Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]
Employment Pass (EP) holders are allowed to be directors of the company which their EP is tied to. An EP holder is only allowed to work for the employer specified on the EP. Thus, if the employer would like an EP holder from within the company to take on a directorship, he can do so. [...]
A resolution of a company is the formal decision of a company made by the board of directors or the shareholders. There are generally 3 types of resolutions that can be passed. Board Resolution Ordinary Resolution Special Resolution The resolution can be passed at a physical meeting or by written means. Since it can be [...]
For a variety of reasons, a company's paid-up capital may need to be increased. As the paid-up capital shows the financial strength of a company, there may be instances whereby a company may need to increase the paid-up capital before tendering for certain projects. Also, there may be investors who may inject money into the [...]
The term managing director is often used to refer to a senior executive member of a company. The job scope of the managing director is not spelt out in the Companies Act. However, there is an option to list an individual as a managing director of a company in Bizfile+, the business filing portal of the Accounting [...]
Dependant Passes are issued by the Ministry of Manpower (MOM) to family members of qualified Employment Pass and S Pass holders. The family members who are eligible are spouses and children under the age of twenty-one. To qualify, the Employment and S Pass holder must earn a minimum of SGD$6,000 a month for their spouses [...]
Some business owners may wish to work from home and thus may want to use their HDB flats as their registered address. HDB does allow this under the Home Office Scheme. To apply for a home office, you would need to make an application on the HDB website. The License for Home Office Scheme is [...]
Changes were made to the Companies Act on 31st March 2017 and the key changes were with regards to making company ownership more transparent so as to limit the use of Singapore companies for illegal uses such as money laundering and financing of terrorism. There were also changes to the Accountants Act but for this [...]
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 [...]
