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Strike Off a Company in Singapore: Failure To File Annual Returns

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 [...]

2021-07-27T15:23:36+08:00July 27th, 2021|Strike Off Company Singapore|0 Comments

Accounting Software for SMEs in Singapore

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. [...]

2021-07-27T15:24:05+08:00July 24th, 2021|Accounting Software Singapore|0 Comments

Singapore Accounting Standards

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 [...]

2021-07-27T15:23:54+08:00July 15th, 2021|Singapore Accounting Standards|0 Comments

LLP vs Pte Ltd: The Differences According to ACRA

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 [...]

2021-06-28T18:52:04+08:00June 28th, 2021|ACRA Partnership|0 Comments

Accounts Payable: Definition and Process

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 [...]

2021-06-28T18:51:52+08:00June 23rd, 2021|Accounts Payable|0 Comments

Understanding Accounts Receivable (AR)

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 [...]

2021-06-28T18:51:39+08:00June 21st, 2021|Accounts Receivable|0 Comments

Company Strike Off and Restoration According to ACRA

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 [...]

2021-05-30T18:08:09+08:00May 30th, 2021|Strike Off Company Singapore|0 Comments

Accounting and Corporate Regulatory Authority: Compliance

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 [...]

2021-05-30T18:09:26+08:00May 29th, 2021|ACRA|0 Comments

Local Company Strike Off According to ACRA

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 [...]

2021-05-30T18:09:16+08:00May 22nd, 2021|Strike Off Company Singapore|0 Comments

A Singapore Corporate Secretary’s Task: Minutes of the Meeting

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 [...]