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Directorship in Singapore: Consent to Act & Responsibilities
A company director plays a vital role in overseeing the affairs of a company. Under the Companies Act 1967 of Singapore, directors owe statutory duties and legal obligations designed to promote sound corporate governance and defend the interests of the company and its stakeholders.
Singapore Register of Registrable Controllers’ Compliance Guideline
All of the companies, foreign companies and Limited liability partnerships (unless exempted) will be required to maintain a private RORC and file with the ACRA within the stipulated timeline. This requirement applies even if your business is dormant or undergoing winding up, striking off, receivership, or judicial management.
Singapore Company’s Functional Currency
Companies operating internationally often deal with multiple currencies. Choosing the right currency to report financial results may seem like an accounting detail, but it actually affects how profits, costs, and performance are understood. This guide explains functional currency, why it matters, and how it differs from the currency you present your results in.
Understanding the Difference Between SFRS and SFRS (SE)
In Singapore, companies generally prepare their financial statements in accordance with the Singapore Financial Reporting Standards (SFRS). However, smaller private entities may adopt a simplified framework — the Singapore Financial Reporting Standard (Small Entities) or “SFRS (SE)”, which is designed to reduce compliance costs and simplify accounting requirements.
Guide to Singapore Company Registration
In today's increasingly fierce global business competition, enterprises are constantly seeking more favourable development environments. Singapore, with its stable political environment, low-tax policies, sound legal system, and highly internationalized financial system, has become one of the most attractive destinations for company registration in Asia.
Singapore Central Registers of Nominee Directors and Nominee Shareholders
Effective 16 June 2025, all companies and foreign companies must submit information on nominee directors and shareholders, along with their nominators, to ACRA’s Central Registers by 31 December 2025, in addition to maintaining private registers. Any subsequent changes must be reported to ACRA within two business days. For entities incorporated or registered on or after 16 June 2025, this information must be provided at the point of registration.
Guide to Activation of Singapore Custom Account
A Declaring Entity refers to any importer, exporter, shipping agent, air cargo agent, freight forwarder, common carrier or other person who desires to obtain a customs permit, licence, certificate or any other document or form of approval from Singapore Customs. Only the Key Personnel (e.g. owner, partner or director) of an entity whose record is registered with ACRA or the relevant UEN Issuance Agency can activate the entity’s Customs Account.
Singapore Foreign Worker Quota Requirements
Singapore has had a foreign worker hiring quota in place for several years and has undergone several adjustments to fit the nation’s demands. The government frequently reviews the quota system to ensure it is functional and efficient. The quota system involves taxes and other restrictions on the employment of foreign workers and limits the number of foreign workers a company may hire.
Compulsory Insurance Singapore Employers Must Provide for Employees
In Singapore, employers have a legal obligation to ensure the safety, health, and welfare of their employees. As part of this responsibility, specific insurance policies are mandated by law to provide adequate protection for employees in various circumstances. Employers are required to provide Work Injury Compensation (WIC) insurance for certain categories of employees to ensure adequate coverage.
Introduction of Singapore Trust
Singapore is a well-established trust jurisdiction and an international finance centre. It is an independent, economically strong and politically stable country. Singapore has committed to complying with Organisation for Economic Cooperation and Development (OECD) guidelines and is part of OECD’s white list.