新加坡全球投资者计划

  1. 全球投资者计划的资格标准

作为一个有意在新加坡创业或投资的投资者,您可以通过全球投资者计划(GIP)申请新加坡永久居民身份(Permanent Resident)。如果您符合以下资格标准,您就有资格申请。

 

个人概述 认可企业家 第二代企业家 快速成长公司创始人 家庭办公室负责人
申请资格 a)  必须拥有至少3年的创业和商业记录

 

b)  您目前经营的公司1在您申请的前一年的年营业额至少为2亿新元,在您申请的前三年的年平均营业额至少为2亿新元

 

c)  如果您的公司是私营公司2,您应该至少拥有30%的股份;和

 

d)  贵公司必须从事附件B所列的一个或多个行业。

a)     您的直系亲属应该拥有至少30%的股权,或者是您使用的公司的最大股东

 

b)     该公司的年营业额必须在您申请之前的一年至少为5亿新元,在您申请之前的三年平均每年至少为5亿新元

 

c)     您必须是公司管理层的一员;和

 

d)     贵公司必须从事附件B所列的一个或多个行业。

a)  您必须是一家估值至少5亿新元的公司的创始人和最大的个人股东之一

 

b)  您的公司必须投资于有信誉的风险投资或私人股本公司;和

 

c)  贵公司必须从事附件B所  列的一个或多个行业。

a)     您必须拥有至少5年的创业、投资或管理记录;和

 

b)     您必须拥有至少2亿新元的净投资资产

 

(注:净投资资产包括所有金融资产,如银行存款、资本市场产品、集体投资计划、寿险保单及其他投资产品的保费等,不包括房地产。)

 

 

·        #投资选择 选择 A 或 B 或 C 选择 C

 

#投资选择

选择A: 投资250万新元在一个新的商业实体或扩大现有的商业运作。

选择B: 向一个投资新加坡公司的GIP基金3投资250万新元。

选择C: 投资250万新元,在新加坡新建或现有的管理下资产(AUM*)至少2亿新元的单一家族理财室。

 

1也可以合并最多两家业务,而所有业务必须只从事附件B所列的一个或多个行业,以符合最低营业额标

2如果的公司是上市公司,您必须是最大的个人股东之一

3 GIP基金名

*离岸资产可以作为资产管理要求的一部分,前提是至少5000万新元的可投资资产管理已经转移到新加坡并在新加坡持

 

 

  1. 投资选择评价标准4
选择A 投资新元250万新元在一个新的商业实体或扩大现有的商业运作。
·        申请方案A的申请人必须提交一份详细的5年业务或投资计划,其中包括预计在方案A公司会发生的就业、开支和财务预测(如GIP申请表表格B所述)。商业计划的评估将基于其可行性、您在发展A选项公司中的角色、商业活动和当地就业机会的创造;和

·        您应该至少持有公司30%的股权,并且必须是该公司管理团队的一员

·        您选择的公司必须从事附件B中列出的行业之一

 

 

4 申请人将根据申请中提交的信息和面试进行评估

 

选择B 向一个投资新加坡公司的GIP基金投资250万新元
·        申请方案B的申请人将根据其未来在新加坡的业务或投资计划进行评估。这可能包括拟议的商业活动、投资额、创造当地就业机会等具体细节。
选择C 投资250万新元,在新加坡新建或现有的管理下资产(AUM*)至少2亿新元的单一家族理财室。
·        申请选择C的申请人必须提交一份详细的5年业务计划,包括预计的就业和年度财务预测(如GIP申请表表格B所述)。商业计划将根据您在单一家族理财室中的角色、家族理财室的功能、您建议的投资部门、资产类型和地理重点进行评估。

*离岸资产可以作为资产管理要求的一部分,前提是至少5000万新元的可投资资产管理已经转移到新加坡并在新加坡持有。

 

  1. 审批后投资要求

 

您将被要求在您的AIP PR身份的6个月内进行投资。250万新元(根据选择的投资选项)的投资额必须从您在新加坡注册的银行开立的个人银行账户中以您的个人名义进行。在作出所需的投资后,您必须向EDB提交有关投资的书面证明文件。一些必需的文件包括:

 

