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Understanding the BizFile
The BizFile is ACRA’s online portal for capturing information for business registration, filing, and reporting. Introduced in 2004, it was replaced in 2016, by a younger, more powerful system called the BizFile+.
The newer portal made processes streamlined, quicker, and could handle much larger volumes of users. It is this system that makes it possible to register and set up reporting remotely.
The BizFile+ is based on the XBRL (XML-based Business Reporting Language). This means that financial and business analysis tools are able to glean more information from the data you (the business user) feeds into the e-forms that form part of the system.
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Using the BizFile+ Portal to Register Your Business
1. Logging InYou have to log in at the BizFile+ portal using your SingPass to register a sole proprietorship or partnership. All legally recognized business owners, including partners or authorized representatives, must indicate their acceptance via BizFile before the business can be registered.
Alternatively, you may engage the duties of a registered filing agent (e.g. law firm) to complete the online application on your behalf.
2. Payment of feesThere is a $15 name application fee. You have to submit this amount before filing for registration at the BizFile+ portal. Then there is a $100 registration fee on the website for company registration.
If you want to renew your application, then you have to submit $30 for this.
You can easily pay these fees using different modes such as:
For sole proprietorships and partnerships, registrations are usually authorized within 15 minutes after the registration fee is paid and confirmed.
If an application needs to be sent to another government agency for authorization, registration takes around 14 days to 60 days for approval. For example, the setting up of private schools must be authorized by the Ministry of Education before the business can be enrolled. For partnerships, the business is officially registered only after all the partners or authorized representatives have approved or licensed the application.
What is the SingPass?The Singapore Personal Access Pass or SingPass is a digital login system that stores and automatically identifies you when you transact with Government authorities in Singapore. This online password gives you one-touch access to attempt transactions with the majority of government agencies online.
BizFile+ UsesVietnam is located in South-Eastern Asia. Agriculture is the primary activity and the cultivation of rice is the main source of income for most Vietnamese.
Many investors choose Vietnam for their company registration because it offers technological incentives for companies to establish. In this country, there is cheap labour in comparison to other countries. In Vietnam, investors also get benefit from double taxation.
you can read more about "How to register a company in vietnam" here
Legal entities in Vietnam: an overview
The most common types of entities in Vietnam are:
Limited liability company (LLC):
In this type of entity, there are 1 to 50 members which are also known as owners or founders. These companies do not have shareholders.
Joint-stock company (JSC):
In this type of company, there are 3 minimum shareholders holders and there is no maximum limit.
Requirements/eligibilities for registration of a company in Vietnam
Foreign ownership regulations in Vietnam:
Vietnam allows 100 percent foreign ownership to most of the businesses related to trading, IT, manufacturing, education. But it sometimes disallows foreign ownerships to some businesses. Most of the foreign ownerships are regulated by World Trade Organizations (WTO) agreements but some of them are neither regulated by WTO nor by local laws. In this case, one needs to take the approval of the ministry involved in work related to industries.
Minimum capital requirements:There are no minimum capital requirements for any business line except business related to language centres, vocational schools, real estate companies, banking, insurance, and finance.
The business certificate will show the amount of capital. Change in the capital will lead to a change in documents.
Registered address:
In Vietnam, servicing companies can provide virtual addresses but businesses related to manufacturing, restaurants, retail trading, etc. One must have to submit a document as proof of address that will show the place where one will incorporate business after registration.
Resident director:
All companies incorporated in Vietnam must have at least one resident director who is having a residential place whether having residential status or not.
Documents required for registration of a company in Vietnam
Investment certificate
Enterprise certificate
Memorandum of association
Articles of association
Business license
Passport and visa
Residency information
Steps to the registration of a company in Vietnam
The procedure below shows the process of registration of an LLC company in Vietnam.
Step1 – investment registration certificate
If a foreign company wants to be incorporated in Vietnam then it requires an investment registration certificate. It is issued by the department of planning and investments. It generally takes a month to issue this certificate but when foreign ownership is neither regulated by WTO nor by the local government then issuance of this certificate will take a longer time. It will take 3 weeks as a statutory time limit.
