Plan Your Company Incorporation in Singapore & Let it Grow

The Q1 & Q2 2017 reports relating to the Singapore business environment are promising. They have kindled the hope that the economy as a whole will beat the expectations and grow at a faster rate. Isn’t it the right time to find the best incorporation services Singapore for your company incorporation Singapore? The following are a few key points to nurture a newly started company in Singapore.

Keep a Keen Eye on the Market Trends

To grow your new company incorporation in Singapore, you need first to know, how the wind is blowing in the market. Keep a careful watch on the things happening in your niche. That is the way to spot opportunities and to market your products or services.

Invest in market research which will tell you where your competitors are lagging behind. It will also reveal the customer needs that you can fulfill. Create a realistic business plan and execute it. Be prepared to reinvent and align your products to meet the customers’ expectations.

Go online and search for resources like Future Ready Singapore & Singapore Economic Development Board platform. It will help you to keep in touch with the latest market news and opportunities.

Networking Through Right Business Partners

For a new company incorporation Singapore, the easy way of growing its reach is to strike a partnership with an established player. Find reliable and reputed retailers, distributors, franchisees, or local representatives who can open their channels for your products or services. Put in extra efforts to stay in touch with them for their inputs and market information.

Do your research and try locating a company that is ready to collaborate with you. Such business matching opportunities can be really useful to a new company incorporation in Singapore. Visit the websites run by organizations like Singapore Business Federation (SBF) or Singapore International Chamber of Commerce (SICC). Their sites list the companies interested in business matching & networking opportunities.

Go Digital, Market Your Idea to Netizens

For Singaporeans, being digitally connected is a way of life. A business that is preferring to stick to the traditional ways is soon going to have to deal with difficulties. Go digital! You can, for a small investment in a business website, increases your reach to the level of big players.

In the digital world, the field is level for all players. Use social media marketing to your advantage. Market & sell your products in the digital space.

Leverage Affordable Business IT Solutions

Business software systems like payroll, accounting, attendance, inventory, etc., allows you to automate your internal processes. It saves time and the suboptimal use of the costly human resources. Use trusted software that is available in public domain or download free copies from the reliable software manufacturers. Doing so will leave enough time at your hand to go out and find the loyal customers.

Well, the time is ripe & the business sentiments are positive. It waits for no one, and certainly, it will not pause in its strides for your company incorporation Singapore. If you are still contemplating a dive into the Singapore startup scene, you need to hurry to make it good. Trust one of the reputed incorporation services Singapore to start your company.

Also Read:https://www.sbsgroup.com.sg/blog/private-limited-company-singapore-a-comprehensive-registration-guide/

Startup Singapore Company Registrations Must Grab Every Sale

Can your new Singapore company registration survive without the sale? Generating revenue and profit are the basic goals of any business. They are also essential for their survival and growth. That is why the startup owners need to come up with an effective marketing strategy that will bring in the sales.

Start a New Company, Only If You Could Market It Well

In the beginning, every newly set up company in Singapore neither have any brand image nor any goodwill of its own. Almost every figure in their books of accounts is in the red. It makes them highly vulnerable to an early demise. They can get out the situation only if they could sell.

Rely on Market Research to Find Customers & Their Needs

The in-depth market research, knowledge of what the target audience really needs, and fine-tuned marketing strategy can turn out to be a great tool in the hands of smart business owners. It enables you to take on big or established players having hefty marketing budgets.

A thoroughly researched marketing strategy can successfully spread your values and message to your targeted audience. It proves really useful in branding your startup company incorporation Singapore. It also gives you an opportunity to positively bond with the targeted customers.

Entice Your Customers with Relevant & Accurate Content

Your first move, as the owner of freshly minted Singapore company registration, is to create a business website and start posting the relevant content on it. You also need to make use of social media posts, newsletters, press releases, online advertisements, etc.

Today’s buyers believe in doing thorough research, going through product knowledge, consumer rating, complaints. It is the place to seek exposer for your company and make room in their hearts for your startup.

Make Your Digital Presence Known on Social Media

A newly set up company in Singapore without the presence on social media is as good as a non-existent entity or a ghost. So, you have to make an extra effort get into the limelight. The social media is one of the places where netizens throng and consume content on different types. It is a place where they share their opinions & experiences. Use it to further your purposes.

