Setting Up an Exempt Private Company
Setting Up an Exempt Private Company | Accounting and Corporate Regulatory Authority
An Exempt Private Company (EPC) in Singapore is a private company with a maximum of 20 individual shareholders. No corporate shareholders are allowed.
Setting up an Exempt Private Company (EPC) in Singapore involves several steps with the Accounting and Corporate Regulatory Authority (ACRA). Here's a breakdown of the process:
Select a unique name that complies with ACRA's guidelines.
Check for name availability on the ACRA website.
The name typically ends with "Pte Ltd".
Director: At least one director must be a Singaporean citizen, Permanent Resident, or Employment Pass/Dependent Pass holder.
Company Secretary: Must be a Singaporean resident.
Shareholders: Maximum of 20 individual shareholders.
3. Preparing Necessary Documents:
Memorandum and Articles of Association: Outlines the company's purpose and internal regulations.
Identification Documents: For directors, shareholders, and company secretary.
Proof of Registered Office Address: A physical address in Singapore.
Submit the application online through ACRA's website.
Pay the required registration fees.
5. Post-Registration:
Open a Corporate Bank Account: To manage company finances.
Obtain Necessary Licenses and Permits: Depending on the business activities.
Maintain Company Registers: Keep records of shareholders, directors, etc.
Key Requirements for an EPC:
Minimum paid-up capital of S$1.
Registered office address in Singapore.
Compliance with the Companies Act and other relevant regulations.
Benefits of an EPC:
Limited liability for shareholders.
Tax exemptions and incentives.
Simplified compliance requirements compared to public companies.
Choosing a Company Name
Choosing the right company name is a crucial first step in setting up your Exempt Private Company (EPC) in Singapore. It's more than just a label; it's your brand's first impression and can significantly impact your business. Here's a guide to help you navigate this process:
1. Brainstorming and Initial Checks:
Reflect your business: The name should ideally hint at what your company does or the values it represents.
Keep it concise and memorable: Short, catchy names are easier to remember and pronounce.
Target audience: Consider how the name resonates with your intended customers.
Availability: Use ACRA's online tool (Bizfile) to check if your desired name is already taken. This is a crucial step!
2. ACRA Guidelines:
Uniqueness: Your name cannot be identical to an existing company's name.
Prohibited words: Avoid names that are vulgar, obscene, offensive, or suggest government affiliation.
Restricted words: Some words may require approval from relevant authorities (e.g., "bank," "school").
Suffix: Typically ends with "Pte Ltd".
3. Beyond ACRA:
Trademark availability: Check if the name is available as a trademark to protect your brand.
Domain name: See if the corresponding domain name is available for your website.
Social media handles: Ensure the name is available on relevant social media platforms.
4. Name Reservation:
Once you've shortlisted a name, you need to reserve it with ACRA through Bizfile.
This reservation is valid for 120 days, giving you time to complete the company registration process.
Tips for Choosing a Company Name:
Simplicity is key: Easy to spell, pronounce, and remember.
Relevance: Reflects your business activities or values.
Uniqueness: Stands out from the competition.
Positive connotations: Avoids negative or unintended meanings.
Future-proof: Consider potential business expansion or changes.
Important Notes:
ACRA's guidelines are detailed and should be carefully reviewed.
Reserving a name doesn't guarantee its final approval.
Consider seeking professional advice if you have any doubts.
Choosing the right company name is an investment in your business's future. Take your time, do your research, and select a name that you're proud to represent.
Appointing Directors, Company Secretary and Other Key Personnel
Appointing the right people to key positions in your Exempt Private Company (EPC) is crucial for its smooth operation and compliance with Singapore's regulations. Here's a breakdown of the key personnel you'll need and their responsibilities:
1. Directors:
Role: Directors are responsible for the overall management and strategic direction of the company. They make key decisions and ensure the company acts in the best interests of its shareholders.
Requirements:
At least one director must be a Singaporean citizen, Permanent Resident, or Employment Pass/Dependent Pass holder.
