10 Benefits of Setting Up a Holding Company in Singapore

If you are starting a business in Singapore, you might consider setting up a holding company.  Singapore offers attractive benefits to holding companies. Holding companies enjoy advantages and the country provides preferential treatment to such business. We at Corporate Services Singapore can help you build your company, from assets evaluation to tax requirements, we have years of professional experience in handling holding companies.

Take a look at the benefits of setting up a holding company in Singapore. 

Source: https://www.corporateservicessingapore.com/10-benefits-of-setting-up-a-holding-company-in-singapore/


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Do These 4 Things Before Hiring Corporate Secretarial Services

It takes more than just guts or the perfect business plan to successfully do business in Singapore. Know that in such a bustling business hub, you can expect a number of challenges to sidetrack your success. It is thus important that you explore all available avenues that could be instrumental in helping you manage your business better. One of the routes you can take is to consider partnering with a corporate secretary services firm in Singapore. 

Navigating the complicated business environment of Singapore can be a daunting task if you don’t have the expertise of a local firm to guide you. From strict regulatory requirements to the challenges you could face when hiring new people, it can be tough to keep pace with all that’s needed to be met and completed. A company secretarial service firm provides you with an extra hand to help you handle your administrative activities with ease and efficiency.

A corporate secretarial company in Singapore has the expertise and experience to handle your administrative function that is otherwise can be challenging if you’re relying solely on an in-house secretary. If you’re a start-up keen on immediately creating stability for your company, a local business looking to streamline your operations, or an offshore firm eyeing to position your business strategically in Singapore, a corporate secretarial services company can help achieve your desired outcome with its knowledge in expertly handling administrative requirements.

Just like a hand to a glove, your company and the corporate secretary services firm you will choose should be a perfect fit. Not all professional service providers are created equal, that’s why you should take note of these four factors when selecting a local firm that suits your business requirements.  

  

1. Ensure that the local firm boasts of staff with proper qualifications

This is basically a standard procedure whether you’re hiring new employees or engaging a professional service provider. When scouting for a corporate secretarial services firm in Singapore, it is a must that the individual who will be appointed to you is:

• a resident of the country (must be a citizen, a permanent resident, or an EntrePass holder) has secretarial experience of at least three of the five years prior to appointment
• a qualified individual as per the Legal Profession Act
• a public accountant registered under the Accountants Act
• and a member of Singapore’s Institute of Certified Public Accountants, Institute of Chartered Secretaries and Administrators Association of Singapore, the International AccountantsAssociation Singapore, and the Singapore Institute of Company Accountants

All these requirements are mandated by the Accounting and Corporate Regulatory Authority (ACRA).  

2. Check if the corporate secretary services firm knows the rules and regulations

This is one factor that can never be compromised. When hiring a corporate secretary services company in Singapore, make sure that it strictly observes all the rules and regulations promulgated by ACRA, particularly those that have been extended or modified. The local firm you will hire should know everything – from filing requirements and schedules to meeting other compliance requirements.

3. Verify that your professional service provider offers a comprehensive portfolio of secretarial services 

On top of ensuring that all regulatory requirements are met, the company secretary services firm in Singapore that you will partner with should also be extremely knowledgeable in all administrative activities such as corporate governance, incorporation, dissolution, restructuring, and liquidation, amongst others, and must be able to handle these with efficiency.  

It pays to have a local firm that can provide everything that you will ever need. There are corporate secretarial services companies in Singapore like Corporate Services Singapore that acts as a one-stop shop for all your corporate secretarial requirements – from formation of local and offshore entities to maintenance of statutory records, minutes, and registers.

4. Make sure that you get more value for your money

Hiring a company secretary services firm in Singapore becomes more cost-effective when the local firm you engage in can provide you with more than just the basic secretarial services. There are firms that offer company secretarial services package that involves additional services to help run your business more efficiently. Professional services providers like Corporate Services Singapore, for example, offer personalised services to provide tailored solutions unique to your business needs.   

Keep in mind these four factors when considering to outsource your administrative function to a corporate secretary services company in Singapore. At the end of the day, you need a corporate secretary that you can rely on to be your dependable partner in ensuring your business success. 

Company Incorporation in Singapore: 8 Bad Business Mistakes to Avoid

Mistake #1. Thinking That a Good Idea is Good Business Idea.

Mistake #2. Cutting The Employment Line To Jump Into Entrepreneurship.

Mistake #3. Not Hiring A Company Registration Firm From The Beginning.

Mistake #4. Incorporating The Wrong Type Of Business.

Mistake #5. Not Knowing That Certain Businesses Could Be Tax-Exempt.

Mistake #6. Starting Big with Costs.

Mistake #7. Not Giving Importance to Compliance.

Mistake #8. Thinking About Profit and Profit only.

Source: 8 Painful Mistakes People Make When Starting a Business

Singapore Business: Requisite Company Incorporation Documents

What are the things do you need to successfully incorporate a company in Singapore?

Requisite Company Incorporation Documents

1. First, you will need a Constitution (commonly known as Memorandum & Articles & Association, M&A). A Constitution of the company is a document that generally states the specific rules governing the company’s activities, the relationships of the shareholders and directors, the roles and responsibilities of each, among others. 
2. Second, you will also need NRIC or Passport copies of proposed shareholders and directors of your company. The passport has to bear proof that at least one director permanently resides in Singapore.
3. Third, if your company has a parent company, you will also need to submit a document describing details of the parent company. 
4. You will need to apply for and register a company name. The company name must be approved by ACRA prior to your company incorporation.
5. You must also submit the names of your directors, one of whom must be a local director.
   • A local director could be a Singapore citizen, a permanent resident, or a person with valid pass to stay in Singapore either as an entrepreneur or a dependent.
   • In the absence of a local director, you can refer to a company incorporation services firm for an arrangement to have a nominee.
   • A nominee is a director employed only for compliance to the incorporation requirements. He or she will not have any shares in the company nor an active role in the company’s activities.
6. You also need to have a minimum of one and a maximum of 50 shareholders, and of course, you will need to have a corporate secretary.

Source: Getting Familiar with your Company Incorporation Documents

Corporate Secretary Role in Company Registration: Before, During, And After

 

Involving a corporate secretary is crucial before registering a business

Before:
 
1. Choosing a Good Company Name.
2. Deciding on a Company Structure.
3. Gathering Details Needed to Register a Company.
4. Preparing and Keeping Company’s Documentation and Records.

During:
 
5. File your Company Registration.

After:
 
6. Organise the Company’s First Board Meeting
7. Maintain the Company’s registers, Books, and Minutes and File these with the Relevant Government Agencies for Compliance.


Read Full Details Here: 7 Ways A Corporate Secretary Can Help Before, During, And After Company Registration