Market your services and products to these individuals properly and make loyalist out of them. It could benefit your business immensely. Most importantly, startups and small business owners don’t need a high marketing budget to get to these individuals.

Also Read: Company Incorporation Singapore: Selecting Right Business Structure

Multitask, But, Never Slip on Your Marketing Activities

The owners of a startup company registration Singapore and small businesses are busy individuals. There are so many things for them to do. They have to take care of business plan, business model, funding, and day-to-day activities business like product promotion and sales.

The time management is a critical factor for the owners of new Singapore company registration. It is especially true for the sole business owners. Even, the business owners having a number of employees on their payroll have to juggle and multitask. However, they cannot ignore the marketing and branding of their business. They need to plan ahead and prepare a calendar to execute their marketing activities.

Contact us:
SBS Consulting Pte Ltd
https://www.sbsgroup.com.sg/
High Street Centre,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg

Are You Ready for the Company Incorporation Singapore?

You are stuck in a Traffic Jam and you have butterflies in your stomach as you are late for a crucial meeting. Suddenly you wish if your car could fly you wouldn’t be late. In fact, the flying cars would solve a big problem for the many.

It was a great idea for a company incorporation Singapore, wasn’t it? However, did you purse it & realize a working prototype?

No! You let the idea to go waste and choose to be a Nine-to-Fiver? What a shame, but, that doesn’t mean no one is working on the flying cars.

There are entrepreneurs who took flying cars seriously. If you care to search on the Internet, you will come to know about these individuals. There are not one but many groups who are working their hearts out to realize an affordable flying car for the masses. A company incorporation in Singapore can prove to be the right platform for such individuals.

Will Your Business Idea Add Value to Your Customer’s Life?

Putting faith in your idea and pursuing it in order to let the consumers benefit from it, is as important as having it in the first place. Then, what is it that stops people in their tracks? Fear of failure?

Yes, fear of failure and losing your time and resources can be a great stopper for many. It is especially true for the bootstrappers who are intending to execute the idea with their own money.

Take a Stock of Your Situation

If you have any doubts about the success of your company incorporation Singapore, you should ask yourself a few questions to get out of indecisiveness.

• How interested are you to continue your nine-to-five struggle?
• Are you willing to give it up in favor of a Singapore company incorporation?
• If you fail as an entrepreneur what are the chances, you will land another job?
• Does your family believe in your adventure? Will it support it?
• Do I need partners with the different skillset to add value to the business?
• Can I as an entrepreneur plan, lead, execute my business idea properly?
• Will it be a full-time or a sideline activity?

Start Planning for Your Singapore Company Incorporation

The earlier you start answering these vital questions, the better it is for the entrepreneur hidden inside you. Do it before the calling of your nine-to-five job smothers your idea. Have courage; it takes guts to peep inside and tackle your own reservations and mental blocks.

Moreover, leaving a secure job and the benefits for an indefinite future requires a lot of self-belief. You need to have complete belief in your idea before you could even think of company incorporation in Singapore.

Ready? Go for Company Incorporation in Singapore

Are you ready (in mind, spirit, and body) to commit to a Singapore company incorporation?

Yes! Then be positive and get cracking make your idea a successful venture. In your new avatar as an entrepreneur, be ready to be decisive, learn new things; skills, technologies, and point-of-view. Without an open mind, you will find it hard to acquire new qualities, habits, and virtues that make up every successful entrepreneur’s mindset.

Entrepreneurship is Not Unrestricted Freedom

Now, that you are the boss don’t abuse the freedom the position gives you. Now you are accountable for your personal & company’s fortune and misfortune, and the growth of your employees. It is a tough responsibility, and you have to be aware of 24/7. There will be no human to look over your shoulder to see what you are doing, rather, it will be the TIME. Your success will depend on how you make use of this intangible resource and how you rise to the challenges of the business.

Come Up with Innovative Solutions for Your Clients

If you think consumers are just waiting for you to come up with something and will beeline for it, then you are completely wrong. They always buy what they need. So, review your business idea, if it is not working as you expected it to work.

