Published on 15th June, 2022 When it comes to creating a company in Singapore, this detailed guide will help you comprehend the many steps involved in the process. It is necessary to comply with a variety of regulations in Singapore to establish or run a business in this high-income economy. The easiest approach to establishing or moving a business in Singapore is to form a private limited company. As a distinct legal entity, a Singaporean limited company protects its owners from liabilities that go beyond the value of their initial capital commitment. According to the Singapore Companies Act, anybody above the age of 18 may set up a business in Singapore. The effective tax structure is provided by registering the firm following these legislative criteria. Requirements For Registering A Company In Singapore The Accounting and Corporate Regulatory Authority (ACRA) in Singapore mandates that individuals who are 18 years of age or older register their company in Singapore by completing the steps outlined below: Choosing The Name Of Your Business It is the applicant’s responsibility to come up with a proper business name and submit it electronically using ACRA’s BizFile+ system for approval. It is only after receiving the go-ahead that the incorporation will get underway. Incorporated Entity He or she must figure out how to organise his or her business. He can pick from a variety of company structures: Private Company Public Company Directors and other key personnel The following stage is to nominate important members of your firm for day-to-day operations once you’ve settled on your company structure. The following jobs must be established for this: Shareholders According to the company’s desired form or structure, there should be a minimum of one shareholder and a maximum of 100 shareholders. In addition to their personal information, the company should also publish the entire amount that shareholders paid for their shares. Even though there is no minimum paid-up capital requirement, the minimum issued capital should be $1. Ordinary shares and preference shares are the most common forms of stock issued by a corporation. The company’s registered address An applicant’s registered address is required when applying. This address must be visible to the general public, but it does not have to be the location where the activities are being carried out. Constitution An application for a position requires the submission of the company’s constitution, which is a legal document that includes information such as these: Methods for Identifying the Accounting Period Financial Year: March 31, June 30, September 30, or December 31 must be chosen by the applicant for company filings. The Registration Process And Timeline It takes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) about 1-2 working days to complete the registration process, which is automated. BizFile+ requires your SingPass and identification number to be used as login credentials. To get a company registered, you must go through the steps outlined below: How To Pick A Company’s Naming While you are about to set up new company in Singapore, you need to choose a name for your company that reflects the nature of your work. Once you’ve picked a name, run it via BizFile+ to see whether it’s already taken. There are just a few exceptions to this general rule: Making A Name For Yourself And Identifying Your Business’s Goals Registration of your business name with BizFile+, which costs S$15, is required before incorporation. Following approval, you will be given 120 days to incorporate or else your company’s name will become accessible to anybody else who wants to use it. In select cases, the name will be sent to the appropriate authorities for their examination and approval. This information should be included while registering the company name. Identifying your company’s major and secondary business activities requires a search for the appropriate SSIC code. Create A Business Name And An Address For Your Organization Once the ACRA has approved the company’s name, they will handle the business incorporation forms that have been filed. If the application approval procedure seems to be taking longer than expected, it is because it has been postponed. If more inquiry is warranted, the appropriate government agencies will do it. Conclusion In terms of location, Singapore is an excellent option for businesses. Having a stable economy, a robust workforce, and business-friendly tax rules allows you to get up and running sooner, so you can spend less time mired in administration and more time expanding your firm. 

