Setting Up a Singapore Company
Setting Up a Local Company: Accounting and Corporate Regulatory Authority (ACRA)
Understanding ACRA
Role: The Accounting and Corporate Regulatory Authority (ACRA) is the statutory board tasked with overseeing and regulating companies and businesses in Singapore.
Function:
Company incorporation and registration
Key Accounting and Regulatory Considerations
Company Registration:
Choose a Company Type: Private Limited Company, Public Company, or other options.
Appoint Directors and Company Secretary: Ensure they meet ACRA's requirements.
Register with ACRA: Submit necessary forms and documents online or in person.
Record Keeping:
Maintain accurate and up-to-date records: Financial records, minutes of meetings, register of members, etc.
Retain records for a specified period: As per ACRA's requirements.
Delving Deeper into Setting Up a Local Company in Singapore
Company Registration
Choosing a Company Type: The most common type for foreign investors is a Private Limited Company (Pte Ltd). This offers limited liability and flexibility in terms of ownership and management.
Name Reservation: Your company name must be unique and not misleading. You can reserve a name for 120 days while you complete the registration process.
Appointing Directors and Company Secretary: At least one director must be a resident director. A company secretary must be appointed within six months of incorporation.
Registered Address: Your company must have a registered address in Singapore.
Share Capital: Determine the authorized share capital and the number of shares to be issued.
Company Constitution: This document outlines the rules and regulations governing your company's operations.
Submitting Documents: File the necessary forms and documents with ACRA through the BizFile+ portal.
Specific Documents Required for Company Registration in Singapore
When registering a company in Singapore, you'll generally need to submit the following documents to ACRA:
Incorporation Form (Form 24): This form contains essential details about your company, such as its name, registered address, business activities, and share capital.
Memorandum and Articles of Association (MAA): These documents outline the company's constitution, including its objectives, powers, and internal governance rules.
Identity Documents of Directors and Shareholders: This includes passports, identity cards, and proof of residential address for all directors and shareholders.
Nominee Director (if applicable): If you're appointing a nominee director, you'll need to provide their consent and relevant documentation.
Registered Address Proof: This could be a tenancy agreement or a letter from the building owner confirming the company's registered address.
Payment of Incorporation Fees: The fees vary depending on the company's share capital.
How ACRA Can Assist You
Online Resources: Access a wealth of information, forms, and guides on ACRA's website.
Business Advisory Services: Seek guidance on company incorporation, accounting, and regulatory matters.
eBizFile+ Portal: Submit documents and applications electronically through this online platform.
By understanding ACRA's role and adhering to its requirements, you can ensure your company operates smoothly and complies with Singapore's legal and regulatory framework.
How Bestar can Help
Setting Up a Local Company - Accounting and Corporate Regulatory Authority
Bestar plays crucial roles in helping businesses navigate the complexities of setting up and operating in Singapore, including ensuring compliance with the Accounting and Corporate Regulatory Authority (ACRA). Here's how we assist:
ACRA Filings: Bestar helps prepare and file necessary financial statements and returns with ACRA, ensuring compliance with reporting deadlines and requirements.
Financial Reporting Standards (FRS): We ensure the company's financial records adhere to Singapore's FRS, which align with International Financial Reporting Standards (IFRS).
Corporate Tax Compliance: Bestar assists with corporate income tax filings and advise on tax planning and optimization strategies to minimize tax liabilities.
GST Compliance: We help businesses comply with Goods and Services Tax (GST) regulations, including registration, filing returns, and managing input tax credits.
Company Incorporation and Registration: Bestar guides businesses through the company incorporation process, ensuring compliance with ACRA's requirements and drafting necessary documents.
Corporate Governance: We advise on corporate governance best practices, ensuring compliance with ACRA's guidelines and minimizing legal and reputational risks.
Legal Compliance: Bestar ensures compliance with all relevant laws and regulations, including those related to company operations, employment, and intellectual property.
ACRA Filings: Bestar assists with various filings with ACRA, including changes in company particulars, annual returns, and other statutory filings.
Corporate Records: We maintain accurate and up-to-date corporate records, including minutes of meetings, registers of members, and other statutory documents.
Corporate Governance: We advise on corporate governance best practices and ensure compliance with ACRA's guidelines.
Liaison with ACRA: We act as the primary point of contact with ACRA, addressing any inquiries or requests for information.
By engaging Bestar, businesses can:
Ensure Compliance: Minimize the risk of non-compliance with ACRA's regulations and avoid penalties.
Save Time and Resources: Outsource complex tasks, allowing businesses to focus on their core operations.
Gain Expert Advice: Benefit from the in-depth knowledge and experience of professionals in navigating the regulatory landscape.
Mitigate Risks: Identify and mitigate potential legal and financial risks associated with non-compliance.
By working closely with Bestar, businesses can establish a strong foundation for success in Singapore while ensuring compliance with ACRA's requirements.
Comments