Find your customer, know where they hang out. Go to them and do some market research and surveys. In fact, you should have done it before committing to your company incorporation Singapore. Find out what they need and fulfill it by rethinking your business idea. While doing it, you may or may not have to think out of the box, but be sure to have solutions ready.

Hand-Pick Employees for Singapore Company Incorporation

An entrepreneur needs to pay attention to all the aspects of the business. You will have to challenge yourself to come up with the right blend of the business plan, business model, marketing, and sales strategies. You will also have to pay attention to the infrastructure and statutory responsibilities of the business.

You can be courageous and brave, but, you won’t be able to fight on all the fronts of your business activity. If your idea clicks, sooner or later you will need to hire employees. In reality, a startup should avoid hiring permanent employees and should outsource the tasks.

The startup should start hiring only when it is sure that the new employee will make the significant contribution to the revenue generation. Tying a deadwood around your neck is not going to help your purpose. Be selective and prefer merit.

Every new company incorporation Singapore struggle in its earliest days. Most probably, you will also go through initial pains. However, your ability to sell your business idea can make the difference. It may allow you to gain your footing much earlier than expected. A healthy stream of revenue and profit naturally increases the business’ ability to survive and to be competitive.

Company Secretarial Services Singapore Help You Build Trust & Credibility

It is wrong to assume that company secretary has no prominent role in corporate governance of the organization besides eating up the startup budget. The sooner you realize its importance; the better would be for your business to build credibility and trust among the potential customers. The role of a secretary does not confine just to keeping the directors fully aware of the statutory obligations but also transcend to the implementation of the regulations. The best way to keep your secretarial tasks up to date is outsourcing to company secretarial services Singapore.

Significance of Company Secretary in Singapore

As per the Singapore Companies Act, appointing a company secretary within six months of incorporation is mandatory. Your company incorporation would have been incomplete without meeting this requirement. For private limited company, there is no any written eligibility criteria for company secretary. However, he/she must be well-qualified and aware of Singapore companies act. He has to be a local Singapore resident (Citizen, PR or holder of Employment Pass). 

The appointment of a company secretary as an officer is necessary as he will be responsible for administrative and reporting functions of the organization. He makes sure that the company has met all the statutory obligations and has complied with the Laws of Companies Act. He will be held liable by the authority in the case of non-compliance or delayed filing. 

Role of The Company Secretary

The job of a company secretary is likely to be vast and unending. Starting from assisting the directors, taking care of the interest of shareholders to filing returns and complying with the laws, a company secretary is responsible for a broad variety of key functions.

Emphasizing the Key Roles and Responsibilities of the Company Secretary

• Manage, update and maintain the company statutory registers and records.
• Looking after proper arrangements to share an interest of the shareholders and for director’s meetings.
• Lodge, check and file all the necessary documents and reports that are necessary by law.
• Arrange and convene annual general meetings/ board meetings.
• Providing comprehensive legal as well as administrative support to the board of directors.
• Ensuring the implementation of corporate strategies by making sure board’s messages and decisions are properly conveyed and carried out by the concerned departments.
• Acting appropriately to ensure that the company meets all the legal obligations of Companies Act.
• Ensuring compliance with the company’s Memorandum & Article of Association.
• Stay updated and update directors with every change in the statutory and regulatory obligations.
• Routinely communicating with the shareholders.
• Act as an intermediary between the company and the corporate governing authorities including ACRA for meeting specific needs of the company.

Hiring a good firm offering corporate secretarial services in Singapore is always good, as they are well aware of the roles, responsibilities, duties, and scope of the company secretary. Apart from core duties, these firms are well known for offering relevant guidance and consulting services to their clients. Therefore, qualification and experience matter a lot for appointing the best and skilled company secretary in Singapore. 

Now, you can understand how the good company secretarial services Singapore plays their role in enhancing the efficiency of their client’s business. Needless to mention, such services help you build better image and credibility among your potential customers and suppliers. SBS Consulting is one of the renowned firms in Singapore offering customized and cost-efficient corporate secretarial services.

Contact us:

SBS Consulting Pte Ltd

https://www.sbsgroup.com.sg

High Street Centre,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: (65) 6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Registration: Everything You Need to Know

So, you are ready to set up a company in Singapore. Are you sure about the ins and outs of Singapore company registration process with ACRA (Accounting & Corporate Regulatory Authority)? Which type of entity should you prefer? What are the pre-requisite conditions for registration? And, ultimately, “Why incorporate with ACRA?” These are the questions that linger in your mind when you plan to set up a company in Singapore.