  1. 经核证的投资文件副本(例如选择A及C投资的普通股证书)
  2. 银行对账单和借贷通知显示投资是由您在新加坡注册的银行以您的单独名义开立的个人银行账户进行的。
  • 投资条款和条件上签署的承诺正本(投资承诺)。
  1. 证明您在本行的帐户已圆满完成的银行证明信。银行推荐信中应包含的信息
    1. 姓名
    2. 护照号码
    3. 账户类型
    4. 账户号码

 

请注意:

对于在英国或英联邦国家作出的投资承诺,可以在公证人、太平绅士或根据该国法律授权的其他人在场的情况下签署。-如果申请人在新加坡,投资承诺书必须在新加坡最高法院的律师和律师或根据公证法(第208章)指定的公证员在场的情况下签署。对于非英联邦国家(如中国),投资承诺书必须在获授权的Sing代表在场的情况下签署

 

 

选择C申请人的附加文

 

  1. 您在新加坡注册的家族理财室资本化前后的ACRA Bizfile记录
  2. 证明AUM及其在新加坡注册家族办公室的至少2亿新元所有权的证明文件的原件和最新的认证真实副本或最新的公证副本;该等文件须由EDB自行决定。
  • 对于存放于单独投资控股公司或私人信托的资产,必须提供最新的投资管理协议(investment Management agreement)公证副本,以证明该资产由您在新加坡的家族理财室管理。

 

 

正式成为新加坡永久居民

在收到您的投资证明文件和签署的投资承诺书后,您将被新加坡移民和检查局(ICA)颁发关于您的PR身份的最终批准。您必须在最终批准日期起的12个月内正式确认您的PR状态。

 

 

再入境许可证的有效期

在你的公关化后,你将被发给一个有效期为5年的再入境许可证(REP)。代表是一个许可证,允许你保持公关状态时,你不在新加坡。如果您在您的PR状态的第5年之前满足再入境许可证续签条件,此REP将被续签。


如何在新加坡开设银行账户?

新加坡绝对是全球最受欢迎和监管良好的银行业司法管辖区之一。许多外国人热衷于开设新加坡公司银行账户。但是,日益严格的合规、而外的报告条规以及不断变化的银行法使开户变得更加困难。那么身为外国人,您究竟如何能在新加坡开设银行账户呢?在本文中,我们将分享如何在此处开设公司银行账户。

新加坡公司银行账户的好处

在国外开设银行账户并不容易,尤其是现在海外旅游受到限制的情况下。由于涉及存款要求、银行手续费用和旅游费用,决定在何处和哪些银行合作是非常重要的。

开设新加坡公司银行账户的好处是:

  • 备受推崇的银行管辖区
  • 政治和经济稳定
  • 财政责任和资本充足的银行
  • 腐败程度低,法治强
  • 接受外国公司
  • 存款保险高达 75,000 新元
  • 与多个国家的有利税收协定

以下是在开设新加坡公司银行账户之前,应该考量的种种因素。

在海外岛屿司法管辖区注册的公司

来自大多数国家/地区的申请者都可以开设新加坡公司银行账户,但某些国家/地区会比其他国家/地区更容易。与大多数国际银行管辖区一样,如果您的公司在国际立法限制或高风险的国家/地区注册,您的公司将无法开设新加坡公司银行账户。对于来自英属维尔京群岛、巴哈马和马恩岛等海外岛屿司法管辖区的公司而言,是可以开设新加坡公司银行账户。该公司必须能够满足您选择的银行的开户标准。您的公司必须具有银行可接受的风险状况。

存款要求

新加坡公司银行账户的最低存款要求通常高于其他司法管辖区。原因是新加坡是著名的银行中心。所以新加坡金融管理局 (MAS)希望吸引更高素质的公司和投资者。

区域联系和知名度

新加坡银行与该地区相连,因此新加坡可以实现金融中心地位。您想在新加坡银行开户的原因很重要。如果您有本地或区域联系并且可以提供任何相关的证明,那么您的机会将更大。这种联系可以是个人的,也可以是商业的。

