Apart from eating up my start-up funds, what role can a company secretary play? How do I tell the difference when there are so many ‘me-too’ company secretaries?
The session will cover in great detail the problems directors encounter when trying to start a company in Singapore.
These include:
choosing the right legal entity;
incorporation + compliance matters;
corporate shareholders and tax;
applying for work passes for foreign directors;
finding a startup friendly local bank.
See more here: http://futurebooks.asia/blog/starting-a-company-in-singapore-sponsore-byplug-inblk71/6816
ESOPS for Startups by Ms. Neela Badami Kesava Reddy
ESOPSare crucial assets tools to reward employees and retain them by providing sense of ownership. They are probably the most valuable contribution that Startups make to the lives of employees who suffer low salaries and long hours while working in new Companies.As an entrepreneur you should know, What are Employee Stock Option Plans (ESOPS)? Importance of Employee Stock Option Plans? Whom to issue ESOPS? How to issue ESOPS? What are the Cost & Criteria to issue Employee Stock Option Plans? Benefits of ESOPSand Dos and Dont’s?
The session will cover in great detail the problems directors encounter when trying to start a company in Singapore.
These include:
choosing the right legal entity;
incorporation + compliance matters;
corporate shareholders and tax;
applying for work passes for foreign directors;
finding a startup friendly local bank.
See more here: http://futurebooks.asia/blog/starting-a-company-in-singapore-sponsore-byplug-inblk71/6816
ESOPS for Startups by Ms. Neela Badami Kesava Reddy
ESOPSare crucial assets tools to reward employees and retain them by providing sense of ownership. They are probably the most valuable contribution that Startups make to the lives of employees who suffer low salaries and long hours while working in new Companies.As an entrepreneur you should know, What are Employee Stock Option Plans (ESOPS)? Importance of Employee Stock Option Plans? Whom to issue ESOPS? How to issue ESOPS? What are the Cost & Criteria to issue Employee Stock Option Plans? Benefits of ESOPSand Dos and Dont’s?
Investor coming: Rescue needed. SOS. Event at Plug-in@Blk71.Futurebooks
Everything a Singapore startup founder should know about how to get the company’s accounting and secretarial records in order before an investor comes in. Event sponsored by Plug-in@Blk71. Read more: http://futurebooks.com/blog/investor-coming-rescue-needed-sos-2/13686.
Everything a Singapore startup founder should know about how to get the company’s accounting and secretarial records in order before an investor comes in.
Event at The HUB Singapore on 28 August 2014. More here: http://futurebooks.com/blog/investor-coming-rescue-needed-sos/13119
Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21Futurebooks
We conducted a two hour introduction to bookkeeping sponsored by Plug-in@Blk71. The session covered everything you need to do-it-yourself bookkeeping in the first year of operation.
On September 25, we have conducted a breakfast session with the British Chamber of Commerce in Singapore. This was an overview for entrepreneurs, SME directors and investors on how to think about cloud finance, and what can be automated.
Read more: http://futurebooks.com/blog/fly-paperless-cloud-finance/13185.
14 principles to securing a work pass in SingaporeFuturebooks
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Here are 14 principles to increase the chances of securing an employment pass application the first time.
More here: http://futurebooks.asia/blog/14-principles-to-securing-an-employment-pass-in-singapore/6244
Revenue appreciation: Introduction to finding a revenue modelFuturebooks
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5 reasons why you should engage a company secretary in singaporealex kim
Whether you are in process of incorporating company in Singapore or you have registered a Singapore company, one of the key requirements for all companies incorporated in Singapore is to have a company secretary who must be a resident of Singapore. Company secretary in Singapore is the primary person or officer responsible for administrative and reporting functions mandated by law. It is therefore the job of company secretary to ensure that the Singapore company he is responsible for meets all the regulatory obligations.
As per law, every Singapore company has to appoint company secretary within 6 month of its incorporation.
