Revised ACRA Penalty Framework For Annual Lodgements
With effect from 30 April 2021, ACRA will implement a 2-tier penalty framework for filing of annual return and annual declaration for all companies (including VCC) and limited liability partnerships (“LLPs”) as below:
The Launch of Tech.Pass in Singapore to Attract Highly Skilled Technology Professionals
The Economic Development Board (EDB) has announced that a new work pass called Tech.Pass will be launched next year. The target is top-tier foreign tech professionals and experts looking to start businesses, lead corporate teams or teach here. EDB is seeking to attract highly skilled technology professionals in fields such as e-commerce, artificial intelligence and cyber security.
Tightening of Work Pass Requirements by the Ministry of Manpower (MOM)
The minimum qualifying salary will be raised to S$4,500 and S$2,500 for EP and S Pass Holders respectively.
Checklist for the Conduct of General Meetings During Circuit Breaker
On 13 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (the “Order”) was issued. The Order prescribes the alternative arrangements for the conduct of general meetings. The alternative arrangements apply to meetings convened, held, conducted or deferred during the Control Period defined under the Infectious Diseases (Measures to Prevent Spread of COVID-19) Regulations 2020. A transitional arrangement is also provided for any meeting convened, held, conducted or deferred during a period of 30 days after the end of the Control Period, where the notice of the meeting was given during the Control Period.
MOM Introduces Additional Measures to Help Companies Cope With Covid-19
As the Covid-19 situation continues to evolve, the Ministry of Manpower (MOM) has announced further measures to help affected businesses cope during this period.
Applicable to all Singapore companies and LLPs - new filing requirements for Register of Controllers
As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, the Accounting and Corporate Regulatory Authority (ACRA) will be implementing a new filing requirement from May 2020.
Companies employing staff in Singapore must notify MOM of any cost saving measures
With effect from 12 March 2020, employers must notify the Ministry of Manpower (MOM) if they implement any cost-saving measures that will impact employees’ salaries. This new policy is in place to ensure companies manage excess manpower responsibly.
New Work Pass requirements from the Ministry of Manpower (MOM)
The MOM announced changes to Singapore work pass requirements on 3 March 2020. Businesses employing foreigners in Singapore should be aware of the following changes:
Tech@SG - An Employment Pass (EP) scheme to assist Singapore's Tech Sector
Tech@SG is a collaboration between the Singapore Economic Development Board (EDB) and Enterprise Singapore to help fast-growing tech companies access global talent.