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Company Registration Process

Why Engage Corporate Service Provider in Singapore

Singapore is a business-friendly jurisdiction and working with a corporate service provider in Singapore helps with making the entrepreneurial journey less complex for many business people that intend to invest in the country. Outsourcing key professional tasks enable the business owners to focus more on the core work that has the potential of enhancing business growth. The ever-increasing demand by the investors and regulators for the highest standards of corporate governance and stringent compliance measures alongside a growing list of complex regulations is causing many businesses in Singapore to engage corporate service providers for the provision of a range of professional services.  

A corporate service provider in Singapore is a professional entity that consists of a team of experienced and knowledgeable professionals.  They help businesses through the provision of a range of support services such as company secretary services, auditing services, accounting and taxation services, company incorporation services, and more. The complexity of business regulations that companies are required to adhere to and the constantly changing requirements demand the engagement of experts for the provision of corporate services. Working with reputable corporate service providers such as Onestop CA Singapore helps with ensuring that all the professional services are delivered correctly and a high level of expertise observed.

Here are some of the reasons for engaging corporate service provider in Singapore;

Proper Governance Framework

It’s important that every company registered in Singapore ensures that a proper governance framework is put in place. The corporate service provider that’s engaged for such tasks should be able to offer company secretary services in Singapore as they have a team of qualified corporate administrators and chattered secretaries with the potential and required expertise needed to manage the day-to-day operations of a company as they also provide expert support to the board.

Peace of Mind

Working with corporate service providers in Singapore provide clients with the much-needed peace of mind as they get to work with corporate administrators and managers that have a clear understanding of the client’s needs and work to ensure that optimum service with tailored solutions that address the diverse organizational needs are delivered. When working with reputable corporate service providers such as Onestop CA Singapore to ensure that statutory and regulatory obligations and effectively handled; the clients can then focus on key tasks that enhance the growth of their businesses.

Access to a Pool of Experts

Working with corporate service providers helps a company with access to a pool of professionals with great expertise and experience needed to move a business forward. Clients can draw from such a team for the incorporation of company services, auditing and advisory services, and more. Working with such a dynamic team of professionals helps with ensuring that statutory and regulatory obligations are responsibly handled. When you engage a reputable corporate service provider such as Onestop CA, you get access to a team of professionals that have the required level of expertise to handle a range of activities statutory and regulatory obligations effectively.

Originally published by onestop-ca.com

February 9, 2021 Business No comments yet
Formation of company

Top 5 Reasons for Formation of Company in Singapore

Formation of company is a huge decision that one gets to make especially when just getting started. The majority of small business owners have this common belief that incorporation of a company in Singapore is a reserve for companies that are well established. There are multiple reasons for incorporation and such should be considered before getting started with formation of a company.

Here are some of the reasons for considering formation of company in Singapore;

Tax Benefits

Singapore is preferred by both local and foreign investors for the formation of company due to its favorable tax regime. Once you get to incorporate your company in Singapore, there are a number of tax benefits that a company gets to enjoy. Singapore charges corporate tax on the income generated in Singapore at the rate of 17 % regardless of whether it’s a local or foreign company. There are zero tax charges on capital gains by the company, there are zero charges on dividends that are distributed to the shareholders and the tax rate on foreign-sourced income that’s not repatriated to Singapore is also zero percent.

Enhances Brand Reputation

There is more to a business reputation than the Google or Yelp reviews that you can get online. As much as they equally count, when you get your company incorporated in Singapore your company tends to gain a sense of higher worth in the eyes of potential suppliers, customers, and other relevant groups that prefer working with a professional organization. Incorporation of company in Singapore, therefore, validates your company’s brand image.

Ease of Business Transfer

Incorporation of company makes the transfer of the business process to be much easier than when it’s a partnership or a sole proprietorship since the business has its own identity. A corporation can be easily valued for sale or transfer to other owners unlike other forms of businesses.

Continuity of Business

The desire of every business owner is for their businesses to have continuity even after they are gone. Incorporation of the company ensures continuity of the company so whether the owner becomes sick or meets any challenge, the company will still operate. The business gets protected forever, however, it’s also important to note that the business can still be sold or you may end up closing it and that depends on how it’s managed.

Because the company is registered in Singapore, the business owner can choose to have a plan for long-term business growth. Investors may also want to know whether your business can continue to exist legally without much influence of the owner.

Ease of Raise of Capital

When you opt for the incorporation of company, it becomes easy for your company to raise capital. Whether you plan on applying for a loan from a bank or selling stock the process is quite possible and that to a great extent adds credibility to your company. Another key reason for the formation of the company is that it helps with the protection of business assets. Without the incorporation of the company, your personal assets remain at risk to anyone who opts to file a lawsuit against your company.

Originally published by onestop-audit.com

February 8, 2021 Business No comments yet
company secretary services in Singapore

The Evolution of Company Secretary Services in Singapore

The appointment of a company secretary Services in Singapore is a statutory requirement that every company that’s registered in Singapore should adhere to. The appointment is required to be done within six months of incorporation of company in Singapore and should be undertaken by the board of directors. Engaging a reputable corporate service provider for company secretary services helps in ensuring that the ideal candidate that clearly understands the scope of their roles and duties is appointed.