As the company secretary is such a key position in a company, the following are 5 reasons why you need to appoint company secretary in Singapore. These reasons are important for companies and individuals who want to incorporate company in Singapore.
For More information visit this link:
http://precursor.com.sg/5-reasons-company-why-engage-secretary-singapore/
These interactions, 8Corp believes, are derived from the concept of the World Economic Market. The Company’s goal is to be a preeminent participant on the World Economic Market.
8Corp’s primary services are:
Strategic Development
Environmental Development
Business Acquisition
Fund Investment management
8Corp’s target markets are:
Government relation
Jobless people
Homeless families
Unsheltered children
Skilled people and inventors
Farmers and Planters
Medical and healthcare community
The Company is currently focusing on projects in U.A.E, Kazakhstan, Jordan, Algeria, Australia, Ukraine, Brazil, China, and India. These projects have the inherent conditions and economic mix that will enable us to grow and enrich our stockholders and participants.
Corporate governance is a vital part of the company. This project is about to study any one of companies and one of that company’s ownership and management according torules and regulations. In this project we have studied the different shareholders of company, from identifying the needs wants and demands of their product among the people, and how company developed the relationship with stakeholders, that are how they have done the investment situations. We have studied the Major shareholders fluctuation in in the value of shares during the last five years earnings per share and payment of dividend to the shareholders CEO/senior executive compensation pattern corporation’s profit corporation’s reputation and all other necessary information.
At the end I have studied the SWOT and PEST analysis of the company and conclusion and recommendations.
Founders Drinks July 2014: The Art & Science of ValuationFuturebooks
On 30 July 2014, George Mathew, Managing Partner at Futurebooks shared his take on the art and science of valuation for #startups. Sharing both tools used to determine the numbers as well as stories of how savvy founders determined their valuation, it was a mix of how to walk the talk and talk the walk.
Cloudify your entire accounts department and make it paperless. Automate as many task as possible, eliminate unnecessary tasks and implement a set of applications to reduce the requirement for an administrator.
- Automate tasks and remove bottlenecks
- Stop chasing receipts using cloud-based apps
- Set up a system to automate receipt collection and spend time instead deriving meaning from accounts.
- Assign staff roles and access
- Establish important accounting dates
Bookkeeping appreciation with CoCoon Hong KongFuturebooks
We are giving an informal presentation this week to the start-ups at CoCoon Hong Kong this week. The title of our session is Bookkeeping Appreciation. more here: http://futurebooks.asia/blog/bookkeeping-appreciation-with-cocoon-hong-kong/6548
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Investor coming: Rescue needed. SOS. Event at Plug-in@Blk71.Futurebooks
Everything a Singapore startup founder should know about how to get the company’s accounting and secretarial records in order before an investor comes in. Event sponsored by Plug-in@Blk71. Read more: http://futurebooks.com/blog/investor-coming-rescue-needed-sos-2/13686.
Everything a Singapore startup founder should know about how to get the company’s accounting and secretarial records in order before an investor comes in.
Event at The HUB Singapore on 28 August 2014. More here: http://futurebooks.com/blog/investor-coming-rescue-needed-sos/13119
Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21Futurebooks
We conducted a two hour introduction to bookkeeping sponsored by Plug-in@Blk71. The session covered everything you need to do-it-yourself bookkeeping in the first year of operation.
On September 25, we have conducted a breakfast session with the British Chamber of Commerce in Singapore. This was an overview for entrepreneurs, SME directors and investors on how to think about cloud finance, and what can be automated.
Read more: http://futurebooks.com/blog/fly-paperless-cloud-finance/13185.
14 principles to securing a work pass in SingaporeFuturebooks
The Singapore Government’s recent move to tighten the labour force and make work passes scarce means every businessperson needs to be smart when applying for work passes.
Here are 14 principles to increase the chances of securing an employment pass application the first time.
