Corporate Secretarial FAQ

Corporate Secretary

Yes the company secretary is the officer of the company and his/or her name must be registered ACRA Records.
The company secretary is usually responsible for establishing and maintaining the company’s records. Monitoring and ensuring compliance with relevant legal requirements, particularly under the Companies Act are adhered on a timely basis. any changes in the director(s) of a company or particulars relating to director(s) changes to a directors name or residential address removal from office in accordance with the Act or constitution appointments/resignations/deaths annual return change of company name adoption, alteration and revocation of constitution issue of shares any other changes that requires updating with ACRA

Nominee Director

Generally, a nominee director holds a non-executive role and cannot exercise management powers. His main role is just to satisfy the statutory requirement of a local resident director for your Singapore company.

Compliance

Your financial year end needs to be decided and fixed within 18 months from the date of your incorporation.
All Singapore incorporated companies are required to hold an Annual General Meeting, or (“AGM”) of shareholders once every calendar year so that business matters can be discussed (e.g. dividend policy for the year). Furthermore, within a month of the AGM, a company must file its annual return with ACRA.
If your company has a corporate shareholding or has annual revenue that exceeds S$5million, you will be required to have your accounts audited. The appointment of an auditor must occur within 3 months from the date of incorporation.
Such cases are:
  1. Changes to the shareholding
  2. Changes to the financial year end
  3. Changes to the registered address
The Singapore Companies Act now requires every company to have the Company name and registration number on all business letters, statements of account, invoices, official notices and publications.
Both local and foreign companies registered in Singapore are subjected to statutory compliance in Singapore.

Corporate Bank Account

Is it easy to open a corporate bank account in Singapore?
The documents needed will vary with the bank chosen, but the basic documents required are the company M&A, and the incorporation certificate.
This varies according to the chosen bank as well but the process is not known to be lengthy.
This can only be done after the company has been successfully incorporated. We will be able to help you with the processing of the bank documents and the setting up of your corporate bank account.

Shareholders

A shareholder is an owner of shares of the company.
Singapore has no restrictions on foreign individual or corporate shareholder owning 100% of the company.
The share capital and its value per share are decided on when the company is set up. This information is included in the Memorandum and Articles of Association of the company.
Shareholders are limited by the amount of capital that has been put into the purchase of the shares that they hold. There is no obligation beyond that.

CPF

CPF (Central Provident Fund) is essentially a social security plan that aims to provide Singaporeans with a sense of security in their old age.
These are:
  1. Foreigners on Employment Pass, Professional Visit Pass or Work Permit
  2. Partners, sole-proprietors or self-employed
  3. Employees working overseas
This can be done through the CPF website, using your Singpass to access your account.
Yes, you can make contributions up to the prevailing CPF annual limit. The voluntary contributions will be apportioned and credited into your Ordinary, Special and Medisave accounts.

Value Accounting Singapore Corporate Secretarial Professionals

Corporate Secretarial Services – Frequently Asked Questions

Find answers to commonly asked questions on our annual secretarial services.

  1. What are the duties of a company secretary?

A company secretary in Singapore plays a crucial role in performing administrative and reporting functions as required by law. He/she is responsible for ensuring that the company complies with the statutory procedures, including filing annual accounts on time, notice of share transfer, and any other regulatory requirements. He/she is also expected to arrange general and board meetings and make sure that the necessary protocol is being observed.

  1. What are the qualifications to be a company secretary?

Under Section 171 of the Companies Act, a company secretary must be a resident of Singapore and not debarred under the law from acting like one. He/she must also have substantial knowledge and experience to discharge the functions of a company secretary in Singapore. And if the secretary will be working for a public company, he/she must qualify under the Legal Profession Act and the Accountant Act. It is also required that he/she is a member of four professional associations.

  1. Does your company need a company secretary?

Yes. Your company is mandated by law to have one or more secretaries within six months from your registration/incorporation. You may either appoint a company secretary in Singapore or seek annual secretarial services. You cannot leave this position vacant; otherwise, you may face some legal consequences.

 

  1. Why seek annual secretarial services?

Seeking annual secretarial services will help you get away from the stress of having to deal with the tasks of a company secretary. Taking the task off your desk saves you time and helps you concentrate more on growing your business. Also, it ensures that it is always in compliance. We will appoint a highly skilled and trained secretary to your company who can completely focus on doing his/her responsibilities.

Outsourcing secretarial tasks to the experts allows you to save money as you only pay for what you need. It’s more cost-efficient than hiring a full-time company secretary.

  1. Does a dormant company still need to seek annual secretarial services?

Yes. In fact, we offer annual compliance for a dormant company. We prepare unaudited financial statements, corporate taxes, and annual returns.

Get in Touch With Us

If you have further questions on our annual secretarial services, feel free to text us or to know more details on our services, please refer to our fees page.

 

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