Companies in Singapore are principally governed by the Companies Act (Cap 50). Singapore’s first companies’ legislation was the Indian Companies Act, 1866 which was introduced when Singapore was part of the Straits Settlements. The Companies Ordinance (1889) replaced the Indian Companies Act, 1866 which was then amended a few more times before it was repealed…
Company Types Different types of businesses necessitate different company setups. Before starting a business or incorporating a company, learn which type of company will work most efficiently for your business. Sole-Proprietorship A sole-proprietorship is a business owned by one person or one company. There are no partners. The sole-proprietor has absolute say in the running…
Annual General Meetings An AGM is a mandatory annual meeting of shareholders. At the AGM, your company will present its financial statements (also known as “accounts”) before the shareholders (also known as “members”) so that they can raise any queries regarding the financial position of the company. 1 Requirements for filing Annual Returns (ARs) All…
Compliance Ratings and Certificate Many companies are under the wrong impression that the non-imposition of composition sum or late lodgement fees is an indication of compliance. This is not the case. Your company will be issued with a green tick if it has held its Annual General Meeting (AGM) timely, presented up-to-date accounts at the…
Director, Secretary, CEO, Auditor Directors A director is the person responsible for managing the affairs of the company and providing it with directions. A director must make decisions objectively, act in the best interest of the company, and be honest and diligent in carrying out his duties. Under the Companies Act, the minimum number of…
CLASSES OF SHARES The rights and interests attached to these persons’ shares are known as class rights. Where there is only one (1) class of shares, the rights are simply called shareholder rights rather than class rights because there is no other class to compare with. Class rights The share capital of a company may…
Close a Business Business A sole-proprietor / partner may notify ACRA that the business is no longer in operation “Cessation of Business” . If the sole-proprietor or the partnership is GST registered, the business owner also has to apply for cancellation of GST registration with IRAS. Business owners or authorised representatives must ensure that they…
Register of Registrable Controllers Introduction The Companies Act (Cap. 50) (“Companies Act”) has been amended to introduce registers of registrable controllers of companies under the new Part XIA which came into effect on 31 March 2017. These amendments are accompanied by a new set of subsidiary legislation – the Companies (Register of Controllers and Nominee…
About BGP Business Grants Portal brings government grants for businesses into one place, so it’s easier to find and apply for the grants you need. What’s available now You can apply for International Enterprise Singapore’s Market Readiness Assistance and Global Company Partnership grants, Building and Construction Authority’s Building Information Model Fund, SPRING Singapore’s Capability Development…
