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Due Diligence in Serangoon, Singapore typically involves a thorough examination and assessment of the legal, financial, and compliance aspects of businesses, real estate transactions, mergers, and acquisitions. Under Singaporean law, Due Diligence process is not only encouraged, but is often a prerequisite for many forms of business dealings. Knowledgeable legal professionals in this field work to ensure that companies or individuals are making informed decisions and reducing risk by thoroughly surveying the potential burdens or liabilities.
While Due Diligence is not specifically a legal requirement in Singapore, a lack of it can increase the exposure to legal and financial risks. Hence, in situations such as purchasing a property, acquiring a new business, or entering into a joint venture, the assistance of a lawyer is pivotal. Lawyers specializing in Due Diligence help in thoroughly investigating the viability and legality of the business transaction. They perform important tasks like document review, risk assessment, compliance check, and more, ensuring a comprehensive and secure deal processing.
The local laws in Singapore encourage due diligence, especially in scenarios of business transactions and property dealings. Elements like Singapore’s Companies Act, Securities and Futures Act, and the Real Estate Developers’ Association of Singapore's code of conduct, all highlight the importance of due diligence. They endeavor to enforce transparency, fair dealing, and protection of every party involved in the transaction. Notwithstanding the voluntary premise of due diligence, non-compliance or breaching the protocols under these acts can lead to legal consequences.
A Due Diligence lawyer will guide you through the entire transaction process, help you assess and manage risks, ensure compliance with local laws and regulations, and protect your interest by spotting any potential problems with the transaction.
Though it is possible to perform due diligence without a lawyer, it is not advisable in complex transactions. A lawyer's expertise ensures thorough scrutiny, proper red flag management, and comprehensive risk assessment.
The duration of the due diligence process depends on the nature of the transaction. Depending on the complexity and size of the transaction, it can range from a few weeks to several months.
If due diligence is not carried out, it increases risks with potential negative legal, financial, and operational consequences. This might include unexpected liabilities, breach of laws and regulations, or overvaluation of the asset or business.
While due diligence is not legally required for every transaction, it is highly recommended, especially in high-value transactions, property purchases, and business acquisitions to protect one's interest.
Some additional resources in Singapore that can be helpful include governmental bodies such as the Accounting and Corporate Regulatory Authority (ACRA) and the Council for Estate Agencies (CEA). These authorities regulate companies and property agencies, provide relevant guidelines and resources, and can be of great help while carrying out due diligence.
Should you need legal assistance in Due Diligence, it is advisable to consult a legal professional specializing in this field. Set up a meeting to discuss your needs, outline your circumstances, and ensure that you understand the scope, timeline, and cost of their services upfront. Remember, the ultimate goal is protecting yourself from potential risks and liabilities; a proficient lawyer can safeguard your best interests in the process.
