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Dividend Payments in Singapore

Definition of a Dividend A dividend is the distribution of the excess money obtained from a portion of the company’s earnings. Dividends are paid to one or more of the company’s shareholders. Dividends are managed and controlled by the company’s board of directors. However, the distribution of dividends needs approval from the shareholders through their ability to exercise their legal right to vote. Dividends are usually issued as cash payments, as shares of stock, or other forms of property; however, cash […]

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Payment Services Act

In November 2017, the Parliament of Singapore received a Consultation Paper that advocated the introduction of the Payment Services Act. Before this Consultation Paper was issued to Parliament, the Monetary Authority of Singapore (MAS) had been operating according to the Payment Systems (Oversight) Act (PSOA) and the Money-Changing and Remittance Business Act (MCRBA). These acts had to be replaced because over time, it had been shown that they had failed to regulate and […]

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Comparing Companies Which Outsource to Those Which Do Not

Outsourcing has become a crucial part of the business world of today. Among the key decisions to be made by companies with regard to outsourcing include which functions are to be outsourced, which outsourcing firm is to complete the outsourced functions, whether to outsource the functions to locals or foreigners, and even the question of […]

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Singapore Outsourcing Within the Global Context

Proper outsourcing is crucial to the success of any business. Outsourcing specific functions and tasks will save much money for the business because it generally costs much less to outsource these functions than it does to hire a full-time worker to work on these functions in-house. Outsourcing also gives business owners much more certainty about […]

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Accounting Service Outsourcing

In any company, accounting services are of critical importance. Companies that fail to acquire the necessary accounting services can expect to experience many problems. This is because they will not be able to complete certain tasks which are essential to the well-being of the company. On the other hand, a company with people who can adequately […]

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Reasons to Avoid Setting Up a Company in Singapore

Singapore is one of the countries usually deemed to be a world-class location for company incorporation. Among the reasons for the city-state’s business-friendly status is the general lack of bureaucracy which has been praised by the World Bank. Corporate tax rates and income taxes in Singapore are also low, there are no capital gains taxes, and chargeable income may receive certain tax exemptions. It […]

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Singapore Payroll

In Singapore, employers are not mandated by law to pay a minimum amount of wages to their employees. This means that there is no recognized minimum working wage. However, when running a business that has grown beyond the point where one can confidently handle and preside over operations on one’s own, attention to how a […]

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ACRA’s Annual General Meeting

The Accounting and Corporate Regulatory Authority (ACRA) is a Singapore-based public regulatory body of corporate services and public accountants. Its main aim is the promotion of a trustworthy and an energetic ecosystem for corporations to develop. The ACRA plays a vital role in improving Singapore’s economy and making its businesses successful. This regulatory body was […]

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Directors’ Duties under ACRA’s New Accounting Standards

The Accounting and Corporate Regulatory Authority (ACRA) has published a new set of accounting standards for the next financial year, as has been announced by the Accounting Standards Council (ASC) of Singapore. The ASC is responsible for prescribing accounting standards. These accounting standards match those of the International Financial Reporting Standards (IFRS Standards) issued by the […]

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What are the Core Duties of a Company Secretary?

There are four major stakeholders that make up a private limited company in Singapore which include the directors, the shareholders, the auditors and company secretary.   After Incorporating a Company As enacted in the Singapore Companies Act Section 171, after a company has been incorporated in Singapore, the next step is to appoint a company […]

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