The Accounting and Corporate Regulatory Authority (ACRA) can strike off a company in Singapore if there is a reasonable cause to believe that the business is not in operation. One valid reason is when a company fails to submit annual returns (ARs) for consecutive years. According to Section 197b of [...]
Getting accounting software may seem like a huge investment especially for some small and medium-sized enterprises in Singapore. Initially, a number of startups opt to use a spreadsheet to track their finances. However, as the business expands, the business owner must be one step ahead of the company’s financial record. [...]
Accounting Standards Council or ASC is a governing body that formulates and promulgates accounting standards in Singapore. These standards include the Singapore Financial Reporting Standards (International), Financial Reporting Standards (FRS), and Singapore Financial Reporting Standards for Small Entities (SFRS for SE). A brief history of accounting standards in Singapore In [...]
The two most often compared company types in Singapore are Limited Liability Partnerships (LLP) and Private Limited Company (Pte Ltd). Thanks to the country’s economic competitiveness, entrepreneurs are eager to start their own business. An individual who will establish their company soon can choose from the following business entities: Limited [...]
In accounting terms, the meaning of accounts payable (AP) is the amount of money owed by a business to its creditors that needs to be paid back in a short period of time. It includes vendor bills and records short-term debts in the general ledger (GL). Accounts payable is listed [...]
Accounts Receivable (AR) is the amount of money your clients owe you for goods or services delivered but has not been paid yet. Good knowledge of accounts receivable enables a business owner to improve the cash flow, manage capital on financial opportunities, and sustain flexibility. What is the Meaning of [...]
Striking off a company simply means having it removed from the Singapore Register of Companies. Applying for a company strike off is a cost-effective way to close down a company, but what if it was done without the consent of all the company’s directors? In situations when a Singapore company [...]
The Accounting and Corporate Regulatory Authority (ACRA) is a Singapore government body that regulates businesses, public accountants, corporate service providers, and financial reporting. While maintaining the Lion City’s status as an excellent business hub in Southeast Asia, it is also responsible for enforcing statutory requirements to create an environment that [...]
When you strike off a company, it simply means that you are removing it from the Register of Companies. Striking off is a cost-effective approach to closing down a business. It has, however, some requirements that need to be met. For more information, see our striking off services. Aside from [...]
In compliance with Singapore policies, business entities must appoint a corporate secretary to fulfil various corporate responsibilities such as coordinating meetings for the company’s directors and shareholders and preparing the minutes of company board meetings. Minutes of Company Meetings Part of the key responsibilities of a company secretary is to [...]