Must be at least 18 years old and of sound mind.
Cannot be an undischarged bankrupt or disqualified from being a director.
Responsibilities:
Overseeing the company's operations.
Making strategic decisions.
Ensuring compliance with regulations.
Acting in the best interests of the company.
2. Company Secretary:
Role: The company secretary is responsible for ensuring the company complies with all legal and regulatory requirements. They act as a liaison between the company and ACRA.
Requirements:
Must be a Singaporean resident.
Cannot be the sole director of the company.
Responsibilities:
Maintaining company records and registers.
Filing annual returns and other documents with ACRA.
Organizing company meetings and preparing minutes.
Advising the board of directors on legal and regulatory matters.
3. Other Key Personnel (Optional):
Chief Executive Officer (CEO): Responsible for the day-to-day management of the company.
Managing Director: May be appointed to oversee specific aspects of the company's operations.
Auditor: While not mandatory for all EPCs (depending on certain criteria), appointing an auditor can provide assurance about the company's financial health.
Important Considerations:
Competence: Choose individuals with the necessary skills and experience to fulfill their roles effectively.
Trustworthiness: Appoint people you can trust to act in the best interests of the company.
Compliance: Ensure all appointed personnel are aware of their responsibilities and the company's legal obligations.
Appointment Process:
The appointment of directors and company secretary is typically done during the company incorporation process.
ACRA requires the personal particulars and contact details of these individuals.
All proposed directors and the company secretary must endorse their appointments online via Bizfile.
Tips:
Plan ahead: Think carefully about the key personnel you need before starting the company registration process.
Due diligence: Conduct thorough background checks on potential appointees.
By carefully selecting and appointing qualified individuals to key positions, you can set your EPC up for success and ensure compliance with Singapore's regulations.
Share Capital
Share capital represents the funds a company raises by issuing shares to its shareholders. It's a crucial aspect of your Exempt Private Company (EPC) in Singapore, and understanding its structure is essential. Here's a breakdown:
What is Share Capital?
Share capital is the equity financing a company receives from its shareholders. It's the amount of money the company has received in exchange for issuing shares. It's a key component of the company's equity and is shown on the company's balance sheet.
Key Concepts Related to Share Capital:
Issued Share Capital: This is the number of shares the company has actually issued to shareholders. It's the portion of the authorized share capital that has been sold.
Paid-Up Capital: This is the amount of money shareholders have actually paid for the shares they've been issued. It's the cash the company has received. Sometimes, "paid-up capital" is used interchangeably with "issued share capital," but technically, there could be a difference if shares are issued but not yet fully paid for.
Shareholders: These are the individuals or entities that own shares in the company. They become part-owners and have certain rights and responsibilities.
Types of Shares:
While EPCs typically have ordinary shares, here's a quick overview of common share types:
Ordinary Shares: These are the most common type of shares. They give shareholders voting rights and entitlement to dividends.
Preference Shares: These shares typically don't have voting rights but may offer a higher dividend payout than ordinary shares. They also often have priority in receiving assets if the company is liquidated.
Setting Up Share Capital for Your EPC:
Minimum Paid-Up Capital: In Singapore, the minimum paid-up capital for an EPC is S$1. This means you technically only need to issue and receive payment for one share.
Deciding on the Initial Share Capital: While the minimum is S$1, you should determine a realistic amount of share capital based on your business needs, initial expenses, and future funding plans.
Issuing Shares: Shares are issued to shareholders in exchange for cash or other assets.
Maintaining Records: It's essential to maintain accurate records of share issuance, transfers, and ownership. This is the responsibility of the company secretary.
Important Considerations:
Raising Capital: Share capital is a way for companies to raise funds.
Ownership: The amount of share capital a shareholder owns determines their ownership percentage in the company.
Dividends: Dividends are typically paid out to shareholders based on their shareholding.
Regulations: Share capital is governed by the Companies Act in Singapore.