Business registration certificate-
A business registration certificate is also known as an enterprise registration certificate. This certificate is also issued by the department of planning and investments. Its statutory time limit is 1 week.
Tax registration and payment of the business license tax-
All the companies are required to pay tax online through an online portal and also submit tax declarations and reports. The company’s Tax number is the business license certificate number.
Capital contribution-
After receiving a business registration certificate, one must have to contribute capital within 90 days otherwise he is liable to pay a fine.
Apply for sublicenses or permits, if applicable-
It takes approximately one month to the registration of a company in Vietnam. But in some cases where the company needs to apply for sublicenses can take a longer period.
Compliances for companies in Vietnam
Board meetings- In the case of a public limited company, it is required to conduct board meetings quarterly.
Annual general meeting- LLC companies are not required to conduct an annual general meeting but JSC and public limited companies are required to conduct this meeting.
Tax returns- In Vietnam, corporate tax is 20% whereas the personal tax rate is 35%.
Foreign investments and business registration have to be notified with relevant authorities. If there is any change then it must be notified to the department of planning and investments.
Minutes of a board meeting and annual general meeting are kept with the registered office.
At least one resident legal representative must reside in Vietnam.
Foreign investment report – These reports include profits, losses, and expenses throughout the year.
Compliance with employees law – This includes registering employees with social insurance and also making sure that foreign employees must have a permit in Vietnam.
CorpPass Essentials
The CorpPass is the Singapore government’s virtual identity management software that exclusively authenticates and authorizes transactions between businesses and the government.
Ideally, such transactions are handled by specialists such as accountants, cashiers, etc. For the purpose of delegating a company owner’s signing authority, the CorpPass allows you to assign CorpPass administrators and CorpPass users with access to completing those transactions.
you can read more about "Benefits of CorpPass" here
CorpPass UsesYou can use a CorpPass to:
Collect all documents needed for registration.
For Local Entities:
names, email addresses, NRIC, PR, SingPass login For Foreign Entities:
A CorpPass can be used by authorized employees to
While a SingPass allows you to authenticate user logins to various
government services, a CorpPass allows you to authorize other
users/employees to conduct G2B transactions on behalf of the company or
other entity. In this manner, the CorpPass adds a layer of corporate security
for all your digital transactions.
All Singapore registered businesses must obtain a CorpPass to pay employee taxes,
corporate taxes, license fees, stamp duties, and so on.
Yes, Branch Representative Offices of Foreign firms in Singapore must
also apply for and obtain a CorpPass.
There are five types of CorpPass account roles for employees who are active in conducting transactions with the government on behalf of their business entity:
1. Registered Officer (RO): The person whose name appears as the ultimate beneficiary or owner in the ACRA company register and the corresponding UEN identifier. The RO can assign rights to the Corppass users including the Admin. You may also express to be a Corppass Admin to transact on condition of your commodity, without expecting any permissions. The private whose phrase is officially enrolled with ACRA and Associated/ enrolled to the commodity he/she is incorporated will be accountable for nominating 2 Admins and ratifying the CorpPass Admin charge.
2. CorpPass Administrator: This is someone that the RO designates to create CorpPass Accounts and manages their permissions, including their access to specific digital services. For micro-entities, RO’s can allocate themselves as a CorpPass if necessary.
3. CorpPass Sub-Administrator account (CorpPass Sub-Admin): used by the CorpPass Admin to assist manage CorpPass summaries and their admission to online services on structure of their being the Sub-Admins are merely appointed by the CorpPass Administrator. Appointing someone to be a Sub-Admin does not expect the permission of RO.
4. CorpPass Enquiry Database account: A CorpPass summary assembled by the CorpPass Admin or Sub-Admin of the being Also borrowed to administer marketings with the Government’s digital employment and impression elements of their CorpPass format.
5. CorpPass User account: A CorpPass article established by the CorpPass Admin to deal with government digital employment and its agreements. CorpPass User Accounts will have a unique CorpPass ID from the others,There is currently no limit for the CorpPass Users for every entity.
