The Companies Act of Singapore mandates the appointment of a company secretary within six months of company incorporation. Today, a high percentage of growing enterprises choose to outsource the role of a company secretary. Like any other business function such as HR or payroll, outsourcing the task brings in a number of benefits for the organisation. Below is a list of four compelling reasons to entrust company secretary services in Singapore with a reliable partner.
3 Comments
No longer simply an obligatory hire, company secretaries greatly aid enterprises that are start-ups in Singapore. They go beyond conventional filing with managing all of the bank accounts and signatories of the concern. Take a look at ten unforeseen advantages of hiring a company secretary in Singapore.
1. Company secretary services in Singapore help in every company meeting; be it a shareholder’s one, an Annual General meeting, a board of directors meeting or an extraordinary AGM. The secretary not only arranges the meeting but also takes down the minutes of each of the meetings. 2. There is help during the time of making resolutions in the routine course of shareholders and board meetings. 3. No one knows the Companies Act better than a company secretary. Businesses new on the scene of Singapore company incorporation can do with the skilled guidance regarding compliance with the policies set. 4. They also possess a lot of knowledge about various Exchanges so they can advise concerns of the requirements made necessary by them. 5. Once the books of accounts have been audited, the secretary appropriately files them along with filing the Annual Returns on time each year. 6. Whether your concern is a private one, a public-listed enterprise or even a public company; the secretary can file statutory documentation. 7. Whenever there is a need for modifying the fundamental share capital configuration, the secretary rises to the occasion and facilitates the task. 8. Such a professional can facilitate an easy transfer of shares whenever there is a need for it. 9. The task of arranging and appointing new managers, a change in the directors or even auditing professionals is managed by a company secretary. 10. Secretaries manage a new registered address for the corporate headquarters by informing and documenting the change. The changing role of company secretaries in the business environment has made them an integral part of the day to day workings of every private limited company. If you have succeeded in establishing a start-up, you might be looking into what comes next after Singapore company incorporation. One of the first things you need to know is that you need to hire a qualified company secretary who is in fact a current resident of the country. Such a professional is the one to aid you in all of the workings of the organization.
Read on to know about the circumstances under which you can make your hire and the guidelines that governs it. 1. According to the Accounting and Corporate Regulatory Authority (ACRA), it is mandatory for a start-up to hire a qualified professional from company secretary services in Singapore within the initial 6 months of its incorporation. 2. They should be skilled in the process of ascertaining that your organization fulfils each one of the regulatory criteria that it is bound by. 3. It should be noted that in case the enterprise has a director who wishes to double up as a company secretary; he or she cannot do so if they are the sole director. 4. The person you end up hiring should have been holding the post of a company secretary at a similar enterprise to yours in the past. They should have been in service for the last three or more years right before they applied to your organization. 5. The professional must be a current member at the Association of International Accountants as well as one at the Institute of Company Accountants, Singapore. Such a person can aid the workings of your start-up in a number of ways. He or she can help you meet every statutory compulsion and strive to uphold the best interests of your organization. Entrepreneurs new on the business scene in Singapore feel confident with their new startups, as the business friendly laws of the city facilitate their workings. That being said, they often require aid when it comes to dealing with tax implications so they can minimize their liability. Goods and Services Tax (GST) for instance is a broad-spectrum surcharge levied on domestic use.
While most countries have this as a component of Value Added Tax (VAT), the policies are slightly different in this geographical region. • Understanding GST When capital is expended on goods and services for trade purposes in the course of business; all merchandise that is imported into Singapore falls under GST. This can be a little difficult to comprehend for an enterprise new on the scene of Singapore company formation. The good news is that the rate of GST is considerably lesser than almost every other Asian country. It is currently levied at 7% on the total amount of supply. • Registering for GST Companies need to register for Goods and Services Tax in case their consumption exceed SGD1 million for any given quarter. It is imperative that you apply inside 30 days of attracting liability for such surcharge. It is even more essential to do so if you are a startup with a new Singapore company registration have been exceeding the norms for the past three consecutive quarters; however, once registered enterprises remain so, for two consecutive years. A handy perk is that such registration isn’t essential for enterprises with a yearly turnover less than $1 million, which can prove quite beneficial to smaller or less profitable corporations. Owing to the rapidly growing infrastructure, minimal bureaucracy and flexible tax system, Singapore is one of the most favourable cities in Asia to start a business and own a company. The government in Singapore is mindful towards businessmen and therefore, many leading businessmen prefer starting their Asian business from this prestigious city. There are extremely few restrictions for company registration in Singapore and the city also offers excellent laws to protect intellectual property, ensuring your company is safeguarded at all times.
In order to get your company registered in Singapore, you must have the following: • Minimum one Shareholder – For a Private Limited Company, this is the basic requirement and it allows you to have 100 per cent foreign ownership either by an individual or a legal entity. • One Director must be a Local – At least one director should be a Singapore resident, a Singapore Permanent Resident (PR) or a foreigner with an EP (Employment Pass) • One Corporate Secretary – The company must have at least one Singaporean resident and should be qualified with experience to maintain and control documentation as per the Singaporean law. • Capital – There is no requirement to have a certain amount of paid-up capital to register your company. You can even start a company with one Singapore dollar. The share capital of the company can be held in any currency. • Locally Registered Office Address – In order to register a private limited company, a local office address is mandatory. A post office box address is not permitted. If you want to register your company, you can get a business consultant in Singapore to help you with the documentation and start functioning at the earliest! Wonder why many entrepreneurs and big shot business magnets wants to move to Singapore to start a business?
Once upon a time, Singapore was just a humble fishing village, inhabited by an indigenous settlement, Today Singapore is a bustling cosmopolitan city of high-rise buildings, landscaped gardens and heritage-rich precincts. Singapore is the right place for you to earn a quick buck and perhaps to become rich in your lifetime. So, if you are one who seeks to start up a new business in a foreign country! Then of course Singapore is your destination. The advantages of getting Permanent Residence The Singapore government has made special provisions to the foreign professionals to safeguard their interests and give them the essential rights. With Singapore Company Registrationon one hand you can apply for Permanent Residence to avail these benefits. PR status main advantage is allowing the residents to live in Singapore without any visa restrictions. A Blue card (for PR) will be given to them once you obtain the permanent resident status for identification purposes. Foreign parents of PR individuals are allowed to apply for a long term visit pass in Singapore. The children of these individuals can also choose either to go the public schools or private schools of their own choice. Permanent residence also has a bearing regarding jobs. It allows individuals to switch to other jobs without any work permit. Singapore encourages foreign professionals to apply for permanent residence who can contribute to the economic growth of Singapore. Once you complete three years of permanent residence, the investor and family may apply for Singaporean citizenship. Singapore is recorded as one of the easiest place to start a business. So making a move for Singapore Permanent Residenceis worth every single penny. |
Archives
July 2015
Categories |