Author: boardroomsuperadmin

Interview Series: A Day In The Life of a Share Registry Officer

Interview Series: A Day In The Life of a Share Registry Officer

boardroomsuperadmin

Interview Series

A Day In The Life of an SRO

I. Share Registry Officer

1. Describe myself in a sentence or collection of words?

I’m a small-town boy, who is sport obsessed, a proud Manchester United fan, avid sneakerhead aka collector with an undeniable sweet tooth and Netflix and chill is life.

 

2. What’s your best dad joke?

What do you call an elephant that doesn’t matter? Irrelephant. (Full disclosure, I had to Google this lol)

 

3. How do you explain to people what you do?

I’d say that I work in a very niche service role that not a lot of people know. Basically, I do client servicing for listed and un-listed companies. They could be publicly listed on the Singapore Stock Exchange or elsewhere. From a client servicing standpoint, I do a whole range of things but one of which is answering shareholder enquires – as an example someone has enquired about any upcoming meetings or dividends (money issued to shareholders), or a change in the shareholders particulars e.g. name, address etc.

 

4. Walk me through a typical day in the office at Boardroom.

I usually get to the office around 8am or 8:15am (I know it sounds early!) but I like to have my breakfast here (honeydew melon, 2 pieces every day), and read the news, basically ease into my day. Then I’d start my work, clearing emails transferring of shares, issuing of cheques to shareholders. I also work with someone on my team to help the newcomers with training each day. At about 11:00 or 11:30 (to beat the Raffles rush!) we usually go out for lunch, there’s loads around thankfully as we’re a bit too lazy to walk too far 😉 after lunch I continue with my work and also train new team members. Then late in the afternoon I’ll plan for the following day or any peak upcoming meeting seasons.

 

5. What’s your favourite element of the job?

There’s two elements to this for me, the professional piece and the personal. I’ll start with the professional which would be the completion of a successful meeting. It’s difficult to describe the sense of accomplishment when you’re involved in the whole process and the meeting goes off without a hitch and you have a very happy client. I just feel a huge sense of achievement. The other element that I love about my job is the people – they’re awesome! Especially in Share Reg, I don’t see them as colleagues, I genuinely see them as friends. We hang out during work, after work and on the weekends!

 

6. Did you know what an AGM was before you started work here?

I was aware of the term, but I had no real idea of what the proceedings were and what the purpose was.

 

7. What are you looking forward to right now?

Pay day! Kidding (sort of haha). In all seriousness, meeting my clients. Our clients typically have their meetings once a year, so I love putting a face to the name I’ve been seeing in my inbox all year!

 

8. What was your first AGM experience like?

I was soo nervous, especially because this happened in my first few days on the job! I was part of the registration team, it felt very formal, but I had a very supportive senior manager who walked me through the entire process. It made me feel more relaxed and settle into the job. Once the meeting started I went into the meeting room to take down questions, it was a bit daunting at first as there was a lot of technical terms flying around where shareholders were quizzing the board on decisions but I feel that overall it was an awesome experience sitting inside the meeting as it gave me a great overview of the company, how they’re doing and where they’re headed.

 

9. Why do you love working with your team?

They’re all a friendly and fun bunch of people. Plus, my manager is super knowledgeable and supportive, I’ve learnt a lot from her.

 

10. What’s your biggest takeaway from your experience here at Boardroom Share Registry Services?

Our clients that we deal with are all high-level management, as a result I’ve learnt best-practicing client servicing such as speaking professionally, managing expectations and building relationships. I’ve also learnt a lot about the industry. Most importantly, I’ve made some lifelong friends – everyone in the team is around my age and we all just get along so well.

II. Share Registry Officer

1. Describe myself in a sentence or collection of words?

I’m a massive foodie, friendly, outgoing, I could talk to people all day, easily adaptable, very organised except for at home with my clothes, I love travelling for the food and people. I listen to all types of music and am definitely prefer dogs to cats

 

2. What’s your best dad joke?

Ok I’ve got one – what do you call it when a short person waves? A microWAVE! Get it??

 

3. How do you explain to people what you do?

It’s very difficult to explain, I usually start off with I’m a Share Registry Officer and end at Client Services Officer, which certainly doesn’t do justice to the job but it’s really hard to explain to people, especially if they themselves don’t invest as they don’t understand the language we use or the parties we work with like SGX.

 

4. Walk me through a typical day in the office at Boardroom.

A day in BoardRoom varies according to the month we’re in. So, in April you walk into the office and it will be empty as we’re all out for AGMs during the day but at night the office will be filled with people as we’re all back preparing for the next day’s AGM. It’s such a crazy month! Then on the months with distribution (about 4 months), we’re busy with tax declaration forms and preparing of cheques, it’s a fun time because we all sit around opening mail together laughing and chatting. In December we enjoy taking long lunches and feasting on the Christmas buffets, so we take a breather and reset for the next year. We also get a lot of gifts from clients during this time of the year like hampers and cookies.