不参与监管性活动

与大多数国家一样,新加坡不允许从事受监管活动的公司在这里开设银行账户,除非他们是在新加坡监管制度之下经营。一些例子包括经纪交易商、转账代理、货币服务业务或涉及受监管金融活动的类似活动不太可能开启账户。

其他因素

开设新加坡公司银行账户时还有其他考虑因素。其中一个重要因素是所有公司受益人的国籍,以及所有董事的居住地点。因此,会计和企业监管局 (ACRA) 要求所有公司设立控制人登记册. 您需要出示业务关系和运营的证明。向客户出示发票等证明会很有帮助。不同的银行可能更欢迎某些产业,但总的来说,规则对所有人都是一样的。

远程开设新加坡公司银行账户

开设公司银行账户变得越来越困难。如果您的业务是高风险的,或者从事受监管的活动并且与新加坡没有任何关系,那将更加困难。

在某些情况下,业主无需前往新加坡即可开设新加坡公司银行账户,但需要满足的条件也比较多。不过,并非所有银行都提供此选项。此外,银行可能会额外要求提供有关您的业务的信息并进行更多检查。

如果您准备开设新加坡公司银行账户或有更多关于如何开设的问题,今天就联系我们!

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如何在新加坡开展电子商务业务

您如何开展电子商务业务以在新加坡销售产品呢?

这其实是蛮简单的。有许多在线电子商务平台提供电子商务自动服务,例如线上广告、营销、电子邮件和仓库管理,都助于您的交易流程。如果您正在考虑在新加坡开展电子商务业务,我们将为您提供所需的信息!

您是否需要许可证才能在新加坡开展在线业务?

一般来说,在新加坡开展电子商务业务不需要许可证。不过,这可能会因您销售的产品而异。例如,如果您销售烟酒产品,某种药物或指定的健康食品,电子商务平台可能需要遵循某些要求。所需的专业和贸易许可证取决于您销售的产品和服务。

决定在您的新业务上卖什么

作为商业计划的一部分,您需要决定要销售哪些产品或服务。您的电子商务平台是否会出售多种类型商品的通用电子商务业务呢?或者您是否只考虑了特定的市场,例如服装或食品?谁是您的目标关众?这些问题能帮您决定哪些电子商务平台更适合。您也可能需要考虑开设自己的电子商务网站。这能让您更好地掌控网站的外观和风格,以及您决定销售的产品。

为您的电子商务业务选择商业模式

您可以为您新的电子商务业务选择 3 种公司结构模式。

在多数情况下,我们总是建议我们的客户选择选项 1。私人有限公司为股东和董事提供更多的责任保护。随着您的业务规模扩大以及您在未来引入新的投资者和股东,它还提供了更多的灵活性。

成立公司并开始电子商务业务

在您决定电子商务平台和商业模式之后,是时候将您的电子商务业务成立在新加坡了。在 SG Company Services,我们为您的所有注册需求提供一站式解决方案。在新加坡成立公司的过程并不复杂。我们还可以协助您为自己的电子商务商店开设商业银行账户。查看这篇文章以了解更多关于在新加坡成立公司的要求。

选择您的电子商务平台

注册完成后,您就可以开始经营您的业务了!您接下来需要决定的是您将在哪个平台上销售您的产品/服务。

会在亚马逊、Lazada 和 Shopee 等平台上还是打算建立自己的电子商店呢?大多数电子商务平台如亚马逊和 Shopee 都提供从电子邮件到营销的电子商务功能,因此您几乎可以在这些平台上销售任何东西。其中缺点是这些平台上已有许多和您销售的物品相似的选择,必然存有一定的竞争。

这些公认的电子商务平台也有自己的条款和条件,您在注册这些平台前就应熟悉这些条款和条件,因为这会影响您销售产品或服务的运作。所有电子商务平台都会从您的每笔销售收取佣金,从而降低您的利润。如果客户投诉过多,您将面临平台账户被暂停或终止的风险。

如果您决定建立自己的电子商务网站,您将需要花更多时间与精力,自己设计和开发网站或聘请网络开发人员。一般网络开发人员的聘用费取决于您所设计得网站外观,功能等。您还必须考虑到网站托管、域名注册和 SSL 证书 (SSL 证书是一个数字证书,用于认证网站的身份并启用加密连接)。这不但让您可以更好地掌控您的电子商务业务的外观以及决定销售的产品,您也不受电子商务平台设定的条款和条件的支配。更重要的是,您可以创建品牌来培养客户忠诚度。通过您自己的网站,您还可以安装营销工具来分析和跟踪客户行为,从而通过数据分析来优化您的业务。

