Why is it crucial for foreign businesses?

Hiring a professional corporate secretary is crucial during the incorporation process and onwards for a foreign company in Singapore. A corporate secretary plays a key role in ensuring that your business complies with local laws and regulations.

During incorporation

Here are some reasons why engaging a professional corporate secretary is important during incorporation:

1. Advising on the incorporation process – A professional corporate secretary can advise foreign companies on the requirements and procedures for incorporating a company in Singapore. They can assist in deciding on the type of entity to be incorporated, drafting the company’s constitution, and preparing other necessary documents.
2. Assistance with paperwork and documentation – Incorporating a foreign company in Singapore requires various documents to be prepared and filed with appropriate government agencies. A professional corporate secretary can help prepare and review the necessary documents, ensuring that they are completed accurately and on time.
3. Providing registered address and nominee services – A professional corporate secretary can provide a registered office address and act as a nominee director. This satisfies the requirement for a local registered office and local director, allowing foreign companies to focus on their core business operations without bothering about setting up a physical office and finding a local director.

Ongoing Compliance

Foreign companies operating in Singapore are subject to various compliance requirements. Here’s how Corporate Secretaries help with:

1. Maintaining statutory registers:
   A corporate secretary can help keep a company’s statutory registers, such as registers of members, charges, & directors’ interests, current & accurate. This is vital for ensuring compliance.
2. Preparing and filing annual returns:
   Foreign companies are required to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA) within seven months of the financial year-end. A corporate secretary can help prepare and file these returns on behalf of the company, ensuring that they are submitted accurately and on time.
3. Providing advice on changes in laws and regulations:
   To stay compliant with the frequently-changing laws and regulations in Singapore, companies require up-to-date knowledge. A corporate secretary can provide guidance on any changes that may affect the company’s compliance obligations, ensuring that the company remains compliant.

Providing guidance on corporate governance: Corporate governance is crucial in running a company. A corporate secretary can provide guidance on best practices for good governance, enabling companies to comply with required regulations and pursue sound business practices.

Access to knowledge and expertise

Navigating the Singapore market’s legal and regulatory landscape can be a task for new startups or expanding businesses. To ensure compliance, Corporate Secretaries with expert knowledge of local regulations become necessary. We’ll bring you up to speed with laws, regulations, and guidelines so you can maintain compliance with regulatory requirements, filing legal documents and responding to regulatory bodies. Avoid costly legal and regulatory issues and experience a successful market transition today!

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