Example:
Let's say your EPC initially issues 5,000 ordinary shares to yourself and your co-founder, and you both pay S$1 per share.
Issued Share Capital: 5,000 shares
Paid-Up Capital: S$5,000
Key Takeaway:
Understanding share capital is vital for managing your EPC's finances and ownership structure. While the initial setup might seem simple, it's a fundamental aspect of your company's financial health and should be carefully considered.
Shares and Shareholders
Shares and shareholders are fundamental to the structure and ownership of your Exempt Private Company (EPC) in Singapore. Here's a breakdown of the key concepts:
Shares:
What they are: A share represents a unit of ownership in your EPC. When you issue shares, you're essentially dividing the ownership of your company into portions.
What they give: Owning shares gives the shareholder certain rights, including:
Voting rights: The right to vote on company matters (usually proportionally to the number of shares owned).
Dividend entitlement: The right to receive a portion of the company's profits (if dividends are declared).
Claim on assets: A claim on the company's assets in case of liquidation (after creditors are paid).
Types of shares: While EPCs typically issue ordinary shares, there can be different classes of shares with varying rights (e.g., voting rights, dividend entitlements).
Shareholders:
Who they are: Shareholders are the individuals who own shares in your EPC. They are essentially part-owners of the company.
Eligibility: For an EPC, shareholders must be individuals (not corporations) and there can be a maximum of 20 shareholders.
Responsibilities: While shareholders aren't involved in the day-to-day management, they have certain responsibilities, such as:
Paying for their shares: Shareholders are obligated to pay the full amount due for the shares they subscribe to.
Attending meetings: Shareholders may attend company meetings (though AGMs are not mandatory for EPCs) and vote on important matters.
Limited liability: A key benefit of the EPC structure is that shareholders have limited liability. This means their personal assets are protected from the company's debts. Their liability is limited to the amount they have paid for their shares.
Key aspects related to shares and shareholders in an EPC:
Issuing shares: Shares are issued to shareholders in exchange for cash or other assets. The process is documented and recorded in the company's register.
Transferring shares: Shares can be transferred from one person to another. This usually involves a written agreement and updating the company's register.
Shareholder agreement: It's common for shareholders to have a shareholder agreement that outlines their rights, responsibilities, and how decisions are made within the company.
Maintaining records: The company secretary is responsible for maintaining accurate records of share ownership, transfers, and any changes in share capital.
Important considerations:
Ownership percentage: The number of shares a shareholder owns determines their ownership percentage in the company.
Decision-making: Shareholders have a say in major company decisions, such as appointing directors, approving mergers, and changing the company's constitution.
Dividends: If the company declares dividends, they are typically distributed to shareholders proportionally to their shareholding.
In summary:
Shares represent ownership in your EPC, and shareholders are the individuals who hold those shares. Understanding the rights and responsibilities of shareholders, as well as the different types of shares, is crucial for managing your EPC effectively. It's advisable to have a clear shareholder agreement in place to ensure smooth operation and decision-making within the company.
Constitution
The Constitution (also known as the Memorandum and Articles of Association or MAA) is a fundamental legal document that sets out the rules and regulations governing your Exempt Private Company (EPC) in Singapore. It's like the company's rulebook, defining its purpose, internal structure, and how it operates. It's a crucial document that you'll need when incorporating your company.
Key Components of the Constitution:
The Constitution typically consists of two main parts:
Memorandum of Association: This section outlines the company's:
Name: The official name of the company.
Registered Office: The company's registered address in Singapore.
Objects Clause: This clause used to define the company's business activities or purpose. Modern practice often uses a broad objects clause, stating that the company can engage in any lawful activity. This provides flexibility for the company to expand or change its business focus in the future.
Liability: States that the liability of the members (shareholders) is limited.
Share Capital: Specifies the authorized share capital of the company.
Articles of Association: This section details the internal management and administration of the company, including:
Directors: Rules regarding the appointment, removal, powers, and responsibilities of directors.