设置支付系统

下一步是设置您的支付系统。新加坡最受欢迎的电子商务支付网关包括贝宝 (Paypal) 和 Stripe。它容易使用并与许多电子商务平台集成。它还为买家提供保护,因此如果您身为卖家没有按照成交约定递送产品或完成服务,买家可以获得退款。贝宝(Paypal) 和 Stripe 会从每笔交易收取佣金,以换来这份保障。若是主要在本地销售的企业,卖家也普遍接受 Paynow,这是一种即时且零交易成本的本地银行间支付方式。

设置会计系统

下一步是设置会计系统。这将让您能够记录您的支出和收入以及纳税情况。新加坡小企业通用的会计软件是 Xero。它基于云且易于使用,使其成为刚起步的电子商务企业的良选之一。Xero 也提供了许多功能,例如开具发票、记录费用和员工付款。它还与贝宝 (Paypal) 和 Stripe 集成,以便您可以在一个系统里查看您业务的所有财务状况。若您想完全专注于发展业务而不想进行财务管理,您可以考虑将财务管理外包给注册会计师。

建立客户关系管理系统

最后一步是建立客户关系管理(CRM)系统。CRM 将帮助您记录客户的联系信息、购买历史以及您与他们的任何其他互动。这些宝贵的资料,能助您把营销计划针对特定目标客户。新加坡小型企业流行的 CRM 软件是 Salesforce。它能提供许多功能,例如联系资料管理、客户点击和购买行为资料管理。Salesforce 还与贝宝 (Paypal) 和 Stripe 集成,以便您可以在一个系统里查看您业务的财务状况。

有了正确的辅助系统,您就能轻易地在新加坡开展电子商务业务。有许多在线平台提供软件设备和其他服务来帮助您开启,例如仓库管理、营销等。

今天就联系我们吧,我们将为您提供如何开始自己的电子商务业务的有关资料与信息!


How does a company pay dividends in Singapore

How does a company pay dividends in Singapore

We hear so much of this term dividends but we seldom discuss the rules and implications associated with it. As most will know, it is basically profit (or part of it) that a company distributes to its owner(s) at the end of or during a company’s financial year.

What are the types of dividends?

There are mainly 2 types in Singapore: interim dividends vs final dividends.

You can announce Final dividends during the Annual General Meeting (AGM), after reporting the company’s financial statements and confirming the final profits for the year. You cannot cancel it once declared.

Interim dividends, as the name suggests, can be distributed any time between 2 AGMs. It can take place before confirming the annual profit or loss and the final financial statements. You can pay out of retained earnings or current year profits.

How to declare dividends?

You need to prepare the following documents in preparation for dividend declaration:

  1. Dividend vouchers
  2. Dividend register
  3. Resolution for dividend payment
  4. Shareholders’ approval with signatory
  5. Warrants to shareholders
  6. Minutes of the meeting specifying the location, date and time of the meeting, and details on the declared dividends

For final dividends, the dividend amount and payment form, i.e. cash, shares, options or other properties) is suggested by the directors during the AGM. The shareholders will then vote and finalise the proposal. You can then pay the dividend any time after this declaration date.

For interim dividends, the process is similar. The only difference is the board of directors alone can decide on the dividends, as long as the company’s profits justify it.

Do note there is no limit for dividends as long it does not exceed the final net profit of the company to date.

How to distribute dividends?

The company’s board of directors will announce in detail in the form of a dividend declaration. It is important to note that dividends should be given only when the company has made profits.

This is specified in Section 403 in the Companies Act, that you can only pay dividends to shareholders of any company out of profits. Some of the common questions we received from our clients are:

  1. Can dividends be paid out of profits of a larger holding group of companies of which the dividend-receiving company is a member?

Answer: No, the dividends payable must be profits of its own company.

  1. Is it necessary to maintain paid-up capital before declaring dividends?

Answer: No, the dividends payable must be profits of its own company.