This blog excerpt will outline everything you need to know about company registration Singapore, right from the procedure of incorporation to legal requirements.

Which Type of Company to Incorporate in Singapore?

Private Limited Company is the most common and preferred type of company that majority of entrepreneurs choose for incorporation. The reason behind this preference is the various benefits the private limited company has to offer. Tax efficiency, scalability, credible image, legal identity, etc. are the few of the advantages of the private limited company in Singapore.

Nevertheless, the compliance requirements for the company is comparatively complex than many other business structures like sole-proprietorship and Limited Liability Partnerships. Filing of annual returns, maintaining financial statements, XBRL filing and holding of AGMs (Annual General Meetings) are to name a few. Even the process of winding up of a company is bit tedious and time-taking. Despite these limitations, the majority of entrepreneurs opt to incorporate their business as a private limited company due to its manifold advantages.

A Few Things to Take Note of Before Company Registration

• Director: There is no limit on the numbers of the director in a Singapore company. But, at least one local director should be appointed. He has to be either a local resident (citizen or PR) or holder of Employment Pass. He/she must be of minimum 18 years and above. Also, the director must not have any previous record of bankruptcy or criminal conviction. Non-shareholder can also become a director of a company.

• Shareholder: A Singapore company must have the minimum of one shareholder. The maximum number of the shareholder can be up to 50. As per the law, 100% local or foreign shareholding is allowed in a Singapore company. A shareholder can either be an individual or entity. The issue of new shares and transfer of existing shares can be done even after company incorporation.

• Paid-up Capital: The minimum paid up capital required for Singapore company registration is S$1. The amount can be raised any time after incorporation. There is no concept of authorized capital in Singapore.

• Registered Office Address: There must be one local registered office address. It can be either commercial or residential address. You must take prior approval from the authorities like HBD or URA for using HDB and private properties respectively. Please note that P.O. Box address is not allowed.

• Company Secretary: The appointment of a qualified company secretary is mandatory for all Singapore-based company as per the local jurisdiction. It has to be done within six months from company incorporation.

Singapore Company Registration: The Process

The process of company registration Singapore is acclaimed to be one of the easiest and straightforward in the world. It involves just two simple steps- company name approval and company registration (filing of application form). The complete process is computerized. It takes very less time to get a company registered with ACRA in Singapore as long as the applicant adheres to the laws and regulations.

Company Name Approval

One must have two to three proposed company names and get one company name approved by the authority, i.e., ACRA. You can search over the ACRA’s website to know the availability of the company name. More often than not, it takes very less time to get the name approved unless the application requires the approval of the external authority.

Follow the below-stated tips to improve your chances of fast company name approval.

• Unique name, not identical or similar to any existing company name.

• It must not violate any copyright law or trademarks.

• It is not obscene or vulgar

An approved company name will remain reserved for 60 days from the date of application. Ideally, the company registration process must be done within this period. You can appeal for an extension of the reserved period for another 60 days before the expiry date.

Singapore Company Registration: Final Step

Once your company name has been approved, you can proceed for filing the application form along with required documents. The necessary documents include share details, registered address details, particulars of directors, shareholders, company secretary, Memorandum & Articles of Associations.

Upon successful submission of the application form, you will receive an email from ACRA notifying about your Singapore company registration. The email will contain incorporation certificate along with the UEN (Unique Entity Number). The email will be treated as the official incorporation certificate.

Also, be sure to fulfill the post-registration formalities before commencing the business operation.

Hiring Company Secretarial Services Singapore? Be sure to Consider These Key Facts

Are you planning to hire company secretarial services Singapore? Make sure to consider a few critical aspects to make the journey a smooth sailing experience. Out of four major stakeholders (the directors, shareholders, auditors and company secretary) of a private limited company in Singapore, the company secretary has the least responsibilities. Nevertheless, he/she is legally liable for handling the compliance requirements of the company.

