SETTING UP COMPANIES

Registration Requirements

1. Name of the Company; the preferred name of the company must be approved first by ACRA before we can proceed to incorporate the company. Upon the approval of the name of the company, it will take us about 1 day to incorporate the company.

2. Under the Singapore Companies Act, anyone who is above the age of 18 years are allowed to become Directors and can register a Company, whether they are local or foreigners. For foreigners wanting to set up a company in Singapore, its mandatory that at least of the directors in the company must be a Singapore Citizen, a person issued with an Entrepass, a Singapore Permanent Resident, Employment Pass or Dependent Pass holders. The Directors cannot be a bankrupt and need not be a shareholder.

3. For the Private Limited Companies, you can have a minimum of 1 and a maximum of 50 shareholders. The shareholders can become Directors too. The Shareholding s can be held by individuals or by other companies. If the company’s shares are held by another company they will lose their exempt status and become know as a Private Limited company. Companies that are known as exempt private limited are companies that their shares are held by individuals. Exempt Private Limited companies are exempted from doing audit if their turnover is not more than SGD$5 million and need not do XBRL filing. It’s important to note that a foreigner or a foreigner company can own 100% of the shares of the local company.

4. The company will need to provide an office address as its registered address. If you do not have a registered address yet, you can use our office address as your registered address.

5. The minimum paid up capital of a company is $1. However, during the incorporation process you may determined how much the share capital you want. At anytime, after the incorporation we can increase the share capital.

6. For the incorporation, we will require the following details;
– Preferred name of the company
– Who are the directors to be, will require a clear copy of their passports or NRIC(Singaporeans) and
their home addresses.
– Who are the shareholders to be, will require a clear copy passports or NRIC(Singaporeans) and
their home addresses.
– The registered office address
– Whom they would want to appoint as their company secretary
– What will be their paid up capital and the split in the shareholdings.
– The description of the business activities

7. As part of our professional service, we will also arrange for the opening of your bank accounts in our office with either OCBC Bank, DBS Bank or UOB Bank. For foreigners, who are busy and travelling, we will arrange for the cheque books, internet tokens and passwords to be sent to your preferred address overseas.

CORPORATE SECRETARIAL SERVICES

Our corporate secretarial services consist of;

1. Appointment of the company secretary
2. Preparation of the Annual General Meeting (AGM)
3. Preparation of the Board Resolutions
4. Filing of the Annual Returns
5. Updating of the Statutory Registers and records.
6. Compliance with Chapter 50 of the Singapore Companies Act.
7. XBRL filing

The Company’s Officers and the Company’s information

• Change of the company’s name
• Change of the principal activities
• Change of the registered office
• Change of the financial year-end
• Appointment and the resignation of Directors, Secretary and Auditors

Shares

• Allotment of Shares
• Transfer of Shares
• Reduction of Share Capital
• Company buy back of shares capital

General Other Services

• Strike off of the company
• Alteration of the Memorandum and Articles of Association.
• Provision of Nominee Director
• Provision of Nominee Shareholder

SETTING UP BUSINESSES

We assist in setting up other forms of businesses too such as;

• Registration of Sole Proprietor/Partnership/ Limited Liability Partnership (LLP)/
  Singapore Branch Office for a Foreign Company.
• Renewal/ conversion of Sole Proprietor into Private Limited Companies
• Conversion of Law Firms operating as Sole Proprietor or Partnership into LLP or Law Corporation.

ACCOUNTING SERVICES

At the end of each financial year, its mandatory that all companies prepare their accounts and have it filed with ACRA and IRAS. Most small and medium size companies prefer to outsource their accounting as its more cost effective.
There are companies who forget to do their accounts for some years and they fail to file their Annual Returns with ACRA and/or file their tax returns with IRAS. Failing to file on time attracts penalties such as fines and at extreme cases court summons.

We know how to clear all the backlogs and bring the accounts up to date and do all the necessary filings with ACRA and IRAS and assist in clearing all the fines. In some cases, we will help to talk to the authorities in reducing the fines and sometimes even waiving it.

For the small & medium size companies, at year end the directors or their accounting staff will bring the accounting records to our office and our staff will then prepare the full set of accounts. We will then finalize the accounts with the Directors. Once the Financial Statements are finalized, we will then proceed to either prepare the management reports or sent it off to be audited.

For the preparation of the accounts, the company will need to provide the following documents and information;

• The 12 months bank statements
• The deposit slips
• The invoices
• The payment vouchers
• The petty cash vouchers
• The list of their trade debtors
• The list of their trade creditors
• The closing inventory

We will then prepare the

• cashbook
• bank reconciliation statement
• General Ledger
• Journals with explanation
• Fixed Assets list
• Trial Balance
• Profit & Loss Statement
• Balance Sheet Statement
• Trade Debtor Schedule
• Trade Creditors Schedule.

AUDITING SERVICES

We have good relations with audit companies that assist our clients in auditing their accounting records. We will personally liaise with the audit company in ensuring that all the required documents are given to them and providing them with the requested information to complete the audit process. We will then bring the audited financial reports to the Directors for their signatures.

For the companies that are not required to do audit, will still have to prepare the management reports which are similar to the audit report except that it will not have the auditors opinion.
The only people that will sign the management reports will be the Directors.

OTHER SERVICES

We assist in the online application for Employment pass, S-Pass and Dependent Pass. For the application for these passes the following information and documents will be required;

• Passport size photo
• Clear copy of the passport
• Educational Certificates
• Resume
• Previous employment testimonials if any
• If the applicant is married, the spouse passport copy
• Spouse educational certificates
• Marriage certificate
• Spouse previous employment testimonials if any
• For Dependent passes, will need the Children’s passport & Children’s birth certificates

We have extensive relationships with law firms and assist clients with introduction to these firms for any kind of legal matters such as preparation of contracts, legal business disputes, recovering of debts, purchase of properties etc.

We assist clients who may want to set up entertainment or food & beverage businesses with consultation on the various licenses that will be required and the relevant authorities that the application of the licenses will have to be submitted.

TAXATION

At the end of each financial year, the company has to file within 3 months the estimated chargeable income(ECI). All companies are required to submit their corporate income to IRAS either by paper which is Form C or Form C-S or E-filed.

Companies that want to file Form C-S will need to meet the following criteria;

• The company is incorporated in Singapore
• Has an annual revenue of not more than S$1million
• Derives only income taxable at prevailing corporate rate
• Does not claim any of the following-;
• Carry-back of Current Year Capital Allowances/Losses
• Group Relief
• Investment Allowance
• Research & Development Tax Allowance
• Foreign Tax Credit and Tax Deducted at Source

We assist in the preparation of tax computation and the preparation of the tax Forms, whether it be Form C or Form C-S.

GST

Any company that expects a turnover of more than SGD$1 million for the next 12 months or has acquired a turnover of more thanSGD $1 million for the past 12 months is required to register for GST. However, companies that do not meet the above requirements but still wants to register for GST may do so voluntarliy.

We assist companies in the registration for GST and the accounting and submission of the GST quarterly.