Published on 29th September, 2022 Are you thinking of starting a business in Singapore? Did you know that starting up a business in Singapore usually brings more amazing perks, such as transparent business policies, better support from the government, and a low tax rate? However, it is not that simple to come up with the startup of a business or company. Usually, you will need to implement specific policies and laws which are necessary to follow for better results. It is equally important to fulfil the essential responsibilities that include accounting and the statutory tax requirements to proceed with a productive environment for the business. Now, if you take up the assistance of a certified accounting professional, consider a long-term investment that will save you a great deal of time and stress. If we talk about managing accounts, payroll and money can also be the most daunting task for several companies. Whether you run a small business or a large organization doesn’t matter. It is crucial to know and understand more about the money going in so that you can create better decisions for the growth of your business. This is why you engage an outsourced accounting service. And it is important to know what is outsourced accounting services. What is Outsourced Accounting? Outsourced accounting is a company hiring a third party (outside the corporation) to carry out its accounting and financial operations. Outsourced accountants manage all aspects of the business’s financial operations, including bookkeeping, payroll, financial reports, management accounting, tax, accounts payable, accounts receivable, prosecuting defaulters, and other services related to accounts. Outsource accounting Singapore is becoming a popular choice among small and medium-sized businesses to cut expenses without compromising effectiveness. If you’re beginning your own business or studying accounting, you must comprehend the differences between in-house and outsourced accounting. Although both accounting operation systems cover the same general tasks, they are structured differently. Accounting services Singapore price is quite affordable as compared to others. Here are the essential things to consider before taking further steps: Ensure to Hire Upon the Incorporation of the business  To hire one of the best accounting agencies in Singapore, it is essential to make it at the right time. It is because several small businesses do not have the resources to hire professional experts to take care of the entire finances and related services of accounts. An account of the company or business can help you at different stages in the growth and maintenance of the business. It also includes the engagement of the services related to the accounting agency that can easily handle the payroll and tax returns. Tax returns and payroll is considered a wise move to establish a successful business. Examine the Long-term Advantages of your Investment While a thorough understanding of your company is undoubtedly essential, trying to handle every business area alone is not a good idea. Investing in outsourcing key processes, including accounting services, is critical to your company’s long-term survival. You won’t have to deal with putting your workers through trial and error after training them to do those activities. Check the cost of the services, but also make sure you can trust the provider based on its track record, compliance with financial and legal requirements, and prior clientele. Know your Requirements There is no fact that almost every company and business has its own set of requirements as per the services offered. Also, there is a high chance that you need to conduct more than one accounting agency in Singapore. It is essential to be very clear about the requirements. Outsourced accounting services include services like financial services and the management of payroll as well.The outsourced accounting services manage the entire preparation of the tax returns, including the financial statements, cash flow statements, and other documents. All these statements are needed to be discussed thoroughly before the final agreement. Know the Qualifications Several outsourced accounting agencies are available to which you can outsource the accounting services in Singapore. One of the most common ways to differentiate these firms is the comparison of the qualifications and the services offered. The help of determination of the capabilities of different accountants and firms in Singapore need not be an issue as information is readily available. Learn About Their Methods and Equipment Ask for a detailed breakdown of the accounting service’s equipment and procedures. An accountant must employ the most recent techniques and technological advancements to advance, generate accurate work, and finish duties swiftly. Ask them about the schedule they recommend for your company, the equipment they employ, how they arrange tax returns and receipts, and, ultimately, how they monitor transactions and maintain financial records. Conclusion Make a wise investment when picking an accounting and bookkeeping company. It is advisable to select specialists committed to providing you with the most significant technical support and knowledge for your company’s plans and decisions, in addition to upholding contractual and legal standards. Hiring professional accounting services is unquestionably the best choice if you keep the aforementioned crucial factors in mind for handling your accounts without difficulty. It also ensures that your business runs smoothly and successfully in line with IRAS rules.

Published on 30th September, 2022 The company secretary plays an important role in the business’s administration. The secretary handles different types of tasks and constantly keeps up with every update. If we talk about company law in Singapore, it mandates that the company secretary appoints every Company. Mainly the company secretary is very much responsible for their actions to ensure the Company complies with the most relevant legislation, including the regulation. The Secretary of the Company also keeps the Board members informed of their legal responsibilities towards the Company. Do you know about the company law? Usually, the company law defines the legal framework within which the Secretary and the director should operate for a convenient and legal-free experience. There is a considerable demand for secretarial services as the roles and responsibilities of the Company’s Secretary are beyond expectations. The Secretary handles almost everything. It is equally essential that the company secretary is the Company’s compliance officer. Mostly the entire Board and the chairman also rely on the Company’s Secretary to take advice and update regarding the Company’s function under the law. The Company’s chairman relies on secretarial services to grab practical advice about their duties under the law and include corporate governance requirements. There are several responsibilities of the Company’s Secretary. What are the Duties of a Company’s Secretary Regardless of where they live, the corporate director is responsible for administering the Company. The Accounting & Corporate Regulatory Authority (ACRA), Singapore’s national corporate regulator, states that a director “must make judgments objectively, act in the company’s best interest, avoid conflicts of interest, and be honest and conscientious in carrying out his tasks.” And the company secretary is the officer