What is the regulatory compliance guide in Singapore

What is the regulatory compliance guide in Singapore?

Singapore houses one of the biggest corporations and companies in the world. This is because Singapore has always been one of the most stable and active economies among other countries. Singapore offers many economic opportunities to these corporations that is why firms from all over the world cramp and try to build their own here. This country is ranked as the freest market in the world in the latest 2020 index. This means that it has the most business-friendly environment. This is because Singapore offers many relaxed policies when it comes to doing business. This is why hundreds, if not thousands, of businesses are already here and more are still coming.

Given that it has many businesses and corporate entities, it also has one of the most organized and transparent legal procedures. Singapore requires strict compliance with its regulatory policies to keep things in order. An entity must be able to abide by these policies to be legally operational. These policies are carried out by the Companies Act which aims to help businesses have an understanding of their company and its structure.

Aside from the company incorporation Singapore procedure, there are more steps that a company should abide by. These procedures can be done and attended by a professional from a  corporate secretarial services Singapore firm. This way you can be sure that the work is done correctly and is in compliance with all necessary rules. These laws are usually done after the company incorporation Singapore procedure, however, some must be done on a regular basis. This calls for a need to hire a professional from a corporate secretarial services Singapore firm. To know more, here are some of the things that must be done to ensure regulatory compliance.

Office address

One of the few things that companies are required to have is an office address. This address is not just any address, it also shouldn’t be a PO Box. This should be open for the public for a minimum of three hours during the day on regular working hours. If the company has different office hours due to valid reasons, the company should apply for different office hours in ACRA. This application can be done by the corporate secretarial services Singapore personnel.

Appointment of auditors

Within three months after the company incorporation Singapore procedure, a company must be able to hire or appoint an auditor as is required by the law. This can be skipped if the company shareholders are all individuals instead of corporations, the shareholders are less than twenty, and the annual turnover of the company is less than S$5 million. However, in case it is inevitable, the same corporate secretarial services Singapore firm should be able to provide you or recommend a credible auditor that can attend to your needs.

Notify ACRA when there are changes

ACRA is one of the main government agencies that take over company registration documents and procedures, that is why they should be notified all the time. This way you can avoid future unnecessary complications with your registration. These changes can be the transfer of shares, nomination, or resignation of one of the members, an increase or decrease in capital share. This can all be done by the staff from the corporate secretarial services Singapore form that you have hired. It is also advisable to consult professionals before applying any changes to the structure of your company.

Company registration number disclosure

This is also known as the Unique Entity Number (UEN) which is issued while the company incorporation Singapore processes are being done. A Certificate of Incorporation can be requested from ACRA as proof that the company has already incorporated its business and already has UEN. It is important to disclose the company’s registration number to all business transactions to remain transparent. This can be acquired by the expert from a corporate secretarial services Singapore firm as they are already well-versed in these kinds of procedures.

Annual general meeting

Another requirement is to hold a general annual meeting once every calendar year or 15 months after the date of the last general meeting. For those who just finished the company incorporation Singapore procedure, they are allowed to do their first annual general meeting after 18 months. After this, the annual return should be filed with ACRA within one month. This filling can be done by the personnel from the corporate secretarial services Singapore firm that you have hired.

Hire us today

There are many things to abide by to be able to legally operate in Singapore. These things can be done by a corporate secretarial services Singapore form. WLP Group can do these for you. Visit us today to know more.