Ans: Yes. The director can appoint any individual as the company secretary if the director is confident that the individual has the capabilities in fulfilling the duties. The Company Secretary need to have the knowledge on filing Annual Return, prepare board resolutions, maintain the company register and advise the directors on the companies act etc…
Ans: The shareholders a.k.a members will need to provide the funds to the company base on the agreed amount. Any unpaid or partly paid shares are issued, the company retains the right to collect the unpaid amount. The share certificate will only be issue to the subscriber when full payment is received.
Ans: Yes. The company registered address is for public record and has to be given access to the public during operating hours. It need not be the place of operation. However, if you are operating the business in your apartment, you will need to get approval from the relevant authority. We do provide registered address for company and any mails or correspondence will be scan to you.
Ans: Yes. It is required by law that every private limited company needs to have a company register that is accessible by the company’s shareholders and directors. The company register will include: all the board resolutions, all declaration forms, general meeting minutes, register of officers, register of members, register of controllers, register of nominee directors, share certificates, the constitution of company etc…
Ans: A company is deem as dormant when there is no business transactions in the full financial period. Any penalty or bank charges incurred will not affect the company’s status as dormant. Dormant company will need to file Annual Return to ACRA annually and file a waiver of Form C to IRAS ( 1 time).
Ans: Yes. The Financial Statement is required to be presented to the shareholders during annual general meeting. It will provide information to the user on the company’s financial position and Income statement. Most company use the financial statement to do forecasting, strategic planning or budgeting. It is also required when applying for bank loans etc…
Ans: Yes. In Singapore most SMEs adopt this practice, that the director is also the shareholder of the company.
Ans: To form a company in Singapore, there must be at least one director who is an ordinarily resident in Singapore. Being “ordinarily resident in Singapore” means the director’s usual place of residence is in Singapore. A Singapore Citizen, Singapore Permanent Resident or an EntrePass holder can be accepted as a person who is ordinarily resident here.
Ans: Employment Pass holder may be accepted as a director who is ordinarily resident here. EP holders who wish to undertake a secondary directorship position in another company (apart from the company his EP is approved for), will have to apply for and be granted a Letter of Consent (LOC) before registering their directorship positions with ACRA.
Ans: Yes. You have to inform ACRA and IRAS separately when your company has changed its financial year end as follows:
Ans: Usually the standard documents required are board resolution for bank account opening, company bizfile and the constitution of company.
Ans: Even if you are the sole/last director of the company, you are still required to notify ACRA of your disqualification. After your disqualification is filed, there will be no directors left in the company. The shareholders must then appoint a new director should the company intend to carry on with the business. If the shareholders do not have any intention to carry on with the business, they may consider applying to the Registrar (through the secretary or a professional firm) to strike off the name of the company.
Ans: No, the director and company secretary cannot be the same individual.
Ans: Yes. Our Annual Compliance Package (ACP) is designed to cover both ACRA and IRAS annual statutory filing.
Ans: Investment holding companies incorporated after 25 Feb 2013 are not eligible to claim Tax Exemption for New Start-up Companies . Investment holding companies will still be eligible for partial tax exemption.
Ans: Ace Success is a Registered Filing Agent (RFA) and is regulated by ACRA under the corporate service provider act regard to anti money laundering and counter terrorism financing. The RFA are required to conduct the Client due diligence checks and obtain the identity of all the directors, shareholders and ultimate beneficial owner from its client. Individuals that is a politically exposed person (PEP) are also require to declare their status during the CDD checks.
Ans: To be eligible for the first 3 years tax exemption, the startup company need to fulfil the following criteria: