Frequently Asked Questions

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Corporate Secretarial Services

Singapore has been ranked highly in the World Bank’s Ease of Doing Business reports and is one of the easiest places to start a business, both as a local as well as a foreigner. However, every business has its unique requirements and here’s where we think we can help you best.

From registering your business with ACRA, to choosing a business structure or reserving a business name, we have the experience to guide you through your start-up journey simply – and by giving you the right recommendations at the appropriate checkpoints.

Additionally, our approach is to provide the knowledge and know-how on how to ensure that you start your business today to cater to your needs for tomorrow.

As a foreigner, there is a unique set of requirements and options which we will be able to guide you with. We provide you with seamless support on administrative and compliance matters to ensure that you stay updated.

Singapore is one of the world’s easiest places to start a business and associated costs are fairly transparent. Incorporating a business can be relatively affordable depending on the type of industry and its associated licencing and compliance obligations.

The best approach would be to connect with a business advisory like DP SME Advisory to have a consultation with us. We can help provide a more comprehensive estimate of the associated costs in starting your type of business.

Generally, all businesses must register with the Singapore Accounting and Corporate Regulatory Authority to operate a business in Singapore. However, some business owners or types of business may be exempted.

To have a more comprehensive understanding for your type of business, it is best to connect with us for a personalised consultation.

Incorporation Services

It is relatively simple. The first steps to incorporating a company in Singapore is to reserve a name, register the company with ACRA and to set up a company bank account.

However, there are many detailed considerations which will determine if you have incorporated your company fit for your future needs. This is why we believe we are best suited to help you through this process right from the start.

It is relatively affordable to reserve and register your business with ACRA. However, there are other charges which may be unique to your business structure and type of industry.

We recommend speaking to us about your unique business needs to ensure that you have a more comprehensive understanding of associated costs for your business type.

Your application is usually processed within 15 minutes after the name application fee is paid. It may take between 14 days to 2 months if the application needs to be referred to another agency for further approval or review.

A non-Singaporean individual over the age of 18 years can incorporate a company in Singapore and become a shareholder and company director if the individual has not been convicted of any legal offence and/or is a bankrupt at the point of incorporating the company.

If you are non-resident in Singapore, you will need to have one local resident director at the point of incorporation. A local resident director must be a Singapore citizen, permanent resident or have an Employment or Entrepreneur Pass.

A Dependent Pass holder may also work and act as local resident director by applying for a letter of consent from the Ministry of Manpower (MOM).

A foreign director can apply for an Employment Pass (EP) if the director is required to reside, work or manage his company in Singapore. However, approvals are not guaranteed and is subject to Employment Pass eligibility and suitability assessments by the Ministry of Manpower (MOM). If a foreign director is approved to hold an Employment Pass, then the foreign director can also act as the local resident director.

Registered Office Address

The first steps to incorporating a company in Singapore is to reserve a name, register the company with ACRA and to set up a company bank account. You will need a registered office address to complete the registration.

DP SME Advisory provides this as a value-add to our incorporation services. It is also a perfect solution for a business owner who is constantly on the move or if you are a foreigner and not residing in Singapore. We ensure that you do not miss out on important communications about your business.

You will need a Singapore office address at the point of registering your business. For convenience and as a one-stop solution, we provide business owners with this service to ensure that you can incorporate a business immediately and without delay.

Your Registered Office with DP SME Advisory can be customized according to your needs. However, we have convenient packages which deliver value to you immediately. These packages cover most of a business start-up needs for a Registered Office.

Retainer Corporate Secretarial Service

An annual retainer on corporate secretarial services gives you the confidence to invest your time in growing your business while leaving all the annual filing obligations with us. You can be sure that all your registers are up to date and that filings are completed on time. This delivers cost savings and administrative efficiency to you while ensuring that you avoid fines from late filings or non-compliance.

We have pre-configured packages which provide the best convenience to most business owners and operators. This is to ensure that we have considered all the essential corporate secretarial services which you will critically need as a retainer with us.

Nominee Director

The Singapore Companies Act specifies that all Singapore incorporated companies during the company registration process must have at least one local resident director. Your company must have a resident director on your board at all times for compliance purposes.

You can approach DP SME Advisory to provide a Nominee Director service, if you do have a resident in Singapore director on your board. This is a statutory requirement for all Singapore incorporated companies.