You may hear the term, ‘Dividend Declaration’ when your company earns a handsome profit. What does declaring a dividend mean? Does every company need to pay dividends to its shareholders? What impact does it have on my share value?
This article will answer all these questions and more.
Dividend declarations are the means by which shareholders and investors in companies get returns on their investment.
You get dividend distributions only after your company’s Board of Directors approves the date when dividends will be distributed.
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Significance of a Dividend Declaration
A Dividend Declaration is a formal announcement made by a company that it is going to pay dividends to certain categories of its shareholders.
The decision to pay dividends is always made by the Board of Directors through a resolution passed under the company’s Memorandum and Articles of Association. This Board Resolution would also specify the time frame and the amount that will be paid as dividends.
In accounting terms, a Dividend Declaration results in a Debit in the Retained Earnings account and a credit in a new ‘Dividends Payable’ account. While Retained Earnings are assets, dividends that must be paid at some future date, are a liability.
Dividend: Meaning
Distributing dividends is just a neat way of saying that your company wishes to retain the trust of its shareholders and future potential investors. And so, the Board of Directors decide to distribute a part of the profits that the company has earned to shareholders who own their shares before the specified cutoff date.
This cutoff date is called the Expiry Date, the Ex-Dividend Date, or more popularly, just the Ex-Date.
Important Dates Associated with Dividend Payouts
Dividend Declaration Date
After the Board has passed the resolution and sanctioned the release of dividends, it has to make this information known to investors and the stock market. It does so by formally announcing the payout on the Dividend Declaration Date.
This date must be approved by the shareholders themselves via voting.
Ex-Date
The Ex-Date is the date on which new share buyers will cease to expect dividend payouts announced on the Declaration Date.
If you were to buy shares on which dividends were payable, even one business day before the Ex-Date, you would be eligible to receive the announced dividends.T
Date of Record
This is different from the Ex-Dividend Date because on this day, the company checks its records to separate existing shareholders eligible to receive dividends from those that are not eligible.
Date of Payment
This is the date on which the payouts are actually made. Note that this day may be one to three months after the Dividend Announcement.
Rise and Fall of Share Prices Around the Ex-Dividend Date
Those who buy the company’s shares on or after the cutoff date won’t receive these dividends. Those buying before will receive dividends.
Note that those who want to buy shares before the Ex-Date will do so in expectation of receiving dividends. This is because the Dividend Declaration Date is at least one business day prior to the Ex-Date.
Because of this expectation, the price of these shares will rise correspondingly. After the Ex-Date, the price will fall because buyers can no longer expect a dividend.
You can read the full article on "Documents Required for Singapore Company registration" here
Documents Required for Singapore Company registration
Unfamiliar Individuals Require the Following Documents:
Stage 3: Company Constitution, previously the Articles of Association and update of Association archives. Presently to contain
business name,
business action list,
place of work in Singapore,
subtleties of investors, Directors, division of offers,
subtleties of investors, Directors, division of offers,
Lawful provisos illustrating restricted obligation, capital dispersion, endorsers and goals just as the guidelines of the planned organization.
The ACRA gives a format that you can utilize to make your own organization constitution.
Stage 4: Submit Application on the BizFile+ Portal
In the event that every one of your archives are all together, just top off your data on the ACRA's BizFile+ page and snap 'Submit'.
Stage 5: Confirmation of Incorporation
Later you make the installment, the ACRA messages you to tell you that your organization has been effectively enrolled. This mail incorporates the organization enrollment number, a connection to download your Certificate of Incorporation (computerized duplicate) and Unique Entity Number (UEN). You can pay for a printed version to the ACRA later.
Stage 6: Acquire Business Licenses and Permits
Certain business exercises need you to acquire allows and licenses in advance. Front model, diners, cleaning organizations, scholarly establishments, travel services, monetary assistance offices, import/send out organizations, and so on need permits to operate.
Stage 7: Share Certificates
The corporate/organization secretary allocates share testaments to every one of the investors. This is evidence of their singular responsibility for organization.