More here: http://futurebooks.asia/blog/14-principles-to-securing-an-employment-pass-in-singapore/6244
Revenue appreciation: Introduction to finding a revenue modelFuturebooks
On April 24, we conducted a two hour exploration of revenue and what it takes to make a 1 dollar. The session was designed to open thinking to possibilities of making revenue in a start-up, and pitfalls chasing particular models.
5 reasons why you should engage a company secretary in singaporealex kim
Whether you are in process of incorporating company in Singapore or you have registered a Singapore company, one of the key requirements for all companies incorporated in Singapore is to have a company secretary who must be a resident of Singapore. Company secretary in Singapore is the primary person or officer responsible for administrative and reporting functions mandated by law. It is therefore the job of company secretary to ensure that the Singapore company he is responsible for meets all the regulatory obligations.
As per law, every Singapore company has to appoint company secretary within 6 month of its incorporation.
As the company secretary is such a key position in a company, the following are 5 reasons why you need to appoint company secretary in Singapore. These reasons are important for companies and individuals who want to incorporate company in Singapore.
For More information visit this link:
http://precursor.com.sg/5-reasons-company-why-engage-secretary-singapore/
These interactions, 8Corp believes, are derived from the concept of the World Economic Market. The Company’s goal is to be a preeminent participant on the World Economic Market.
8Corp’s primary services are:
Strategic Development
Environmental Development
Business Acquisition
Fund Investment management
8Corp’s target markets are:
Government relation
Jobless people
Homeless families
Unsheltered children
Skilled people and inventors
Farmers and Planters
Medical and healthcare community
The Company is currently focusing on projects in U.A.E, Kazakhstan, Jordan, Algeria, Australia, Ukraine, Brazil, China, and India. These projects have the inherent conditions and economic mix that will enable us to grow and enrich our stockholders and participants.
Corporate governance is a vital part of the company. This project is about to study any one of companies and one of that company’s ownership and management according torules and regulations. In this project we have studied the different shareholders of company, from identifying the needs wants and demands of their product among the people, and how company developed the relationship with stakeholders, that are how they have done the investment situations. We have studied the Major shareholders fluctuation in in the value of shares during the last five years earnings per share and payment of dividend to the shareholders CEO/senior executive compensation pattern corporation’s profit corporation’s reputation and all other necessary information.
At the end I have studied the SWOT and PEST analysis of the company and conclusion and recommendations.
Founders Drinks July 2014: The Art & Science of ValuationFuturebooks
On 30 July 2014, George Mathew, Managing Partner at Futurebooks shared his take on the art and science of valuation for #startups. Sharing both tools used to determine the numbers as well as stories of how savvy founders determined their valuation, it was a mix of how to walk the talk and talk the walk.
Cloudify your entire accounts department and make it paperless. Automate as many task as possible, eliminate unnecessary tasks and implement a set of applications to reduce the requirement for an administrator.
- Automate tasks and remove bottlenecks
- Stop chasing receipts using cloud-based apps
- Set up a system to automate receipt collection and spend time instead deriving meaning from accounts.
- Assign staff roles and access
- Establish important accounting dates
Bookkeeping appreciation with CoCoon Hong KongFuturebooks
We are giving an informal presentation this week to the start-ups at CoCoon Hong Kong this week. The title of our session is Bookkeeping Appreciation. more here: http://futurebooks.asia/blog/bookkeeping-appreciation-with-cocoon-hong-kong/6548
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We examine your rights, roles and responsibilities as a director of a Singapore private limited company.
A director is the person responsible for managing the affairs of the company and providing it with directions.
You are required to make decisions objectively, act in the best interest of the company, and be honest and diligent in carrying out your duties.
More here: http://futurebooks.asia/blog/roles-and-responsibilities-of-a-director-in-a-singapore-startup/6261
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More here: http://futurebooks.com.sg/blog/starting-a-company-in-singapore-introduction-2/5153
Speed date your revenue models!
