The Stamp Duties Act in Singapore defines stamp duty as a tax levied on immovable properties, stocks and shares in private companies in Singapore. When are Stamp Duties applicable? Transfer of share document. This refers to the documents signed when shares are bought or acquired. If there are no executed document for the transfer of [...]
Singapore is one of the best places to set up a company to do business. Singapore is a free and open economy, one of the safest and corrupt-free cities and has a government who embraces entrepreneurship. In fact, many foreigners choose to set up companies in Singapore and base their operations in Singapore. Singapore is [...]
In Singapore, it is mandatory for every company to have a company secretary. This individual must be a resident of Singapore. Namely, he must be either a Singapore Citizen, Singapore Permanent Resident or hold a valid pass, namely either an EntrePass, Employment Pass or an S Pass to work in that particular company. A company [...]
It is mandated that every company in Singapore will have to file their annual returns with the Accounting and Corporate Regulatory Authority (ACRA). Failure to do so will result in penalties. Here are some things you should know as a company owner about annual filing. Firstly, you have to determine which category your company falls [...]
The role of a director cannot be taken lightly. As a director, one should carry out his or her duties carefully and honestly. If found to be in breach of statutory duties, a director may face criminal prosecution. This year for instance, there were separate reports of a company director convicted for lodging false information [...]
Every year, companies in Singapore are required to file with two main government bodies, namely The Accounting and Corporate Regulatory Authority (ACRA) and IRAS (The Inland Revenue Authority of Singapore). The following entails the three filing requirements for a company to stay compliant. Estimated Chargeable Income (ECI) Companies are required to file the ECI, or [...]
A company's financial year end determines the end of the company's accounting period, after which financial report for the period will be prepared for purposes such as filing annual returns with ACRA and filing corporate tax returns with IRAS. By default, ACRA assigns a company's financial year end to be exactly a year from its [...]
The first board meeting should be held within the first month from the date of incorporation. At this meeting, the appointment of the first directors of the company will be confirmed. Other things to be resolved at this meeting will be the common seal (not compulsory), share certificates and statutory books. Any other matters related [...]
Shareholders' Meeting The meetings of a Singapore incorporated company can be divided into two sections. Shareholders' Meetings and Directors' Meetings. In this article, we will be touching on Shareholders' Meetings. The Shareholders are the owners of the company and thus have the right to decide certain on certain issues. In Singapore, certain meetings are mandatory [...]
Estimated Chargeable Filing (ECI) is a compulsory filing requirement for companies unless the company qualifies for a waiver. There are advantages for companies that file their ECI earlier and within the qualifying period as they may opt to pay corporate taxes by instalments. The benefits for filing ECI early are: 1) Instant acknowledgement upon successful [...]
