Nominee directors have the obligations to understand the operations of the company. Subscribing to our bookkeeping services allows Sprout to gain a more intimate understanding of your business.
Fintech bank account providers will readily accept online applications. On the other hand, brick and mortar banks only provide online applications for selected groups of customers and may require the applicant to visit the branch to meet a banker face to face.
Right now, we also work with some banks to do account opening via video calls to facilitate account opening for overseas clients.
We can assist our clients to set up bank accounts in Singapore.
Paid-up capital refers to the total funds a company receives from shareholders in exchange for equity. It is required to be contributed in cash or in kind to the company.
The funds can be as low as $1, but we generally recommend that you start with at least a few thousand dollars of paid-up capital to show that the company has some substance and not purely a shell company.
Sole Proprietorships and Private Limited Companies (Pte. Ltd.) each have their pros and cons. To understand what works better for you, there are a few factors that you have to take into consideration. You may read more about the pros and cons of each legal structure here.
All Singaporean companies are required to onboard at least one local director on their company’s board. Companies that do not have local directors may choose to appoint a nominee director to meet the requirement. You may find out more about the role of a nominee director here and who can be a nominee director here.
You can be the secretary of the company if you are a local and not the sole director. However, it is important to engage a secretary who is clear on the statutory requirements of the company e.g. Annual General Meetings, ACRA Annual Return, IRAS ECI and Form C-S.
The company’s Financial Year End (FYE) is typically a date which is the last day of the month. We recommend choosing the last day of the previous month if you don't have any particular preference (eg. If we are in the middle of May, we recommend 30 April). This will maximise your tax breaks as a start-up company.
Companies under selected industries or with names containing certain words will be sent to the respective referral authority. Find out more about selecting the right SSIC codes and relevant industries here.
Examples of Standard Resolutions are:
1. Change in Company's Registered Address
2. Appointment or Resignation of Director
3. Change Financial Year End
4. Change of Primary or Secondary Business Activity
5. Change company name
6. Update of Company Officer's Personal Particulars
Examples of Special Resolutions are:
1. Changes in the company’s Constitution
2. Share-Related Transactions
Find out more about resolutions here.
Good news, onboarding with Sprout can be done completely online on our portal. For verification purposes, locals and FIN holders can verify their identity via Singpass, and foreigners will have to go through a video verification and upload a copy of their passport and proof of address. It’s as simple as that!
With Sprout’s proprietary onboarding platform, the onboarding process has never been easier. Once the onboarding process is complete, it takes no more than 1-2 working days to incorporate a company - unless the application gets sent to the referral authority by ACRA.
No. S Pass or Work Permit holders are not allowed to carry on or manage any business in Singapore.
A company's constitution (formally known as the Memorandum and Association) is a legal document that:
The Company's Constitution must be submitted to ACRA upon application.
An Annual General Meeting (AGM) is one of the yearly compliance requirements for all Singapore companies. It is held to keep the company’s shareholders updated with the business health, financial performance as well as to lay out important matters such as reelection of directors.
The company’s Annual Return (AR) is filed after the AGM has been held. Find out more about the statutory requirements here.
The Company Law in Singapore mandates that every company must appoint a Company Secretary, and the position must not be left vacant for more than 6 months at any point in time.
The Company Secretary is responsible for ensuring that the company complies with the relevant legislations and regulations. You may find out more about the obligations and requirements of a company secretary here.