Corporate secretarial services

Running a new company in Singapore is not a joke. You have to master various tasks and there are a lot of chances for you to make a mistake. The learning curve is steep for newbie entrepreneurs. However, you can maximize success by avoiding the common mistakes described below.

Before committing your resources to it, it would be wise to seek out advice from a CA (Chartered Accountant).

The expert can advise you on how different legal structures would affect the taxation of your business, or government grants or tax exemption schemes it can claim. In Singapore, a CA firm can act as your incorporation agent. So, it makes sense to hire one as your Singapore company incorporation services provider.

ACRA (Accounting and Corporate Regulatory Authority) has extremely strict guidelines regarding paperwork and timely filing. It expects Singapore companies to be prompt in updating their company register folder, payroll, and books of accounts.

ACRA also expects company directors to take the initiative and be prompt with their annual filing and XBRL filing. You may be running a new company, but you still have to assess whether or not it needs GST registration. Your services providing firm can assist you with the GST filing as it can with other taxes (including corporate tax).

Post incorporation, hiring someone with extensive knowledge and understanding of new statutory corporate governance and compliance requirements is, therefore, a plus for new companies in Singapore, as the continuous expanding rules, regulations, and documentation in the business environment coupled with the frequency with which they are modified and reviewed necessitate detailed attention.

Morsel of treats

Secretary

171.—(1)  Every company must have one or more secretaries each of whom must be a natural person who has his or her principal or only place of residence in Singapore and who is not debarred from acting as secretary of the company.

(1E)  Where a director is the sole director of a company, he or she must not act or be appointed as the secretary of the company.

(4A)  The office of secretary must not be left vacant for more than 6 months at any one time.

The company secretary must have at least one of the following credentials;

– At least three of the five years of prior secretarial experience immediately before his/her appointment

– He/she is a competent person as per the Legal Profession Act, Cap. 161

– A public accountant as designated under the Accountants Act, Cap. 2

– A member of Singapore’s Institute of Certified Public Accountants

– A member of the Institute of Chartered Secretaries and Administrators Association of Singapore

– Member of the International Accountants Association (Singapore Branch)

– A member of the Singapore Institute of Company Accountants

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