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FAQ’S

Is the company secretary an officer of the company?

Yes the company secretary is the officer of the company and his/or her name must be registered ACRA Records.

What are company secretary responsibilities?

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

What are the management powers of a 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.

How should I determine my financial year end?

Your financial year end needs to be decided and fixed within 18 months from the date of your incorporation.

What is an Annual General Meeting?

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.

How do I know whether to appoint an auditor and when to do so?

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.

In what cases will I have to notify ACRA of changes in the company?

Such cases are:

  1. Changes to the shareholding
  2. Changes to the financial year end
  3. Changes to the registered address

Do I need to display my Company Registration Number?

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.

Who is subjected to Singapore Statutory Compliance?

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?

Under normal circumstances, you should not encounter difficulty in opening a corporate bank account once you have successfully incorporated your company.

What are the documents required to open an accounts?

The documents needed will vary with the bank chosen, but the basic documents required are the company M&A, and the incorporation certificate.

How long does it take to open a bank account?

This varies according to the chosen bank as well but the process is not known to be lengthy.

When can a corporate bank account be opened?

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.

Who is a Shareholder?

A shareholder is an owner of shares of the company.

What is the minimum number of shareholders that a company can have?

One.

Does Singapore have any restrictions on foreign ownership?

Singapore has no restrictions on foreign individual or corporate shareholder owning 100% of the company.

How are shares issued?

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.

What is the liability of a shareholder?

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.

What is 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.

What are the exemptions for CPF contributions?

These are:

  1. Foreigners on Employment Pass, Professional Visit Pass or Work Permit
  2. Partners, sole-proprietors or self-employed
  3. Employees working overseas

How do I check my CPF Statement of Account?

This can be done through the CPF website, using your Singpass to access your account.

Am I able to voluntarily contribute to my CPF 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.