Service of a legal document on another party informs them of a legal request or court order made against them. A party must obtain permission (permission) from the court before they can serve court documents on another party who resides or works outside Singapore (outside the jurisdiction). Founders and investors can use VIMA 2.0 to start investment conversations and focus on key business points by adjusting (or inserting additional conditions) the conditions they need. In general, parties must follow the Rules of Procedure or Family Justice Rules for Family Courts (FJC) and the Practice Instructions of the competent court if they are to serve court documents on another party in Singapore: each document contains explanatory and editorial notes on various clauses of the documents. The documents have been drafted on the basis of Singaporean law and therefore contain Singapore law as the chosen applicable law and Singapore as the chosen forum for dispute settlement. If the foreign country has entered into a civil procedure agreement with Singapore that provides for the service of documents, the documents may be served through one of the following diplomatic channels: Nothing or information provided in VIMA 2.0 should be construed as legal advice (including for the facts or scenarios described in such documents or for assumptions made in connection with such documents). The documents and information contained in VIMA 2.0 are provided for illustrative purposes only and the relevant documents must be tailored to the specific legal and business requirements of the proposed transaction. Additional documents may be required for the intended transaction. Legal and tax advice should be sought before using these documents. Neither the Singapore Law Academy nor any of the members or contributors of the Working Group accept responsibility for the content of documents provided in VIMA 2.0.
Previous versions of these documents have been updated and revised, and new documents have been added to the VIMA 2.0 suite. At the time of incorporation, it is advisable to attribute all relevant intellectual property created by the founders to the newly created company. It`s not a legal requirement, but it`s absolutely essential for tech companies. If your product depends on key IP assets, understanding your right to use those assets is a central part of any investor`s due diligence. Most investors will not invest without this document. Therefore, it is important to speak with a qualified IP lawyer in the early stages of your professional life. Following the successful launch of the Model Venture Capital Investment Agreements (“VIMA”) in October 2018 and their widespread adoption by industry users, the Singapore Academy of Law and the Singapore Venture and Private Capital Association, as well as the VIMA Working Group, revised the original model agreements, added more commentary and alternative provisions, and introduces new documents (such as the Model Constitution). to reflect user feedback and the appeal of VIMA. In order to offer targeted support to innovative companies, a series of pre-series A documents has been created to facilitate the start-up`s journey towards its first fundraising. This vigorous upgrade was carried out by a working group consisting of 10 local and international law firms, venture capital firms and start-ups in collaboration with investment firm Temasek. At the same time, extensive industry consultation was conducted with over 50 industry stakeholders, including the Law Society of Singapore, and detailed and comprehensive comments contributed to the development of these model agreements.
In order to legally establish your business, you need to create and maintain a number of legal documents. These documents are necessary so that the government, customers and members of the public can see basic information about your business and confirm that you are a well-organized business that complies with the law. In addition to government-mandated documents, other legal documents are often used to protect your business from litigation with shareholders, employees, or competitors. This article introduces you to these documents and the need to keep them up to date to comply with government regulations for businesses. The legally required book requirements vary from jurisdiction to jurisdiction, but businesses are generally required to keep a copy of the Constitution as well as the certificate they obtain from the local authority stating that the company is a duly registered legal entity. Below are any fees for submitting documents. The full list of court fees can also be found in Appendix B of the Judicial Code. As part of your professional life, you are required by law to permanently record changes in the legal form of the company in your legally required books. This includes changes in shareholding, directors, corporate secretary, registered office, AoA, corporate name, etc.
These registers, also known as business registers or company registers, must be given to the new owner in case you sell your business. Legally required books are usually kept at the company`s head office and can be consulted publicly during office hours. A party in Singapore may be served with documents in proceedings pending in a court of a foreign country. This is called an external process. Some court applications may contain specific rules regarding the service of documents. The court will let you know if there will be a hearing to decide whether you will allow your documents to be served outside the jurisdiction. If the court grants you permission, you can serve your documents. The set of documents required by any business to comply with the laws of a jurisdiction is called a commercial register, which is kept either at the registered office or at the main establishment.
Over the life of your business, you can change the rules by which you run your business.