Is Resident Director Mandatory for Registering a Business in Singapore?

Singapore is a highly conducive marketplace for starting a new business. Like other jurisdictions, it also specifies the criterion for doing so. The would-be entrepreneurs, especially those who are new to Singapore, struggle with the question, "Is resident director mandatory for registering a business in Singapore?"

 

Yes, the business owners must provide at least one resident director to start a Singapore private limited company. It is one of the unavoidable requirements specified by the Singaporean Company Registrar. Incidentally, a government agency called Accounting and Corporate Regulatory Authority (ACRA) acts in this capacity.

 

Who Can be a Resident Director in Singapore?

A Singaporean citizen, Permanent Resident, or the holder of an Employee pass or Entrepreneur pass (Entrepass) can be the resident director of a company. A sole shareholder of the company can become its sole director. If the business owner fails to locate such a person, they have the alternative of hiring a nominee director service.

The business owners have to be careful about who they appoint as the director. As per the ACRA rules and provisions of the Companies Act of Singapore, the appointee,

 

  • Should be over the age of 18

  • Should be physically and mentally fit

  • Should not be an undischarged bankrupt

  • Should not have a criminal record involving fraud or dishonesty

  • Should not be the one disqualified by a court

  • Should not be the one convicted for three or more years under the Companies Act within a period of five years

 

Finding a Resident Director for Your Company

If you are a Singapore citizen or a permanent resident, you can incorporate a company easily. You can also be its directors and comply with the ACRA regulations. It is the same for the employee and entrepreneur pass holders.

 

Employee Pass Holder as Resident Directors

The employee pass holders can be the director of companies their pass is issued for. However, if they want to undertake a secondary directorship position in another company, they need to apply for and be granted a Letter of Consent (LOC).

 

Employee Pass for Foreign Entrepreneurs

Finding a resident director is not easy for some of the foreign entrepreneurs. Some of them face problems.

The workaround for the foreign business owners is to hire a nominee director services provider and form a company. The company's secretary then can initiate the process for employee pass for them by sending an application to the Ministry of Manpower. Once the application gets approved, they can relocate to Singapore, and replace the nominee director and be the director of their own company.

Some of the business owners choose to stay in their native country and direct their Singapore company. Their decision has tax implications as such a company is not considered tax-resident of Singapore. In addition, they have to keep on hiring the nominee director.

 

EntrePass for Foreign Entrepreneurs

Alternatively, the business owners can also opt and apply for an Entrepreneur pass. The following are the conditions for obtaining such a work pass:

 

  • If they have registered or intend to register a private limited company (Pte Ltd) with ACRA

  • If the company is already registered, it should not be older than 6 months on the date their Entrepass application

  • If they have not yet registered it, waiting for the outcome of Entrepass application is the best option for them

 

They also need to meet any of the innovative criteria presented below:

 

  • Has funding from a government-recognized VC or business angel

  • Is an incubatee at a government-recognized incubator/accelerator

  • Hold at least 30% of shares in the proposed business

  • Has a well-established business network and promising entrepreneurial track record

  • Holds intellectual property

  • Has a research collaboration with an IHL or research institute in Singapore

  • Has extraordinary achievements in key areas of expertise

  • Has a good investment track record

 

After getting the approval for your entrepass, you can go on and hire a Singapore company incorporation agent to register your company. You can also relocate to Singapore and assume the command of your company by being its resident director.

It is a busy time when you are trying to register your company in Singapore. It is also a time when you should understand the finer points of being the resident director of a company. It is a tough job, as you are fully responsible for the management and future course of your company.

 

Thoughts on the Need of Accounting Services Singapore for Compliant Business

You are right to appoint one of the experienced accounting services Singapore to take care of business’ accounting needs. It is the need of time as it frees you from the drudgery of the task.

A large majority of the owners of small businesses use outsourced accounting services Singapore to take care of the task. It is hardly an inspiring task, and they can use every extra minute to take their businesses to the new heights.

