Corporate Services FAQs
Foreigners on Singapore work passes such as Employment Pass, S Pass, etc. are exempt from CPF contributions in Singapore.
The Companies Act requires all Singapore incorporated entities to have a Singapore-based registered address.
- Registered address cannot be a PO Box.
- Can be either private residential or commercial address
- For residential addresses, you need to seek permission from the Housing and Development Board (HDB) or Urban Development Authority.
It’s the company’s address for formal government communications. The registered office must be a real address.
AsiaBiz provides a prestigious registered address, which can be used as your registered and business address for your company. The address can be used on business cards, letterheads or any other official documents.
Whenever mails arrive at our registered address, AsiaBiz will notify you via email. You will than arrange to collect the mails within 2 weeks from our office.
For any arrival of postal mails including courier items and small parcels, AsiaBiz can forward the mails based on your instructions. All forwarding postage costs will be charged accordingly to you.
* This service will require a S$100.00 deposit and will be used to offset against the mail forwarding charges.
AsiaBiz has highly trained, professional staff who will personally attend to your calls using your company’s name. For a fee slightly higher than the automated computer answering service, the computerized automated answering service will also greet all your incoming calls with your company’s name, and the caller will have an option either to leave a voice mail or be automatically diverted to another telephone number specified by you. Don’t miss any more calls!
* This service will require a S$200.00 deposit and will be used to offset the call forwarding charges.
Singapore Companies Act Section 171 of the Companies Act requires a company to appoint a Singapore resident company secretary. All Singapore Companies must appoint a Company Secretary to handle on-going statutory compliance matters. AsiaBiz will act as the named Company Secretary for your Company to comply with the Companies Act.
Yes. The Company Secretary is the officer of the company and his/or her name must be registered ACRA Records.
The company secretary is usually responsible for establishing and maintaining the company’s records. Monitoring and ensuring compliance with relevant legal requirements, particularly under the Companies Act are adhered on a timely basis.
- any changes in the director(s) of a company or particulars relating to director(s)
- changes to a directors name or residential address
- removal from office in accordance with the Act or constitution
- annual return
- change of company name
- adoption, alteration and revocation of constitution
- issue of shares
- any other changes that requires updating with ACRA
Our annual fee for acting as the company secretary includes the following:
- Providing one qualified person as Secretary of your company including named Company Secretary in ACRA Records for 12 months
- Preparation of forms to be filed with the ACRA
- Maintaining the statutory books and preparation of all relevant minutes for directors and shareholders meetings
- Share transfer forms and any other documentation normally required in the field of Company Secretarial work.
- ACRA and IRAS various statutory Compliance Alert & Reminders via Email.
*Non-routine corporate secretarial services are charged on a time-cost basis. ACRA – Accounting & Corporate Regulatory & Authority
Secretarial matters of non-routine nature will be chargeable on a per request basis and all out of pockets expenses. Examples include:
- Increase of paid-up capital
- Change of shareholding
- Change of M&A
- Change of directors
- Opening of additional bank accounts
- Change of registered address
Singapore Company Act requires all Singapore companies to have at least one local resident company secretary.
Once you have incorporated your Singapore Company, opening a Singapore corporate bank account will invariably be approved. Singapore welcomes all genuine business setup. Usually the bank will conduct their due diligence (often called “Know Your Client” due diligence) on the proposed activities of the company as well as the background of the principals involved. There is no reason for the Bank to object the opening of your bank account unless they suspect that you are not a:
- Bonefide client
- Your business activity is not supported by the bank i.e. Gambling, e Funds etc.
- You are involved in money laundering
- You have personal history of past bad records
Under normal circumstances, there should not be any problem with opening the corporate bank account for a Singapore company.
They will require the company M&A, and the incorporation certificate. Some banks however may require further documentation such as bank reference and proof of residence.
The opening balance has to be credited directly to your bank account after the account has been opened and fully activated.
Singapore has an excellent and varied choices of well-reputed local and international banks for opening corporate accounts.
Standard Chartered (www.standardchartered.com.sg)
The specific requirements for opening a bank account vary from bank to bank. Most of the local banks require that the bank signatories to be personally present for the opening of the bank account. Due to our close working relationship with some banks it enables us to handle the account opening paperwork without the presence of the client coming to Singapore.
Depending upon the bank, it may take from one day to few weeks.
Yes most bank in Singapore will allow you to open multi-currency account or different accounts for different currencies.
“Can the bank account be opened before the company is setup? If not, how soon after incorporating the company can I open the bank account?”
The bank account can only be opened once the company has been incorporated. We will prepare the necessary Bank account documents required immediately for opening of the bank account with the bank of your choice.
There are no restrictions for moving funds in and out of Singapore. You should check with a qualified professional in your home country regarding the rules and regulations in your home country there, if any.
To encourage local entrepreneurship, Singapore Government has declared a full tax exemption for newly incorporated companies.
Full tax exemption is granted on the first S$100,000 of chargeable income for qualifying new companies for the first three years of assessment.
A nominee director is a third party provided by us to be registered as the local resident director of the Singapore Company due to Singapore Companies Act requirements.
“If we don’t have anybody in Singapore who can act as the local resident director for our company, do you provide the service of a nominee director? What role will he play in our company?”
Yes, we do provide nominee director service. However, please note that our nominee director will not have any financial, management, or operational interest in the company. His main role is just to satisfy the statutory requirement of a local resident director for your Singapore company.
As per Singapore company laws, the responsibilities of a company director are quite onerous and therefore we have certain conditions that must be fulfilled in order for us to provide a nominee director service. Specifically,
- We would need to be satisfied with the credibility of company beneficiaries and may require additional information on a case-by-case basis. We are required to conduct our own due diligence process known as KYC (or “know your client”).
- We require you to sign a nominee director indemnity letter.
- In addition to our nominee director professional service fee, we require a refundable security deposit for the provision of this service.
Yes, you can terminate our nominee director service anytime by providing us with the details of an alternate local resident director. We will do the necessary paperwork, lodge the change with authorities and promptly refund the security deposit back to you.
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