As per the Singapore Companies Act, companies registered in Singapore are required to appoint a company secretary who can assist them in the administration of their company within six months of incorporation. They may be called secretaries, but they have responsibilities that are beyond clerical or secretarial in nature. They actually hold senior positions in the company with great responsibilities.

Who Can Provide Company Secretarial Services

Company secretaries must be a natural person and an ordinarily resident in Singapore, which means that they must be a Singapore citizen, a permanent resident, or someone who has been issued an Employment Pass or Dependent Pass. It’s imperative as well that they have basic knowledge and experience to carry out the functions of their position. Companies have the option to offer the role to their director, unless the director is the sole director of the company.

The aforementioned conditions are enough for company secretaries in a private company. However, for public companies, they must appoint a qualified person to take on the role of company secretary. And under the Legal Profession Act, a qualified person is someone who is a public accountant, a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators, or member of other professional associations. The company secretary should also have been a secretary of a company for at least 3 years in the period of 5 years immediately preceding his appointment.

Duties That Are Provided By Company Secretarial Services

The responsibilities of a company secretary include ensuring the company’s compliance with relevant legal requirements, ensuring that it complies with its constitution, communicating with the directors and shareholders, and updating the Accounting and Corporate Regulatory Authority (ACRA) on the company’s annual returns, issues of shares, and any changes in the company among many other duties.

They should also prepare the directors’ report, attend to the queries of shareholders, and coordinate with the publication and distribution of the annual report, accounts, and interim statement of the company.

Company secretaries who breach their duties are liable to the company for any profit they made or for any damages the company suffered because of their violation. And if they are found guilty of an offence under the Companies Act, they shall be liable on conviction to a fine, imprisonment, or default penalty, depending on their offence.

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Why You Should Think About Outsourcing Singapore Accounting Service to a Professional Consulting Firm

Most large corporations have their own accounting departments that work independently but are on the company’s payroll. However, hiring a full accounting team is not always a realistic option for smaller businesses and companies. Besides paying your employees a salary, you have to provide special equipment, insurance, training, paid days off and a long list of other pricey benefits. If you just don’t have the space or the budget to put together your own accounting department, hiring a professional Singapore accounting service can be a great option. When you outsource, you don’t need to bear the brunt of the expenses that are associated with running a traditional accounting department. As a result, you can get all of your accounting needs taken care of at a fraction of the cost of hiring your own full-time employees.

Hiring a Singapore Accounting Service for Your Business

Independent financial analyst firms that specialise in accounting provide any type of Singapore accounting service you can think ranging from payroll processing to financial reporting. Since financial analysts break down their services based on their clients’ unique needs, they can help you develop the perfect financial plan for your business. For example, you can get services on a monthly basis or only use them once a year. Because you never have to pay for services that you don’t need, you can save a lot of money on accounting costs in the long run.

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People are often enthralled by the prospect of starting their own businesses. As we all know starting up a business whether it is big or small requires tons of responsibility. Among the essential aspects of businesses is accounting and bookkeeping. The down side is, not everyone maybe knowledgeable about these things. Still, you should not lose hope for there are so many solutions. One of the best solutions is to hire an accounting service provider.

Things to Know Before Engaging an Accounting Firm

Account service providers may offer any of the following: account open, account update, and account balance. These terms may seem to be technical; nonetheless, it is imperative for business owners to hire accountants or account service providers. Having a business is a tedious task. With all the stress that comes with it you do not have to stress over the accounting functions. An accountant can help you organise all your proper books of account. This is important since this is the backbone of your business. You would never know whether you are losing or making profit without these.

Aside from the aforementioned, an accountant will also help you with your monthly bank statements. In addition, they also systematise your sales tax, bank reporting and payroll of your employees. As for the bank reporting, accountants may check if you have any bank loans and ensure that you have base certificates. Moreover, account service providers may also offer to do your financial statements as well as file your income tax returns.

Financial statements are needed in order for you to become aware of your progress. These are all necessary in a business because without having these organised you will not be able to move forward in your business. Organising all your books also affect your business decisions gravely.

How To Choose The Right Accounting Firm

As always research is a must in choosing the right accounting service provider. You must check out their credentials and track record before even thinking of hiring them. You must also have an idea on the services that the firm may provide. You can also pay a visit to the firm because this is how you can establish rapport with them. You must be able to trust them since your financial well-being will be in their hands.

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Difference Between Audited & Unaudited Financial Statements?

Financial statements can either be audited or unaudited. Auditing is a process conducted by a third-party auditor who examines submitted financial data for accuracy. Audited financial statements are required for companies available for public ownership, acting as a way for investors and the general public to assess a business entity as worthy of investment or not. Naturally, companies with substantial income and steady cash-flow for their industry are favourable to potential investors.

Companies who comply with audit requirements of the state also enjoy good standing before its home or host country’s regulatory body. In Singapore’s case, the body in charge of this is the Accounting and Corporate Regulatory Authority or ACRA.

