About the Risks and Benefits of Nominal Director Service All companies that are registered in Singapore should have at least 1 director who is a resident. This regulation is according to the Companies Act. If the person is a foreigner and incorporates a Singapore company but does not have a local person who acts as…
About Penalties of Directors Global businesses are starting to centralize their functions in the financing department, wanting to improve their efficiency. They will do this by putting their finance and reporting functions in a shared service centre rather than replicating the whole functionality structure in each country. The change is because of the necessity to…
About the Companies Act for Directors and CEOs The Companies Amendment Act was passed in October 2014, causing the Companies Act to have sweeping amendments. In fact, it contains the most changes since its introduction in 1967. The changes are to lessen the burden companies experience with regulations, provide better business flexibility, and improve Singapore’s…
About the Financial Reporting Duties It is important to have quality financial information to create strong and successful markets. The different sectors want reliable and timely financial reports to picture the business accurately. The reports they ask for could be for generating value or understanding what the risks are. Over the years, businesses have begun…
About Removal of Directors According to what it says in the Companies Act, the removal of directors depends on the ordinary resolution of shareholders. The term “directors” in this context refers to the directors of the company. This happens when the company constitution does not have other provisions. The shareholders must give a 14-day written…
ACCA Accounting and Business Magazine Features 3E Accounting Founder Lawrence Chai 3E Accounting Founder Lawrence Chai was featured in the Association of Chartered Certified Accountants’ (ACCA) Accounting and Business (AB) Magazine. Lawrence shared with ACCA 3E Accounting’s bold decision to expand into Hong Kong and the importance of investing in technology and talent to ensure…
Responsible Retrenchment is Key to Providing Mental Support to the Chosen Ones Ever since the world caught the pandemic Covid19, all sorts of businesses are affected. Although some company may be at the end of a supply chain, just a fall in demand at any tier of the chain can have high consequences. Thus, most…
Innovative Approach to Medical Cost & Technology – 3E Accounting Covid-19 has given new meaning to the axiom of “Health is Wealth”. One of the key pillars of the Singapore healthcare system would be Medishield Life. Medishield Life is a key clog in the machinery which made Singapore work and where serious illness doesn’t bankrupt…
Strengthening Data Protection Standards in Singapore Strengthening Singapore’s data protection standards with mandatory notification and stiffer penalties for data breaches. Minister for Communications and Information Mr S. Iswaran recently presented a proposed amendment to the Personal Data Protection Act. The Personal Data Protection (Amendment) Bill is amongst four Bills that were introduced in Parliament recently.…
Safeguarding Digital Sphere in Singapore Businesses can now stay safe online with the Safer Cyberspace Master Plan 2020, which utilizes Artificial Intelligence towards safeguarding Singapore’s digital sphere. Singapore recently revealed the Safer Cyberspace Master Plan 2020, at the partially virtual opening of the Fifth Annual Singapore International Cyber Week. It was unveiled by Deputy Prime…
Singapore Jumpstarts Local Tourism with $100 SingapoRediscovers Vouchers The tourism industry in many countries – including Singapore, has been adversely affected by the closure of borders to prevent further spread of COVID-19. Amid global travel restrictions, Singapore’s government formulated a creative method to jumpstart local tourism with $100 SingapoRediscovers Vouchers. This initiative will help to…
Singapore’s Debt Restructure – Micro and Small Businesses The Simplified Insolvency Programme aims to streamline Singapore’s debt restructuring for micro and small businesses. The Insolvency, Restructuring and Dissolution (Amendment) Bill was recently introduced in Parliament to streamline Singapore’s debt restructuring for micro and small businesses. The amendment proposed a Simplified Insolvency Programme to enable such…