  • Is capital appreciation or gains part of the company’s profits?

Answer: Yes, as long as the company’s constitution allows such dividend payment.

  1. Can current profits include profits that have been carried forward from previous years?

Answer: Yes, dividends can be issued from retained earnings even if there is no current-year profit

In the same section, it also states that any violation could lead to a fine of up to S$5,000 or imprisonment up to 12 months for the director or chief executive officer. They are also liable to the company’s creditors to the extent to which the dividends paid have exceeded the profits. If you are a shareholder who received dividends that are wrongfully distributed, talk to us today so we can advise you better.

What is the tax treatment of dividends in Singapore?

Generally, shareholders who received dividends from a Singapore resident company will not need to pay tax on that dividend income. This is due to Singapore’s one-tier taxation system, where corporate tax applies to the company’s profits already. To be precise, non-taxable dividends include:

  • Dividends paid by a resident company on or after 1 Jan 2008
  • Foreign sourced dividends received by resident individuals on or after 1 Jan 2004
  • Income distribution from Real Estate Investment Trusts (REITs)

Dividends that are taxable include:

  • Dividends paid by co-operatives
  • Foreign sourced dividends received in Singapore by resident individuals through a partnership in Singapore. In some cases, no tax is payable if certain conditions are met. Talk to us to find out more.
  • Income distribution from REITs derived by individuals through a partnership in Singapore.

What is the accounting treatment?

Upon the declaration of the dividends, the dividend payable is a credit entry under a liability account. It is owing to shareholders until full settlement. After paying the dividends, the dividend payable account is debited by its full amount, together with a credit entry to the company’s cash account by the same amount.

If you have further questions on the company’s dividend declaration and its implications, feel free to contact us for a non-obligatory discussion.

 

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Senior Worker Early Adopter Grant and Part Time Re-Employment Grant

Senior Worker Early Adopter Grant

In 2019, the Singapore government announced it will increase the retirement age (RA) to 65 years old by 2030, while it will increase the re-employment age (REA) up to 70 years old. This year, the Central Provident Fund or CPF contribution rates will be increased as well to boost elder workers’ retirement savings.

In addition to these changes to support elder workers, the government has in place support packages namely the Senior Worker Early Adopter Grant (SWEAG) and the Part-Time Re-employment Grant (PTRG).

These grants are available from 1 July last year, to employers who are willing and able to implement higher internal retirement age and re-employment age and provide more part-time re-employment opportunities.

 

What Is the Senior Worker Early Adopter Grant (SWEAG)?

It provides support of up to a maximum of $250,000 for employers to increase their own retirement and re-employment ages ahead of legislative schedule.

The SWEAG funding computation will be based on the number of resident Senior Workers (SWs) and the extent of increase in internal retirement and re-employment ages. The total eligible funding caters to a maximum of 50 Senior Workers (SWs) per employer.

The extent of advancement of internal retirement age and re-employment age Funding per SW (age 60 and above) Total Eligible Funding (Cap of 50 SWs per company)
By 1 year each $1,000 $50,000
By 2 years each $2,500 $125,000
By 3 or more years $5,000 $250,000

 

If there are varying extensions to the workers’ retirement or re-employment ages for different groups of Senior Workers, i.e. increase the RA/REA for its 40 Executives by 3 years, but for its cleaners by 1 year, the Grant will be tied to the lowest tier of Funding which is the first row from the table.

 

What Is the Part-Time Re-employment Grant (PTRG)?

It provides support of up to a maximum of $125,000 for employers who commit to a part-time re-employment policy for its eligible senior workers.

The PTRG funding computation will be based on the number of Senior Workers (SWs) employed, at $2,500 per resident senior worker, up to a cap of $125,000 per employer.

 

How to qualify?

In order to be eligible, employers have to complete the following.

