What is the Re-Align Framework? SME businesses significantly impacted by COVID-19 may be able to benefit from a new framework that allows them to renegotiate their contracts. Called the Re-Align Framework, parties to selected contracts may use the framework to renegotiate the terms and conditions of these contracts, such as…
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COVID-19 Impacts on Marriages: Virtual VD/SD and Solemnisation
When it comes to the process of registering a marriage in Singapore, the Verification of Documents and Statutory Declaration (VD/SD) and the following marriage solemnisation procedures are typically conducted in person at the Registry of Marriages (ROM) for civil marriages, or the Registry of Muslim Marriages (ROMM) for Muslim marriages.…
Income Tax (Amendment) Bill – Incorporating the Changes Arising From Budget 2020
The Income Tax (Amendment) Bill 2020 (“Bill”) was read the first time on 5 October 2020 and passed in Parliament on 3 November 2020. The Bill covers amendments arising from the Financial Year (“FY”) 2020 Budgets and the Ministerial Statement by the Deputy Prime Minister and Minister for Finance, Mr…
MAS Covid-19 Support – Digital Acceleration Grant (Up to $120,000)
The COVID-19 pandemic has disrupted businesses across all sectors, prompting many businesses, including financial institutions (both licensed and exempted institutions) (“FIs”) and fintech businesses to embrace digital changes in order to weather the storm that is the current pandemic. With the extremely uncertain business landscape, the Monetary Authority of Singapore…
Payment Services (Amendment) Bill Introduced – Updated as of 4 January 2021
Update as of 4 January 2021 The Payment Services (Amendment) Bill (now, the “Act“) has been passed in Parliament after its Second Reading on Monday, 4 January 2021. The amendments to the PS Act have not taken effect and will come into force on a date yet to be announced.…
Divorce for British Expats: The Effect of Brexit
A court’s ability to deal with a divorce is called its “jurisdiction”. For British expatriates (also referred to as “expats”) in Singapore, a divorce can typically proceed either in the Singapore or English jurisdiction. The jurisdiction in which a divorce takes place fixes the framework of law which applies to…
Simplified Winding Up Programme Guide for Singapore SMEs
What is the Simplified Winding Up Programme? The Simplified Winding Up Programme (SWUP) provides small and micro companies with a simplified creditors’ winding up procedure. This applies when an insolvent company voluntarily wishes to be wound up. The SWUP is one-half of the Simplified Insolvency Programme, which also includes a…
Simplified Insolvency Programme Guide: Debt Restructuring
What is the Simplified Debt Restructuring Programme? The Simplified Debt Restructuring Programme (SDRP) is intended to assist with the debt restructuring of micro and small companies which may not have substantial assets, such that the regular debt restructuring procedure would be too costly to be practical. To assist in this…
Expanding the Scope of SME Grant Schemes (MRA, PSG & EDG)
Following the Ministerial Statement announced by Deputy Prime Minister Heng Swee Keat on 5 October 2020, Enterprise Singapore announced that it will enhance and extend grant and loan schemes for SMEs on 12 October 2020, which include, inter alia, the Market Readiness Assistance Grant (“MRA”), the Productivity Solutions Grant, Enterprise Development Grant and…
COVID-19 Vaccine in Singapore: Is It Compulsory? Who is It For?
The first shipment of the COVID-19 vaccine developed by United States pharmaceutical company Pfizer and German firm BioNTech arrived in Singapore on 21 December 2020 after the Health Sciences Authority (HSA) of Singapore granted interim authorisation for its use. Singapore is one of the first countries to obtain this vaccine,…