Shareholders: Rights and obligations of shareholders, including voting rights, dividend entitlements, and share transfers.
Meetings: Procedures for holding company meetings (AGMs, EGMs).
Dividends: Rules regarding the declaration and payment of dividends.
Accounts and Audit: Provisions for maintaining financial records and appointing auditors (if required).
Winding Up: Procedures for dissolving the company.
Importance of the Constitution:
Legal Framework: It provides the legal framework for the company's operations and governance.
Contractual Relationship: It forms a contract between the company and its shareholders, and between the shareholders themselves.
Compliance: It ensures the company complies with the Companies Act and other relevant regulations.
Dispute Resolution: It helps resolve disputes among shareholders or directors.
Drafting the Constitution:
Standard vs. Customized: You can use a standard constitution template provided by ACRA or customize it to suit your specific business needs. While a standard template might seem easier initially, a customized constitution is often better in the long run as it can be tailored to your specific circumstances and prevent potential issues later.
Key Considerations:
Amendments: The constitution can be amended, but the process usually requires a special resolution passed by the shareholders.
ACRA Filing: The constitution must be filed with ACRA during the company incorporation process.
Accessibility: A copy of the constitution should be readily available to directors, shareholders, and other relevant parties.
In summary:
The Constitution is a critical legal document that governs your EPC. It's essential to have a well-drafted constitution that reflects your company's specific needs and complies with Singapore's regulations. Investing time and resources in getting it right from the start can save you significant trouble and expense in the future.
Registered Office Address
The registered office address is the official address of your Exempt Private Company (EPC) in Singapore, as recorded with the Accounting and Corporate Regulatory Authority (ACRA). It's a crucial requirement for all companies incorporated in Singapore. Here's what you need to know:
Purpose of a Registered Office Address:
Official Communication: It's the address where all official communications, notices, and legal documents from government agencies (like ACRA and IRAS), banks, and other stakeholders will be sent.
Public Record: This address is publicly available, allowing anyone to contact your company.
Keeping Records: Your company's statutory registers and records (like the register of members, directors, and charges) are typically kept at this address.
Requirements for a Registered Office Address:
Physical Address: It must be a physical address located in Singapore. A P.O. Box is not acceptable.
Accessibility: The address must be accessible to the public for at least three hours during normal business hours on each business day. This means someone should be available to receive mail and handle inquiries during those hours.
Valid Address: It must be a valid address where mail can be reliably delivered.
Choosing a Registered Office Address:
Your Business Premises: If you have a physical office in Singapore, you can use that address.
Your Home Address: If you're operating your EPC from home and it complies with the Housing and Development Board (HDB) or Urban Redevelopment Authority (URA) regulations for home-based businesses, you may be able to use your residential address. However, ensure that your business activities are permitted under the Home Office Scheme.
Registered Office Address Service: Many corporate service providers offer registered office address services. This is a convenient option, especially if you don't have a physical office in Singapore or prefer to maintain your privacy. These providers will receive mail on your behalf and forward it to you.
Important Considerations:
Accuracy: Ensure the address you provide to ACRA is accurate and up-to-date. Any changes to your registered office address must be updated with ACRA within 14 days.
Privacy: If you're concerned about privacy, consider using a registered office address service instead of your home address.
Compliance: Failing to maintain a registered office address that meets ACRA's requirements can result in penalties.
Key Takeaway:
Your registered office address is an essential part of your EPC's legal identity in Singapore. Choose it carefully, ensuring it meets all the requirements and is suitable for your business needs.
Deciding on a Financial Year End
Deciding on a Financial Year End (FYE) for your Exempt Private Company (EPC) in Singapore is an important decision that impacts your accounting, tax filing, and overall business operations. Here's a breakdown of the key considerations:
What is a Financial Year End (FYE)?
The FYE is the last day of your company's 12-month accounting period.
It marks the end of your financial year, after which you'll prepare financial reports and fulfill tax obligations.