Stage 8: First Board Resolution
In the wake of enlisting your Singapore organization, you really want to orchestrate an investor meeting to select somewhere around one Director. Investors should likewise pass goals to utilize other key organization staff, similar to the evaluator, the organization secretary, and so on
Stage 9: Annual Filings and Returns
Head exercises
Settled up capital
Enrolled address
Subtleties of Shareholders
Subtleties of Directors
Subtleties of Company Secretary
One can continue with all legitimate and authoritative errands which are needed to be performed in the wake of getting an email warning and business profile.
Post organization arrangement in Singapore, yearly filings should be submitted consistently.
Yearly personal assessment documenting is finished with the IRAS.
Stage 10: Corporate Secretary
Later organization enrollment in Singapore, there is a necessity of designating a certified organization secretary inside a half year of fuse under segment 171 of the Singapore Companies Act. Residents of Singapore who are not sole proprietors or investors can become corporate secretaries.
Stage 11: Paid-Up Capital
At the hour of organization enrollment in Singapore, there is a necessity for a base settled up capital of Singapore $1, which can be expanded whenever later consolidation.
The Singapore PR is a privileged visa that encourages foreign specialists, certain types of investors, and family members of Singapore residents to work and keep staying in Singapore continuously.
However, being a Permanent Resident of the Singapore region also comes with duties. Young sons who are permanent residents of Singapore must be part of the military by the age of 16.5 years and serve for 2 years. They must also participate in 40 days of Operationally Ready National Service every year until they reach the age of 50 or 40, depending on their ranks.
Who is Eligible for the Singapore PR Visa?Different PR Categories will require slightly different documents but the common items are listed below:
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How to get Singapore pr
The Singapore PR is a privileged visa that encourages foreign specialists, certain types of investors, and family members of Singapore residents to work and keep staying in Singapore continuously.
However, being a Permanent Resident of the Singapore region also comes with duties. Young sons who are permanent residents of Singapore must be part of the military by the age of 16.5 years and serve for 2 years. They must also participate in 40 days of Operationally Ready National Service every year until they reach the age of 50 or 40, depending on their ranks.
Who is Eligible for the Singapore PR Visa?
Legally married partners of Singapore PRs or citizens
Unmarried children (under 21 years), provided they are born out of a legal marriage or have been legally adopted, of Singapore PR holders and citizens
Elderly parents of a resident
Students studying in an institution within Singapore
Holders of Employment passes and S passes (along with personalized job pass and EntrePass holders)
Foreign investors who apply to the Singapore Economic Development Board under the Global Investor Program.
Documents Required
Different PR Categories will require slightly different documents but the common items are listed below:
Your valid SingPass
A passport-sized photograph in color with a size of 35 mm by 45 mm and pixel size of 400 by 514. The photo is to be set against a white background with the face fully visible facing the camera.
Holders of passes will require Employer Details in a prescribed format.
A valid work or immigration pass & passport that will not expire for the next 6 months
Identity Documents
Birth Certificates (for children of PR holder or citizen)
Custody papers in case of separation from spouse
Certificates of Most Advanced Educational Attainment
Employer’s letter describing the nature of work (for work pass holders), basic salary
6-month payslips
Company or Partnership registration certificates
Professionals would require a valid license to practice
IRAS/CPF consent forms to confirm financial details provided
Application Process for the Singapore PR
You can submit your application via the e-PR website run by the Immigration & Checkpoints Authority (ICA).
You will first need to login using your SingPass (a digital identity issued by the Singapore Government for transacting with itself.
Next, you will be given a questionnaire on the online system that determines whether you are eligible or not.
Next, choose your PR category (Spouse/Child/Elderly Parent/E Pass/S Pass).
You can either download the PR application form, fill it in with the information required and upload it again, or you can fill the entire form online.
Once the application process begins, you have 7 days or 168 hours to complete it.
You can edit/review multiple applications for family members or sponsored pass holders.
After all the documents have been uploaded (size limit is 2 MB), you will need to make a fee payment to successfully complete the process.