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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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