You Must Regularly Update the Books of Accounts

The experts’ advice to business owners is to regularly update their books of accounts. It is also a statutory obligation. In fact, the companies are better off by doing so as it is important to keep the records of their receipts and invoices before they are forgotten. The records are useful for the purpose of accounting and auditing. The accounting and bookkeeping services Singapore comes handy in this respect.

Professional Accounting & Bookkeeping Services Singapore

The accounting services Singapore employ professional bookkeepers. The firms offer monthly or quarterly bookkeeping services as per their clients’ requirements. These professionals record every financial transaction of the business. They also meticulously conduct the monthly or quarterly accounting of the books.

If you are yet to decide about appointing an accounting firm for the task, you should try to find answers to a few questions. “Do I want to spend a large amount time for the activity?” and “Will it really cost me to employ an accounting service and be free of any stress?” and “Does the benefit outweighs the expenses for hiring a competent accounting firm?”

In-house Accounting Can be a Costly Affair

Instead of using an outsourced accounting services Singapore, you can choose to hire an in-house accountant for the task. It will enable you to protect the privacy of your financial data. It means you have to invest resources in searching, interviewing, and hiring the professional. You will also need to take into account the employee turnover rates.

However, if you take this option, you will also have to spend on training the candidates and for providing the infrastructure. It also means that the activity remains in-house. Whenever there are tense moments in the accounting department, they will mess with the flow of work in the whole workplace. In a pressure cooker situation, it can cause you to lose focus and your competitive edge.

Also read: Get Accounting Services for Small Business in Singapore, Follow the Trend

The Trend is to Outsource Administrative Tasks

Moreover, administrative tasks like accounting form the non-core tasks of the business. They generate no income for it. That is why in a tough market such as Singapore it makes sense to hand it over to one of the qualified accounting and bookkeeping services Singapore.

Actually, outsourcing to cheap accounting services Singapore is a well-trodden path. They have trained staff and measures in place to ensure the privacy of clients’ financial data. The most of the MNCs, all over the world, try to outsource their non-core tasks and stay lean, focused, and combat ready.

The small business owners, by choosing to hire accounting services provider Singapore can do away with the unnecessary interruptions. It allows them to pay careful attention to their sales funnel, revenue generation, and profit optimization without having to worry about statutory compliance.

Cheap Accounting Services Singapore

After hiring one of the outsourced accounting services Singapore like SBS Consulting Pte Ltd, you can expect following services:

  • Singapore Accounting Software Assistance
  • Monthly or Quarterly Accounting Services
  • Recording Full Set of Account Transactions
  • Compilation of Accounts
  • Preparation of Cash Flow Statements
  • Singapore Group Consolidation
  • Singapore Bank & Other Accounts Reconciliation
  • Accounts Payable (AP)
  • Preparation of Financial Statements
  • Preparation of Directors’ Report /Compilation Report
  • XBRL Statement & Filing
  • Payroll Services

In the real life, at the end of a tiring day, it is too much to expect from a small business owner to sit down and update the business’ books of accounts. The multitasking they have to do is enough to wear them. And, it will be outright crime to expect them to do it day-by-day and come up with clean, structured, and infallible financial records for the statutory annual filing. It is no wonder that they seek affordable accounting services Singapore prices to hire expert help.

Contact us:
SBS Consulting Pte Ltd
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Singapore Company Formation: Finding Initial Customers

When you opt for company registration in Singapore, you have every right to hope for its success. However, the road to it is full of challenges. If you are bootstrapping your Singapore company formation, it becomes imperative to surmount each of them. You also economize on your resources. You can actually start it by hiring cost-effective Singapore company registration services.

You have to focus all your energies on selling your business idea. At every turn in the road to the successful entrepreneurship, you have to keep in mind that you are not on an adventure like Google and Microsoft went on with Motorola and Nokia respectively. You don’t have that kind of money. The only money that you are going see out of your company registration in Singapore is what you are going to earn from it.

