How are Shares Priced?

The issue price of a share is dependent on the earnings of the company. The lead manager will usually look at the historical earnings of the company as an important indicator for pricing. As such, depending on the industry, the Net Tangible Assets (“NTA”) of the company may not be relevant in the pricing of shares, as it may not be a good indication of the company’s future earnings.

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Doing Business in China – Different bank accounts and their functions

In the course of doing business in China, foreign companies (FIEs) will need to be familiar with the different bank accounts applicable and their respective functions/uses.

In this article, we will introduce some of the bank accounts commonly used by FIEs.

Doing Business in China – Different Bank Accounts and Their Functions

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Financial Reporting and Accounting in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company. The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course.

Members are designated as certified public accountants (CPA). The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

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Doing Business in China

With an area of 9.6 million square kilometres and a population of more than 1.3 billion, China is one of the biggest countries in the world. Blessed with beautiful landscape, 56 ethnic groups and the oldest continuous civilisation known to mankind, China has long been one of the world’s favourite travel destinations. The climate in China is very diverse, subarctic in its northern border and tropical in the south. North China typically has four distinct seasons – bitter cold winter, blazing hot summer, and short spring and autumn. In the south, cities like Kunming, Guangzhou and Shenzhen, spring-like weather prevails in all seasons with temperatures usually ranging between 15C and 30C.

East China and west China vary in terms of terrain. The majority of the landscape in west China comprise plateaus, mountains and deserts while in the east, plains, deltas, and hills dominate, making the land suitable for cultivation.

Among China’s 56 ethnic groups, the Han people make up about 92% of the country’s total population. Over 50 languages are used throughout China, for example, Han, Tibetan, Urghur and Korean. The Han peopleuse many dialects in different parts of China, such as Cantonese, Shanghainese, Hokkien etc, apart from Mandarin, which is China’s official language.

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Working in Singapore

The Central Provident Fund (CPF) is a compulsory and comprehensive social security savings scheme, to which both employers and employees (citizens and permanent residents) contribute. The aim of the Fund is to provide fi nancial security for wage-earners in their retirement. In addition, the CPF Board has introduced various schemes for members that cater to home-ownership, insurance, hospitalisation, investments and education at approved local institutions.

Effective 1 July 2007, the maximum contribution for employees and employers are 20% and 14.5% of wages respectively, on a monthly salary ceiling of S$4,500. For employees aged above 50, the maximum total contribution will be 28.5% with effect from 1 July 2007. Contributions paid into the CPF are allocated primarily to an employee’s Ordinary Account in the CPF. Additional accounts are the Special Account and the Medisave Account.

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Types of Business Entities in Singapore

All sole proprietorships and partnerships must be registered with ACRA under the Business Registration Act, Cap 32. ACRA must be notified of any changes in the particulars of the proprietor, manager or partners of business firms within the prescribed timeline.

Sole proprietorships and general partnerships are not corporate bodies, i.e. sole proprietors and partners of partnerships have unlimited liability for the debts and obligations that arise from the businesses.

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IPO – Listing your company in Singapore

Singapore stock market has grown tremendously and as of 30 April 2004, the total market capitalization of all companies listed on the SGX was about S$400 billion.  The Singapore stock market is also a regional bourse with listed foreign companies from Malaysia, China, Taiwan, Thailand, Australia, Indonesia, Philippines, Japan, and Hong Kong. As of April 2004, these companies together formed about 24% in terms of number of total listed companies and approximately 39% of total market capitalization of all companies listed on SGX.

SGX is well known as an efficiently-regulated marketplace and companies listed on SGX will be perceived as having good corporate governance and disclosure. As a listed company in one of the premier financial centres in the world, Singapore-listed companies also enjoy international recognition that provides a springboard for global growth.

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IPO – Listing your Company

It is the dream of many entrepreneurs to start their own businesses, grow the businesses and eventually bring them public. However, a public listing should not be the natural progression once your company has grown to a certain size or profit level, nor is it the be-all-and-end-all.

The preparation for an initial public offering (IPO) requires total commitment on the part of the founder and his management team.

They need to look beyond the advantages and glamour, and be fully aware of what it means to be listed. This article intends to give you an overview of the listing process and some key areas to take note of in embarking on the road to IPO.

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Types of Business Entities in China

Before actually investing in China, many foreign investors choose to set up representative offices (ROs) to engage in market research and to learn more about the country. An RO is optional before making an actual investment in China and is not an independent legal entity. It must confine its activities to promotion or acting as a liaison office on behalf of its parent company.

An RO is not allowed to generate revenue, solicit business, engage in warehousing or sign contracts with customers. It can hire local staff through approved employment agencies. It should engage in activities that service the head office directly.

Learn more about the different types of business entities in China

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Singapore Budget Highlights 2009

The Minister for Finance has announced a $20.5 billion Resilience Package for FY 2009 as Singapore faces its worst-ever recession.  The Package aims to save jobs in the recession, and to help viable companies stay afloat.  It also introduces new measures that will prepare Singapore for recovery, and enhance Singapore’s capabilities and competitiveness for the long term.

The Resilience Package demonstrates the Government’s continual commitment to help Singapore companies and workers by introducing new measures to sustain jobs, stimulate bank lending, ease business cash flows, and provide direct assistance to househol

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