In Singapore, you have the flexibility to choose any date as your FYE.
Factors to Consider When Choosing Your FYE:
Business Cycle:
Align your FYE with your natural business cycle.
If your business has seasonal peaks, consider ending your financial year after the peak season. This can help with inventory management and financial reporting.
Tax Planning:
Think about how your FYE affects your tax obligations.
Consider aligning your FYE with tax incentives or schemes you might be eligible for.
Industry Practices:
See if there are common FYE dates within your industry.
This can make it easier to compare your company's performance with others.
Administrative Convenience:
Choose a date that's convenient for your accounting and administrative tasks.
Consider factors like staff availability and workload.
Alignment with Parent Company (if applicable):
If your EPC is a subsidiary of a foreign company, you might want to align your FYE with the parent company's.
Common FYE Dates in Singapore:
31st March
30th June
30th September
31st December
Important Points:
First FYE: Your first financial year can be up to 18 months long.
Subsequent FYEs: Must be 12 months long.
Changing FYE: You can change your FYE later, but there are certain restrictions.
ACRA and IRAS Requirements: Your FYE affects deadlines for filing annual returns with ACRA and tax returns with IRAS.
Tips for Choosing Your FYE:
Plan ahead: Don't rush this decision. Think about your long-term business goals and how your FYE fits into them.
Consult professionals: If you're unsure, seek advice from an accountant or company secretary. They can help you choose the best FYE for your specific circumstances.
Choosing the right FYE is a strategic decision that can impact your company's financial management and compliance. By considering the factors above, you can select an FYE that supports your business goals and ensures smooth operations.
Submitting your Application to ACRA
Submitting your application to ACRA (Accounting and Corporate Regulatory Authority) to incorporate your Exempt Private Company (EPC) is the final step in the registration process. It's done entirely online through ACRA's Bizfile+ portal. Here's a breakdown of what you need to do:
Before You Start:
Ensure everything is ready: You should have already:
Chosen your company name and reserved it with ACRA.
Decided on your company's constitution (Memorandum and Articles of Association).
Appointed your directors, company secretary, and determined the share capital.
Prepared all necessary supporting documents (NRIC/Passport copies, proof of registered office address, etc.).
Create a Bizfile+ account: If you don't already have one, you'll need to create a user account on the Bizfile+ portal.
The Application Process on Bizfile+:
Log in to Bizfile+: Go to the ACRA website and log in to your Bizfile+ account.
Select "Incorporation of Company": Choose the option for incorporating a new company.
Fill in the Application Form: You'll need to provide detailed information about your company, including:
Company name and registered office address.
Details of directors, company secretary, and shareholders (including their personal particulars and consent to act).
Information about the company's share capital.
A description of the company's principal activities.
Upload the company's Constitution (Memorandum and Articles of Association).
Upload Supporting Documents: You'll need to upload scanned copies of supporting documents, such as:
NRIC/Passport copies of directors, company secretary, and shareholders.
Proof of registered office address (e.g., a tenancy agreement or a letter of consent from the landlord).
Pay the Incorporation Fee: You'll need to pay the required incorporation fee online using a credit card or other accepted payment methods.
Review and Submit: Carefully review all the information you've entered and the uploaded documents before submitting the application. Once submitted, you cannot make changes.
Acknowledgement: After successful submission, you'll receive an acknowledgement of your application.
Post-Submission:
Processing Time: ACRA typically processes incorporation applications within a few days. Sometimes it can be faster, sometimes it can take a bit longer if they have a high volume or if there are issues with your application.
Notification of Successful Incorporation: If your application is successful, ACRA will send you an email notification. You can then download your company's Business Profile from Bizfile+, which serves as your official certificate of incorporation.
Unique Entity Number (UEN): Your company will be assigned a UEN, which is a unique identification number used for all transactions with government agencies.
Tips for a Smooth Application:
Double-check everything: Ensure all information is accurate and consistent. Even small errors can cause delays.