Come Saturday 2 June 2012, Futurebooks will review revenue models from 15 finalists, from the Ideas Inc Business Challenge.
Each team will have 5 minutes to pitch the revenue model they love most, and show us the money. Put aside your product and focus on how your business makes #cash.
Excite us by matching the revenue model and numbers.
http://futurebooks.com.sg/blog/revenue-in-15-minutes-with-ideas-inc/3741
Business has been borrowing vocabulary, strategy and innovation from great military thinkers for a long time.
This is because there is not much difference between the war room and a boardroom. The only difference is what is at stake.
http://futurebooks.com.sg/blog/entrepreneurship-and-the-singapore-military-event/3564
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Understand the principles of do-it-yourself bookkeeping and refresh your knowledge of incorporating a Singapore Private Limited Company.
This ppt will explore the role of bookkeepers, accountants, auditors and company secretaries, and important dates to mark in your calendar.
- Budget for accounting services in year 1 + 2;
I- dentify your company’s unique transaction DNA;
- Better manage paperwork and cash books;
- Managing personal expenses;
- Methods of remunerating directors.
In the second half we will show power users how to get the most out of DIY bookkeeping including credit payments, credit control, credit checking and financial reporting. Discover the most appropriate time for your business to take advantage of outsource bookkeeping.
Plus we will demo QuickBooks Online, Intuit’s small business accounting application in the cloud.
Find out more visit: http://futurebooks.com.sg/blog/jfdis-bookkeeping-for-singapore-start-ups-event/3475
Before commencing the rescue, Futurebooks will plan the delivery of the rescue according to the client’s work schedule.
At the completion of the rescue, the Futurebooks practitioner will update the report to include the status on each task to be performed. The client is asked to sign the report, acknowledging the rescue has been completed.
http://futurebooks.com.sg/services/bookkeeping-service/bookkeeping-rescue
The Game of #Cash examines what drives revenue in a business, how to save and where to spend #cash, and the implications of doing business in different tax jurisdictions.
Discover how fun and insightful finance can be when you gamify profit and loss sheets.
Create a CFO avatar and begin collecting precious acorns which you can trade in exchange for #caaaaash.
Prevent all the acorns from dropping out of the basket, while dodging the tax man and his merry henchmen.
For more visit: http://futurebooks.com.sg/blog/jfdis-game-of-cash-event-in-singapor/3042
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Find out more about how we can help: http://futurebooks.com.sg/services/bookkeeping-service/bookkeeping-retainer
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Read the full article here: http://futurebooks.com.sg/blog/accounting-2-0-is-the-cfos-answer-to-painless-reporting/2765
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#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
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5. www.futurebooks.com
Role of a company secretary
Who can act as a company secretary
How to recognise a good company
secretary
Important events each company needs to
comply with annually
Filings with the ACRA website
WHAT WE
WILL COVER
8. www.futurebooks.com
WHO CAN ACT AS A
COMPANY SECRETARY
Ordinary resident of Singapore
Natural person
Minimum of 18 years of age
Knowledge and experience
10. www.futurebooks.com
A hot chick on
reception
Can use a
nail file
Handles
admin work
A COMPANY
SECRETARY IS
Specialized
knowledge
Organized
Progressive and
solution-orientated
21. www.futurebooks.com
Prepare the M&AA
Consent to act as directors and
shareholders
Review of documents
File returns with ACRA
Prepare the Important Dates
document
Prepare the first board meeting
minutes
Organise the common seal and the
company stamp
Prepare the statutory registers:
- Register of directors & officers;
- Director’s shareholding;
- Register of members –
ordinary/preference;
- Register of allotment;