According to the Monetary Authority of Singapore through its Corporate Governance Code; it’s a requirement that a company gets to clearly define the role of the company secretary. The company secretary is the person charged with ensuring the company’s compliance with the set laws and regulations and they should be present at all of the board meetings as they provide advisory services to the board on matters related to governance. The roles and duties of a company secretary have greatly evolved in today’s business environment and working with a reputable corporate service provider in Singapore for such services can be of great benefit.

Company secretaries can effectively take up senior positions within the company such as taking up managerial roles and other high profile positions within the company. Apart from performing typical secretary duties; company secretaries also offer advisory services to the executive directors and the board chairs. Here are some of the evolved roles of company secretaries;

Rising need for Core Competencies in companies

Industry experts acknowledge the fact that there are various task demands that company secretaries should be able to fulfill for the efficient flow of company operations. Working with a reputable corporate service provider for company secretary services in Singapore helps in ensuring that the ideal personnel with a quality understanding of the much-needed core competencies is engaged for the job.  A competent company secretary should have excellent interpersonal skills, keen attention to detail, creativity, and great analytical reasoning alongside professional qualifications and work experience.

Legal Obligations

Apart from the typical duties that corporate secretaries are supposed to undertake, company secretaries should also carry out various legal obligations. They are required to provide comprehensive administrative and legal support to the board. It’s the duty of the company secretary to ensure that all the compliance and statutory issues are adhered to and business affairs completed effectively without any violation of the laws and regulations. Working with reputable corporate service providers such as Onestop CA Singapore helps in ensuring that a company engages extremely competent company secretary services in Singapore that has the potential of executing legal obligations and statutory requirements effectively. It’s the work of the company secretary to ensure that the company meets all of its legal obligations.

Implementation of corporate strategies

Apart from arranging for director and shareholder meetings, and provision of administrative support in the preparation of meetings; it’s also the role of the company secretary to implement corporate strategies by ensuring that the decisions by the board are properly carried out and effectively communicated. Working with Onestop CA Singapore for the delivery of company secretary services helps with ensuring that a high level of expertise and experience is demonstrated in the delivery of corporate secretarial services.

Originally published by onestop-audit.com

February 6, 2021 Uncategorized No comments yet
company secretary services in Singapore

Roles and Duties of a Company Secretary

Some of the common questions that tend to arise when the position of a company secretary services in Singapore is mentioned are like; who can be a company secretary? Does the secretary hold any stake in the company? A company secretary acts more like a corporate lawyer and also has other qualifications that make them ideal for the job. According to Section 88 of the Companies Act 2014, companies that are incorporated in Singapore are required by law to appoint a company secretary within the first six months of its incorporation.

The ideal candidate for the position of a company secretary must be a resident of Singapore and should be a natural person. The company secretary is required by law to fulfill certain criteria and it’s the director’s responsibility to ensure that a suitable candidate is selected for the job. Working with a reputable corporate service provider in Singapore for provision of company secretary services in Singapore helps with ensuring that a highly qualified candidate is considered for the task.

When appointing the company secretary; the directors should be able to ensure that the ideal candidate has requisite experience alongside academic and professional qualifications. For a foreigner opting for incorporation of company in Singapore; ascertaining such can be quite challenge and that’s why working with corporate service providers such as Onestop CA Singapore greatly helps.  Here are some of the requirements that the directors should look out for in the right candidate;

  • Should be a corporate lawyer that’s well versed with the laws and regulations that govern companies in Singapore
  • Should be a member of the Institute of Certified Public Accountants of Singapore
  • Should have been practicing as a company secretary for about three years or more before being appointed a company secretary for a company.

Some of the roles and duties of a company secretary include;

Updating and maintenance of statutory registers

One key role of a company secretary in Singapore is to ensure that all the changes and updates done on the statutory register are updated accordingly so as to ensure compliance with Companies Act Singapore. The activities may include;

  • The appointment and resignation of the management officials such as the directors, managers, CEOs, and secretaries.
  • Transfer of shares and share issues among the shareholders.
  • Resolutions of the board and minutes for the Annual General Meeting (AGM) and EGM.

Filing changes of the company to ACRA

As company operation continues, there will be changes done in some of the company details. There could be a change or an adjustment in the name, an update to the company’s constitution, share transfers, allotment of shares and many others. Such changes should be filed to the board within a given period of time once approval has been attained and it’s the company secretary’s role to ensure such is done.

Safeguards the corporate seal

The proper use of corporate seal is clearly stipulated in the company’s constitution and it’s the role of the company secretary to ensure that it’s safely kept when it’s not required. Working with a reputable corporate service provider for delivery of company secretary services in Singapore helps with ensuring that the tasks are executed with high level of professionalism and accuracy.

Originally Published by onestop-audit.com

February 6, 2021 Business No comments yet
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