Sell to Ensure Your Survival

As a bootstrapper, you must be ready with a plan to attract as many paying customers as possible right from the day one. You have to spend every second of your day to make your products and services appealing to them. It is a top priority, as you must sell to generate revenue and to ensure the survival of your limited private company in Singapore.

Prepare the Ground

However, the question is, “Is the market prepared to take you seriously?” It will happen only if you have a product that satisfies a major need in your business niche. Even after having such a product you may find it struggle to attract your initial customers. But you should not let your heart sink because every startup owner has to go this phase. You should be actually prepared for it.

Get Feedback and Suggestions

You have to be very careful how you treat your initial customers. It is going to set the tone of your business activities. At this stage, you should invest yourself in finding out what they think of your product; feedback and suggestions. You should convince them with your responsiveness and approach towards customer satisfaction.

Once you have sufficient amount of feedback, you should take sincere steps to improve your products or services to add more value to them. Make sure that they are successfully addressing the problems faced by your targeted customers. They go back to the board and redraft and refocus your marketing activities like content marketing, ad campaigns, or referral programs to drive the massive growth.

 

Attracting Your Initial Customers

1#. Market Research & Survey to Find Pain Points

You cannot just go and make what you want to offer to your customers. If you are seriously interested in taking your company registration in Singapore on the road to success, you need to conduct market research and surveys.

You need to find the pain points and go to the drawing board and if needed, rethink your business idea and develop it into something that is much needed. You sell what your targeted customers need not what you have developed blindly.

2#. Piggyback on Your Competitor’s Content Marketing

Every new Singapore company formation finds it hard to acquire recognition. The consumers are a bit wary of unknown sellers. And in general, things move slowly for them.

However, there is a way to accelerate the things and get wide recognition. You can piggyback on the competitor’s efforts. It involves finding out the media and channels they are using to promote their products. Then, post your content there to market similar products.

However, you cannot use this approach if the product is based on a new idea, or offers the different set of solutions. You will have to make it a full-fledged marketing activity to promote your product.

3#. Get Inputs from the Experts

If you could, you should also talk to experienced individuals that are witness to the ups and downs of your business niche. You could meet product reviewers, product developers, suppliers, or investors who could give worthwhile inputs to you.

It is obvious that not all of these individuals you are interested in talking to will accept your invitation and allow you to pick their brains. You, if needed, may think of hiring them.

Each year, thousands of aspiring entrepreneurs pay company set up cost stipulated by the Singapore company registrar. However, nursing a new Singapore company formation and creating enough room for it to grow in a competitive market is a tough thing to do.

Contact us:
SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

3 Tasks to Delegate After Singapore Company Registration

After paying Singapore company incorporation fees to get your startup going, you should be choosy in the tasks you spend time on. Your first priority is to grow the new Singapore company registration to its fullest extent. You should take the time to identify the tasks that you absolutely must do on your own.

In fact, you should brainstorm the business of the delegation of tasks right before setting up a private limited company in Singapore. After all, you could hire one of the Singapore company registration services to see to the faultless execution of the Singapore company registration process.

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Setting Up a Private Limited Company in Singapore

The company incorporation in Singapore with ACRA is not a difficult task. However, hiring an expert to do it for you takes a load off your mind especially, when you are a foreigner and new to jurisdiction. The ground reality is that you could limit the cost to set up a private limited company if you choose one of the promo incorporation package.

These packages are designed to reduce the Singapore company registration cost. Singapore company registration services like SBS Consulting Pte Ltd offer multiple services for the cost of one.

Delegate Tasks Post Singapore Business Incorporation

As a startup business owner, rearing to go, you should get rid of the tasks that can eat up your time, mental, spiritual, and physical space. You have to identify them before they become a nuisance.

Also Read: Company Registration Singapore: 6 Tips to Grow as an Entrepreneur

Tasks Needing Physical Efforts or Travel

When you have a product, you must see to it that it reaches to your whole sellers and retailers in time. However, it does not mean that you have to deliver it personally. Surely, you have better things to do. If you hire someone and delegate the task, you will have spare time to think about adding more value to the product and making it more attractive to your customer.