As per the law stated in Singapore Companies Act, your company incorporation would be incomplete without appointing a company secretary within six months from incorporation. This requirement can also be fulfilled by hiring the outsourced corporate secretarial services Singapore. Majority of Singapore companies prefer using the outsourced service due to the benefits (cost-effectiveness, scalability, efficiency in service, etc.) it has to offer. However, you must ensure to hire the service from a reliable firm like SBS Consulting.

 

What are the things you must consider when hiring company secretarial services Singapore?

Competency:

You cannot hire any random firm to handover one of the critical aspects of your company, i.e., secretarial service. The firm must have a competent team to handle the legal compliance of your company. Be sure to check the qualifications and experiences of their professionals to avoid any future mishaps. It ensures whether they are capable of fulfilling your requirements or not.

Ideally, a company secretary in Singapore must have a fair knowledge of Singapore Companies Act and ACRA’s annual requirements. If the authority does not receive any annual report/filing of a company, the company secretary will be held responsible for not complying the lawsuit. Thereby, the professionals of the firm have rich knowledge and experience in the local jurisdiction. As per the law, only a Singapore resident (Citizen or PR) or holder of an Employment pass can act as the company secretary of your company in the local jurisdiction.

Affordable Cost:

The second important thing is the cost of the service. The fee for corporate secretarial services Singapore must suit your budget. Search for competitive prices. Nevertheless, do not consider the cost as a yardstick measure to determine your final service provider.

You must consider the quality of the services as well. Try to figure out how good the quality of the firm is. There are firms offering incorporation package that comes up with free or cheap corporate services. You may consider their packages as long as they maintain the high quality of service. Promo incorporation package of SBS Consulting offers free secretarial services for first one year.

The Reputation of the Firm:

Importance of reputation or credible image of the firm you are going to hire, is something you cannot afford to ignore. A good reputation is built over the years based on the good deeds of a firm. So, if the firm is highly acclaimed by their clients, the higher chances will be there to receive best-quality services. Although you can rely on the mouth publicity, client’s reviews, feedback, etc., it is wise to examine their site physically (if possible). You cannot simply believe what other people say.

 

Open for Guidance/ Consulting Service:

Besides the services that the firm provide, the professionals/experts should also be open to offering guidance/ consulting service to their clients. Outsourcing is an opportunity to enhance the efficiency of one’s business, so the secretary must assist you with relevant information, advice, guidance, and suggestions that can improve corporate governance within your organization. They are likely to have rich knowledge on local laws and jurisdictions. Thus, they can offer legal advice on various aspects of your business.

Scalability:

Outsourced corporate secretarial services Singapore should be scalable and flexible in various ways so that legal compliance is met within the specified deadlines. The roles and responsibilities of a company secretary in Singapore is diverse. The firm must ensure to deliver all the services with efficiency. Timeliness must also be maintained by your service provider.

These are the key factors you need to consider when looking to outsource the company secretarial services Singapore. Make sure to pick the right firm that ensures to deliver quality services on agreed time.

Contact Info
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Centre,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

How Important is a Good Credit Score for Your Business after Singapore Company Registration?

Money is the lifeblood of every business. No one can start a business without having a considerable amount of money. So, if you are planning to get your feet wet in the business by applying for Singapore company registration, make sure to have an enough capital fund in your hand. You may accumulate the required capital either by securing a loan from bank, creditor or private financial centers. Fortunately, there are plenty of funding assistance programs from Singapore government for start-ups. However, maintaining good credit score is important for your business venture. 

You cannot fund your startup independently unless you are a filthy rich person. 

Securing a loan is the best way to get the business started. The first question any money lender or creditor will ask you is “What is your credit score?” Your credit score will reveal your financial standing. They will come to know how good you are at managing the money? Your credit score will play a vital role in deciding whether to approve the proposed loan or not. Thereby, if you are planning for company registration Singapore to run a business in the city-state, make sure to maintain a good personal credit score. 

Know What goes into a Good Credit Score

You would not be able to maintain a good credit score unless you know what goes into a good credit score. Try to know how to calculate the credit score. There are a few key elements are taken into the consideration when calculating the credit score – Your Payment history, credit age, level of debt, etc. 

Pay Your Bills on Time

Paying bills on time is paramount to build and maintain a good credit score.