 

5. What’s your favourite element of the job?

Definitely gaining new knowledge every day. For me it’s always interesting because for every client the corporate action is completely different, so as a result I learn a lot of stuff that I would never have learnt if it weren’t for the role I’m in. You learn soo much here! Sometimes I think it’s too much for my brain

 

6. Did you know what an AGM was before you started work here?

No, not really. Fun fact, I actually started out here as a temp staff to just help out with the AGMs, I’d just graduated from school and I had no idea what AGM, financial year-end, etc meant! I’ve come a long way since then!

 

7. What are you looking forward to right now?

I’m looking forward to my next lunch buffet! Kidding! There is one of our clients who always put on the BEST spread at their AGMs. I look forward to it every year and the team always fights over who gets to attend. And sometimes seeing and meeting cute guys aka young lawyers!

 

8. What was your first AGM experience like?

Oh my gosh, that was 5 years ago so I barely remember! There was no polling then, so it was a little simpler than today. My first experience when I was fronting the AGM, i.e. when you need to read the procedures was quite nerve-wracking as everyone is staring at you, the Chairman, the Board, the Shareholders. But it’s a huge sense of accomplishment when everything goes smoothly.

 

9. Why do you love working with your team?

My team is awesome!! For me I think I have great managers and colleagues that always help one another. There’s a real ‘no man left behind’ mentality so we share everything 😊 and we laugh a lot! We’re like a family, we hang out outside of work and have gone on trips together. Working here has really bonded us.

 

10. What’s your biggest takeaway from your experience here at Boardroom Share Registry Services?

There’re too many things! I’ve learnt how to be calm under pressure. To also be able to adapt in a lot of different scenarios and deal with things professionally. I’ve made a lot of connections too. Sorry! I can’t just limit it to one!

III. Share Registry Officer

1. Describe myself in a sentence or collection of words?

I come from the city of smiles, am coffee and rice obsessed, a sunset chaser and dog lover with a weird obsession for gory shows (Game of Thrones anyone?). I love my friends, but I also love ‘me time’. Oh, and most importantly I’m a karaoke tragic and can sing Mariah Carey until the sun rises!

 

2. What’s your best dad joke?

My dad is actually very funny, and this is his joke that I can never forget…
One day he told us what our baby’s name should be based on a combination of our partners’ name and our name! Some of them were hilarious!

So, for my sister Hannah whose boyfriend was Robel; their baby should be named Harob. For my sister Nissi who’s boyfriend was Paul – the baby’s name should be Nipaul (haha). And mine was the least ugly, I was with this guy named Carlo, and he said our baby should be named Loren (not so bad right haha)

 

3. How do you explain to people what you do?

To be honest I’m really struggling with explaining to people what I do because people don’t know what Share Registry is so most of the time I tell them I do an operational job in this company called BoardRoom. If they want to know more, I will then explain what BoardRoom does and say as an example if a company wanted to list on the Singapore Stock Exchange they would need to approach a Share Registrar to manage their shares, that’s where we come in. I would then say day to day we process tax forms for clients so that their investors won’t be taxed internationally. Amongst other things of course.

 

4. Walk me through a typical day in the office at Boardroom.

I’m a sunset chaser who struggles to wake with the sun. When I get into the office I start by checking emails and thinking about when I can go and get a coffee. (lol) After that I spend a lot of time completing tax forms, replying to emails, answering phone calls. I usually go out for lunch with a few of my team around 11:30 (we don’t really eat breakfast so are starving by this time!) we usually to a great local Indian restaurant. I then go back to the office and drink a lot of tea and continue with any ad-hoc requirements or jobs that are outstanding from the morning. I’m also studying part-time, so I usually have classes after work.

 

5. What’s your favourite element of the job?

I actually work really closely with senior staff in the company assisting their projects. I take a huge amount of pride in what I do and ensuring I’ve done a good job, so I love when I am recognised for that.

 

6. Did you know what an AGM was before you started work here?

I had no idea what an AGM was before I started here! My background before this was customer relations in a hotel so this is a whole new world for me!

 

7. What are you looking forward to right now?

I’m really looking forward to finishing my studies, it’s just around the corner. From a working standpoint, we’ve just had a new boss come in so I’m excited to get to know him and see how the team and my career develops under his management, especially once I finish my studies.

 

8. What was your first AGM experience like?

I started working at BoardRoom at the end of September and October is a peak season for AGMs so on my second week I attended my first AGM and helped with registration. I was worried about wanting to look professional and ensure I could answer client questions, but the team was really supportive and assured me that I wouldn’t be put on the spot like that and to just watch and learn which made me feel really comforted. It was a great learning experience seeing the teamwork through the AGM and interact with clients.

 

9. Why do you love working with your team?

We really treat everyone as a family and not just my team but the wider Share Registry team. We’re always happy to help one another out no matter how busy we all are. I genuinely feel like we’re all part of a family.

 

10. What’s your biggest takeaway from your experience here at Boardroom Share Registry Services?

Working here has really built my confidence because the team is so supportive and encouraging. In addition to this, I can see how much I’ve learnt since starting here and this continues every day, so it makes me feel like I’m continually growing and developing in myself.