When you supply your products on time, you must make sure that you get the check on time. However, in real life, it may not work as smoothly as you want it. You may find yourself visiting a few clients’ and waiting on them multiple times for your payment.

It is utter waste of your time. Such incidences may also harm your cash flow drastically. You should think about establishing a network to distribute your products. The distributors may also come handy in increasing your reach as they have their own contacts and resources.

Tasks Needing Technical Knowledge

The marketing gurus advise the startup owners to establish the business website as soon as possible. It helps in marketing and branding your company. You could use it to spread awareness about your products and business activities among your potential or targeted customers.

If you have the expertise, you could actually design and develop the website on your own. However, if the technical knowledge that you will need to execute it is out of your reach, it is better to outsource the task to the experts.

Delegate Non-Core Tasks

Every Singapore business, including the startups, have to discharge administrative functions. They have to regularly update their books of accounts, execute their payroll on time, be prompt with the audits, taxation, statutory filings, holding of AGMs, etc.

However, all of these are non-core tasks of the business. They generate no profit for it and you must have expert knowledge to discharge them. It is not something that you try to do on DIY-basis. You will be better off by appointing the experts to take care of them.

As the owner of a growing Singapore company registration you will need to take critical decisions from time-to-time. They may include delegating tasks to your employees so they could have thorough understanding of them. You may also choose to give a breathing space to your new employees by delegating an established and streamlined tasks to them. On the other hand, you could also decide to saddle them with the one you hate most freeing your mind.

Contact us:

SBS Consulting Pte Ltd

High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Company Incorporation Singapore & Taking Risks

Everyone has to eat thrice a day, but that does not mean that they will jump into a wagon and crash at your new restaurant for it. Well, it is entrepreneurship for you. And many will tell you it is risky to commit your resources to a company incorporation Singapore.

Being an Entrepreneur & Taking Risks

However, if you do not take any risk, you would never know how much you could have achieved with your business idea. Not many people get into the entrepreneurship as they are scared that they may lose their investment in their limited private company Singapore.

If you talk to the successful entrepreneurs or any successful individual, you will find that they succeed because they took risks. They left the zone of comfort, choose to set up a private limited company in Singapore and take on the hardships of a business owner’s life.

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Get Out of Your Comfort Zone

The most people do not want to leave their ‘comfort zone.’ Are you one of them? Ask yourself, if you can incorporate a company in Singapore and do everything in your power to run it successfully.

Take your time as it is a question you will need to think out properly before paying Singapore company incorporation fees.

You may not want to take any risk, but be sure that someone else will and be the cause of monumental changes in your business niche. Even a well-established business has to take risks to expand its horizon by investing in product development.

Want Comfort of a 9–5 Job?

You, as an entrepreneur interested in a company incorporation Singapore, have to take the risk. You should walk into it with open eyes with the full understanding that you may lose all your investment; money, time, reputation, goodwill, etc. If you are not prepared for it, you should think of doing something else. If you find the security of monthly paychecks promising, you should stick to a 9–5 job and not bother any of the Singapore company registration services.

Be a Leader and Be Flexible

As an entrepreneur, you will have to lead from the front. Be a leader to your employee, and multitask, rather than be discouraged, when they leave prematurely. You will have to take decisions that may affect your loyal customers or investors profoundly.

You will also have to be flexible to change your strategies if the existing ones are not productive. You have to accept this and much more so as to embrace the uncertainty of the entrepreneurship knowingly.

Also read: How to Turn Your Idea Into a Successful Company Incorporation Singapore

Avoid Risks with Data Driven Decisions

An entrepreneur has to face risks and find solutions to beat them by using historical data for decision-making. You will have to learn to predict the probability of a favorable outcome of your business decision. And, then go ahead if you are comfortable with it.

