10 Reasons For Setting Up a Holding Company in Singapore
In 2007, we saw a young Alphabet Inc., Google’s parent company, move into Singapore. The rest, as we know, is history. It started by forming
For a new business, it can be a challenging task to set up and manage a company. So the first step is, you will need a partner who has the insight and knowledge to truly put your needs first and understands the steps you need to take. That’s where Intime Accounting services comes in.
We help companies become and remain compliant with both local and global jurisdiction requirements. We work closely with your legal and tax advisers to get your business up and running as quickly as you need to be. We also ensure that your company is kept in good legal standing in accordance with the local and global legislation requirements. We take a personal approach to each individual business and strive to have a long-term perspective on client relationships.
The Singapore Companies Act stipulates that all companies incorporated in Singapore must appoint a Company secretary. The company secretary must be appointed within 6 months from its incorporation date. Intime offers flexibility on the engagement of our corporate secretarial services in Singapore. Clients may opt to engage our corporate secretarial services on a retainer fee or ad-hoc assignment basis.
Intime assists clients in setting up offshore companies in various jurisdictions. Such as in the British Virgin Islands, Marshall Islands, Hong Kong, Seychelles, Cayman Islands and Labuan. Please contact us directly for more information.
Our Corporate Secretarial Services Include But Not Limited To The Following:-
Incorporation of a private limited company with Accounting and Corporate Regulatory Authority (ACRA) |
Provision of registered office and correspondence address for receiving notices and communications |
Provision of a named Company Secretary |
Maintaining and updating of the Company’s statutory registers and records |
Lodgment or filing of any applications, notices and/or returns with ACRA |
Drafting of Director’s and Shareholder’s resolutions |
Preparation of documents to convene and hold AGM and filing of Annual Return with ACRA |
Sending reminders on the filing deadlines |
Assist in bank account opening and make arrangement for bank officer to meet at your preferred location |
Striking off the company’s name from the register |
In 2007, we saw a young Alphabet Inc., Google’s parent company, move into Singapore. The rest, as we know, is history. It started by forming
Every country has its way of allowing organizations to carry on with their businesses. But it is imperative for them to make them conducive enough
Before we start, we would like to congratulate you on your new business venture. The choice of doing so in Singapore is commendable too. Why
In Singapore, Section 171 of the Companies Act mandates every company to appoint at least one Corporate Secretary. We highlight the key responsibilities of the
A corporate service provider is a company which offers a few types of outsourced corporate services. Its main aim is to provide business support services,
A Corporate Secretary is also known as ‘Company Secretary’ in some countries. Irrespective of where you are on the globe, and especially if you are
A company secretary is an appointed person that works to ensure that the company stays compliant with various statutory and regulatory requirements.
These may include, but not be limited to:
Yes, as per Section 171, 1AA, Companies Act, every company is required to have a company secretary within six months of incorporation. The office of secretary must not be left vacant for more than six (6) months at any one time
A company secretary for private companies must be a natural person who is a Singapore citizen or a permanent resident or a Singapore employment/dependent pass holder primarily residing in Singapore and appears to have the requisite knowledge and experience to discharge the functions of a secretary of the company. A person with a debarment order against him/her is not permitted to act as secretary for any company.
When you outsource your corporate secretarial services to Intime Accounting, you can avail the following:
For private companies with Financial Year Ending before 31 Aug 2018
A newly incorporated company is required to hold its AGM within 18 months of incorporation. Following this, the meetings must be held once every year but a maximum of 15 months from the last meeting and within 6 months after the financial year end.
For private companies with Financial Year Ending after 31 Aug 2018
A newly incorporated company is required to hold its AGM within 6 months after the financial year end.
Directors of the organisation should prepare audited/unaudited financial statements within 6 months of the financial year end. The statements are to be presented in the AGM.
The company secretary is then responsible for filing the annual returns to ACRA.
For private companies with Financial Year Ending before 31 Aug 2018
The company is required to lodge an annual return within 30 days after its AGM.
For private companies with Financial Year Ending after 31 Aug 2018
The company is required to lodge an annual return within 7 months after the financial year end.
Late Lodgement Fee for the Late Filing of Annual Return (AR)
Companies that file annual returns late will be imposed with a late lodgment penalty of $300 if the lodgment is filed within 3 months after the filing due date, or $600 if the lodgment is filed more than 3 months after the filing due date (revised penalty framework for late annual lodgments from 30 Apr 2021).
Composition Sum and Court Prosecution
ACRA may prosecute the companies and/or directors that breach statutory obligation in court or may offer composition (a minimum sum of S$500) to companies and/or directors that breach statutory obligations in lieu of court prosecution. For court prosecution, the director can decide whether to plead guilty or claim trial to the charges. If the director is convicted by the court, he may be fined up to a maximum of $5000 per charge.
Disqualification of directors for filing breaches
Companies and directors should take note that a director who is convicted of three or more filing related offences under the Companies Act within a period of five years, will be disqualified as a director, under S155 of the Companies Act.
Striking off of companies that failed to file ARs
ACRA is empowered to strike off a company if there is reasonable cause to believe that a company is not carrying on business or is not in operation e.g. the failure to file with ACRA the ARs for consecutive years. ACRA will also disqualify a director with at least 3 companies struck off by ACRA within a period of 5 years.
Debarment Order
ACRA is empowered to debar any director or company secretary who is in default of a relevant requirement in the Companies Act, including failure to lodge any documents, for a continuous period of 3 months or more.
Companies are required to file their ARs under s197 of the Companies Act (CA). Those who file AR late have to pay a late filing penalty.
The criteria where private companies need not hold an AGM are as follows:
However, they are still required to file annual returns even though dormant, exempted from holding an AGM or has dispensed with the holding of AGM.
XBRL filing is compulsory for insolvent companies or limited private companies (those with corporate shareholders) or those in the business of banking, finance and insurance regulated by MAS.
Read more on XBRL filing in Singapore to ensure ACRA regulations are followed.
Address : 80 Raffles Place, UOB Plaza 1, #37-02 Singapore 048624
Phone : (65) 6221 6366
Email : [email protected]
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