Saturday, September 24, 2022

Corporate Secretarial Services in Singapore – Why You Need Them

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If you have incorporated your business in Singapore, or are planning to incorporate your business in Singapore, it is important to know that the law requires you to employ the services of a Corporate Secretarial Services provider. There are numerous Corporate Secretarial Services in Singapore today; therefore, this article will provide you with an overview of what corporate secretarial services entails and why your company needs these services. For more information on corporate secretarial services, read this informative article.

What is a corporate secretarial service?

A corporate secretarial service is a professional service that helps businesses with their administrative and compliance needs. This can include everything from preparing and filing annual returns, to maintaining registers of shareholders and directors. They also have the responsibility for ensuring company documents are up-to-date and stored securely. What kind of services do they offer?: Corporate Secretarial Services in Singapore  typically offer three different types of services: legal, accounting and administration. The type of service will depend on the client’s requirements, but corporate secretarial firms often provide companies with various levels of financial assistance as well as governance guidance. How much does it cost?: The fee charged by corporate secretarial services will vary depending on factors such as what the firm offers, its size and how many hours are spent on an individual project. Typical costs range from $200 per hour to $600 per hour for simple tasks, or upwards of $1000 per hour for more complex work such as a full audit or tax return preparation.

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10 Corporate secretarial services you need

1. Compliance with the Companies Act

2. Preparation and filing of annual returns

3. Maintenance of statutory registers for all companies registered in Singapore (including name, date, place of incorporation)

4. Provision of company records to third parties on request, including shareholders or employees

5. Handling matters related to company incorporations and dissolutions

6. Record-keeping

7. Maintaining company seals

8. Coordinating transfer of share ownership

9. Creating new share certificates

10. Preparing documents such as minutes and resolutions

Common documents necessary to incorporate an entity

There are a few key documents necessary when incorporating an entity in Singapore. The first is the Memorandum and Articles of Association, which formalize the company’s purpose and outline shareholder rights and responsibilities. Next is the Certificate of Incorporation, which is issued by the Accounting and Corporate Regulatory Authority and gives the company legal status. Lastly, you’ll need a Business Profile, which is a document that provides an overview of your company for potential investors. These documents can be filed with ACRA and will often be needed for other administrative tasks. To learn more about Corporate Secretarial Services in Singapore ,  feel free to contact us today.

When looking into Corporate Secretarial Services in Singapore, it’s worth noting there are different types of entities as well. A limited liability corporation (LLC) operates like a partnership or sole proprietorship but offers protection from personal liability on some level if one or more members of LLC engage in wrongful activities. This structure requires less paperwork than many others and typically has fewer requirements for filings each year. Another popular structure is called a private limited company (Pte Ltd), which protects member liability up to S$150,000 under most circumstances but requires filling out more annual reports than some other options do.

How long does it take to incorporate an entity?

If you are thinking of Corporate Secretarial Services in Singapore , the process is relatively straightforward and can be completed within a few days. The first step is to submit the necessary paperwork to the Accounting and Corporate Regulatory Authority (ACRA). Once ACRA has approved your application, you will need to register for corporate taxes and open a corporate bank account. Finally, you will need to appoint a corporate secretary. Your corporate secretary is responsible for making sure that the company follows all relevant laws and regulations, as well as overseeing any changes that happen to shareholders or directors. A corporate secretary should also be able to offer advice on how best to structure your company’s board and provide day-to-day assistance with tasks such as managing shareholder communications, handling corporate compliance requirements, and ensuring shareholder agreements are up-to-date.

What are the common mistakes when incorporating an entity?

1. One of the most common mistakes when incorporating an entity is not having a corporate secretary.

2. A corporate secretary is responsible for ensuring that the company complies with all legal and regulatory requirements.

3. Without a corporate secretary, the company may be subject to heavy fines or even dissolution.

4.Another common mistake is not filing the necessary paperwork with the Accounting and Corporate Regulatory Authority (ACRA).

5. This can lead to delays in the incorporation process and can result in your company being deregistered.

6. Additionally, failing to keep up with annual filings and updates can also lead to deregistration.

7. Finally, not maintaining proper records of shareholders, directors, and officers can also result in trouble down the road.

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