In Singapore, a company can either be closed by Court Order or by the decision of its owners. The former may result from a creditor filing a petition for winding up. In this article, we discuss the key details about the liquidation of a Singapore company. Once a company becomes [...]
ACRA (Accounting and Corporate Regulatory Authority) issued the Practice Direction No. 2 of 2020 to guide companies on the revised XBRL filing requirements and data elements. This move is part of their efforts to streamline the filing of financial statements (FS) using XBRL (eXtensible Business Reporting Language) software. As a [...]
The Accounting and Corporate Regulatory Authority (ACRA) implemented XBRL financial reporting in 2007. XBRL or the eXtensible Business Reporting Language is managed by a not-for-profit organisation—XBRL International—that seeks to improve the accountability and transparency of companies globally. It is used in more than 50 countries providing a more effective and [...]
It is the role of the company secretary and the board members to handle and resolve complex issues faced by the business amid the pandemic. The management works closely with the company secretary, who ensures that the employees are well-informed of the developments within the organisation. This article highlights some [...]
The rules for winding up companies in Singapore are set forth in the Insolvency, Restructuring and Dissolution Act (IRDA). This Act was first passed in Parliament on the 1st of October 2018 and commenced on the 30th of July 2020. With its introduction, the Bankruptcy Act has been repealed while [...]
Capital is a necessity when establishing a business. However, the notion that it requires a large amount is a mere misconception. Read on to find out more about how to start a business in Singapore and how much start-up capital is needed. Starting a Business in Singapore The Lion City’s [...]
Start-ups in Singapore play a great role in keeping the country’s entrepreneurship ecosystem competitive. Not every one of them succeeds, but a majority still last more than a few years after their inception. With that said, the government continues to strengthen these enterprises, both individually and collectively by promoting the [...]
The COVID-19 pandemic has affected how people conduct business in Singapore. One of the most prominent changes is that more entrepreneurs are opting to register home-based businesses, allowing them to earn income without direct contact with other people. This article will discuss in more detail the process of home business [...]
Not all companies are created to turn a profit. In the case of non-profit organisations or charities, the best option for business owners in Singapore is to establish their enterprise as a company limited by guarantee. The key advantages of running a company limited by guarantee are the following: Includes [...]
To make it easier to classify Singaporean businesses by the types of economic activities they are engaged in, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a system known as the Singapore Standard Industrial Classification (SSIC). An SSIC code is assigned to every business and is used for multiple [...]