IV. Share Registry Officer

1. Describe myself in a sentence or collection of words?

I’m all about a slow pace of life, brunches, binge-watching Korean drama & Marvel movies on Netflix (yep my tastes are diverse)! I love travelling, mostly to Australia as they’re just so chill! I also have an upcoming epic collection of statues and figurines, the biggest addition to my collection will be Optimus Prime!

 

2. What’s your best dad joke?

I don’t really have one, as I’m not good at remembering jokes sorry! I’m sure I’ve heard some good ones though.

 

3. How do you explain to people what you do?

It’s tough as most people don’t really understand what we do unless they are very into the stock market. So, I basically say that we help listed companies on SGX with things like corporate action (share transfer etc.) and help clients to manage and plan for their general meetings (AGM, SGM, EGM etc.).

 

4. Walk me through a typical day in the office at Boardroom.

For the most part I spend my days checking emails, replying to shareholder queries and calls with my clients. There’s also a lot of ad hoc activities to do so it’s a good change of pace and keeps things interesting. For me the best part of my days are the people I work with. We have such a great team and spend a lot of time together, sometimes too much time when I think about some of the conversations we’ve had over lunch, nothing is off-limits, including bowel movements and bad dates! haha

 

5. What’s your favourite element of the job?

Even though we work in an office job there are times where we are able to leave the office for AGMs and site visits which are really exciting and different.

 

6. Did you know what an AGM was before you started work here?

I only had a vague idea of what an AGM was i.e. it was an annual meeting with shareholders, but I had no idea what was discussed and how they work.

 

7. What are you looking forward to right now?

5:30? (haha, kidding!) I have an AGM coming up tomorrow so I’m looking forward to that.

 

8. What was your first AGM experience like?

Slightly nerve-wracking as I was afraid I wouldn’t be able to register shareholders properly. My first AGM was a big one and I was actually supporting another team who were really busy. The team I was assisting were so helpful and really supportive as they knew it was my first time – the teamed me up with a buddy who was able to assist me and help with my confidence on the day.

 

9. Why do you love working with your team?

They’re fun, young, helpful and energetic.

 

10. What’s your biggest takeaway from your experience here at Boardroom Share Registry Services?

I’ve been able to learn more about how the stock market and listing company works, I’ve actually found it to be really interesting – more than I originally expected which has been great!

Looking For Share Registry & Meeting Services In Singapore?

BoardRoom is the market leader in share registry services, helping to guide companies through their IPOs, from executing shareholder meetings, running proxy votes, scrutineering to serving as a share registrar.

With a 50 + year track record of success serving over 7,300 clients regionally, we are the experts in helping companies, from multinational corporations to fast-growing SMEs, allowing them to focus on what matters – growing their business.

Contact us today and empower your organisation with our range of corporate solutions.

Or you can also learn more about our share registry and meeting solutions here.

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Starting A Company? 3 Key Corporate Secretarial Services You Will Need

Corporate Secretarial Services

Starting A Company? 3 Key Corporate Secretarial Services You Will Need

boardroomsuperadmin

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.

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Top 5 challenges with Employee Share Option Plan (ESOP) Implementation and how to conquer them

Top 5 challenges with Employee Share Option Plan (ESOP) Implementation and how to conquer them

boardroomsuperadmin

Employee Share Option Plans or Employee Stock Ownership Plans (ESOP) are gaining popularity in today’s market. The driving force behind this is a competition for top talent and the need to incentivise and or boost productivity among our workforce, not to mention incentivise and reward staff for staying with your company long term. In addition to this the traditional methods of employing one-off short-term financial rewards have been under scrutiny in the past decade (financial crisis 2008 anyone?) as they have been proven to promote short term & high-risk decision-making behavioral tendencies.

So, Employee Share Plans seems like a win-win for companies and as a result it’s not surprising that companies continue to find alternative avenues under the Employee Engagement framework to hire and retain staff in the longer term and help promote specific behavioral traits in line with company culture through the implementation of an Employee Share Plan.

Whilst we have seen an increased uptake of this emerging trend, many still struggle to optimise and reap the intended benefits of an Employee Share Option Plan program largely due to concerns over several perceived challenges.

#1 - Mobile participants due to the emergence of a Global Workforce

With the world becoming ever more globalized it’s not surprising that our workforce has followed the trend. This globalization of the workforce has posed challenges for companies deploying global Employee Share Option Plans for a variety of reasons. Currently, global participants need to go through tedious administration processes with HR to set up their Central Depository (CDP) account, receive physical offer letters and have near zero visibility on their equity plan information in real time.

As a result, we have seen some global participants go as far as taking leave to travel to the respective equity issuing country to open their share depository accounts with the local exchanges to enable transmission of shares in their name. This process is not only tedious it’s completely impractical and unnecessary with the right partner.

#2 – Manual Administration and Management of Employee Share Option Plans

Believe it or not, in this digital age most companies still manage their Employee Share Option Plans on a spreadsheet. Whilst spreadsheets are known to be robust and “excel” (*pun intended) in capturing static information for operational purposes they have a drastic impact on ease and efficiency of implementation and administration of Employee Share Option Plans.

