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2 days ago
Procosec Asia

Holding Company meetings in Singapore: Annual General Meeting

Every company set up in Singapore must hold in each year an annual general meeting.

The annual general meeting must be held within 6 months from the financial year end for a private company and 4 months for a public company.

At the annual general meeting, the shareholders of the company will be requested to approve the yearly financial statements of the company, directors remuneration and benefits, re-appointment of auditors (if any) and other ancillary matters such as retirement and re-election of Board members.

For companies with fewer shareholders, it is possible through a unanimous approval via extraordinary general meeting to dispense with the holding of annual general meetings and instead of the yearly financial statements to be circulated to the shareholders within 5 months of each financial year end.

In addition, companies which are dormant (i.e. have not conducted any accounting transactions throughout their financial year) are exempted from holding an annual general meeting.

For more information on how we can assist your company on managing its compliance requirements, contact us at: info@procosecasia.com today.
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Holding Company meetings in Singapore: Annual General Meeting

Every company set up in Singapore must hold in each year an annual general meeting.

The annual general meeting must be held within 6 months from the financial year end for a private company and 4 months for a public company.

At the annual general meeting, the shareholders of the company will be requested to approve the yearly financial statements of the company, directors remuneration and benefits, re-appointment of auditors (if any) and other ancillary matters such as retirement and re-election of Board members.

For companies with fewer shareholders, it is possible through a unanimous approval via extraordinary general meeting to dispense with the holding of annual general meetings and instead of the yearly financial statements to be circulated to the shareholders within 5 months of each financial year end.

In addition, companies which are dormant (i.e. have not conducted any accounting transactions throughout their financial year) are exempted from holding an annual general meeting.

For more information on how we can assist your company on managing its compliance requirements, contact us at: info@procosecasia.com today.
5 days ago
Procosec Asia

ACRA Cancels RFA License of Corporate Services Provider for failure to adhere to AML/CFT obligations for first time

The Accounting and Corporate Regulatory Authority has for the first time since the passing of the Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Agents) Regulations 2015 cancelled the Registered Filing Agent License of a Singapore company for committing serious breaches Anti-Money Laundering/Combating the Financing of Terrorism regulations on no fewer than 29 counts.

Among the offences committed by MEA Business Consultancy Pte Ltd included:

 Failure to inquire on the existence of any beneficial owner;

 Failure to document the details of risk assessment when performing diligence measures;

 Failure to conduct on-going monitoring of every business relationship with a customer; and

 Failure to establish and maintain appropriate and risk-sensitive internal policies, procedures and controls to prevent activities related to money laundering and the financing of terrorism.

MEA Business Consultancy Pte Ltd Registered Filing Agent license has been cancelled from March 8th, 2021 to March 7th, 2023.
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ACRA Cancels RFA License of Corporate Services Provider for failure to adhere to AML/CFT obligations for first time

The Accounting and Corporate Regulatory Authority has for the first time since the passing of the Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Agents) Regulations 2015 cancelled the Registered Filing Agent License of a Singapore company for committing serious breaches Anti-Money Laundering/Combating the Financing of Terrorism regulations on no fewer than 29 counts.

Among the offences committed by MEA Business Consultancy Pte Ltd included:

 Failure to inquire on the existence of any beneficial owner;

 Failure to document the details of risk assessment when performing diligence measures;

 Failure to conduct on-going monitoring of every business relationship with a customer; and

  Failure to establish and maintain appropriate and risk-sensitive internal policies, procedures and controls to prevent activities related to money laundering and the financing of terrorism.

MEA Business Consultancy Pte Ltd Registered Filing Agent license has been cancelled from March 8th, 2021 to March 7th, 2023.
7 days ago
Procosec Asia

Setting up a Singapore Company: Registered Office Address

When creating a company in Singapore it is a requirement to choose and inform the Accounting and Corporate Regulatory Authority of a Singapore registered office address for which all communications and notices may be sent.

The registered office address need to be a commercial office address and many start-up companies often choose residential addresses or ‘virtual’ office providers to meet this requirement.

The minimum requirement is that the selected registered office address must be open to the public for at least 3 hours in each working day.

Procosec Asia Pte Ltd offers all of our client use of our business premises for their registered office address as well as mail recording/forwarding services to ensure all important correspondence reaches our clients promptly and efficiently.

