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
Nominee Shareholder
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

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Directors’ Resolution in Writing (DRIW)

Directors’ Resolution in Writing (DRIW) is a written document consisting of resolutions passed by the directors when a physical meeting is not held. It needs to be posted in the minute book of the company and maintained by the company secretary. It can either be a physical copy or an electronic version. DRIW is a quick and convenient way to resolve urgent matters as it’s not always possible for every director to be present in person on all occasions. Any resolution that doesn’t require the involvement of the shareholders can be passed via written means unless mentioned in the Company’s Memorandum and Articles of Association.

How to request for a Directors’ Resolution in Writing

To request a written resolution, the company needs to send the text of the resolution that needs to be passed to all the members who have a voting right during the general meeting, via email, post, or website. It should also state the deadline to cast their vote and the process for the same. As per Section 184D of the Companies Act, if any member or members of the company representing at least 5% of the total members who have a right to vote in a general body meeting request for a physical meeting, the company would have to oblige and hold one instead of passing a written resolution.

How is a Director’s written resolution passed?

The entitled directors can vote through any of the channels – sending signed documents, acknowledgment via email or website. A resolution is passed if a majority of the directors are in favor of the notion unless stated in the company’s constitution. A company needs to keep track of its resolutions passed, including DRIW, for 10 years from the date of the resolution. In case of an audit, the Auditors would want to see the records and the dates of all the DRIWs passed during your financial year up to the date of the Auditor’s Report.