User expectations are shifting drastically, we all demand “relevant and insightful” access to information “anytime and anywhere” at our convenience. In answer to this, it is imperative to find a dynamic solution to capture, process and report information in real-time to enable participant visibility and reach without creating a manual resource drain.

#3 – Misalignment on Perception of Employee Share Value

Whilst many companies and employees have seen the benefit of adopting an Employee Share Plan, uptake across ASEAN is slower as employees continue to value cash reward as a variable incentive plan.

The current behaviors from a cultural standpoint are more aligned towards short term instant gratification due to a lack of understanding of how equity is a form of reward and recognition for their efforts. The “cash is king” mentality still reigns supreme, and we all know the risks associated with this mindset.

#4 – Lack of Internal Resources & Capability to Manage Strategic Imperative

This is potentially the Achilles heel of successful implementation and administration of Employee Share Option Plans, a mindset that this is a box ticking exercise and no different to periodic transaction activities like payroll.

This can be due to any number of factors, a lack of cultural acceptance within the organisation of equity plans or it’s seen as a cumbersome task. Typical management of Employee Share Option Plans on a spreadsheet can be extremely tedious and, in the more complex cases, a full-time job for 1 full time equivalent. There is a wealth of time-consuming administrative processes that need to happen; the offer management process, vesting management, record keeping of participant information, liaising with participants on plan mechanism, leaver management, regulatory reporting, the list goes on. Many HR Practitioners don’t realise there is an alternative solution to the manual labour currently associated with administrating equity plans.

#5 – Traditional Record Keeping Solution

Most solutions in the marketplace today are designed for functional purposes only, they provide static data and are table driven. This is not surprising given most were designed with the sole aim of record keeping and generating reports for Financial Reporting, Payroll Tax Computation & Reporting.

What is surprising is that there is a global push in nearly every industry sector to focus on user experience. Especially in relation to employee engagement strategies, employees just demand more today, for Share Plans participants need to have real-time information access, share price movement, a one-stop integrated trading platform, and historical information for individual income tax declaration purposes. We live in a digital era and any solution that doesn’t embrace this is considered obsolete very quickly.

Looking For A Trusted Employee Share Plan Firm In Singapore?

We have designed an all-rounded encompassing solution comprising of an experienced Share Plan team of practitioners and a digital solution to help you manage your strategic initiative.

01 Learn more about EmployeeServe - our Employee Plan Services platform!
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Contact us today to find out more about our class-leading solution.

Or you can also learn more about our Employee Share Option Plan (ESOP) services here.

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How To Choose The Right Payroll Provider For Your Business

How To Choose The Right Payroll Provider For Your Business

boardroomsuperadmin

When it comes to ensuring that every employee gets paid on time, many companies choose to outsource this payroll responsibility to professional firms.

It is rather easy to understand why – handling your payroll effectively will either require you to spend a substantial amount of time figuring out the proper procedures to pay your employees (time that could be used to focus and grow your core business) or committing to hiring a payroll specialist that could be rather expensive together with a backup resource for contingency.

By choosing to outsource your payroll to a credible firm, you will not only have service assurance by having agreed Service Levels thereby reducing errors, saving time and money. In addition to this you will have access to a knowledgeable and dedicated team but also gain access to a myriad of additional benefits that include:

  • Agreed Service Levels and reporting
  • Technology refresh and ability to add new functions
  • An assurance of compliance with government regulations and reporting standards
  • Information security and confidentiality of your sensitive payroll data
  • A team of professionals with expertise extending to accountancy, tax advisory and beyond.

In this article, we will go through 5 questions to ask yourself before deciding on the right payroll service provider for your business.

1. How Big Is My Organisation?

Am I a growing SME under ten employees? Or maybe I have a bigger regional business with branches spread across Asia-Pacific.

While every company requires mandatory payroll management services that include the computation of gross to net salary, statutory deductions as well as the preparation of year-end forms, a regional company will require these across multiple countries as well as additional services to stay organised and compliant.

A suitable payroll firm for bigger companies will have the ability to provide centralised payroll coordination through their network of local offices, allowing your organisation to stay compliant under the local jurisdiction you are in as well as in your local Country.

2. How Up To Date Is My Payroll Provider’s Technology or Platform?

Technology is ever changing and you will need a firm that keeps up with the trends.

From the issuing of confidential payslips through electronic means to the easy access of payslips and data, a good payroll provider will provide a flexible and central platform for the administration of payroll.

Many payroll services today will allow employees to access a secure site to view their individual payroll history as well as providing an avenue for the submissions of claims and leave applications.

Most employers are becoming more and more aware of providing the same customer experience to their employees regardless of which Country they are based in or managed from. Having access to a solution that has the ability to provide this across multiple Countries is a key consideration.

Ensuring your payroll provider is tech savvy is vital not only for the convenience of your employees but also if you decide to scale your company to the next level without payroll becoming an issue.

3. How Secure Will My Employees Information And Payroll Data Be?

Outsourcing to a payroll provider can be scary but it doesn’t have to be so. Conducting adequate research on your payroll service is a good way to gauge the level of security they will provide.

