimes also referred to as the controlling company) has the power to determine who sits on the board [...]
The term dormant company has a different meaning for both the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA). IRAS defines a dormant company as a company having no revenue during the financial period. The company may still be dormant even though it has incurred expenses. ACRA [...]
An Investment Holding Company is a company which generates its income through ownership of real estate or shares of other companies. The income could be through the sale and purchase of these assets, the rental income or the dividends received. The Accounting and Corporate Regulatory Authority (ACRA) defines this type of income as non-trade income. [...]
XBRL stands for eXtensible Business Reporting Language and is a global framework for exchanging business information. Having a common framework to analyse data makes it easier to exchange and analyse business information of companies. XBRL allows for the generation of data which may be used by a large group of stakeholders for decision-making and analysis, [...]
The Register of Controllers is a mandatory register for all companies. It lists all registrable controllers of the company. This requirement was made mandatory from 31st March 2017 onwards. These registers are to be kept at the company's registered office or at the office of the corporate secretary. They can be in hard or soft [...]
Excise Duty or Excise Tax is a type of tax charged on goods produced within the country. It is a tax levied on the production or sale of a good. Not to be confused with Customs Duty which is tax paid when importing a certain good, Excise Duty is paid when producing a good. So for [...]
Customs Duty is the tax imposed on imports and exports of goods. Some businesses in Singapore may be involved with the import and export of certain goods. All goods imported into Singapore are regulated under the following acts: The Customs Act The Goods and Services Tax (GST) Act The Regulation of Imports and Exports Act [...]
If you are looking to start a charity or a non-profit organisation, you may consider setting up a Public Company Limited by Guarantee (CLG). Here are details of what makes up a CLG. A CLG is a separate legal entity. It is a company and is separate from the members of the company. As a legal [...]