CORPORATE SECRETARIAL SERVICES
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):
- Been a secretary of a company for no less than 3 of the 5 years immediately before his appointment as secretary of the public company.
- Qualified person under the Legal Profession Act (Cap. 161).
- Public accountant registered under the Accountants Act (Cap. 2).
- Member of the Institute of Certified Public Accountants of Singapore.
- Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators.
- Member of the Association of International Accountants (Singapore Branch).
- Member of the Institute of Company Accountants, Singapore.
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.
WHAT DOES CORPORATE SECRETARIAL SERVICES INCLUDE?
- Routine Services
- Provision of a named company secretary
- Maintenance and safekeeping of statutory registers and minutes books in accordance with Singapore Companies Acts.
- Reminders on AGM and filing deadlines.
- Preparation of AGM documents.
- Preparation and filing of annual return with ACRA.
- Non-Routine Services
- Appointment/Registration of officers (e.g. Director, Auditor)
- Allotment/Transfer of shares.
- Change of company name/registered office address/business activities.
- Change of memorandum and articles of associations.
- Striking off/liquidation.
- Miscellaneous corporate secretarial matters.
BENEFITS OF OUTSOURCING CORPORATE SECRETARIAL SERVICES TO YTK.
- Prompt and personalized services are provided by YTK qualified company secretaries who are of either Chartered Accountant or Chartered Secretary.
- Provide and evaluate business owners’ options for wiser decision and not just merely follow instructions.
CASE STUDY (1)
| 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 | The Company able to maximise the tax benefit under the Tax Exemption Scheme for New Start-up Companies. |
CASE STUDY (2)
| 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. |
INCORPORATION SERVICES
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.
WHAT DOES INCORPORATION SERVICES INCLUDE?
Incorporation of private limited company in Singapore
- Name reservation
- Submission of incorporation details to ACRA
- Preparation of company kit comprising the following:
- Routine Services
- First Board Resolutions
- Statutory registers with consent to act
- Share certificate(s)
- Business profile
- Memorandum and Articles of Association
- Common seal and company stamp
BENEFITS OF OUTSOURCING INCORPORATION SERVICES TO YTK
- Tedious paperwork are handle professionally by YTK which gives you full concentration on running your core business
- YTK are able to assist the submission for the self-incorporation application on your behalf if the proposed Director(s), Secretary(ies), and Subscriber(s) are not Singapore NRIC holders.
- YTK provide professional services for business owners without Singpass where they are unable to perform self-incorporation of any business entity themselves
CASE STUDY
| Scenario | A company is to be incorporated with HDB residential address as registered office. |
|---|---|
| YTK action | 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 as planned. |
CONVERSION OF FINANCIAL STATEMENT INTO XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE)
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 | NEW Filling Requirements (from May 2020) |
|---|---|---|
| (1) Non- EPC company [not covered in below (2) and (5)] | FXBRL | SXBRL + PDF ; or FXBRL |
| (2) Insolvent EPC | FXBRL or FSH + PDF | SXBRL + PDF ; or FXBRL |
| (3) Solvent EPC | Exempted from filling XBRL, can voluntarily file FXBRL or FSH | Exempted from filling XBRL, can voluntarily file FXBRL or SXBRL |
| (4) Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for small entities and IFRS | FSH + PDF | |
| (5) Companies regulated by MAS, such as Commercial banks, Merchant banks, Insurance companies, Finance companies | FSH (bank/ insurance format) + PDF | |
| (6) Company limited by guarantee | PDF only | |
| (7) Foreign companies and their local branches | PDF only | |
*dormant relevant company (non-listed company and non-subsidiary of listed company with assets ≤ S$500,000) is exempted from XBRL filing requirement.
Remarks:
| FXBRL | = Full sets of XBRL financial statements |
| FSH | = Financial statements highlights in XBRL format (will no longer available after May 2020) |
| SXBRL | = Financial statements in simplified XBRL format, applicable only for
|
| = PDF copy of financial statements | |
| EPC | = Exempt private limited company that has
|
WHAT DOES XBRL SERVICES INCLUDE?
- Preparation of financial statements in XBRL format (FXBRL / FSH / XBRL)
- Validation and uploading of XBRL statements
BENEFITS OF OUTSOURCING TRANSFER PRICING DOCUMENTATION TO YTK
- Facilitate reviews by tax authorities and therefore help resolve any transfer pricing issues that may arise;
- Prevention of penalties imposed by Tax authority when taxpayers do not comply with the arm’s length principle and TP documentation requirement.
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.