A Singapore incorporated company is required to appoint a Secretary, who must be a local resident of Singapore, within 6 months from the date of incorporation. At YTK, we not only provide you a named secretary, our qualified and experienced Company Secretary will take care of all your corporate secretarial matters, giving you peace of mind. Secretary requirements are that he/she must be reside locally in Singapore, must not be the sole director of the company and possesses at least one of the following qualification (for public company):
The company secretary usually performs several duties and responsibilities. They include implementing the decisions of the board directors; handling company shares transactions; maintaining the company’s statutory records etc. Duties like organizing, attending and taking minutes of Directors and Shareholders meeting are also part of their job.
|Scenario||For a company newly incorporated on 15 August, the Director would like to fix financial year end (FYE) as of 31 December annually.|
|YTK Action||Instead of just following instruction to pass a resolution, we will suggest to the Director to fix the FYE at 31 July annually instead.|
|Benefits to Client||Maximize the benefits under the Tax Exemption Scheme for New Start-up Companies, i.e. to claim 100% tax exemption on the first $100,000 and further 50% tax exemption on the next $200,000 of normal chargeable income for each of your company’s first three consecutive Year of Assessments ("YA")|
|Scenario||The company would like to open bank accounts, but do not know which bank to choose.|
|YTK Action||Comprehensive comparisons on various banks are provided to the Directors. All liaison works are done by YTK (e.g. completion of bank forms, setup of meetings between bank and company) so that the Directors and bank signatories only need to meet the bank officer for verification of signatures and signing of documents.|
|Benefits to Client||The Director can evaluate and decide which bank caters best to the Company's needs. Provide client’s hassle-free administration work procedures and sparing client’s time from approaching different banks for comparison and queries.|
Registration with the Company Registry is the first step to start your business. As business owner ourselves, we understand your priorities. We will take care of your business incorporation, so that you can concentrate your time and effort on what matters most – your customers.
We offer formation services for various business structures in Singapore such as sole proprietorship, partnership, representative office and company.
We also provide incorporation services for offshore companies such as British Virgin Islands (BVI), Samoa, Bahamas, Anguilla and Republic of Seychelles.
Incorporation of private limited company in Singapore
|Scenario||A company is to be incorporated with HDB residential address as registered office.|
Instead of just submitting the online application to incorporate the company, we provide guidelines to the client:
|Benefits to Client||Client will be made aware of the relevant regulations before deciding whether to proceed asplanned.|
With effect from 3 March 2014, Singapore incorporated companies (unless exempted) which are either unlimited or limited by shares required to file their financial statements will be required to file a full set of financial statements in XBRL format with the new BizFinx filing system, according to a minimum requirement list within the new ACRA Taxonomy 2013. Filing requirements for companies:
|Type of Entities||Filling Requirements|
(1) Companies regulated by MAS
||FSH + PDF|
|(2) Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for small entities and IFRS||FSH + PDF|
|(3) Non- EPC company (other than companies (1) and (2)||FXBRL|
|(4) Company limited by guarantee||PDF only|
|(5) Foreign companies and their local branches||PDF only|
|(6) Insolvent EPC||FXBRL or FSH + PDF|
|(7) Solvent EPC||Exempted from filling XBRL, can voluntarily file FXBRL or FHS|
|FXBRL =||Full sets of XBRL financial statements|
|FSH =||Financial statements highlights in XBRL format|
|PDF =||PDF copy of financial statements|
Exempt private limited company that has
Scratching head with the revised XBRL filing requirements under the BizFinX system and don’t know where and how to start? No worries, feel free to approach us and let us assist you to get your financial statements in XBRL format ready in time.
YTK Management Consultants Pte Ltd
10 Jalan Besar, #12-02 Sim Lim Tower,