For more information on our suite of company incorporation and compliance services, contact us at: info@procosecasia.com today.
... See MoreSee Less

Setting up a Singapore Company: Registered Office Address

When creating a company in Singapore it is a requirement to choose and inform the Accounting and Corporate Regulatory Authority of a Singapore registered office address for which all communications and notices may be sent.

The registered office address need to be a commercial office address and many start-up companies often choose residential addresses or ‘virtual’ office providers to meet this requirement.

The minimum requirement is that the selected registered office address must be open to the public for at least 3 hours in each working day.

Procosec Asia Pte Ltd offers all of our client use of our business premises for their registered office address as well as mail recording/forwarding services to ensure all important correspondence reaches our clients promptly and efficiently.

For more information on our suite of company incorporation and compliance services, contact us at: info@procosecasia.com today.
1 week ago
Procosec Asia

Did you know? how to deregister my Singapore Company

Companies are set up for a variety of purposes whether as a profit-making business, to act as a corporate vehicle for completion of a legal transaction or for making investments to name but a few.

Once a company’s purposes have been fulfilled, the owners often wish to deregister the company as it is no longer needed.

In this post, we point out the key conditions which must be fulfilled before a company may be deregistered in Singapore:

 Zerorised balance sheet: the company must dispose and settle all of its assets and liabilities before (including contingent liabilities) to bring it to a nil-balance sheet position. If this cannot be done, then the company must be liquidated (which is a longer process);

 Company/Tax filings: the company must ensure that all of its financial statements/tax returns have been prepared and filed with the Accounting and Corporate Regulatory Authority/Inland Revenue Authority and settled in full; and

 Board approval: at least a majority of the directors of the company must approve the application to strike off the company before the application is filed with the Accounting and Corporate Regulatory Authority.

Once the application has been submitted, it can take up to 4 months for the company to be deregistered.

For more information on company compliance matters, contact us at: info@procosecasia.com today.
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Did you know? how to deregister my Singapore Company

Companies are set up for a variety of purposes whether as a profit-making business, to act as a corporate vehicle for completion of a legal transaction or for making investments to name but a few.

Once a company’s purposes have been fulfilled, the owners often wish to deregister the company as it is no longer needed.

In this post, we point out the key conditions which must be fulfilled before a company may be deregistered in Singapore:

 Zerorised balance sheet: the company must dispose and settle all of its assets and liabilities before (including contingent liabilities) to bring it to a nil-balance sheet position. If this cannot be done, then the company must be liquidated (which is a longer process);

 Company/Tax filings: the company must ensure that all of its financial statements/tax returns have been prepared and filed with the Accounting and Corporate Regulatory Authority/Inland Revenue Authority and settled in full; and

 Board approval: at least a majority of the directors of the company must approve the application to strike off the company before the application is filed with the Accounting and Corporate Regulatory Authority.

Once the application has been submitted, it can take up to 4 months for the company to be deregistered.

For more information on company compliance matters, contact us at: info@procosecasia.com today.
2 weeks ago
Procosec Asia

ACRA confirms updated Bizfinx version 3.3 software for Singapore Companies preparation of XBRL Financial Statements

All companies will be required to update their Bizfinx XBRL preparation software for preparation of Xtensible Business Reporting Language Financial Statements from October 1st, 2021.

Since May 1st, 2021, Singapore Companies have had the option to file their Financial Statements in Full XBRL or Simplified XBRL formats (the latter requiring fewer data elements and available for companies with < SGD 500,000 in turnover/asset value).

The latest Bizfinx version 3.3 software can be located and downloaded via the following link: www.acra.gov.sg/xbrl-filing-and-resources/updated-bizfinx-prepration-tool-and-multi-upload-tool-a...
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ACRA confirms updated Bizfinx version 3.3 software for Singapore Companies preparation of XBRL Financial Statements 

All companies will be required to update their Bizfinx XBRL preparation software for preparation of Xtensible Business Reporting Language Financial Statements from October 1st, 2021.

Since May 1st, 2021, Singapore Companies have had the option to file their Financial Statements in Full XBRL or Simplified XBRL formats (the latter requiring fewer data elements and available for companies with < SGD 500,000 in turnover/asset value).

The latest Bizfinx version 3.3 software can be located and downloaded via the following link: https://www.acra.gov.sg/xbrl-filing-and-resources/updated-bizfinx-prepration-tool-and-multi-upload-tool-are-now-available
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