primarily responsible for upholding the legal standards for reporting and administration despite the Singapore Companies Act’s absence of specifying the position’s role, responsibilities, and obligations. The company secretary works with the Board of directors to ensure that the firm complies with all legal obligations. If you want to learn more about the Company’s Secretary, then the company law in Singapore vests several crucial duties with the Secretary. The company secretary’s primary responsibilities include administrative and statutory obligations. Let’s know in detail: The legal and financial obligations In addition to drafting and reporting all account statements following the Companies Act, the Secretary handles the organization’s insurance contracts. They are also responsible for ensuring that the business follows the guidelines and regulations specified by the Memorandum of Association. Now that you are more aware of what corporate secretaries do, it’s time to go back to the original question about the importance of corporate secretaries for start-ups. So how important are they? Having a company secretary is necessary, particularly for start-ups, because the responsibilities that fall under their jurisdiction are fundamental to business operations. For instance, start-ups are still setting the groundwork for their companies in the marketplace. If there isn’t someone expressly allocated to handle secretarial duties, a system could go crazy when anything is overlooked because “everyone else is too busy to do it.” Other duties of the Company’s secretarial services The bestcorporate secretarial services Singapore additionally complies with the following obligations set forth by company law: The terms of a Secretary’s employment agreement with the Company will specify their specific duties, and the position may also come with optional duties. The duties of the Company Secretary also rely on their experience and professional background. For instance, a secretary with accounting knowledge may also be in charge of internal auditing and managing the Company’s finances. If the Secretary has legal expertise, she will be able to assist the Company with contract drafting and other legal matters. Conclusion A company secretary in Singapore has the authority to attest to the existence of formal business transaction records. They might be required to sign legal documents with the corporation’s director that display the common seal. Corporate resolutions are typically available in certified form from the company secretary, which is accepted as proof that the answer was adopted.

Published on 8th November, 2022 Accounting services are a must-hire service for a business regardless of its size. Big corporations usually have accountants who perform all the accounting-related tasks for them. However, small businesses often choose to do accounting tasks themselves to save on the accounting budget.  However, it is not the best practice and is often discouraged for the well-being of your business. Taking over an accountant’s role will deviate your focusfrom your primary role, and the tasks would not be executed accurately. An accountant’s job is very complicated. You have to take care of all the finances and transactions going in and out of business, develop reports, and taking important financial decisions based on those reports.  So, it is suggested and advised in your best interest to hire a professional accountant to do the expert’s job for you and take care of the finances of your business. However, if hiring a full-time accountant is not within your budget, you can always opt for outsourcing the job. There are a lot of corporate services providers in Singapore, like Shorts Business Services, who offer accounting and other corporate services to small and big enterprises. They will provide you with reliable accounting services at many affordable prices. If you are still worried about the accounting budget of your firm, here is a brief of the monthly accounting services will cost you in Singapore. Monthly Cost of Accounting Services At Shorts Business Services, the price of our monthly accounting and bookkeeping services starts from $400. However, it is the price of basic accounting and bookkeeping services. The price may increase or decrease depending on the size of your corporation and the services you need. Let’s have a look at certain factors that determine the monthly cost of your accounting services package. Factors Affecting the Cost of Accounting Services 1. Size of your organization The size of your business plays a vital role in determining the cost of monthly accounting services. The bigger your organization is,the cost would be higher per month. The reason lies in the number of employees you have. One of the major or important tasks that are included in accounting services is preparing the payroll of the employees. Generally, accounting firms charge for payroll services onan employee basis so the more employees you have in your corporation, the more will be per month of accounting charges. Per employee, payroll charges range from $10 to $20 depending on the accounting firm’s experience and expertise. 2. Bookkeeping Cost Another key task that is often included in accounting services is bookkeeping. If you are unaware of what bookkeeping is,it is keeping a record of all day-to-day transactions of your business. It includes taking care of all the expenses you have made in a month, all the transactions you have received in your business, and keeping a record of all account payables and receivables.  Keeping accurate and up-to-date records of all these transactions is critical for your business. Accounting service providers often use specialized software to keep track of your finances.  Simple bookkeeping services cost somewhere around $100 per month. However, the price may increase depending on the complexity of your bookkeeping service. 3. Type of services you need Accounting services are not just limited to payroll and bookkeeping services, there is a lot more that can be included in accounting services Singapore price. Some common and more complex services included in accounting services are internal audits, tax filing, financial analysis, generating financial reports, helping the organization head take critical financial decisions based on generated financial reports, and much more.  So, your monthly accounting services price in Singapore will also depend on the services you need for your organization. The more services you need the more will the accounting firm charge you.  How We Can Help You? Shorts Business Services is a reputed and trustworthy accounting and corporate service provider in Singapore. We have an in-house team of highly qualified accountants and chartered accountants. Not only qualified, but they also possess vast experience working in different industries and providing their proficient accounting services.  The experience and qualification of our accountants and chartered accountants help them in understanding and solving tough and complex financial situations and help companies take difficult financial decisions which later on helps them to thrive and expand their business in new dimensions. Moreover, hiring us will also give you access to the latest accounting software which is an essential need for accurate and complete accounting services. Our corporate services include: Feel free to contact us for any more information regarding accounting and corporate services. 

