Singapore Corporate Services Providers

by Leslie S. Professional Content Writer

Outsourcing to an experienced corporate services provider in Singapore can make your task simpler. They have the expertise to take care of the statutory compliance and administrative functions of your business.

Hiring a reliable provider can save you a ton of money and a considerable amount of time and trained human resources. Most importantly, they free you of the stress and let you focus all your energies on achieving the objectives and goals of your small business.

Agent for a Singapore Company Incorporation

When should you hire a corporate services provider in Singapore? By all means, engage them, if you are contemplating a Singapore company incorporation and are worried about the task's difficulties. They usually dedicate an incorporation expert to you.

They advise you if the need arises: registering the right business structure to improve the liability, benefits, taxation, credibility, and growth prospects of your business. They have the expertise to understand your business needs and guide you to a path of minimal resistance.

Hiring a registered filing agent helps in registering your Singapore company without hassles. They are authorized to submit your documents and pay the official fees to ACRA, the Company Registrar. They have updated knowledge about the changes in the rules and regulations.

They are in a position to advise you on the incorporation and KYC documents you need to submit, Singapore Standard Industrial Classification Code (SSIC code) that describes your business activities and business type. If your application gets rejected, they know how to communicate with ACRA and lodge an appeal.

Yes, you, as a Singapore Resident, can easily self-register your company by visiting ACRA's BizFile+ e-portal. However, foreigners need to appoint one of the competent agents. In Singapore, you can appoint a Law firm, Corporate Secretarial Services or an Accounting firm as your agent.

Non-Core Tasks: Accounting and Company Secretary

The small business owners find it tricky to juggle the core and non-core tasks of their business. However, it is a critical factor. They have to market their products and services to earn profit to survive.

On the other hand, they also need to take care of business' statutory compliance and administration-related responsibilities. It means investing time in knowing the accounting concepts, principles, and the latest changes in the Company Law of Singapore and completing the tasks within due dates.

Corporate Secretarial Services

Many small business owners solve their dilemma by outsourcing their compliance-related tasks to an experienced corporate secretary. These experts are familiar with ACRA's standards and mandates. In the long run, companies benefit from doing so. The managerial staff get to give its full attention to ensure business survival and being competitive.

Normally, the provider assigns a qualified and company secretary to you.

These professionals:

Take care of organisational functions
Liaison with the regulating agencies
Streamlines the legal and board procedures of the company
Ensure that corporate governance is as per the company constitution
Advice on installing or improving the internal processes to ensure compliance with the updated regulations

Corporate secretarial services providers:

Communicate with shareholders
Manage share allotment, transfer, sale
Convey and hold board Meetings
Convey and hold General Annual Meetings
Maintain minutes of the meetings
Maintain the statutory registers
Circulate annual reports, interim statements, and accounts
Prepare the Director’s Report
Advise the directors (duties, responsibilities, and due dates)
Ensure custody and proper use of company seal

Accounting & Bookkeeping Services in Singapore

ACRA insists on the regular updating of books of accounts. It starts with the bookkeeping and proper recording of transactions and storage of invoices and bills. The accounting and bookkeeping services in Singapore start your accounting by digitizing business' financial transaction records.

Doing so helps you in:

Setting up the account code system
Understanding the financial status of your business
Better cash flow management
Making your auditing process easy

They prepare:

Profit and Loss statement
Balance Sheet statement
Statement of Changes in Equity
Cash Flow Statement
Directors Report /Compilation Report Preparation
Journal
General Ledger
Preparing management reports for the strategic insights for planning, budgeting, and forecasting
Preparing financial statements for AGM
Generate error-free annual filing returns as per SFRS

The provider accounting and bookkeeping services offer monthly, quarterly, half-yearly, and yearly packages.

In addition, an accounting services provider can also take care of your monthly and quarterly GST returns, multi-currency transactions, bank reconciliation, XBRL preparation and filing.

If you need assistance with your Singapore company formation, company secretarial, bookkeeping, accounting, GST filing, XBRL filing, etc., call us on +65 6536 0036 or email us at info@sbsgroup.com.sg, for expert assistance.