You may also have to deal with the risks that are more difficult to calculate. These types of risks have ambiguity built into them. And there is not enough data to quantify them and form a strategy against them. The majority of business risks are of this type. You will need to market research & surveys to know about the consumer behavior, needs, demographic, and economic and market trends

Cultural Bias and Taking Risks

The people react in different ways when an individual shows interest in being an entrepreneur. These responses depend on the cultural bias and family’s business backgrounad or lack of it. The families having business background responds positively to the risk-taking.

Still, the entrepreneurs having positive support to buoy them needs to be careful. They must calculate the risks to the last centimeter and accept the failure of best-laid plans.

Also read: 5 Things Every Entrepreneur Should Know Before Company Registration Singapore

Be Prepared to Face Failure

However, you should not let the specter of failure to bog down your mind. And, keep a tight lid on your imagination and avoid exaggerating the risks especially when you have insufficient data in hand. Do not think that every failure is going to sink your new Singapore business incorporation and leave you in debts.

An entrepreneur is someone different than the common folk, as, most other individuals shy away from risks. It makes you stand out in the crowd as a man who is ready to try new business ideas. Yes, of course, your company incorporation Singapore may fail to succeed, but it is better than denying the existing of the ideas and the entrepreneurial spirit in you.

 

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Stop DIY, Hire Accounting Services Singapore at Affordable Price

See, what happens to the owners and their friends who insist on doing business’ accounting on DIY basis instead of appointing a reliable accounting services Singapore for it.

“Come on Bro! It cannot be better than what it is now.

“Count of 1–2–3 & hit the button and, we will be rid of your company’s annual filing for this year.

“Yes, done accurately and filed within deadline as per the ACRA’s wishes.”

“And do me a favor,” “Pick up that phone as promised and order some food. My stomach is growling and Bro, they are some scary noises.”

“What? It is 3:07 AM in the morning.”

“So, what! Let’s have late supper.”

“Man, it is too late for that.”

“Don’t give me bullshit. Let’s have early breakfast. I’m dying for food.”

“Man, it is too early for that.”

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Hire Accounting & Bookkeeping Services Singapore & be Compliant

If you move in certain circles and keep your ears open, you must hear such dialogs or anecdotes based on similar lines. It is the same all over the world. The small business owners have to bear the brunt of administrative work or shell out the prices charged by the accounting services in Singapore to get it done.

However, the money spent on a provider of an accounting and bookkeeping services Singapore like SBS Consulting Pte Ltd is not an expense down the drain. The ACRA expects every business to regularly update its books of accounts. It is a statutory requirement. However, the task is more meaningful than that as it also reveals the financial standing of the business.

Accounting Services Rendered by SBS Consulting

  • Singapore Accounting Software Assistance
  • Singapore Professional Accounting Service
  • Recording Full Set of Account Transactions
  • Preparation of Cash flow Statements
  • Singapore Group Consolidation
  • Singapore Bank and Other Accounts Reconciliation
  • Accounts Payable (AP)
  • Financial Statements Preparation
  • Directors Report /Compilation Report Preparation
  • Compilation of Accounts
  • XBRL Statement Preparation

Do your Books by SFRS

The accounting services Singapore employs experts who can read the financial data of the business and understand the cash flow of your business. They help you in improving it by pinpointing the unnecessary expenses. They are well-versed in Singapore Financial Reporting Standards (SFRS) and SFRS for small entities. They do your books keeping in mind your business needs. They use single or double-entry principles to do it.

Monthly or Quarterly Bookkeeping or Accounting

The experts employed by the outsourced accounting services Singapore are used to provide monthly or quarterly bookkeeping services and monthly accounting or quarterly accounting services. Most importantly, they know that their clients’ businesses experience periodical changes in demands. They know how to adjust their services to accommodate the rise and fall in demand for clients’ products or services.

Singapore Unaudited Financial Statements

When it is time for the annual filing, they prepare various financial reports like balance sheet, profit and loss statement, compilation report/ Director’s report, etc. When they prepare Singapore unaudited financial statements for your business, you get timely and accurately prepared documents as listed below.

