Category: FAQ

Who is Exempted From Register Business with ACRA ?

 

If you intend to register Company with your owned name as your NRIC , then you are EXEMPTED  from register with ACRA

Scenario will be different if you include wording as follow :

” Love from  Tan Ah Moi “

OR

” handmade from Tan Ah Moi”

All the above is required company registration with ACRA .

What if Director not able to sign report

SCENARIO

Company A have 2 director but 1 of the director lose contact . How to apply report to be sign by 1 director ?

Companies Act Requirement

Company with 2 appointed director, report must be signed by BOTH director unless is single director company

So , how to comply ?

Application for relief from requirements relating to form and content of financial statements and directors’ statement [Section 202 of the Companies Act]

Company may apply report to be sign by single director with the specific reason and supporting documents ( to prove try to reach to director )

Click here for the application form

When to apply ?

Must apply BEFORE due date of Annual General Meeting (AGM) to avoid late filing penalty

Any Fees ?

Application fees of S$200 payable to ACRA ( non refundable )

What is Important Clause inside Company Constitution

Company constitution or formerly known as Company Memorandum and Article of Association (MA) is the compulsory legal documents for all Singapore registered company .

Company Constitution form binding agreement between Company and shareholder and among the shareholder themselves.

You may draft your own copy or used ACRA model constitution .

The following is the mandatory information for all Company :

  • Company Name
  • Registered address
  • Subscriber shares detail information ( name, residential address ,number of subscribe shares and value )
  • Liability Clause ( for company limited by share, it should stated clearly Shareholder liabilities only limit to the agreed amount invested in the company )

Above information will remain the same although change in company name, registered address , shareholder occur at later time .

Business profile is the only documents for up to date company information .

Aside above information, Company Constitution should consist list of regulation how the company should manage accordingly to the following basic clause :

QUORUM

Quorum is part of decision making structure .

Normally Quorum required 2 attendance and Company can change their quorum from time to time .

COMPANY DIRECTOR

  • Appointment and resignation regulation
  • Duties and scope of power
  • Share qualification : Some of company required director to hold share.

TYPE OF MEETING

  • Annual General meeting (AGM) and Extraordinary General Meeting (EGM)
  • regulation in calling for meeting
  • regulation in holding the meeting

SHARE CAPITAL CLAUSE

  • Procedure in issue shares, transfer shares, calls on shares etc
  • Shareholder right ( voting right , right to attend meeting etc)

Some of the company find that Company constitution is published documents ( anyone can purchase from ACRA ) so Shareholder Agreement is prepared

Related Article : what is Shareholder Agreement

MOM : Change in Dependant Pass Regulation

Announcement of cessation to issue letter consent for Dependant Pass (DP) to work in Singapore workforce with effect from 1 May 2021.

What is the change and what will happen if you are the DP holder who doing business in Singapore ?

WHO IS DEPENDANT PASS (DP) HOLDER

The Dependant’s Pass allows spouses and children of Employment Pass or S Pass holders to join them in Singapore .

WHAT IS THE CHANGES   

BEFORE

Allowed to work with the issue of LETTER CONSENT from MOM

AFTER

Allowed to work with the issue of  WORK PASS from MOM

NEW APPLICATION

Must apply for working visa such as work permit, Employment Pass

EXISTING DP HOLDER 

Can work till expired date of letter consent and apply working visa in due course

WHAT IF DEPENDANT PASS HOLDER IS DOING BUSINESS HERE ?

Allowed to continue ( without application of  working visa) with the following condition :

  • Engaged at least 1 Singaporean or PR
  • With at least S$1,400 monthly salary 
  • With at least 3 months CPF contribution  

Allowed to apply 1 extension until 30 April 2022

What is SSIC code

WHAT IS SSIC CODE ?

Singapore Standard Industrial Classification ( SSIC) code refer to type of principal activities for the company .

And you are required to key in upto 2 major SSIC code for your company .

WHY SSIC CODE IS IMPORTANT ?

  • As a reference key for all agent to run their role :

MOM – Based on SSIC code to determine number of foreign worker allowed to engaged

IRAS : Based on SSIC code to determine tax level / tax benefit

Government Grant – Based on SSIC code for grant given

  • As a reference key for business license requirement .

You may request to apply for business license from the following agency before start of relevant business activity :

  • Council for Estate Agencies (CEA)
  • Ministry of Education (MOE)
  • Monetary Authority of Singapore (MAS) etc

HOW MANY SSIC CODE CAN COMPANY HAVE ?

At least 1 and maximum 2

CAN I CHANGE SSIC CODE ?

Yes

HOW TO FIND SSIC CODE LIST ?

Click here and type in keyword .

HOW TO CHECK OTHER COMPANY’ S SSIC CODE ?

  • WITH CORPPASS LOGIN

You may check via filing of annual return link

You may purchase business profile

  • WITHOUT CORPPASS LOG IN

visit www.bizfile.gov.sg as follow :

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