Prepare documents in advance: Have all necessary documents scanned and ready to upload before starting the application process.
Ensure all parties consent: Directors, company secretary, and shareholders must consent to their appointments online via Bizfile+. Make sure they are aware and ready to do this.
Read the instructions carefully: ACRA provides detailed instructions and guides on their website. Read them carefully before you begin.
By following these steps and paying attention to detail, you can successfully submit your application to ACRA and get your EPC incorporated in Singapore.
Maintaining Company Registers
Maintaining company registers is a crucial legal requirement for all companies in Singapore, including your Exempt Private Company (EPC). These registers provide a record of essential information about your company and its key stakeholders. Here's a breakdown of the key registers you need to maintain and what they should contain:
Key Company Registers:
Register of Members (Shareholders):
This register contains information about the shareholders of your EPC.
Information to include:
Names and addresses of members
Number and class of shares held by each member
Date when each person became a member
Date when any person ceased to be a member (within the last 7 years)
Share certificate numbers
Amount paid on the shares
Register of Directors:
This register contains information about the directors of your EPC.
Information to include:
Full name, former name (if any), residential address, nationality, and identification details of each director
Alternate address (optional)
Date of appointment and cessation of each director
Register of Company Secretaries:
This register contains information about the company secretary of your EPC.
Information to include:
Full name, residential address, and identification details of the company secretary
Alternate address (optional)
Date of appointment and cessation of the company secretary
Register of Auditors (if applicable):
If your EPC is required to appoint an auditor (depending on certain criteria), you must maintain this register.
Information to include:
Full name and identification details of the auditor
Address where the company can contact the auditor
Date of appointment and cessation of the auditor
Register of Charges:
This register records any charges or mortgages that your EPC has created on its assets.
Information to include:
Description of the property charged
Amount of the charge
Name of the person entitled to the charge
Important Points:
Accuracy: Ensure the information in your company registers is accurate and up-to-date.
Maintenance: These registers must be properly maintained and kept at your registered office address or at the office of your authorized corporate service provider.
Inspection: The registers must be available for inspection by members of the company and, in some cases, by the public.
Electronic Records: You can maintain your company registers in electronic form, as long as they are readily accessible and can be easily reproduced in hard copy.
Updates: Any changes to the information in the registers must be updated promptly.
Compliance: Failure to maintain proper company registers can result in penalties.
Tips:
Use company secretarial software: There are software solutions available that can help you manage and maintain your company registers efficiently.
Engage a corporate secretary: Many EPCs engage corporate secretarial services to assist with maintaining company registers and ensuring compliance with regulations.
Maintaining accurate and up-to-date company registers is a fundamental legal obligation for your EPC. By paying attention to this aspect of compliance, you can ensure your company operates smoothly and avoids any potential issues with ACRA.
What You Have to File Each Year
As an Exempt Private Company (EPC) in Singapore, you have certain annual filing requirements with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Here's a summary of what you need to file each year:
With ACRA:
Annual Return:
This is a crucial document that provides ACRA with up-to-date information about your company.
It includes details like your company name, registration number, registered address, principal activities, share capital, and information about your company officers and shareholders.
You must file your Annual Return within one month after your Annual General Meeting (AGM) or passing written resolutions in place of the AGM.
Financial Statements:
While EPCs are generally exempt from filing their financial statements with ACRA, there are some exceptions:
Insolvent EPCs: If your company is unable to meet its debts when they are due, you are required to file your financial statements with ACRA.
Voluntary Filing: Even if you're not required to, you can choose to voluntarily file your financial statements with ACRA.
Annual General Meeting (AGM):
While EPCs are generally exempt from holding AGMs, it's still good practice to have an internal meeting to discuss the company's performance and future plans.
With IRAS:
Corporate Income Tax Return (Form C):
You need to file your Form C to declare your company's income and claim any applicable deductions or exemptions.
The deadline for filing Form C is typically November 30th of the following year.