- Register of transfers;
- Register of charges
Prepare and issue the share
certificates
STARTING
BUSINESS
22. www.futurebooks.com
ON-GOING
MATTERS
Directors Changes:
- Appointment
- Update the ID / residential address
- Resignation
- Removal
Auditors Changes:
- Appointment
- Change
- Resignation
Members Changes:
- Allotment (to existing or new
shareholders)
- Transfer (between existing or to
new shareholders)
- Update the ID / residential address
Capital Changes:
- Allotment for cash and non cash
consideration (increase)
- Reduction (with or without court
order)
23. www.futurebooks.com
ON-GOING
MATTERS
Employee Stock Option Scheme:
- Record the ESOS
- Create the ESOS committee
- Record the Committee minutes
- Allot shares to employees
- File the allotment with ACRA
Amendment of the M&AA
(when investors come in):
- Include required provisions
- Comply with the Companies Act
Changes in:
- Company name
- Financial year end
- Business activities (SSIC codes)
Conversion of:
- Sole proprietorship to company
- LLP to company
Charges (secured loans):
- Creation
- Modification
- Satisfaction
24. www.futurebooks.com
Strike off application:
- Bank account closure resolution
- Consent from shareholder and directors for strike off
- IRAS tax clearance
- ACRA strike off: file application +
address queries raised by ACRA officers
CLOSING DOWN
BUSINESS
25. www.futurebooks.com
SCENARIO
Financial year end is 28 Feb 2013
AGM is due 31 Aug 2013
Corporate shareholder (an investor company)
introduced on 01 Jan 2013
Director resigned 31 March 2013
Corporate shareholder transferred shares to
an individual on 01 Feb 2013
27. www.futurebooks.com
TERMS OF USE
Restrictions on Use of Contents
1. Except as otherwise provided, the Contents of this
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without the prior permission of FUTUREBOOKS
SINGAPORE PTE LTD. To use any parts of the Contents
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FUTUREBOOKS SINGAPORE PTE LTD reserves the right
to refuse permission without declaring reason(s); and/or if
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2. You may view, download and print the Contents if:
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Editor's Notes
Who is a Company Secretary?
A professional with through knowledge of the various Compliances a Company will need to comply with (from Start to end)
Co Sec service providers Price war
Is pricing the only criteria? (let me share with you 5 most important criteria)
What is the role of a Company Sec?
Who can Act
Are there any give away to find a good Company secretary?
What are the Important dates/ event a Business owner will need to comply with
Informing ACRA of the changes in the Business structure
Important role as a co sec – to coordinate decisions (between the Directors and the shareholders)
The Company Secretary’s role is prominent in both small and big company.
In this example – where Co is small (one Director and shareholder)
The CO Sec role will revolve around that Sole director/ Shareholder who will be the sole decision maker for the business.
The complexity of the Co Sec’s role varies with the size of the Company
For a Larger Company – where the shareholders and directors are spread across the globe, the Co Sec role is more diversified and becomes more prominent
The co sec become the bridge for communication of the decision taken by the majority of the Directors to the rest of the parties involved.
From my experience in larger companies with multiple shareholders and Directors, one of my major challenges is to organize the signature of the documents and thereafter filing them appropriately. In the following slides, I will cover how as a Company Secretary, we overcome this challenge.
Do you think you can appoint your teenager as the Company Secretary of the Company? The Companies Act provides that a Company Secretary be:
1. General misunderstanding about who/ what a Company Secretary is?
2. Will he/she a hot hunk or hot chick at the reception?
3. Someone who handles the admin work?
A Good Company Secretary may be qualified,
But is definitely someone who has specialized knowledge
is organized and a solution provider.