Look for a company that has a strong IT team coupled with secure hardware and redundant backups together with a disaster recovery system in place, should the unforeseen happen.

4. How Is The Level of Customer Service?

No matter how smooth sailing your business might seem, unforeseen issues could arise at any time.

What you would need is a partner that offers superior support during such moments of crisis.

This can come in the form of an account manager or a single-point-of-contact executive that will grow with your company as the years go by, intimately understanding your organisation and how it functions.

This will allow a smooth resolution of any potential issues that might spring up without the need for you to re-educate a new representative every time you decide to reach out.

Ask your payroll service provider if there will be a dedicated manager tasked to service your account. If they say yes, you will be in good hands.

Your service provider should also be able to offer you guaranteed levels of service through a Service Level Agreement with Key Performance Indicators that are reportable on a monthly basis.

5. Do They Provide Other Complementary Services?

When it comes to running a business, payroll is just a facet of many services that can be outsourced.

While there are merits to choosing a specialist company that only handles payroll, a more sensible choice would be selecting a payroll provider that offers a spectrum of services that can handle your non-core business functions. These can include corporate secretarial services, bookkeeping services as well as tax advisory.

Selecting a single provider that can handle a whole suite of related services will not only help you save time but also synergise the various aspects of your business that can lead to additional benefits such as tax savings.

Looking For An Established Payroll Partner In Singapore & Beyond?

At Boardroom, we are experts in helping companies, from corporations to fast-growing SMEs, with their payroll needs, allowing them to focus on what matters – growth and profitability.

From local payroll services handling to managing substantial payroll obligations for bigger companies spread across the Asia-Pacific region, we help companies take care of their people while increasing productivity.

Contact us today and empower your organisation with greater freedom through our payroll solutions.

Or you can also learn more about our payroll solutions here.

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6 Key Reasons To Outsource Your Company Payroll

6 Key Reasons To Outsource Your Company Payroll

boardroomsuperadmin

When it comes to running your business, time and resources are best dedicated to core functions that help generate profit and meet the expectations of your customers. The last thing you want to worry about is your payroll!

Administrative tasks such as payroll are non-core activities that are time-consuming and can get more complicated as your organisation grows. Due to this, approximately 47% of companies choose to outsource their payroll and it is no wonder why!

Especially if you are operating across multiple Countries in the Asia Pacific region, it is key to understand the region’s legislative complexity while recognising people today are internationally mobile and expect the same level of customer experience regardless of which Country you work from or which Countries you manage people from.

But what exactly are the benefits of outsourcing your payroll?

In this article, we will take you through 6 reasons why you should consider a payroll outsourcing company.

1. Your Company Saves Valuable Time

Whether your firm has five employees or fifty, processing payroll will demand a substantial amount of time and keen attention to detail.

When you outsource your payroll processing, you not only save money that might have been spent hiring a payroll administrator, you will be saving time by hiring an expert.

Professional payroll firms also have the experience of handling a myriad of situations from their years helping a variety of companies with their payroll. By outsourcing your payroll needs, you will save valuable time that might have been used to train up your in-house hire to get up to speed.

2. Professional Service With Better Reporting

Depending on your business needs, a professional payroll service can provide basic payroll administration or customise a more complex solution that involves regional and online pay advices to employees across the entire organisation spread over different countries.

In addition, a good payroll company will also have its own platform that will allow for better reporting and generating more comprehensive reports to cater to any analysis required.

The key “mantra” with payroll is accuracy and timeliness. In some cases, this is the only contact your employees have with the Corporate Organisation and so their customer experience is paramount to their view of you as an employer. Your employees expect and deserve nothing less.

3. Information Security & Confidentiality

The data held for payroll is sensitive and the investments required to protect that data are a must.

The security of payroll data is also an essential factor to be considered. With the introduction of EU’s GDPR laws, an increasing number of organisations are assessing the impact of them becoming the new global standard, subsequently two questions must be asked:

How safe and secure are your company servers?

How do I protect my employee’s data?

Using a credible Payroll Outsourcing Company is key to you and your employee’s peace of mind that their data is not at risk and is dealt with by a professionally qualified organisation.

4. Be Compliant With Government Regulations & Standards

When handling payroll, there are many statutory regulations and standards that have to be met.

From the accurate computation of gross to net salary and statutory deductions, there is also a need for the preparation of the year-end reporting.

The intricacies of these reporting standards will have to be timely and mistake-free to avoid potential time-consuming audits and penalties – definitely situations that every business wants to avoid!

A professional Payroll Outsourcing Company will ensure you always remain a compliant employer.

5. Enjoy Cost Savings

While your first reaction might be to either task your finance team with payroll or hire a payroll specialist, both these options can actually cost more money for your company in the long run.

Routine tasks such as calculating payroll, the distribution of paychecks (both physically or electronically) as well as the preparation of payroll taxes to the government can take a toll on an in-house team that isn’t trained to do it accurately and swiftly.

Hiring a specialist might be a solution, but you would be better off spending your revenue on hiring more profit-generating roles for your business.