  • Cash Flow Statements
  • Statement of Balance Sheet
  • Director’s Report
  • Income Statements
  • Statements of Changes in Equity
  • Notes to the Financial Statements

GST Registration and Filing

As per ACRA’s mandate, the business owners are responsible for ascertaining whether their business is due for the GST registration. The accounting and bookkeeping services in Singapore assists them with the task. They also shoulder the responsibility of quarterly GST return filing, leaving you to focus on your business goals. It is a great relief as the filing of taxes is a non-core task for your business. It generates no revenue or profit from it.

Before hiring an accounting services Singapore, get to know how reliable it is. Moreover, choose a services provider for the quality and not for their low-priced services. Of course, it does not mean that you will not get quality from the cheap outsourced accounting services in Singapore. However, they must be experienced and conscientious enough to secure your statutory compliance. If it is needed, discuss your business needs with their representative and make sure there are no hidden costs.

Contact us:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Know What Singapore Company Registration Services You Can Get in $699

Looking for a reliable Singapore company registration services firm? When a creative person starts offering a new service or comes out with a new product, there are always copycats to follow a leader. After a time, the market is so full of these entities; you cannot even identify the initiator unless you were there at the start.

Locating a proud Singapore company registration services provider is not an easy task to register company in singapore for foreigner. In fact, it is also difficult for the Singaporean entrepreneurs who are opting for Singapore company formation for the first-time.

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Keep the Cost of Singapore Company Formation Down

If you are bootstrapping your business, then the cost of incorporation will be your main concern. The best option to limit it is to search for the Singapore company registration agents like SBS Consulting Pte Ltd that offer freebies. You should actively search for the promo or combo packages that offer multiple services but charge only for one.

You should also examine the add-on FREE services carefully and determine whether they are essential for the task at hand. It will enable you to keep the ultimate Singapore company registration cost under manageable level. If it is possible, make sure that you will not have to pay for the essential services in future.

Look for Freebies

As per the Companies Act, you must provide a local registered office address at the time of applying for the registration of Singapore company. You also appoint an experienced and qualified company secretary within the six months from the registration date. Hiring SBS drastically brings down the Singapore company formation cost as you get $540 worth of services FREE.

Check for Hidden Costs

Your internet research will reveal different pricing policies pursued by the Singapore company registration services firms. You will also realize that not all of them are open and forthcoming about the final cost of setup a company in Singapore. If you must, you should contact and discuss it with them. Make sure that there are no hidden costs which will cause you to regret your choice of the services provider.

Promo Package for Setting a Company in Singapore

After appointing a competent provider of company registration services in Singapore, you can expect following incorporation services:

  • Checking availability of company name & reserving it

  • Preparation of M&AA, Form 45, Form 45B

  • Company registration with ACRA

  • Electronic Certificate of Incorporation

  • Company profile/extract from ACRA with UEN Number

  • Minutes of first board meeting

  • Share certificate(s)

  • Common seal

  • Preparation of company kit

  • FREE assistance for opening Bank account in a Singapore bank

Process for Singapore Business Registration is Easy

The process to set up a private limited company in Singapore is a simple one. You need to provide proper incorporation documents to your agent along with the list of 4-5 names for your proposed company. They will use the available name to register your company. Within no time, you will have your brand-new Singapore company.

However, the process will take 14 days to 2 months if the company name has terms like “Bank,” “Education,” “Financial” in it. These applications are referred to the appropriate authorities, and the approval takes time.

Complete Post Incorporation Activities

Wait! Don’t start your business activities, as you are not yet. There certain post-registration activities that you must complete. These include the opening of a corporate bank account in a local bank in Singapore, opening a CPF account and topping it, check whether you need to register your company for GST.

You may also need to apply and acquire business permits and licenses if your business activities require them. Your Singapore company registration services providing firm may be of assistance in completing these activities. These firms employ experienced professionals, and you will be better off by discussing your needs with them.

 

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: +65-6536 0036

Email: info@sbsgroup.com.sg