Credit scores are calculated by what is in your credit report. If you are bad at paying bills, it adversely affects your credit score. Since bill payment history determines your credit score, make sure to handle this aspect carefully. 

A solid bill payment history lets the lender or creditors know that you have enough cash to manage your expense. It increases the chances of securing a business loan to set up a company in Singapore. You may avoid the late payment by signing up for automatic payments. If you are running short of money to make the payment, the least you can do is to pay the minimum due amount to manage the total outstanding on a monthly basis. However, if you have the sufficient amount of money, never go for the minimum due amount. 

Manage Your Debt

All kinds of debts including credit card balances, loan balances or lines of credits affect your credit score. Having more debts can reduce the credit score and make it difficult to manage your monthly payments. The lower your debt, the easier will be to gain a good credit score. 

Minimize the Credit Usage

The higher the credit limit usage is, the worse your credit score will be. Your credit balance should be as low as possible to maintain a good credit score. For the creditors, you are a riskier borrower if you exceed the credit limit. It reduces the chances of getting the business loan approved. 

So, if you want to fulfill your dream of company registration Singapore, make sure to maintain a good credit score by not letting your credit debt exceed the limit. If you are facing problems in maintaining the ratio, you better take some time to pay off the excess amount and raise the credit score. Once your credit score improves, you can approach to any lender for obtaining the loan. 

Watch Your Credit Reports

Keeping track of your credit report is essential when you plan to do business in Singapore. Just because the reports are done by the professionals does not mean it will be flawless. Errors in the report may lead to dropping credit score at your end. Fraudulent activities like identity theft and credit card fraud may lead to inaccurate data on your credit report. Thereby, keeping a constant eye on the report is a must to avoid errors. If any error appears, make sure to rectify them as soon as possible. 

Do not let poor credit score ruin your dream of Singapore company registration. Make sure to follow the tips mentioned above to bolster your chances of obtaining a business loan by having a solid credit score. You may also take the assistance of expert like SBS Consulting to pave a way towards success.

Contact Info:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Centre,
#17-02, 1 North Bridge Road,
179094 – Singapore
Phone: +65-6536 0036
Email: info@sbsgroup.com.sg

Hiring Company Secretarial Services Singapore is the Right Move

The Company Law of Singapore states the need for each Singaporean company to appoint a company secretary within six months of its registration. The task is important, and many of them outsource it to the company secretarial services in Singapore.

Some of them prefer to hire in-house company secretary or do the task themselves. Each of the options has its own merits. Here is why you should hire one of the experienced corporate secretarial services in Singapore.

Why you need to Hire Company Secretarial Services in Singapore

• These services strictly follow the rules and regulations of ACRA which maximize the chances of faultless statutory compliance.
• Outsourcing your compliance to the qualified company secretary supplied by these services unburdens you from the stress of having to deal with the task.
• A foreign entrepreneur needs to hire an incorporation services provider for his or her incorporation. It is advisable for them to also hire a qualified company secretary from these services. The whole package may cost them less than what they would pay for individual services.
• After hiring these services, you get to enjoy dedicated services of a company secretary having vast experience in compliance related matters.

The company secretary acts as the compliance officer of the organization. The professional is tasked with communicating, among other things, the due dates of the annual filing and AGM to the directors and shareholders. Its prime responsibility is to coordinate with the regulating agencies like Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS), Ministry of Manpower (MOM), etc.

Who can Act as a Company Secretary in Singapore
The appointment of a company secretary is as per the Section 88 of the Companies (Amendment) Act 2014.

• It states that the company secretary must be a natural individual
• A Singapore resident who can be a Singapore citizen, permanent resident or holder of work passes such as an Employment pass or Entrepass
• The person must be above 18 years of age
• The company directors must ensure that such an individual has experience, academic and professional qualifications to shoulder the responsibility.
• The sole director of a company act as a Company Secretary.
• The individuals having the debarment order against them cannot act in this capacity.
• The post cannot be left vacant for more than six months at any time.

Finding a qualified and experienced secretary is hard for both local and foreign business owners. That is why they choose to hire one of the corporate secretarial services Singapore. These firms employ certified professionals who have the industry-wide experience necessary to discharge the responsibility entrusted to them.

