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
- annual return
- change of company name
- adoption, alteration and revocation of constitution
- issue of shares
- any other changes that requires updating with ACRA
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.
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:
- Changes to the shareholding
- Changes to the financial year end
- 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
Under normal circumstances, you should not encounter difficulty in opening a corporate bank account once you have successfully incorporated your company.
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.
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 (Central Provident Fund) is essentially a social security plan that aims to provide Singaporeans with a sense of security in their old age.
- Foreigners on Employment Pass, Professional Visit Pass or Work Permit
- Partners, sole-proprietors or self-employed
- 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.