6. Gain Access To Experts Beyond Just Payroll

When you outsource to a professional payroll processing company, you will also gain access to a team of experts that can help answer your immediate questions and handle any situations that might arise with pin-point solutions.

Payroll processing companies such as Boardroom have a wealth of complementary services such as corporate secretarial and accounting services that are just a phone call or email away.

At Boardroom we also offer consulting and advisory services to solve any challenge your company might face when it comes to running the non-core business functions – these include employee plan services to expatriation services.

Looking For A Trusted Payroll Partner?

At Boardroom, we are experts in helping companies, from corporations to fast-growing SMEs, with their payroll, allowing them to focus on what matters – growth and profitability.

From local payroll services handling to managing substantial payroll obligations for bigger companies spread across Asia-Pacific, we help companies comply with local statutory regulations while ensuring their most valuable asset, the employees, are paid on time.

Contact us today and empower your organisation with greater freedom through our payroll solutions.

Or you can also learn more about our payroll solutions here.

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Singapore Budget 2019 – 4 Key Benefits for Enterprises

Singapore Budget 2019 – 4 Key Benefits for Enterprises

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In his Singapore Budget 2019 speech on 18 Feb 2019, Finance Minister, Mr Heng Swee Keat, spoke about building a “strong, united Singapore”. To advance economically, technological development and demographic shifts are key to drive enterprises forward. Find out more insights below on the 4 key benefits for enterprises announced in Singapore Budget 2019.

1. Funding and Financial Schemes

To support enterprises for cash flow and growth financing, the Government has enhanced the SME Working Capital Loan scheme (subsumed under the Enterprise Financing Scheme) to take in up to 70% of the credit risks on bank loans to companies less than five years old.

This will provide them with more time to develop innovative ideas. An additional $100 million has been set aside for the SME Co-Investment Fund III to help local SMEs gain access to private capital to grow and expand overseas.

2. Upgrading Operations & Training of Local Workers

With the reduction of foreign worker quota over the next 2 years, enterprises are encouraged to improve their business by upgrading their operations and train local workers while reducing their reliance on lower skilled foreign workers.

In order to help workers upgrade their capabilities, the Productivity Solutions Grant (PSG) has been enhanced to include out-of-pocket training expenses capped at $10,000 per firm.

3. Support for Enterprises

Under the SMEs Go Digital programme, industry digital plans will be catered across more sectors. Funding support will also include advanced Artificial Intelligence and cybersecurity solutions.

Under the Productivity Solutions Grant (PSG), local SMEs can adopt digital solutions, automation and capability development to improve their financial and operational efficiencies (e.g. engaging BoardRoom for advice on tax planning, corporate governance etc.)

4. Helping Enterprises Grow

The new Scale-up SG programme and Innovation Agents programme aims to support SMEs in creating customised solutions for product development or digitalising their processes.

Through these programmes, SMEs can work and be guided by experienced industry professionals with technology expertise to explore innovation opportunities to expand market growth.

Download the Singapore Budget 2019 Digital Publication

Singapore Budget 2019 – 4 Key Benefits for Enterprises

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Shareholder Meetings in Singapore ~ Emerging Trends and the Rise of Activism

Shareholder Meetings in Singapore ~ Emerging Trends and the Rise of Activism

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April 2018 was an exciting month for BoardRoom Corporate & Advisory Services (“BoardRoom”) which was appointed as the Polling Agent for more than 230 Shareholder Meetings. Whilst the BoardRoom team has a strong legacy of successfully delivering Shareholder Meeting services (which includes Registration, electronic and paper Polling, as well as logistics arrangements) every April peak season is an exciting period for our teams who are committed to the successful delivery of every meeting.

Key Highlights of Our April 2018 Season
  • 232 Annual General Meetings and Extraordinary General Meetings conducted
  • More than 18,000 shareholders were registered by our teams
  • 150 permanent and contract staff were deployed to execute the Meetings
Emerging Trends from Shareholders’ Q&A

Facts & Figures ~ Shareholders continue to be keenly interested on how their investment in the Listed Company has performed over time. More detailed questions are being asked relating to key performance metrics, comparing results against the budget, and whether the performance is in line with the long-term strategy already set out.

Telling the Corporate Story ~ The Board of Directors and Senior Management have become more adept in sharing the vision of the business and now are more understanding of the perspective of investors. Savvy retail investors are increasingly concerned over detailed developments of the Company which includes acquisitions and divestment, as well as the causes of significant impairment. The Boards and Management respond by sharing more of the observable trends relating to their specific industry.

Return on Investment ~ One of the often recurring discussions pertain to dividend policy as Investors continue to pursue dividend yield and acutely question Management on their rationale for cash preservation. Businesses now have to be clear about how they align their corporate story to the long-term strategy, in the attempt to convince investors to wait longer for larger pay day.

