Founded by a group of professionals with a wealth of offshore and onshore experience from different jurisdictions. 

 
 

Press Releases

01.10.2005
Printing of Registration Number
"Printing of Company Registration Number on Documents" With effect from 1st Oct 2004, the Companies Act 

 

01.06.2005
Increase in revenue threshold
"Increase in revenue threshold for audit exemption of exempt private companies" 

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PRESS RELEASES

Printing of Company Registration Number on Documents

With effect from 1st October 2004, the Companies Act will require every company to have the Registration Number (in addition to its registered name) on all business letters, statements of account, invoices, official notices and publications of or purporting to be issued or signed by or on behalf of the company.

Bills of exchange, promissory notes, indorsements, cheques, orders, receipts and letters of credit issued by or purporting to be issued or signed by or on behalf of the company only need to have the company's registered name appearing on them. The rationale for the amendment is that the company registration number acts as a unique identifier distinguishing one company from another.
Increase in revenue threshold for audit exemption of exempt private companies

The law allows an exempt private company to be exempted from audit requirements in respect of a financial year if its revenue in that year does not exceed the prescribed amount.

With effect from 1 June 2004, the law has been amended to increase the prescribed amount from S$2.5 million to S$ 5 million for financial years starting on and after 1 June 2004.
One Director Company

With effect from 1 April 2004, a company may have only 1 director who must be either a Singapore Citizen, a Singapore PR or an Employment Pass holder and above the age of 21 years. There must be at least 1 shareholder who can either be an individual of any nationality or a corporate person.
Tax Exemption

To encourage entrepremeurship, the first SGD$100,000 of normal chargeable income for new companies will be exempt from tax in each of their first three years of assessment (YA) between YA 2005 and YA 2009.
Home Office (HO) Scheme

Homeowners are now allowed to conduct small-scale business in their home under the new HO Scheme. This applies to both private and HDB properties.
 
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