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…
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 VC Fund Manager Regime
Singapore VC Fund Manager Regime was announced by the Monetary Authority of Singapore (MAS) on 20th October 2017.The activity of fund management is defined in the Second Schedule to the Securities and Futures Act (SFA). Previously, VC managers were subjected to the same regulatory framework as Licensed Fund Management Companies…
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…
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….
Key Employment Terms (KETs) in Singapore
Ministry of Manpower (MOM) announced in 2014 that the Ministry would require employers to issue key employment terms (KETs) in two years. Who Employers must issue KETs to their employees who are: Newly employed on or after 1 April 2016; Covered by the Employment Act; and Employed for a continuous period…
Requirements for Itemised Payslips in Singapore
MOM announced in 2014 that the Ministry would require employers to issue itemised payslips in two years. Employers are required to provide itemised payslips to all their employees covered under the Employment Act (EA) together with their salary payments. Employers may choose to issue the payslips in soft or hard copy,…
Employment Bill Changes in Singapore
Amendments to Employment Bill – Ministry of Manpower (MOM) announced in 2014 that the Ministry would require employers to issue itemised payslips and key employment terms (KETs) in two years. MOM intends to effect these new requirements on 1 April 2016, and all employers are required to comply with…