There is no better place to do business than Singapore. The economic structures put in place by the Singaporean government make for a good atmosphere for business growth and harnessing opportunities. In addition to that, the internet has made it easier to access information; something that has seen more people entering into the business world to seize opportunities. It is so good to see that more youth are catching up on entrepreneurship. Records from the Accounting & Corporate Regulatory Authority (ACRA) show that more than 6,000 business entities were set up in the first half of 2016 alone.
While the government in Singapore does a lot to foster the growth of SMEs and ensuring that aspiring business owners are able to set up legal corporate entities by themselves; it is important to engage proper planning. It is also important to get professional company registration services in Singapore. This is because the legal obligations of setting up legal entities are complex especially when it comes to Private Limited Companies.
ACRA has made it easy for anyone wishing to set up a Private Limited company to do so on BizFile. BizFile is a one-stop business portal for both the public and business owners. Anyone can set up their business within an hour on BizFile as long as they have all the necessary company, personal details and that the name of the company does not contravene rules set by the government. Registering a company name will only cost S$15 and incorporating a company will cost S$300. The initial set up process has been made simple, seamless and hassle-free thanks to technology. While it is so easy to get going in business, it is equally easy to get caught in the web of legal obligations that come with legal corporate entities later.
There are statutory obligations set by ACRA that companies should meet, and the Singapore Companies Act necessitates companies to appoint a local Company Secretary within 6 months of incorporation. The act also requires that a company holds its first Annual General Meeting within 18 months of its incorporation. These requirements are quite straightforward, at least on paper; the challenge usually comes when fulfilling them. During the day to day running of the business, such obligations as required by the government are easily overlooked. Clearly, the last thing on your mind when you are chasing after a sale is holding an annual general meeting. Being that as it may, if obligations are not fulfilled, the business will be penalized, something that will work against the revenue.
An annual general meeting has nothing to do with assembling together to muse over the events of the previous financial year. It has to do with serious business and is monitored by the government. Therefore, there is a need for the meeting’s agenda, structure for the meeting and someone to take the meeting through. There are other important issues that business owners should worry about. Some of those issues include the establishing and maintaining statutory registers and filing changes within the company with ACRA. There are more technical tasks like transference and issuing of shares, appointments, and resignation of officers and changes in the Memorandum of Articles of Association. These tasks would be better handled if they were left to company incorporation experts.
There is much more security for your business if these obligations are taken care of by an outsourced company that is dedicated to handling matters that deal with legal and technical obligations of a business. By doing this, you get to relinquish the legal burden from the business owners. This way, business owners will not miss statutory deadlines. They will have ample time and peace of mind to enable them to focus on business and growing the company. The business will in this way grow comprehensively in profitability and sustainability of the company.
There are proficient company secretarial service providers that will professionally help you handle the legal matters of the business. All you need is enough information to enable you to make informed choices on just which one is the best for you in light of the requirement of your business.