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Incorporation of Company

Steps to Follow with Incorporation of Company in Singapore

Incorporation of a company in Singapore doesn’t have to be a complex process especially when you engage the services of a reputable firm that offers corporate services such as Onestop Assurance Singapore. Singapore has become a thriving business destination especially for foreigners seeking to extend their business base. 

Here are the steps to be followed when registering a company in Singapore;

Company Name Registration

The first step to get started with is to check for availability of the proposed company name. Once the name has been confirmed as available, an application can then be made to Accounting and Corporate Regulatory Authority (ACRA) for approval so that the name can be used for incorporation of company. There are certain guidelines that the names chosen should meet and these include;

  • The name chosen should not include a patent name or a trademark.
  • The name should not be similar to any other existing business name
  • There should be a signed consent to change the name in case it’s found to exist somewhere. 

During the company registration process, ACRA will require that they get furnished with the proposed activities of the company being incorporated. Licenses from other government bodies that are proposed before the business begins may also be provided. 

Appointment of a local director

It’s a statutory requirement that all of the companies registered in Singapore should have one local director. Working with a reputable corporate service provider  in Singapore that offers nominee director services can help with ensuring that a reputable person is engaged for the task. Foreigners considering incorporation of company in Singapore should work with a local director who clearly understands their role and position in the company. 

When appointing a nominee director in Singapore, it’s important to note that any person who is above 18 years of age can be appointed. 

Shareholders

When considering registration of company in Singapore, the minimum number of shareholders should be one and a maximum of 50. The minimum paid up capital should be S$1 and a person can either become a shareholder by purchasing the company shares or by subscribing for shares. Working with corporate service providers in Singapore such as Onestop Assurance Singapore can be of great help as they are well versed with the process and will be able to carry out the registration process in a very efficient and cost effective way.

Company secretary services

It’s a statutory requirement that every registered company have a company secretary who should also be in charge of ensuring statutory compliance. Working with reputable service providers that offer company secretary services in Singapore can be quite cost-effective and also helps in ensuring that the company gets quality service. 

Registered Address

It’s a requirement that the company being registered have a physical company address where various registers that should be maintained by law are kept. 

Incorporation

Once all the steps have been observed, the person responsible for the process can then goes ahead and submit the relevant documents and execute the registration process.

Originally published by onestop-audit.com

December 30, 2020 Business No comments yet
nominee director services

Functions and Roles of a Nominee Director in Singapore

According to Singapore’s company Act, it’s a requirement that a company registered in Singapore should have at least one local director who is a resident of Singapore. A nominee director in Singapore is therefore a person who is obligated to act in accordance to the instructions, directions and wishes of another person. Any foreigner that’s considering incorporation of company in Singapore should therefore consider hiring a resident to act as a director of the company and the hired director is referred to as the nominee director.

The nominee director in Singapore represents the interests of the appointing person or group and has the same obligations and responsibilities as that of a regular resident director. The obligations may arise from an agreed contract, from trust or informal arrangement. As a representative of the company that has appointed him, a nominee director is the ideal person to order the company on almost anything. The company is also bound by such acts and committed to the outcome that may result from their actions.

Here are some of the functions and roles of a nominee director in Singapore;

Should act in good faith and in the best interest of the company

A nominee director is required to act in good faith and in the best interest of the company whenever they are making any decision. They are expected to prove undivided loyalty and unquestionable integrity as they handle company matters. Engaging a reputable firm such as Onestop Assurance Singapore for nominee director services in Singapore can be of great help as the firm ensures that matters to do with integrity and loyalty to the appointing authority and company is well taken into consideration. The person chosen should be free from a demonstration of any third party or personal interests.

A nominee director should be ready to steer clear of any engagements that compromise the best interest of the company. This should be reflected in the tasks they are involved in such as divulging of company information to a competitor or external parties, diverting company opportunities to themselves or a third party, setting up in place a rival firm to compete with the company they are hired to work for as a nominee director in Singapore and in purchase or sale of company assets without proper authority or agreement of the directors.

Demonstrate professionalism, utmost care and diligence

The effective management of a company requires more from a nominee director than just being present. The person chosen for the task should be able to demonstrate the right set of character, skills and experience and all these should be executed in a very professional manner. 

Avoid exploiting power and position nominee director in Singapore should only use their position, privileges and rights to achieve company end goals and not for harm or prejudice. From the roles shared, it’s clear that ultimate care should be taken when appointing a nominee director in Singapore and that’s why working with a reputable firm such as Onestop Assurance Singapore can be of great help.

Originally published by onestop-audit.com

December 30, 2020 Business No comments yet
Audit firm in Singapore

3 Things to Consider When Choosing Audit Firm in Singapore

Choosing a reputable audit firm in Singapore can be likened to choosing a business partner. The success and credibility of your business heavily rely on the audit firm that you settle for just as it is with a business partner. Accounting and auditing firms in Singapore offer an array of services such as tax filing, bookkeeping, and accounting tasks, advisory services, and more. As a general rule, it’s advisable that you hire an audit firm in Singapore that’s credible, dependable, and has the required expertise to handle financial records.

Lack of proper financial management can potentially lead to business failure and that’s why it’s vital that you work with a reputable audit firm instead of just working with an individual. An audit firm has in place a team of professionals that are well versed on a number of professional services and engaging them can be quite cost effective. Hiring the right audit firm in Singapore has the potential of bringing a positive impact on your business operations overall. 

Here are some of the things to consider when choosing an audit firm in Singapore;

Specialization

A good auditing firm should be able to provide a range of corporate services such advisory, accounting, tax filing, tax planning, financial reporting and more. The audit firm that you engage should have a team of professionals that are experts in their various corporate services fields. When you hire such an audit firm, you not only benefit from business advisory services but can be assured that your financial records will be accurate and capable of revealing the true status of your company.

In depth knowledge on taxation

Income tax filing is a statutory requirement that companies should adhere to and failure to abide by such has the potential of attracting penalties. When choosing auditing services in Singapore, you should find out if they are well versed with taxation issues. They should be well versed with taxation information and tax laws. Ensure that you engage a firm that’s capable of doing accurate company’s financial reporting according to IRAS tax regulations. The firm engaged to offer auditing services should be well versed calculating tax liability, and should also ensure that compliance to statutory obligations is observed.

Qualifications and Credibility

Qualifications of the personnel working for the firm that you choose to engage for auditing services in Singapore is another key factor to consider. You should take time and get to know the level of qualification of those entrusted with working on your financial record. You can be assured of quality service if the firm has in their team CA professionals as that’s proof that they have the qualifications and required expertise to do your auditing work effectively. Apart from the qualifications, the ideal firm should be well versed with companies Act regulations in Singapore Proven expertise is quite critical and should be ascertained before settling on the perfect firm that’s offering auditing services in Singapore. Factors such as fees, and level of experience are also vital and should be considered when choosing auditing firm in Singapore

Originally published by Onestop-audit.com

December 30, 2020 Business No comments yet
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