Whether you are starting a new company or expanding your presence to Singapore with a new office, there are certain sets of rules and regulations that need to be followed.
One of the key requirements of new companies in Singapore is the need to appoint a qualified corporate secretary within 6 months of registration with Accounting and Corporate Regulatory Authority (ACRA).
What Does A Corporate Secretary Do?
The role of a corporate secretary is to handle all the corporate secretarial activities of your company such as preparation and lodgement of annual return and statutory returns to the local authority within the prescribed deadline, and ensure your company is compliant in the eyes of the law.
There are restrictions however when it comes to appointing your corporate secretary – they cannot be the company’s sole director, nor can they be a shareholder. While you might be considering getting one of your employees or even another director to be the corporate secretary, it is highly recommended that you engage a professional firm to act as your corporate secretary in delivering optimal results for your company.
Why You Should Engage A Professional Corporate Secretarial Service For Your Company
A professional corporate secretarial service should not only help you with the regulatory compliance requirements but also provide advisory services before you even incorporate a company to ensure your business is set-up for success.
This is doubly important if you are a foreign entity looking to establish a presence in Singapore to tap into the Asian market’s as well as enjoy low corporate taxes in the city-state. A professional service provider would go the extra mile and ensure you structure your organisation in such a way that will allow you to maximise your benefits such as tax breaks and incentives.
In this article, we will be bringing you through the 3 types of corporate secretarial services you will need from your service provider.
1. Advisory Service On An Appropriate Business Structure
From Limited Liability Partnerships (LLP) to Private Limited Companies (Pte Ltd) and Public Companies, deciding on your business structure requires ample consideration and planning.
While an LLP might be easier and cheaper to start, it doesn’t give the founders or partners the same level of liability protection compared to a Pte Ltd company.
Your service provider will be able to analyse which business structure makes the most sense and help you with the entire registration process of your company or representative office (if you are a foreign entity). This will also include advice on and application of employment and residency passes as well as permanent residency and dependent passes if there is a need for relocation to Singapore.
2. Regulatory Compliance Service
Your corporate secretary is a key position that ensures your organisation is compliant with statutory obligations and will have to be constantly up-to-date with the rules and regulations set down by ACRA. This is one of the core reasons why entrepreneurs and big companies are starting to outsource this responsibility to experienced firms with the requisite knowledge and track-record to save time and stay compliant.
At BoardRoom, we provide our clients will the full suite of regulatory compliance services needed. These include:
- Annual statutory and regulatory compliance in Singapore (as well as in Australia, Hong Kong, China, and Malaysia)
- The provision of named corporate secretary, nominee director and nominee authorised representative
- Serving as acting process agents
- Proper maintenance of statutory registers and records
- Effective reporting to relevant statutory authorities of any alterations to corporate structures or memberships
- Advice and assistance with reporting and compliance requirements relating to the stock exchanges of Singapore, Malaysia, Hong Kong, China, and Australia
- Preparation of board and shareholders’ resolutions
- Attendance and minutes-recording at board and shareholder meetings
In addition, as a full accounting and advisory company, we also help customise solutions for our customers that include payroll and tax accounting.
Together with corporate secretarial services, we synergise the various back-office functions of a company so that you not only save time but also reap a number of benefits that include cost savings and tax savings.
3. Restructuring & Cessation of Companies
In the event you decide to restructure your organisation or cease doing business, there will be rules that have to be followed to ensure a smooth transition without the risk of penalties.
At BoardRoom, should your business decide to evolve into a public company or cease operations, we can advise and assist with the striking-off and members’ voluntary liquidation of companies.
Looking For Corporate Secretarial Services In Singapore?
At BoardRoom, we are a top corporate services firm in Singapore with a 50 + year track record of success serving over 7,300 clients regionally.
We are experts in helping companies, from multinational corporations to fast-growing SMEs, allowing them to focus on what matters – growing their business.
From handling tax accounting to managing secretarial duties for companies across Asia-Pacific, our full suite of corporate services allow our clients to stay compliant, maximise savings and stay organised for better decision making.
Contact us today and empower your organisation with our range of corporate solutions.
Or you can also learn more about our corporate secretarial solutions here.