Singapore’s Code of Corporate Governance recommends that the Board reviews the adequacy and effectiveness of the company’s risk management and internal control systems at least once a year. Internal auditors are therefore engaged to perform checks on the company’s financial, operational, compliance and information technology functions to ensure that they are operating effectively and in line with management policies.
In line with efforts to boost its business sector and increase foreign investment, Indonesia’s Financial Services Authority, will introduce new regulations to simplify the listing process for small-to-midsized firms (SMEs).
Changes to ease existing cooling measures in the Singapore residential property market were unveiled in March 2017. In addition to the reduction in the rates of seller’s stamp duty and the shortened holding period for residential properties, the government introduced the additional conveyance duty.
Along with the impending implementation of FRS 115 (Revenue from Contracts with Customers), comes the question: Is your company ready for the new standard?
All company owners leave their companies at some point or other. In this second of a two-part series, we discuss the alternative of striking off.
Malaysia’s Companies Act 2016 came into effect on 31 January 2017 with the purpose of simplifying the business process in Malaysia, thus enabling companies to set up and operate with greater efficiency. Furthermore, the Act will help strengthen corporate governance, refine existing laws and reduce compliance costs.
Set against a backdrop of geopolitical and economic uncertainties, technological disruptions and anti-globalisation sentiments, the measures announced in Budget 2017 are geared towards transforming Singapore into a nimble and adaptable economy.
The business-centric measures have been very targeted: short-term relief for firms suffering from cyclical downturns, digital transformation efforts and skills-based restructuring for affected industries; and equipping high-growth companies with the right resources to thrive globally.
Given the current business climate, it had been hoped that more would be done to help companies and individuals cope and transition smoothly. For example, many looked forward to an extension of the Productivity and Innovation Credit (PIC) Scheme while others had personal relief enhancements on their wish lists.
Still, there are some noteworthy key measures:
Outsourcing is a strategic approach for profitability but using a third party service provider has risks beyond operational issues as companies are held accountable for the actions and standards of suppliers. Third party risk management is critical in mitigating such risks.
For business owners who have done well, reasons for leaving their companies may include retirement, passing the baton to the next generation of leaders and owners; growth and handing over to a professional management team; or sale of the business.
Mergers and acquisitions, specifically mid-market deals valued between US$10m and US$250m, have been on the rise in Asia-Pacific. According to Baker Tilly International’s recently released ‘Dealmakers’ report, produced in collaboration with Mergermarket, the market saw 2,405 deals worth US$163.9bn completed in 2015. This registers a whopping 71.9% increase in deal volume and 85.4% increase in deal value from 2011.