Board Governance ~ The topic of Board diversity has become increasingly rife. As at 31 December 2017, women directors increased to 13.1% of directorships on boards of the Top 100 primary-listed companies on the Singapore Exchange (SGX). The 20% increase from 2016 is the highest increase over the past three years, after 10.9% in 2016, 9.5% in 2015 and 8.6% women on board in 2014. Another key area pertains to the potential changes in the Code of Corporate Governance relating to the “Nine-year-Rule” for Director Independence. The proposed revision provides a “hard-line” criteria that Independent Directors cannot serve for more than 9-years on the same company. While waiting for the final outcome, Companies and Shareholders already see this development as an opportunity for Companies to commence the search for new qualified Independent Directors.

The Rise of Activism

Shortly after the conclusion of the April 2018 season, there were some developments in Shareholder Activism during meetings, one of which was widely-publicized. In an unprecedented move, the Singapore Exchange called for one listed-company to hold a new EGM due to inaccuracies in the submission of information for the meeting and shareholder disputes relating to the conduct of the original EGM.

NUS Business School Associate Professor Lawrence Loh, who is also a director at the Centre for Governance, Institutions and Organisations, made the following comments on SGX RegCo’s unprecedented move –

“It reflects the increasing trend by the regulator to be more interventionist when something is amiss, and willing to take on company-specific action. This more direct approach in regulating companies is much preferred than spraying across the horizon, without actually targeting or hitting anyone specific.”

For more information on BoardRoom’s Shareholder Meeting Services, please contact us at [email protected] or drop me a text via LinkedIn!

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Ang Lea Lea

Senior Tax Advisor

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Chester Leong

Regional Managing Director, BoardRoom Business Solutions

Singapore Budget 2018: 5 Key Tax Changes You Need To Know

Singapore Budget 2018: 5 Key Tax Changes You Need To Know

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With the copious tax amendments introduced by Finance Minister Heng Swee Keat in Budget 2018, here are the five most crucial ones that will affect the future of your company.

1. Corporate Income Tax (CIT) rebates

Poised to lower business costs and aid company reorganisations, the CIT rebate for YA 2018 has been revised to 40 percent of tax payable, capped at S$15,000.

This corporate tax rebate will be extended for another year to YA 2019 at a rate of 20 percent of tax payable, capped at S$10,000.

2. Tax transparency for Singapore-listed Real Estate Investment Trusts Exchange-Traded Funds (S-Reit ETFs)

The Reits sector was given a significant facelift with the extension of tax transparency for S-Reits to Reits ETFs. This will allow for equal tax treatment for both individual S-Reit investments and Reits ETF investments, and should reinforce the Reits sector, making Singapore a more attractive Reits listing hub.

Reit ETFs distributions obtained by individuals will also benefit from tax concessions, as long as those distributions did not derive from a Singapore partnership or the carrying on of any trade, business or profession. A 10% concessionary tax rate on such Reits ETFs distribution received by qualifying non-resident non-individuals.

Currently, a 17 percent corporate tax rate is applicable to distributions from S-Reits out of specified income to Reit ETFs. All investors of Reits ETFs will not be taxed on the distributions made out of such income from Reits ETFs.

Subject to conditions, the tax concessions for Reits ETFs will take effect on or after 1 July 2018, with a review date of 31 March 2020. Application for tax transparency treatment can be submitted on or after 1 April 2018.

3. The Double Tax Deduction for Internationalisation (DTDi)

Targeted at supporting internationalisation for businesses, the DTDi will be enhanced by raising the expenditure cap from S$100,000 to S$150,000 per YA. Qualifying expenses include expenditure incurred on activities such as overseas business development trips and participation in overseas trade fairs.

Administered by IE Singapore and the Singapore Tourism Board, this enhancement will apply to qualifying expenses incurred on or after YA 2019.

4. The Start-up Tax Exemption (SUTE) and the Partial Tax Exemption (PTE)

Lending a hand to smaller enterprises and start-ups are the SUTE and PTE, which are tax exemptions that ease the cost of running a business. Beginning on or after YA 2020, both exemptions will only apply to the first S$200,000 of chargeable income.

The revised SUTE, which is for new start-ups, will reduce tax exemptions to 75 percent for the first S$100,000 of chargeable income, and decrease the next chargeable income to S$100,000.

As for the PTE, the only adjustment is on the second chargeable income, which has been reduced to S$190,000.

5. Intellectual property (IP) tax deductions

The tax deductions for costs on protecting IP, and IP in-licensing will be improved in the coming years, from YA 2019 to YA 2025.

Catered in particular to smaller firms, the IP protection scheme will raise tax deductions to 200 per cent for the first S$100,000 of eligible IP registration fees incurred for each YA every year.

Tax deductions for IP in-licensing costs will also be bumped up to 200 per cent for the first S$100,000 of qualified fees incurred for each YA every year.

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Ang Lea Lea

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5 things to consider when expanding your business into Asia

5 things to consider when expanding your business into Asia

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Overseas expansion can give your business a boost by giving you access to untapped markets. That said, venturing into a new market isn’t a decision to be taken lightly. Here are five important things to think about before expanding your business overseas.