  1. a) Furnish updated HR policy properly documented on:
  2. SWEAG: internal retirement and re-employment ages showing the respective increases from current policy.
  3. PTRG: the part-time re-employment policy for Senior Workers
  4. b) Document the communication of the new policy to all employees via mediums such as employees’ accessible website, email, memo/circular and employee handbook.
  5. c) Submit duly completed claim form that includes information on all senior workers.
  6. d) Issue addendums to employment contracts documenting the policy change to all employees.
  7. e) The addendums will need to be individually addressed to and signed by the Senior Workers.
  8. f) For all other workers, the addendums can be standardised without having to be individually addressed nor acknowledged.
  9. g) Submit CPF Form 90 of all the senior workers you are claiming for.
  10. h) Prepare NRICs of Senior Workers for sighting by the programme partner (either physically, virtually or via photocopies).

 

How to apply?

All employers can apply for SWEAG and/or PTRG if they are legally registered or incorporated in Singapore. This includes societies and non-profit organisations such as charities and voluntary welfare organisations. Governmental agencies, statutory boards and other organs of state are not eligible.

NTUC’s e2i and SNEF are the appointed Programme Partners for SWEAG and PTRG. This service is available to employers at no cost. Employers are to directly submit the applications themselves. If you wish to find out more, talk to us today.

 

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What You Need To Know About Free Trade Zones And Free Zone Companies

What You Need To Know About Free Trade Zones And Free Zone Companies

In Singapore, there are nine free trade zones that allow companies to import, sell, or export goods without customs, duties, or goods and services tax (GST). They are:

–          Brani Terminal;

–          Keppel District Park;

–          Tanjong Pagar Terminal and Keppel Terminal;

–          Jurong Port;

–          Sembawang Wharves;

–          Pasir Panjang Wharves,

–          Changi Airport Group;

–          Changi Airport Cargo Terminal Complex;

–          Singapore FreePort is located in the Airport Logistics Park.

Background of these zones

The Free Trade Zones Act which was last amended in 2014, regulates these zones. Within these zones, companies can temporarily store their goods until they are loaded for export without customs clearance. The law mainly covers the following:

  • The respective authorities are responsible for verifying the activities conducted by the companies in these zones.
  • The activities allowable by free zone companies in Singapore
  • The types of licenses and permits necessary to carry out such activities in the free zones
  • The penalties for not abiding by the regulations imposed by the authorities

How to form a free zone company?

To incorporate a free zone company is the same procedure as incorporating any other company in Singapore. Upon incorporation, the free zone company will need to obtain a permit from PSA Corporation Authority and TradeNet for permission to import, export and transport their goods overseas.

The next thing to note is that the minimum share capital to set up a free zone company is S$100,000 and S$50,000 if the company requires warehousing spaces and office spaces respectively.

Useful to note that

To operate in Singapore free trade zones, you need two types of licenses. One for corporate users, and the other for individuals with limited validity, lasting between 24 hours to 2 weeks. In the case of corporate users, it can last 1 or 3 years depending on the companies’ requirements and varying fees will apply. The application process takes about 4-7 days’ time.

The advantages of free trade zone companies in Singapore are:

  • You do not need permits or licenses for the trans-shipment of goods in the free zones
  • No custom duties for goods transiting or stored in the free zones
  • There is no GST applicable on goods imported into the free zones
  • Custom procedures are streamlined for companies operating in the free zones.

Interestingly, the two largest free zones in Singapore are Jurong Port and Changi Airport, with the former accessing the largest river in Singapore, and the latter being the largest and busiest airport in the region.

To find out more about incorporation matters, feel free to approach us for a non-obligatory discussion.

 

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What You Need To Know About Limited Liability Partnership (LLP) In Singapore

What is the Limited Liability Partnership (LLP) In Singapore?

What is an LLP?

An LLP can be defined as a partnership where the individual partner’s own liability is generally limited. As the name suggests, it requires a minimum of two partners with no limit on the maximum number of shareholders.

Some facts of the legal status include:

  • It is a separate entity from its partners
  • Can sue and be sued in LLP’s name
  • Can own property in LLP’s name
  • Partners are personally liable for debts and losses resulting from their own wrongful actions, but not from others’ doings

What about statutory requirements?

The statutory requirements of an LLP are lesser than that of a company, which is mainly an annual declaration of solvency/insolvency by all partners of whether is LLP is able or unable to repay debts incurred over the course of the business. Compared to a company, there are statutory requirements for general meetings, directors, company secretary, share allotments, etc. These can be additional costs to the business.

