Changes to statutory requirements for holding of AGM and filing of Annual Return for Singapore Companies
It has been announced that the following legislative changes to the Companies Act take effect on 31 Aug 2018 for companies with Financial Year End (FYE) ending on or after 31 Aug 2018: Alignment of timelines for holding AGM and filing Annual Return with the FYE of companies Exemption for private…
CorpPass is a corporate digital identity for Singapore businesses
CorpPass is a corporate digital identity for businesses in Singapore. From 1 Sep 2018, CorpPass will be the only login method for online corporate transactions with more than 140 government digital services. Eg. You must first be authorised via CorpPass before you can log in to ACRA or IRAS digital…
Revision to Tax Exemption Schemes for Singapore companies from YA2020
Overall company tax rate is a flat 17%. Listed below are general tax exemptions/incentives currently available to Singapore resident companies. Once these tax exemptions are applied to the taxable income, the effective income tax rate for small-to-midsize Singapore companies is reduced significantly. The Tax Exemption Schemes have been in place…
Singapore Companies (Amendment) Act 2017 – AGM and Annual Returns
Singapore Companies (Amendment) Act 2017 – Annual General Meeting (AGM) and Annual Returns to be implemented in early 2018 The timelines for holding Annual General Meetings (AGMs) and the filing of annual returns will be aligned with the company’s FYE. This is to provide greater clarity and improve companies’ compliance…
Companies (Amendment) Act 2017 – Inward Re-Domiciliation Regime in Singapore
Companies (Amendment) Act 2017 – Inward Re-Domiciliation Regime in Singapore within first half of 2017 The Companies (Amendment) Act 2017 has introduced an inward re-domiciliation regime to allow foreign corporate entities to transfer their registration to Singapore instead of setting up subsidiaries (e.g. foreign corporate entities that may want to…
Setting up and maintaining the Register of Registrable Controllers of Singapore Companies and LLPs
Setting up Newly-incorporated companies and newly registered LLPs are required to keep register of registrable controllers within 30 days from date of incorporation. Existing companies and LLPs are required to keep register of controllers within 60 days from date of commencement of the regime (31 Mar 2017). Companies which are…
Singapore Companies Amendment Act 2017
General The Companies (Amendment) Act 2017 (“CAA 2017”) was passed on 10 March 2017 and came into operation on 31 March 2017. It aims to (a) Reduce Compliance Costs and Administrative Burden; (b) Make the ownership and control of business entities more transparent; and (c) Boost Singapore’s Competitiveness as a…
Have you updated the Electronic Register of Members (EROM) of your Singapore Company?
One of the recent legislative changes to the Singapore Companies Act is that ACRA will maintain the Registers of Members for private companies in electronic form (EROM) from 3 Jan 2016, and companies will need to update shareholder information that will be recorded in the EROM. In December 2015, ACRA…
MAS’s new Accredited Investor definition to impact FIs and FIs’ clients
Changes to the definitions of Accredited Investors (AIs) and Institutional Investors (IIs), part of the Monetary Authority of Singapore’s (MAS) proposed changes to its capital markets regulatory framework and followed a consultation paper issued on 21 July 21 2014, will impact Singapore-based financial institutions on their policy, documentation, systems, and procedures….
Singapore Employment Pass Information (as at July 2016)
General The Employment Pass (EP) is a work pass for foreign professionals working in managerial, executive or specialised jobs. Eligibility Foreigners who are interested to work, have acceptable qualifications, usually a good university degree, professional qualifications or specialist skills, and has a managerial, executive or specialised job offer in…