1. What government support schemes are your company eligible for?

There’s a good chance you’ll find a government scheme to support your foray overseas, whether from your country of origin or target market. Singapore’s new Enterprise Development Grant, for example, will allow qualifying businesses to upgrade their capabilities, innovate and expand their operations overseas. Businesses considering moving into Hong Kong, for example, can tap one of several support schemes, such as government-led incubator programmes and financing schemes. A competent corporate services provider like BoardRoom can help assess your market readiness and help you get up to speed on the government schemes you can benefit from.

2. How different are industry standards in your home country and target market?

Your company might be a leader in your domestic market, but such success isn’t guaranteed in a new market. For starters, be sure to do comprehensive checks on manufacturing and production standards in your target market to ensure your products make the grade. For businesses looking to move into Singapore, in particular, a good place to start would be getting up to speed with prevailing business and industry standards.

3. Will cultural and language barriers pose a challenge?

While cultural norms in Asian markets like Singapore and Hong Kong are widely influenced by both the East and West, it’s worth getting acquainted with the nuances of local business culture before venturing overseas. For example, business people in these markets are shrewd negotiators, though communication at meetings can often be subtle. “Face” is very important to business people in these markets, so it’s important to be able to read between the lines in every situation. In a nutshell, good manners, respect for others and professionalism go a long way when doing business in the region.

4. What are the compliance requirements I need to take note of?

Expanding overseas is an adventure in itself, but there’s always the nitty gritty to take care of. Markets like Hong Kong and Singapore each have their own unique statutory requirements for businesses, which require a considerable eye for detail to get sorted. While it’s good to get familiar with the compliance requirements in each market, it’s probably worth hiring a professional to do the heavy lifting. Corporate services providers such as BoardRoom have a wealth of experience in this area, enabling businesses to focus on what they do best. Click here for a helpful guide on the useful services you can benefit from.

5. How will I manage my finances?

Having ready access to adequate funding is essential when considering overseas expansion – whether through loans, grants or other sources. If you are opting for a loan, a good credit rating is essential for your business to get the funding support it needs. For greater convenience, consider using a bank which is present in all the markets you intend to operate in. For hassle-free day-to-day operations, consider outsourcing your accounting and payroll functions to a competent corporate services provider such as BoardRoom.

Contact us for your company registration needs.

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Singapore Budget 2018: 4 Major Grants And Schemes To Help Your Business

Singapore Budget 2018: 4 Major Grants And Schemes To Help Your Business

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In his Singapore Budget 2018 speech on Feb 19, the Minister of Finance, Mr Heng Swee Keat, announced a multitude of measures to take local businesses to the next level.

With a massive budget of S$800 million set aside for the Enterprise Development Grant (EDG), the PACT scheme, and the Productivity Solutions Grant (PSG), these tools will help companies defray costs, facilitate innovation, and foster adoption of technologies and productivity boosters.

Here are four major business grants and schemes that will benefit your company.

1. The Enterprise Development Grant (EDG)

A combination of SPRING Singapore’s Capability Development Grant, and IE Singapore’s Global Company Partnership grant, this new streamlined effort is aimed at helping local businesses become more competitive both within and beyond national borders.

Companies that are looking to upgrade and expand internationally can use the EDG to cover up to 70 percent of qualifying costs and activities from FY2018 to FY2019.

Administered by Enterprise Singapore (ESG), a new statutory board under the Ministry of Trade and Industry, the EDG will be available for application through the Business Grants Portal (BGP) from the fourth quarter of 2018.

2. The PACT scheme

Managed by ESG and the Economic Development Board, the PACT scheme (also known as Partnerships for Capability Transformation) focuses on promoting collaboration between various businesses, from SMEs to larger corporations. It is a merged scheme that consolidates a number of existing grant schemes, served to support partnerships, into a single plan.

The result is a “more holistic” measure that will offer a maximum of 70 percent of qualifying costs, used for collaborative projects between companies in areas such as capability upgrading, business development, and internationalisation.

3. The Productivity Solutions Grant (PSG)

To encourage innovation, providing easier access to relevant, quality tools is imperative. The PSG was introduced to do just that.

Targeted at SMEs, it will fund up to 70 percent of eligible fees directed at the purchase of off-the-shelf productivity tools, including technology solutions and business equipment.

Not only does it integrate several existing grant schemes into a more focused effort, it also replaces the expired Production and Innovation Credit (PIC) scheme that supported smaller enterprises in adopting technology and equipment through tax deductions.

Applications through the BGP for the PSG will open at the start of April this year.

4. The Wage Credit Scheme (WCS)

An existing scheme that works to co-fund wage increases for employees, the WCS has been around since 2013, and will see another three-year extension, from 2018 to 2020. As before, it will support gross monthly wage increases of at least $50 for Singaporean workers up to a gross monthly wage of $4,000.

However, the percentage of government co-funding will decrease with each year – from 20 percent of qualifying wage increases in 2018, to 15 percent in 2019, to 10 percent in 2020.

According to Mr. Heng, the WCS is expected to cost about S$1.8 billion over the next three years, which will help businesses save a great deal of money. Not to mention, the scheme will alleviate unemployment concerns among local citizens with its pro-Singaporean hiring stance.

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