Corporate Governance

Corporate Governance | Bestar

Singapore Corporate Governance

Singapore boasts a robust corporate governance framework, designed to foster trust, transparency, and accountability among businesses. This commitment to good governance has contributed to Singapore's reputation as a premier global financial hub.   

Key Regulatory Bodies:

• Monetary Authority of Singapore (MAS): The primary regulator of the financial industry, MAS plays a pivotal role in overseeing corporate governance practices, particularly for listed companies.   

• Singapore Exchange (SGX): As the regional exchange platform, SGX enforces stringent listing rules and regulations to ensure high standards of corporate governance among listed companies.   

Code of Corporate Governance:

The Code of Corporate Governance, issued by MAS, serves as a benchmark for good corporate governance practices in Singapore. It outlines principles and best practices in areas such as board composition, director responsibilities, executive remuneration, risk management, and financial reporting.   

Comply or Explain Principle:

Singapore adopts a "comply or explain" approach, which means that listed companies are expected to adhere to the Code's principles and best practices. If a company chooses not to comply with a particular provision, it must provide a clear and convincing explanation for its decision in its annual report.   

Other Regulatory Frameworks:

• Companies Act: This legislation governs the formation, operation, and dissolution of companies in Singapore, including provisions related to directors' duties, shareholder rights, and financial reporting.   

• Securities and Futures Act: This Act regulates the securities and futures markets in Singapore, including rules on disclosure, insider trading, and market manipulation.   

Benefits of Strong Corporate Governance:

• Enhanced Investor Confidence: Good corporate governance practices attract investors by demonstrating transparency, accountability, and a commitment to long-term value creation.   

• Improved Financial Performance: Well-governed companies are often associated with better financial performance, as they are better equipped to manage risks, make sound decisions, and allocate resources effectively.   

• Reduced Risk of Scandals: Strong corporate governance helps to mitigate the risk of corporate scandals and fraud, which can damage a company's reputation and financial performance.   

• Stronger Reputation: A reputation for good corporate governance can enhance a company's brand image and attract top talent.   

Conclusion:

Singapore's commitment to corporate governance has played a crucial role in its economic success. By adhering to high standards of governance, companies in Singapore can build trust with investors, customers, and other stakeholders, ultimately contributing to the long-term sustainability of the Singaporean economy.   

How Bestar can Help

Bestar offers a range of services to help businesses in Singapore, including:   

Company Formation and Registration:

• Provides comprehensive services to help you incorporate your business in Singapore.   

• Assists with all necessary paperwork and compliance requirements.   

• Offers guidance on choosing the right business structure and licensing.   

Corporate Secretarial Services:

• Handles all the administrative tasks related to your company's operations.   

• Ensures compliance with Singapore's corporate governance regulations.   

• Provides timely updates and notifications.

Financial Services:

• Offers a range of financial services, including accounting, bookkeeping, tax planning, and financial advisory.   

• Helps you manage your finances efficiently and ensure compliance with tax regulations.   

• Provides insights to optimize your financial performance.   

Human Resources Services:

• Assists with hiring, onboarding, and offboarding employees.   

• Manages payroll and ensures compliance with labor laws.   

• Provides HR consulting services to optimize your workforce.   

Additional Services:

• Single Family Office Advisory: Provides tailored advice and services to high-net-worth individuals and families.   

• Audit and Assurance: Conducts independent audits and assurance reviews to ensure financial accuracy and compliance.   

• Due Diligence: Conducts thorough investigations to assess the risks and opportunities associated with business transactions.   

• Company Valuation: Provides valuations of businesses and assets for various purposes.   

• M&A Advisory: Offers strategic advice and support for mergers and acquisitions.   

• Risk Management: Helps you identify, assess, and mitigate risks to your business.   

• Liquidation: Provides guidance and support for the dissolution of companies.   

• Employment Pass Application: Assists with the application process for foreign workers.   

• Payroll Outsourcing: Manages your payroll and HR functions efficiently.   

By leveraging Bestar's expertise, you can focus on growing your business while they take care of the administrative and compliance aspects.   

Bestar can significantly contribute to enhancing corporate governance in Singapore by providing a range of specialized services:   

Corporate Secretarial Services:

• Compliance Assurance: Ensures adherence to Singapore's stringent corporate governance regulations, including the Code of Corporate Governance.   

• Board and Shareholder Support: Provides administrative support for board meetings, shareholder meetings, and other corporate actions.

• Record Keeping: Maintains accurate and up-to-date statutory records, financial records, and other corporate documents.   

• Regulatory Filings: Timely submission of all required regulatory filings to the Accounting and Corporate Regulatory Authority (ACRA) and other relevant authorities.   

• Risk Management: Identifies potential risks and recommends mitigation strategies to safeguard the company's interests.

Financial Services:

• Financial Reporting: Prepares accurate and timely financial statements in compliance with accounting standards (e.g., Singapore Financial Reporting Standards).   

• Internal Controls: Assists in establishing and maintaining effective internal controls to prevent fraud and errors.

• Tax Compliance: Ensures compliance with tax laws and regulations, including corporate tax, GST, and personal income tax.   

• Risk Management: Identifies and assesses financial risks, recommending appropriate mitigation measures.   

Human Resources Services:

• Compliance with Labor Laws: Ensures adherence to Singapore's labor laws, including employment contracts, employee benefits, and workplace safety regulations.   

• Ethical Practices: Promotes ethical behavior and integrity within the organization.

• Employee Relations: Fosters positive employee relations and addresses any issues promptly.   

Additional Services:

• Professional and Regulatory Advisory: Provides expert advice on corporate governance matters, including board composition, director duties, and shareholder rights.   

• Due Diligence: Conducts thorough due diligence investigations to assess the risks and opportunities associated with business transactions.   

• Risk Management Consulting: Develops and implements comprehensive risk management frameworks.

By leveraging Bestar's expertise, businesses can strengthen their corporate governance practices, enhance their reputation, and mitigate risks.

Free Consultation