Qualification of Singapore Company Secretary
Both, private limited companies & public limited companies need to appoint a secretary. However, the criteria a private limited company must observe while appointing a Secretary is less stringent than that for the public limited companies.
Singapore Companies Act, Section 171 (1AA), states that a secretary of a public company must be qualified, and has to meet at least one of the following criteria:

• Worked as a secretary of a company for at least three of the five years immediately before being appointed as the secretary of a public company
• A qualified person under the Legal Profession Act (Cap. 161)
• A public accountant registered under the Accountants Act (Cap. 2)
• A member of the Institute of Certified Public Accountants of Singapore
• A member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
• A member of the Association of International Accountants (Singapore Branch)
• A member of the Institute of Company Accountants, Singapore

Roles of Company Secretary

The company secretary is a responsible position in the company management. The professional acting in this capacity is considered as one of the officers of the company. They are responsible for the handling of administrative functions & statutory obligations of the organization. The role & responsibilities of the company secretary are prescribed by the ACRA.
However, some of the business owners think that it is a waste of money to hire company secretarial services Singapore for the task, but, they have the right people for the task. The roles of a Singapore Company Secretary can be summed up as:

Towards Company:

Meet statutory obligations, protecting business interest of the company, practicing good corporate governance & business ethics, and attending company’s registered office address.

Towards Board of Directors:

Advise the directors, communicate info to them so that they can effectively contribute during the board meetings. Handling appointment of the new director to the board.

Towards Shareholders: 

Communicate with the shareholders and protect their interests. Act as the first point of contact with them. Circulate financial statements so that they are prepared to take part in decision making at the company’s AGM.
A company secretary must be capable of;

• Quick decision-making in response to the changes in business environment
• Maintaining fairness in all of the official dealings
• Grasping the latest changes in the legislation and its effect on the company

Core Duties of a Company Secretary
The duties of the Secretary as per the Singapore Company law are specific, and they are as follows:

1. Statutory Registers
The Company Secretary is responsible for maintaining & updating of company’s register of shareholders, register of charges, register of members, etc.

2. Custody of Company Seal
The Company Secretary is responsible for the custody and proper use of company seal.

3. Preparing Notice & Agenda of Meetings
The Secretary notifies the members and shareholders about the dates of meetings. The individual also makes the agenda in collaboration with the CEO and is also responsible for making the arranging the meeting.

4. Company Constitution
The Company Secretary must see to it that the company and its directors work as per the dictates of the company constitution.

5. Preparation of Accounts
The Secretary must see to it that the company’s accounting is as per the rules and regulations. The individual is also responsible for the filing of the financial statements with ACRA.

6. Identity of the Company
The Company Secretary must see to it that all the documents, notices, business letters, and company correspondences carry the name of the company and UID number clearly.

7. Filing with Company Registrar
It is the responsibility of the Secretary to file annual returns, the return of allotment of shares and changes in the company officials with the regulating authorities. It has to be done in a time-bounded manner.
8. Minutes of Meetings
The Secretary need to prepare the minutes of meetings and see to it that they are maintained properly. The company needs to preserve these records as per the law.
9. Insurance for Company
The company, its directors, officers, and other staff needs to be insured. It is the task for the company secretary.
10. Event-Based Compliance
The Company Secretary also need to respond to the situations presented below:

• Change in the company’s registered office
• Change in the director of company
• Amendment to the Company Constitution
• Change in the Name of Company
• Charge creation
• Change in share capital

11. Other Duties of Company Secretary 

Though the company secretaries are held responsible for statutory compliance & corporate governance of the company, their duties are influenced by their employment contract, qualifications & experience. They can leverage their training such as accounting, legal, etc., for optimizing the company’s work. That is why appointing qualified professionals from the corporate secretarial services Singapore makes sense. These professionals also take care of the following tasks.

• Convene and make arrangement for the AGM & EGM.
• Advises the board in discharging its duties.
• Protect the rights of shareholders and debenture holders & issue share certificates, invite applicants for subscription, take care of the transfer of shares & payment of dividend.
• Communicate with shareholders. Protect company’s confidential information.
• Keep the statutory registers open for inspection by members, shareholders, etc.
• Acts as a link between the Board & shareholders.
• Promote transparency & accountability in the company’s functioning.
• Take charge of secretarial work of the company.
• Oversee the company’s administrative functions.