- When I’m approached by a business owner with specific change (like introducing a Corporate investor)– My mind looks more or less like this
- Each small change will result in a flow of corresponding changes to be implemented
1. As a solution provider – the Co Sec prompts the business owners of the Important Dates
2. We in futurebooks as a Co Sec service provider sets aside these 5 specific important dates to all our Clients
Here is a sample of the Important Dates documents we as futurebooks provide to all our new Clients included newly incorporated companies. To illustrate:
Company Name & UEN
Date of incorporation
Financial year end – we recommend a period of 12 months from the date of Incorporation (as the newly incorporated companies enjoy tax benefits for the first 3 yrs of incorporation when they have a 12month period as their financial year). However, the Business owners are free to choose a longer financial period
Management account- in the Best case scenario, these are required to be ready within 1 month from the close of the financial year and this is possible only when the books of the Company are maintained regularly. (from my experience as a Company Secretary, only one out of 10 companies achieve this best case scenario)
Assuming in the best case scenario, the management accounts are ready – the ECI (needs to be filed within one month from the date of the Mgt accounts)
The ECI will be payable within 3months from the end of the management accounts, however please note that the Annual tax returns will need to be filed by the end of following November. In this case –
The Annual General Meeting will need to be HELD within 6months from the date of the FYE and the Annual return is required to be filed with ACRA within one month of the AGM thereafter
ECI is Estimated Tax liability for the Company calculated based on the Management accounts of the Company. Once ECI is calculated, the tax authorities will send the notice of assessment with the tax payable by each Company. (this is so the tax authorities don’t have to wait till the subsequent November to get the taxes from the companies)
As a Company Secretary, one of the major challenges I face, irrespective of the size of the Company (big or small) – it is very difficult to get any documents signed by the Directors and shareholders (keeping in mind the related filing deadlines).
This becomes a bit of a tedious task, when the directors/ shareholders are travelling and are spread across the globe.
In Futurebooks, we promote the use of technology like ‘Hellosign’ to electronically sign the documents.
And from my experience this is the most efficient way to getting the documents digitally signed by the Directors/ shareholder – as all of us are now connected to the net via the emails
When you start talking to a Co Sec, you may come across a few of there technical jargons.
Let me help you familiarize with certain jargons the Company Secretary uses in his/ her daily correspondences
What do you think Minutes are? (it is a written record of the proceedings of any meeting)
How about Resolution? (a written record of a decision taken by the Directors/ shareholders)
Can anyone tell me about ‘Provisions’? ‘Are specific contents/ extracts of the Companies Act
We already know what an AGM is
How about EGM?
Like the name suggests- it’s a meeting of the shareholder having extraordinary powers (so if you are only a Director in the Company – you cannot participate in this meeting of the shareholders)
Demonstrate with the Physical Common seal and the Company Stamp.
- Usually when the Company is incorporates – it is a best practice to make the common seal and stamp for the Company. Moreover the Common Seal cannot be used on every documents – unless you have a resolution passed by the Directors, authorising its use. The reason- Common Seal is the signature of the Company (and so the authorization by Directors is required)
I’m sure all the new Start up here, already have an idea of this Charter document of the Company. Though ACRA already provides a standard M&AA for the private Companies, the business owner may choose to modify them depending upon their needs
As we have already covered the topics on basic criteria and the various jargons a Company Secretary uses, are there any questions on topics that are covered so far?
I will now run though the slides, that cover the broad view/ lsit of common Company Secretarial activities that Futurebooks provides (which will obviously be charged separately). This list is also available along with our visiting cards here
At the time of Incorporation, as Company Secretaries we help you draft the M&AA based on your specific needs or use the standard M&AA.
We organize for the necessary consent form the Directors and shareholders.
Once the Incorporation form has been submitted with ACRA, the Common Seal and stamp is made and Share certificates issued to subscribers.
Once the Company is set up and the business operations are started, we assist with various Company activities like:
Changes in Directorship (i.e appointment/ resignation/ removal)
Changes in shareholding (new shareholders coming in/ transferring of shares)
Changes to the share capital (Increase, reductions)
A bit more complex compliance matters would include the:
ESOP (Employee Stock options scheme) – the compliances involved
Amendment to the existing M&AA provisions
Change of Name of the Company
A few other ongoing compliances will be change in FYE dates/ SSIC code etc
When you decide to close your Company, we assist you with the strike off application with ACRA