Tax?

The profits of the LLP are taxed at all partners’ personal income tax rates assuming all are individuals. If the partner is a corporation, it will be applied at the corporate tax. For a company, corporate tax rates apply to its profits.

Business implications?

What may be interesting to note is that, in an LLP arrangement, individual partners can enter into business agreements without the consent of the other partner(s). This is highly unpredictable unless partners are of close and amicable relationships.

Another possible concern with the LLP is when it comes to transferring ownership in an LLP, the assets, licenses, and permits must be transferred individually. In other words, you cannot sell the LLP as a whole like how you can for a company.

if you wish to find out more about the requirements to set up a Limited Liability Partnership (LLP) in Singapore, or any other forms of corporate structure, do approach us for a non-obligatory discussion.

 

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how to set up a register of controllers

How To Set Up A Register of Controllers

In our previous article, we have introduced the registers of registrable controllers with ACRA and its requirements. How do you set up this register of controllers properly? We summarise for you in this article:

Identification

First, you have to reasonably identify and obtain the relevant information on the controllers with these 2 notices:

  1.  Notice for Controllers
    – Send to the persons whom you know, or you believe, to be registrable controllers of the company.
    – Ensure the addressee state whether he or she is a registrable controller of the company.
    – Ensure the addressee state whether he or she knows or believe that any other person is a registrable controller of the company, or likely to have that
    knowledge. If so, provide the particulars of that other person.
  2.  Notice for Persons who may know controllers
    – Send to persons whom you know, or you believe, that they know or are likely to know the identities of the company’s registrable controllers.
    – Ensure the addressee state if he or she knows or believe that any other person is a registrable controller of the company.
    – Ensure the addressee provides the particulars of that person(s) who are within his or her knowledge.

Documentation

Second, list down in a Word or Excel document the particulars of the persons who are likely to be registrable controllers of the company. This document will be the Register of Controller. You can keep this in either hard or soft copy.

Most often, the shareholders from the ACRA business profile are the first to be included in the Register of Controller. However, the criteria to qualify as a registrable controller still applies. You can read more about the criteria to qualify here.

Based on the replies from the 2 notices, make the necessary amendments as required.

If the company is confirmed to have no registrable controllers, ensure the Register of Controller is documented with, “As of [date], the company knows or has reasonable cause to believe that there are no registrable controllers in relation to the company.”

Maintenance

Third, ensure that the information in the Register of Controllers is current and accurate thereafter.

We advise performing an annual review of the register. This is to check if there is any relevant change to the particulars of each controller. It is also good to reaffirm if any of the particulars are incorrect. Any communication trail of this review process should be documented to provide evidence of work done.

In the event, there are grounds to believe of a relevant change to the controllers’ particulars, or that the controllers’ particulars are incorrect, you need to send either a

  1.  Notice for Change in Particulars
    – Ensure the addressee confirms if the relevant change has occurred.
    – Ensure the addressee provides the date and details of the change.
  2.  Notice for Incorrect Particulars
    – Ensure the addressee confirms if all particulars are correct.
    – Ensure the addressee provides the correct particulars if any are incorrect.

Finally. do note that each of these notices follows a standard format and phrasing. Speak to us if you are unsure of how to start.

Companies and LLPs that do not comply shall be liable up to a fine not exceeding $5,000.

 

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Disposing personal data: what you do not know

In Singapore, the Personal Data Protection Act (PDPA) comes into full effect on 2nd July 2014 with new amendments as recent as November 2020. This act governs the collection, use and disclosure of personal data by all private organisations.

Most are aware of the collection and use of personal data, and its implications. However, it is the disposal of such information that is equally important but given less emphasis. According to the PDPA, failure to properly dispose of such information can lead to fines as high as SGD$1 million.

What is personal data?

To define personal data, it is data to identify a specific individual directly or indirectly. Examples of personal data include an individual's full name, NRIC number, passport number, photograph, video image, personal telephone numbers, personal e-mail addresses, fingerprints and DNA profile.