Published on 9th November, 2022 Hiring a company secretary is one of the requirements of company incorporation in Singapore. Whether you are a small startup or a big enterprise, you need to hire a corporate secretary within 6 months of their incorporation otherwise they may be subject to penalties or hefty fines. This shows how much important this position is and how much importance should be given to the hiring process. To be on the safe side, companies often prefer to outsource and hire corporate secretarial services. However, choosing the best corporate secretarial services Singapore provider is still a responsibility and special attention must be given to it. Here are a few tips to help you choose the best company secretary in Singapore. Tips For Hiring the Best Corporate Secretary 1. Qualified And Registered As mentioned earlier, a company secretary is an important position as he will be responsible for the administration of the company. A company secretary will ensure that your company is following all the organizational rules and regulations and that the company director and shareholders are aware of the statuary obligations and regulations. So, to ensure that the company secretary position is filled with a proficient individual, you must ensure that he/she is qualified and registered. Here are some points that will make sure that the company secretary is eligible for the critical post. 2. Check The Experience The next you should look for is industry-relevant experience. Industry-relevant experience is as important as the qualification of a company secretary. If you are a startup, you must be lacking in experience and an experienced company secretary can provide you with the best industry knowledge. He/she will help you in taking critical decisions and help put your startup on the right track.  So, always ask the corporate services company for relevant experience. You cannot ignore the benefits an experienced corporate secretary can provide you over an inexperienced one. 3. Look For Technology Gone are the days when corporate secretaries used to work on registers and piles of papers. It is a digital era and ACRA has also digitalized most of its operations. So, look for corporate secretarial services that are accustomed to the latest technological advancements. Technology adds so much value and eases the usual corporate work. You don’t have to wait for signatures as digital signatures can be acquired at any time of the day. Similarly, digitalization reduces a lot of paperwork, cost, and errors that occur because of excessive use of paper.  4. Services Offered It is always better to choose a corporate service provider that provides a wide range of corporate services. At the moment, you might only need a corporate secretary but you will need more services like bookkeeping, accounting, payroll services, HR services, and others later on.  If your company’s secretarial service provider cannot provide you with other services, you will again have to start a search for a service provider which would be a lot of time waste and hassle.  5. Reputation Another important thing that you must not ignore in your quest for the best corporate secretarial services in Singapore, is the reputation of the company. Look over their website and check who are their current clients. Moreover, you can also check testimonials and reviews about their services over the internet and social media accounts.  6. Cost Cost is one thing that determines whether you are hiring the best corporate company secretarial services in Singapore or not. Some corporate services companies will charge you more and some will charge less. But the key factor here is, are they including all the necessary costs in the package or there are some hidden charges which will be revealed when you sign the contract? Here are some questions that will help you figure out the hidden cost: 7. Hire Shorts Business Services Shorts Business Services is a reputed and renowned corporate service provider company in Singapore. Hiring us will give you access to a highly qualified and experienced corporate secretary who will make sure that all your corporate requirements are fulfilled. Our company secretaries have all the expertise required to attend to your unique business needs. Feel free to contact us to get the best corporate secretary Singapore for your business.

