Company Administration

It is a legal requirement in Singapore for private limited companies to have at least one local resident director.  In the event that there is no qualified individual to act and be appointed as director, companies can opt for nominee director services. 

A nominee director is a person who agrees to be appointed as an officer of a company even though they will not be involved in the actual operation of the company. This service is mainly used for statutory compliance and privacy purposes. It is a good legal solution when an individual wants to preserve his/her privacy and not disclose their interest in a company. With the risks involved in appointing a nominee director, it is of great importance to appoint a trusted and reputable person to act as a nominee director.

Accmaster offers nominee director services for both new and existing companies on a long-term basis or until you find a suitable local resident director to represent your company.
 

One of the mandatory requirements to set up a business in Singapore is to have a physical office registered with Accounting and Corporate Regulatory Authority (ACRA).

A virtual office is a better solution to help start-ups and small businesses run at a low cost as it reduced overheads and adds flexibility. 

A virtual office has:

• An address for your correspondence and posts
• An address for your legal affairs
• A dedicated telephone line
• Mail and voicemail services
• Admin support to answer your phone calls and receive your letters and packages
• A meeting room for you to rent whenever you needed

Build your business presence with a virtual office in Singapore. Use one of our business addresses in prime locations and enjoy professional post, mail forwarding, and call answering services, plus use of our meeting rooms whenever you need it.
 

Opening a business account is a necessity to separate the owner’s/director’s personal assets from the company’s money. Banks become strict in approving new clients and opening a corporate bank becomes a challenge. 

All financial institutions in Singapore are required by law to comply with Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements and guidelines to prevent terrorists and criminals from using financial products and services to store and move around their money. This is one of the main reasons why opening a corporate bank account, especially for foreigners becomes difficult and lengthy.

Accmaster has a wide banking network that will help you open a corporate bank account with ease.
 

When a business struggles and directors or owners would choose to close down the business, one of the options available is to strike off the name of the company from the register.

A company strike-off is the process when a business is removed from the register and ceases to exist.

Striking off is far less costly than liquidation and it does not require the appointment of a Liquidator. 
The process can be straightforward provided that the company can satisfy all criteria to strike off a company. If there is no objection to striking off the company, the entire process will take at least 4 months.
 

If your company wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA), it must be registered with the Monetary Authority of Singapore (MAS) or hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC) or licensed fund management company (FMC). Managers of venture capital funds may also apply to operate under the venture capital fund manager (VCFM) regime.

Individuals performing key functions in a fund management company, such as portfolio construction and allocation, research and advisory, business development and marketing, or client servicing are required to be representatives.
 

Section 197 of the Companies Act states that every Singapore-incorporate company must lodge a return with ACRA after its annual general meeting

Annual Return is filed electronically and it contains important information about the company such as the name of the directors, the secretary, its shareholders (also known as members), and the date to which the financial statements of the company are made up. Timely and accurate submission is required as the Annual Return provides critical information that helps the company’s stakeholders to make informed decisions. Non-filing of return has corresponding enforcement actions against the company’s officers.