When one starts up a business in Singapore, there are a lot of terms and conditions that applies, which is what the Singapore company law dictates. It is important that all forms of associations, whether it is economic or charity driven, to be regulated by this law in Singapore. It guides everyone on how corporations should operate and what are the procedures of going on and setting up the proper management structure so that it is easier to carry on business in Singapore.
The real definition of Singapore company law
The Singapore company law is also known as the Companies Act, where the act further branches into more specific types of businesses and companies for example the Insurance Act for insurance companies and the Banking Act for banks that operate in Singapore. This law covers the definition of a company, the size of the company, how it should register itself, and what rights and power does the company have after successfully incorporated (registered). This law in Singapore also talks about the governance of the owners towards their corporation, where their duty lies and how they are responsible after the company. It is also having its significance in listing out the details on what the company’s shareholder’s rights are and what are the things that they can do when they are being oppressed. This Singapore law on companies also includes the definition of shares, types of shares, and the maintenance of a company’s capital, how can the reduction be done. These are just some sneak peeks of what this law is and what it does for the society.
Help your company better when you have better understanding of Singapore law
It is important to study the Singapore company law for the benefits of knowing and also to safeguard your company against any misdoings or breach of trust between different parties such as the owners, shareholders, directors and staffs. Students of accountancy and economics would also take up law courses on company law in extending their understanding of the world of business and its operations. Stansfield College offers a Diploma programme in Singapore business law, so check it out if it interests you!