12. Company Secretary in Fiduciary Capacity
 
The Company Secretary acting in the fiduciary capacity has to keep the following in mind:

• The Company Secretary must see to it that his or her personal interest never clashes with that of the company.
• The Company Secretary must always act within the law.
• The Company Secretary must show care & diligence while executing the duties.
• The Company Secretary must never seek any secret profit while executing his or her duties.
• The Company Secretary must never open confidential or trade info acquired.
• The Company Secretary like other officers of the company is answerable for the negligence or breach of duties and can be held liable.

When it comes to appointing a company secretary, the right moment is to hire a qualified and experienced one at the time of incorporating a company in Singapore. You should search for the promo packages offered by the company secretarial services in Singapore that bundles 2 or 3 services for the price of one. These services assign a dedicated company secretary to take care of the task for their clients. These professionals have vast experience which really helps their clients’ cause. Their services are most useful to the startup business owners who are totally new to the statutory obligations and those business owners who are strapped for the time or who want give a professional touch to their statutory compliance.


Originally posted: http://bit.ly/2eDx3rz

4 Compelling Reasons to Outsource Your Accounting Services Singapore

Do you want to grow the bottom line of your business? And searching for the better ways to achieve it? You can consider outsourcing of your accounting services Singapore to a good and reliable third-party firm. You must have the clean and organized books of account to keep your business afloat. However, the job of number crunching could be tiring and tedious for novice person like you.

Also, you must ensure to keep financial records updated and cannot afford to miss any of the data especially when your business is at growing stage. Thereby, outsourcing of accounting and bookkeeping services Singapore to a third-party services provider is highly recommended. 

Through this blog excerpt, you will come to know about the four compelling reasons to outsource this very critical aspect of your business.

Better Use of Time & Resource

Outsourcing will free up your valuable time that can otherwise be spent on the core activities of the business. Pouring over the books of accounts can be challenging and highly time-consuming as it eats up a large chunk of your precious time. In-house accounting team is also not recommended as it has proven to be a tedious, expensive and time-consuming matter. 

The process of hiring the team of the accountants, training them and monitoring their work can be huge hassles for your business. Both time and money have to be invested in a larger amount than what it is required in outsourcing. Moreover, getting distraction from core activities of the business is just another cause of concern.

Reduces Cost of Operation

You have two key options to get accounting job efficiently- outsourcing or in-house employee (accountant). Reiterating, the outsourcing is counted to be a cost-effective option. When you outsource the task to a reliable firm like SBS Consulting, you just need to pay for the accounting activities, nothing else. Notably, the cost of a typical in-house employee is fairly high when compared to outsourcing. It involves expense such as monthly salary, benefits, allowance, insurance, infrastructure, etc. Some study says that outsourcing can save a substantial percentage of the monthly cost of business.

Prevent Risks

Any risk that may arise in your mistakes in accounting could be prevented with the help of outsourcing. Be it the risk of error, fraudulent activities or noncompliance, all would be minimized or prevented when you hire the service of outsourced accounting services Singapore. When you hand over your accounting function to an outsourcer, you also shift all these associated risks to them. No, it becomes their responsibility to deliver the services on time without any error.

Efficiency in work is ensured as the job will be handled by the subject experts with the help of using accounting software. They will keep you in the loop while doing every activity. Hence, transparency in work will be there. It reduces the risk of frauds and mismanagement. Since every professional stay abreast with the latest statutory laws, they make sure fulfill all your annual compliance requirements on time.

Scalability

Last but not the least, outsourcing is a scalable option. You can scale up or scale down your accounting needs based on your business requirements. Also, it becomes easy for you to expand your business or cut down your spending as per the suggestion of the subject experts. Their valuable advice and guidance are instrumental in achieving profits at the end of the day.

Now you know how useful outsourcing the accounting & bookkeeping services Singapore is, so, the next important step is to find a right service provider for your business. There are umpteen numbers of accounting firms in Singapore. Nevertheless, be sure to hire the one that offers high-quality services at the price that suits your pocket well.

Contact us:
SBS Consulting Pte. LTd.
https://www.sbsgroup.com.sg
Tel: (65) 6536 0036
Email: info@sbsgroup.com.sg