Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

W

Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Common Seal

A common seal (also commonly known as a company seal or corporate seal) is an official emblem used by the company. It contains the company’s name and registration number and is used to endorse documents such as contracts, deeds, and share certificates.

The Removal of Requirement for Common Seal

In Singapore, with effect from 31 March 2017, it is no longer a mandatory requirement under Section 41A, 41B, and 41C of the Companies Act (Cap. 50) for companies and LLPs to use common seal while executing legal documents.

Section 41A (1) states that – “A company may have a common seal but need not have one.”

Section 41B (1) states that – “A company may execute a document described or expressed as a deed without affixing a common seal onto a document by signature –
(a) on behalf of the company by a director of the company and a secretary of the company;
(b) on behalf of the company by at least 2 directors of the company; or
(c) on behalf of the company by a director of the company in the presence of a witness who attests the signature.”

Section 41C states the “alternative to sealing” – “Where any written law or rule of law requires any document to be under or executed under the common seal of a company or provides for certain consequences if t is not, a document satisfies that written law or rule of law if the document is signed.”

However, some companies still keep a common seal to use overseas for any foreign business cooperation. When not used, it should be kept at the registered address.

Alternative to Sealing with Signatures

Instead of the common seal, the legal documents can be executed by having them signed by authorized persons as well.

For companies, the legal documents can be signed and executed by:

  • a director and the secretary of a company;
  • two directors of a company; or
  • a director of a company in the presence of a witness who attests the signature.

For LLPs, the legal documents can be signed and executed by:

  • two partners of an LLP; or
  • a partner of an LLP in the presence of a witness who attests the signature.