Estimated Chargeable Income (ECI):
You need to file your ECI within three months from the end of your financial year.
This is an estimate of your company's taxable income for the year.
Important Notes:
Deadlines: It's crucial to meet the deadlines for all your filings to avoid penalties or late fees.
Online Filing: Most filings with ACRA and IRAS are done electronically through their respective online portals (Bizfile+ for ACRA and myTax Portal for IRAS).
Keeping Records: Maintain proper records of all your financial transactions and company documents. This will help you in preparing your filings and ensure compliance with regulations.
Tips:
Stay organized: Keep track of your filing deadlines and gather all the necessary information and documents in advance.
Use accounting software: Accounting software can help you manage your finances and generate the reports you need for your filings.
By staying on top of your filing obligations, you can ensure that your EPC remains in good standing with ACRA and IRAS and avoid any unnecessary penalties or complications.
Additional Information:
ACRA website: https://www.acra.gov.sg/
Guides and resources on setting up a company in Singapore.
How Bestar can Help
Setting Up an Exempt Private Company | Accounting and Corporate Regulatory Authority
Bestar plays vital roles in helping your Exempt Private Company (EPC) in Singapore navigate the complexities of regulations, compliance, and financial management. Here's how we can assist you:
Company Incorporation: We guide you through the entire incorporation process, from name reservation to filing the necessary documents with ACRA. We ensure all paperwork is correctly completed and submitted.
Compliance: We help you comply with the Companies Act and other relevant regulations, including maintaining company registers, filing annual returns, and organizing company meetings. We keep track of deadlines and ensure your company remains in good standing with ACRA.
Corporate Governance: We advise on corporate governance best practices, helping you establish clear roles and responsibilities for directors and shareholders.
Share Administration: We manage share transfers, issuance, and other share-related matters, ensuring compliance with legal requirements.
Registered Office Address: We can provide registered office address services if you don't have a physical office in Singapore or prefer to maintain your privacy.
Advice on Company Matters: We provide guidance on various company matters, such as changes to the constitution, director appointments, and other corporate actions.
Accounting and Bookkeeping: We set up and maintain your company's accounting system, ensuring accurate and up-to-date financial records.
Financial Reporting: We prepare financial statements (income statement, balance sheet, cash flow statement) in accordance with Singapore Financial Reporting Standards (SFRS).
Tax Compliance: We handle your company's tax matters, including filing corporate income tax returns (Form C), estimating chargeable income (ECI), and advising on tax planning strategies.
Auditing (if required): If your EPC meets the criteria for an audit, we can perform the audit and provide an independent opinion on your financial statements.
Financial Analysis: We can analyze your company's financial performance and provide insights to help you make informed business decisions.
Budgeting and Forecasting: We can assist with budgeting and financial forecasting to help you plan for the future.
Legal Advice: They provide legal advice on a wide range of business matters, including contracts, intellectual property, employment law, and commercial disputes.
Contract Drafting and Review: We draft and review contracts to ensure they are legally sound and protect your company's interests.
Intellectual Property Protection: We advise on and assist with trademark registration, patent applications, and other intellectual property matters.
Compliance with Laws: We advise on compliance with all applicable laws and regulations, minimizing your company's legal risks.
Shareholder Agreements: We help draft shareholder agreements that outline the rights and responsibilities of shareholders.
Constitution Review: We review your company's Constitution (Memorandum and Articles of Association) to ensure it's up to date and in line with current laws.
When to engage us:
From the start: It's often beneficial to engage Bestar from the beginning of your business journey, during the company incorporation process. This can help you avoid costly mistakes and set up your company for success.
Ongoing basis: Most EPCs benefit from having ongoing relationships with a corporate secretary and accountant to handle compliance, financial management, and other administrative tasks.
When specific needs arise: You should consult with Bestar when you have specific questions or need assistance with contracts, or intellectual property.
By leveraging the expertise of Bestar, you can focus on running and growing your business, knowing that your company's legal, financial, and administrative matters are in good hands.
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