Published on 18th April, 2023 The highly competitive commercial environment in Singapore It is essential for businesses to prioritize efficiency, compliance, and sound corporate governance for success. This is where corporate secretarial services are essential.     Corporate secretaries are charged with ensuring that businesses comply with the legal and regulatory requirements, as well as providing support in various administrative and strategic tasks.     In this blog, we’ll look at the top five advantages of corporate secretarial services in Singapore, ranging from governance and compliance to savings in costs and expert advice. Whether you’re a small-scale startup or a major multinational company, knowing the benefits of corporate secretarial services can help you move your business to the next step.     Let’s get started and find out the ways corporate secretarial services in Singapore can aid your business in Singapore.     Benefits of Corporate Secretarial Services in Singapore Corporate secretarial support is essential for businesses operating in Singapore to ensure compliance with all laws and regulations. In addition, they offer valuable assistance in various managerial and business-related tasks that allow companies to run more efficiently. In this blog, we’ll look at Singapore’s top five advantages of corporate secretarial service. Benefit #1: Ensuring compliance with Legal Requirements In Singapore, businesses are subject to various regulatory and legal requirements which they must meet so that they do not face penalties or legal repercussions. This includes filing annual returns, keeping correct records, and adhering to corporate governance principles. Corporate secretarial services can assist businesses in meeting these needs by providing support and expertise in areas like:     1.      Annual Returns Filing  All Singaporean enterprises must prepare an annual tax return to The Accounting and Corporate Regulatory Authority (ACRA). Failure to file a return can be punished with fines and removal companies. Corporate secretarial assistance can help companies file their annual returns correctly and timely, assuring compliance with ACRA regulations. 2.      Maintaining Statutory Records Companies that operate in Singapore must maintain a variety of documents that are required by law, such as director’s lists, registers of shareholders, and officers. Corporate secretarial assistance can help businesses keep these records, ensuring they are accurate and up-to-date. 3.      Ensure compliance with corporate Governance Principles. Corporate secretarial assistance can help businesses ensure that they comply with corporate governance principles. They can guide and assist in board meetings, corporate resolutions, and minutes. 4.      Keeping Companies Informed of Regulatory Changes Corporate secretarial service providers are current with the most recent regulations and can notify companies of any changes that could impact their services. This allows companies to remain up-to-date and in compliance with current laws.  Compliance with regulatory and legal rules is crucial for businesses operating in Singapore. Failure to adhere can have significant legal and financial consequences. Corporate secretarial assistance can help firms meet these obligations by offering expert guidance and support and ensuring compliance with all applicable regulations to avoid expensive penalties. Benefit #2: Improving Corporate Governance Corporate governance is the guidelines, practices, and processes through which a company’s operations are managed and managed. It is about balancing the needs of all stakeholders within a company, like shareholders, management, customers, suppliers, financiers, the government, and the community. Corporate governance is vital to the long-term success of a business since it creates transparency, accountability, and honesty in its operation. Corporate secretarial services in Singapore play an essential role in the maintenance of the highest standards of corporate governance in an organization. They are usually provided by highly qualified professionals who manage the compliance and administrative aspects of the company’s operation. Let’s review the importance of corporate governance and how corporate secretarial assistance can aid in improving it. Role of Corporate Secretarial Services in Ensuring Good Corporate Governance Corporate secretarial services in Singapore play an important function in ensuring the company’s highest corporate governance standards. They are generally accountable for the administration and compliance aspects of an organization’s activities, and their responsibilities are to: Benefit #3: Streamlining Administrative Tasks A business’s operation in Singapore is a complex set of administrative duties, ranging from bookkeeping, accounting, tax, and payroll. These are essential tasks; however, they can be time-consuming and take away time from primary business functions. This is where corporate service providers assist in streamlining administrative tasks, freeing up resources for businesses to concentrate on their main business operations. Examples of administrative duties that could be contracted out by corporate services providers are: Corporate service providers can help businesses maintain precise financial records and prepare financial statements. This includes coordinating account payables and receivables, processing invoices and payments, and reconciling bank statements. 2. Payroll and HR Administration Companies that provide corporate services can assist companies with their HR and payroll administration by managing employee benefits and payroll, as well as processing payments and submitting tax returns.  3. Tax Compliance Companies can use corporate services providers to aid businesses in ensuring compliance with Singapore’s tax laws, including filing tax returns for corporate income and Goods and Services Tax (GST) tax returns.  4. Company Secretarial Services    Alongside assisting with compliance, Corporate service providers can help with secretarial support, such as incorporation and registration, as well as maintaining statutory registers.  Benefit #4: Expert Advice and Support Professional advice and support are vital for businesses that want to navigate the complicated regulatory framework that governs corporate governance and compliance. Corporate service Singapore providers possess vast expertise and knowledge in this field and can provide valuable guidance regarding regulatory requirements and best practices in corporate governance and compliance requirements. Areas of Expertise Offered by Corporate Secretarial Services Providers Corporate secretarial service providers provide many areas of expertise that, include:    1. Governance for corporate: The companies can aid in developing and implementing company governance guidelines and procedures, assuring that businesses adhere to all applicable laws and regulations.    2. Compliance: Corporate service providers help companies comply with regulatory requirements through continuous compliance assistance and monitoring.    3. Company registration and formation: They can help with registering and creating new companies and ensure that they comply with any legal requirements and that they are appropriately designed.    4. Corporate secretarial services: Corporate service providers may offer ongoing services for company secretarial, for example, keeping the company’s records, preparing and filing statutory returns, as well as handling the annual General Meetings.  5. Due diligence: companies can help in due