Since personal data are stored mainly either in physical or electronic copies, it is imperative that organisations take reasonable steps to secure such information in both forms, such as ensuring physical documents are properly filed and kept in locked cabinets, and electronic documents are encrypted with passwords. Eventually, when it comes to disposing of such information, is it sufficient to throw the physical documents into the bin? Or simply press delete to remove all electronic documents into your computer’s recycle bin?

How do you dispose of them?

The recommended ways to dispose of physical media is by shredding, pulping or incineration.

  • Shredding cuts the physical medium into tiny pieces making reassembling the medium almost impossible. It is also the most common way of disposing in most offices as shredders are easily available.
  • Pulping is to remove the ink from the paper and then dissolving the paper into a pulp with chemicals. This will require a lot more cleaning up thereafter than simply putting the document through a shredder.
  • Incineration basically burns the physical medium completely, again not the safest or most convenient option around an office.

For electronic media, it is not sufficient to press delete and clear the computer’s recycle bin. The recommended ways are

  • Using dedicated software that can overwrite selected files or entire storage drives.
  • Using special hardware appliances to produce strong electromagnetic fields in order to destroy magnetically recorded data
  • Physically destroying the storage devices by crushing, drilling or breaking them beyond repair

If you think your personal data has been compromised, seek legal advice or approach us for a non-obligatory discussion.

 

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How to Change A Foreign Company into A Company Registered in Singapore through Re-domiciliation?

The Choice Destination for Business

Singapore is known to be one of the top financial hubs in Asia. We have a strategic location, a competitive and talented workforce of varied backgrounds, and a pro-business environment for both local and foreign investments. It is easy to see why Singapore is your choice destination for businesses.

What the rest of the world says?

Based on the latest Doing Business 2020 report, Singapore is placed 2nd as the easiest economy to conduct your business in 2019, just closely behind New Zealand. Hong Kong follows at 3rd on this ranking. A closer look at the criteria shows that Singapore comes in first on “Enforcing Contracts”. This established strong confidence in entering into contracts of various purposes, from business contracts, employment contracts and leasing contracts. Any breach of a contract allows non-defaulting parties to carry out recourse in a lawful manner. Some of the other criteria that rank Singapore high on the list include ease of starting a company, dealing with construction permits, protecting minority investors and paying taxes.

Any tax exemptions?

Singapore has one of the most attractive tax structures among developed economies. From Year of Assessment 2020 onwards for the first 3 years for new start-up companies, there will be

  • a 75% exemption on the first $100,000 of normal chargeable income and
  • a further 50% exemption on the next $100,000 of normal chargeable income.

To qualify for this exemption, the company must

  • incorporate in Singapore
  • be a tax resident in Singapore for that YA
  • have its share capital beneficially held by up to 20 shareholders throughout that YA

How is life in Singapore?

In Mercer’s global Quality of Living Survey released in March 2019, Singapore remains 1st in position in Asia-Pacific, with Tokyo and Kobe in 2nd and 3rd position respectively. This survey compares 230 cities worldwide across multiple factors such as political and social environment, consumer goods availability, housing, public services and transport, medical and healthcare, natural environment, education and recreation.

How risky is Singapore?

In another 2019 survey done by Euromoney, Singapore is the least risky country for investment in Asia. On the global scale, it ranks 2nd just behind Switzerland. This survey is conducted over 174 countries, among several hundred economists and risk experts across 23 political, economic and structural sub-factors. Some of these factors include access to capital markets and bank finance, debt indicators, credit ratings and political environment.

How safe is Singapore?

How about safety? In a 2019 Safe Cities Index report by The Economist Intelligence Unit, Singapore is 2nd safest city in the world. This report is based on 60 major cities across 57 indicators that cover personal security, health security, digital security and infrastructure security. Not only that, but Singapore also ranks 1st in both personal security and infrastructure security.

Is Singapore creative?

According to the Global Innovation Index 2019, Singapore is the leading innovation hub in Asia. This index compares 120 countries using indicators such as political environment, education, infrastructure, and business sophistication as its basis. We retain the top spot as Asia-Pacific’s most innovative nation for the seventh consecutive year.

2020 has been a turbulent year for the world, including Singapore. Many businesses have undergone a transformation in this new business landscape. We continue to strive to be the leading destination for businesses to flourish. If you like to find out more about doing business in Singapore, talk to us today.

 

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