When Are Unaudited Financial Statements Used?

Generally, Unaudited Financial Statements are used internally by companies so as to save on auditors’ professional fees. These financial statements are also regarded as being less accurate than audited ones. One must note, however, that unaudited reports do contain the same set of data, which includes income, cash flow, and balance sheet. Such report is also prepared by a duly appointed company accountant. The process usually stops there though, without the need for an auditor to counter-check.

If audited financial reports are used for maximum transparency, unaudited reports are used for maximum cost-efficiency within a business entity. Companies are highly recommended to hire the services of well-established auditing companies to ensure high standards of accuracy every time.

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The world may have recovered from the 2008- 2009 recession however, there are still many companies that are closing down. There are so many reasons why companies choose to liquidate or wind-up. In order to recover some, companies choose to wind up some of their businesses.

Strike Off The Company Versus Winding-Up

Winding up is a process where in parent companies sell the assets of a business and then pay off its creditors before ‘dissolving’ the business hence it is sometimes referred to as dissolution. This is usually done when the company can no longer survive and has declared bankruptcy. Furthermore, winding-up is done by parent companies when one of their businesses seems to be more of a liability. These businesses often lose prospects and are no longer gaining any profits.

Winding-up a company can be classified into two: voluntary winding up and compulsory winding up. In Singapore, a company can be dissolved voluntarily when it is solvent and if it has paid all its debts within 12 months. After making a written Declaration of Solvency, the company can now apply in the Accounting and Corporate Regulatory Authority Singapore (ACRA) for the specific business to be dissolved. The application will only be approved by ACRA if they find acceptable reasons for the company to halt their business. Compulsory winding up happens when the court orders the company to be dissolved for reasons such as insolubility and inability to pay off debts.

Criteria:

A cheaper alternative to dissolution is striking off the name in the register. The application to strike off a company is similar to that of winding-up. A company name can only be struck off the register according to Section 344 of the companies act if it has been approved by ACRA.

Prior to striking off a business it is essential that the business has been inactive since its incorporation. This means that the company must not have any business transactions since its incorporation and has not opened any bank account or the bank account has already been closed. Any company that wishes its name to be struck off the register must submit its last audited accounts to ACRA. The following accounts that would be submitted must not have any accounts or liabilities.

Find out how we can help as one of the top accounting firms in Singapore.

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By law, the company director must reside in Singapore, whether internal or third party.

Third party nominee directors do not manage your company. They may be permitted to sign or authorize certain documents that are approved by the provider. The directors of the company are entirely responsible for all operations and will be held liable for any infractions of the Singapore Companies Act.

Benefits:

With the services of a nominee director, you have flexibility. The services of the director are simply to fulfill the requirements of the Singapore Companies Act. He/she will have absolutely no financial, operational or management interest in your company.

In addition, the services of the nominee director may be terminated at any time. The company ownership must only provide full information on the replacement local resident director. At this point, the service provider will handle all the legal activities and notify the authorities of the change.

Requirements:

The agreement is a legal and binding one. There is specific information that is required, such as:

• A full background check on the company with financial, legal and ethical inquiries.
• A signed and notarized letter of indemnity.
• In most cases, a refundable deposit is required.

The deposit is required due to the fact that the nominee director Singapore will be financially responsible for asset liquidation should the client be unreachable for any reason. This nominal deposit is to protect the nominee director from these damages. It is fully refundable upon proper termination of the services.
It should be noted that there is typically a service fee that is not refundable and is not associated with the deposit in any way.

Find out more about our company secretarial services and how we can help.

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The business culture in Singapore is undeniably one of the best in the world. The Southeast Asian nation continues to attract the attention of business professionals and entrepreneurs from all over the world because of its remarkable pro-business policies. The notable pro-business environment in the Lion City is competently steered and governed by the Singaporean government, particularly by agencies such as the Accounting and Corporate Regulatory Authority Singapore (ACRA) and the Inland Revenue Authority of Singapore (IRAS).

Why Hire Company Secretarial Services In Singapore?

Hundreds of applications for company formation and business registration are handled by these strict regulatory authorities. Aspiring company owners and business professionals who wish to put up their own companies and business entities in Singapore have no choice but to learn the specific compliance requirements of these government institutions. Simply put, the entire course of setting up a company in Singapore is not to be taken lightly – the process of building a Singapore enterprise entails rigorous planning, keen attention to detail and respect for deadlines and legal requirements.

Do you wish to start your business endeavour in Singapore? Do you want to breathe life into your dream company without worrying about legal requirements and statutory registers?

If yes is your answer, then opt for company secretarial services today. The Singapore Companies Act specifically points out that a Singapore company, within its first six months of incorporation, must appoint a Company Secretary.

Understanding What Company Secretarial Services In Singapore Can Do For You

If you outsource a company secretary, you are not only complying with the particular mandate from the Singapore Companies Act, you are also helping yourself. Why endure the hassles of handling board meetings, constitutional drafts, share registrations, statutory registers and other compliance requirements of IRAS and ACRA when you can hire company secretarial service providers in Singapore to do the job for you?

