Division Agreement

Division Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Division Agreement to split our Singapore-based manufacturing company into two separate entities, with clear allocation of production facilities and IP rights, to be completed by March 2025."

Document background

A Division Agreement is essential when a company in Singapore decides to split its operations into separate legal entities. This document sets out the complete framework for the division, including asset distribution, liability allocation, employee transfers, and ongoing obligations. Under Singapore law, such agreements must comply with the Companies Act and other relevant legislation, including tax and employment laws. The agreement helps ensure a smooth transition while protecting the interests of all stakeholders and maintaining business continuity.

Suggested Sections

1. Parties: Identification of all parties involved in the division agreement

2. Background: Context and purpose of the division, including current corporate structure

3. Definitions: Key terms used tHRoughout the agreement

4. Division Structure: Detailed description of how the division will be implemented

5. Asset Allocation: Specific allocation of assets between divided entities

6. Liability Allocation: Distribution of liabilities and obligations

7. Employee Matters: Treatment of employees and employment contracts

8. Tax Provisions: Tax implications and responsibilities

9. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Intellectual Property Rights: Section covering the division of IP assets when intellectual property is significant to the business

2. Non-Competition: Section detailing restrictions on competitive activities when protecting market position is crucial

3. Transitional Services: Section outlining temporary services between divided entities when ongoing support is needed post-division

4. Environmental Matters: Section addressing environmental liabilities and compliance when environmental issues are relevant

Suggested Schedules

1. Asset Schedule: Detailed list of assets being divided

2. Employee Transfer Schedule: List of employees and their new assignments

3. Contracts Schedule: List of contracts being transferred or divided

4. IP Rights Schedule: Detailed breakdown of IP ownership post-division

5. Tax Allocation Schedule: Detailed breakdown of tax responsibilities

6. Transitional Services Schedule: Details of any transitional arrangements

7. Corporate Structure Diagrams: Pre and post-division corporate structures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Technology
Real Estate
Financial Services
Retail

Relevant Teams

Legal
Finance
Human Resources
Operations
Corporate Strategy
Compliance

Relevant Roles

Chief Executive Officer
Chief Financial Officer
General Counsel
Corporate Secretary
Head of Human Resources

Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, crucial for structuring the division and corporate reorganization aspects

Competition Act (Cap. 50B): Ensures the division doesn't create anti-competitive market conditions or monopolistic situations

Income Tax Act (Cap. 134): Governs tax implications and obligations arising from the division of assets and business operations

Stamp Duties Act (Cap. 312): Regulates stamp duty obligations on transfer of properties and assets during division

Employment Act (Cap. 91): Protects employee rights and governs the transfer of employment relationships during business division

Central Provident Fund Act (Cap. 36): Ensures compliance with mandatory retirement savings scheme during employee transfers

Employment of Foreign Manpower Act (Cap. 91A): Governs the transfer and management of foreign workforce during division

Property Tax Act (Cap. 254): Regulates property tax obligations for real estate assets involved in the division

Conveyancing and Law of Property Act (Cap. 61): Governs the transfer of real property interests during the division

Personal Property Securities Act: Regulates security interests in personal property during division of assets

Patents Act (Cap. 221): Governs the transfer and protection of patent rights during business division

Trade Marks Act (Cap. 332): Regulates the division and transfer of trademark rights between parties

Personal Data Protection Act 2012: Ensures compliance with data protection requirements during business division and transfer of customer/employee data

Contract Law Principles: Common law principles governing formation and enforcement of contracts, crucial for division agreements

Equity and Trust Principles: Common law principles ensuring fair and equitable division of assets and responsibilities

Corporate Law Principles: Common law principles governing corporate restructuring and division of business entities

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Authors

Alex Denne

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