For you to incorporate a business in Singapore, you must always have an ordinarily resident as part of your board of directors. This is a statutory requirement stipulated by the Singapore Companies Act.

Accounting, Payroll & Tax Services

Accounting services covers the measurement, processing and communication of financial information about your company and business including, but is not limited to, financial accounting, management accounting, auditing, cost containment and auditing services, taxation and accounting information systems.

Today, outsourcing accounting, book-keeping, and tax services have become a more common solution for small businesses. The advantages include cost and time savings, better quality of work by outsourced professionals, up-to-date advice on statutory requirements as well as only paying for the services which you need.

Smaller businesses may not have the resources and manpower to work to dedicate a headcount to this important task. Appointing an accounting and tax outsource partner is an area that many businesses decide to do due to the cost of hiring and retaining an accountant and the complexity of the work.

Book-keeping & Accounting Services

Book-keeping is the recording of financial transactions. Accounting is responsible for interpreting, classifying, analysing, reporting, and summarising the financial data.

Both services are essential for statutory reporting for a company or business in Singapore.

Outsourcing your accounting and book-keeping needs will help you manage your payroll much better over time. If your business currently does not require a full-time professional, this may be the best way to manage your costs as well as have professionals to deliver the service to you with confidence.

There is always an opportunity to scale your needs as your business grows as well. Additionally, your outsourced partner can provide you with the latest changes as such statutory requirements do change from time to time.

Simply put, having the right outsourced partner for your accounting and book-keeping needs can deliver the following benefits:

  • Saves cost of having a full-time staff
  • Saves time as you can focus on your business and have the professionals take care of your accounting and book-keeping needs
  • Get access to timely financial advice
  • Understand your cash flow from professionals
  • Have a consistent approach in managing your accounts

Preparation of Financial Statements

Preparation of Financial Statements is one of the final steps in the accounting cycle, using information from the previous statements to develop the current Financial Statements. Additionally, based on your needs, we can provide an analysis based on your annual Financial Statements.

There are many benefits of outsourcing the preparation of Financial Statements:

  • Highly trained and experienced resources to assist with complex accounting and disclosures in Singapore.
  • Streamlined methodology and technology resources to prepare Financial Statements.
  • Scalable approach to support improvement of your Financial Statements preparation process.
  • Assistance with achieving regulatory compliance in making required Financial Statements disclosures, including consideration of new accounting standards.

Generally, Financial Statements provide information about the results of operations, financial position, and cash flow of a company or business. This information is usually used by the readers of Financial Statements to make decisions regarding the allocation of resources.

GST Preparation

Outsourcing your GST preparation and filing will give you more time to focus on your business' growth, management, and innovation, as this is a complex and time intensive task.

There are many benefits of outsourcing GST preparation:

  • You can gain access to GST preparation and filing experts
  • Saves you time and cost
  • It is a flexible and scalable solution
  • Reduces your risk of not filing in time or not filing correctly

Corporate/ Individual Tax Preparation

Our Corporate and Individual Tax Preparation service advises and updates you on tax matters at corporate and individual level. We will help you file your taxes on time and will also advise you on the latest changes in tax laws.

There are many benefits of outsourcing tax preparation:

  • It helps you get access to qualified tax professionals
  • It saves time and money
  • It delivers security on your data as it is prepared in our secure infrastructure
  • It frees up your time that is better spent in growing your business

Payroll Services

Payroll outsourcing refers to the process where a business enlists the help of a third-party payroll processing company to support the management of the administrative & compliance functions of paying employees.

There are many benefits of outsourcing the payroll function:

  • It increases company efficiency as it is a recurring administrative task
  • It ensures you that your employees and statutory boards are paid accurately and on schedule
  • It is a flexible and scalable solution
  • Reduces your risk of not filing in time or not filing correctly

Value-Added Services

We find it most rewarding when we can anticipate your needs. As you focus on growing your business, there may be some additional value-add solutions which may complement your needs. These could be in the areas of A/R management to safeguard your cash flow projection or a co-working space, to allow you to establish connections to other like-minded entrepreneurs.

Speak with us

If you still require assistance, we are here to help and answer any questions you might have. We look forward to hearing from you.