Grow your business in more ways than one without bypassing legal requirements! Hire a reputable company secretary today!

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Conducting an audit is beneficial to every aspect of business management. When you hire a professional auditor to conduct thorough internal audits from time to time, you can be assured that your financial records are assessed with utmost precision and analysed without bias. Auditing can help you see the bigger picture – if you understand your financial records and financial standing, it becomes easier for you to make intelligent business decisions based on records and facts and not rely on mere instinct and wild assumptions.

Discovering The Many Benefits Of Audit Service Singapore

Hiring the services of a professional auditor has numerous benefits. Read on to find out why auditing is vital to any company or organisation:

Auditing reinforces early fraud detection. Outsourcing the services of a professional auditor can abolish the presence of fraud in your company. The auditing process unveils faults and errors (innocently or deliberately committed) of employees and exposes the occurrence of financial frauds. An audit can therefore serve as a reminder to your workforce that any deviation from ethical work practice will not go undiscovered and possibly, unpunished. A company whose accounts are subjected to regular audits therefore enjoys immunity against fraud and scam because of the early detection of discrepancies that goes with auditing.

Auditing enhances a company’s efficiency. Auditing enables you to acquaint with your own financial system and enjoy a more profitable corporate existence. With the assistance of a good auditor, you have an efficient business entity – risks are effectively analysed and studied so costs are held to a minimum.

Auditing helps you make pragmatic decisions. An audit helps you identify your financial activities and understand your company’s fiscal strengths and weaknesses. When you are aware of the situation, you can make pragmatic decisions to address weaknesses, focus on key areas for improvement and enhance well-known strengths.

Hire Audit Service Singapore

If you want to grow your business on a holistic level, go for audit services Singapore today!

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The reason why it’s so important is that it’s intricately connected to every aspect of running a business. Because accounting involves so much in-depth financial analysis, it’s practically impossible to build a successful company without working with a strong and experienced accounting team.

Why You Should Think About Outsourcing Singapore Accounting Service to a Professional Consulting Firm

Most large corporations have their own accounting departments that work independently but are on the company’s payroll. However, hiring a full accounting team is not always a realistic option for smaller businesses and companies. Besides paying your employees a salary, you have to provide special equipment, insurance, training, paid days off and a long list of other pricey benefits. If you just don’t have the space or the budget to put together your own accounting department, hiring a professional Singapore accounting service can be a great option. When you outsource, you don’t need to bear the brunt of the expenses that are associated with running a traditional accounting department. As a result, you can get all of your accounting needs taken care of at a fraction of the cost of hiring your own full-time employees.

Hiring a Singapore Accounting Service for Your Business

Independent financial analyst firms that specialise in accounting provide any type of Singapore accounting service you can think ranging from payroll processing to financial reporting. Since financial analysts break down their services based on their clients’ unique needs, they can help you develop the perfect financial plan for your business. For example, you can get services on a monthly basis or only use them once a year. Because you never have to pay for services that you don’t need, you can save a lot of money on accounting costs in the long run.

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At least one local company secretary — this is the mandate of the Singapore Companies Act (SCA), the regulatory statute covering the Lion City’s business sector. This, plus the opportunity to better oversee and manage the operations and other essential facets of your business, is more than enough reasons that you should engage a financial solutions specialist with proven proficiency in Corporate Secretarial Services.

Do You Need a Corporate Secretary?

Firms offering corporate secretarial as a service essentially provide administrative functions that aim to keep the organisation aligned with the policies of the Accounting and Corporate Regulatory Authority (ACRA), it being regulator of all of Singapore’s business entities and public accountants. Your chosen partner in the corporate secretarial field, who must possess the necessary expertise and experience, will ensure that you have a company that is appropriately registered, one that adheres to all the legal guidelines as governed by the SCA.

A skilled corporate secretary provides the necessary assistance every step of the way when it comes to fulfilling the prerequisites of Singapore company set up and registration while seeing to it that no mistake is committed in the process. He or she also maintains the statutory registers and minute records and prepares the minutes and resolutions of the annual general meeting. Other responsibilities include giving accurate updates regarding the developments in compliance regulations aside from ensuring that your business doesn’t fail to meet the deadlines as imposed by the various government statutory bodies.

What You Can Achieve When You Hire A Corporate Secretarial Services Firm

When you engage a business consultancy agency, particularly Corporate Secretarial Services, you’ll be able to attend to the other important aspects of your enterprise. With more time in your hands because you need not worry anymore about the nitty-gritty of company formation or incorporation, you can then focus on growing it to be the one of the best in the industry.

You can allot more time for product research and development, advertising and promotions, and for sales and marketing, which are the core factors that make any business succeed. You’ll likewise have the chance to get to know the consumers and your target market a lot better. Only then will you be capable of formulating and implementing the soundest strategies to meet your set objectives and fulfil your business vision.

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