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September 28, 2022

Annual General Meeting: Why Is It Essential to a Singaporean Enterprise

Do you know enterprises in Singapore mandatorily hold an annual meeting to update their stakeholders on the business’s health? This meeting is called the Annual General Meeting (AGM), wherein the company presents comprehensive financial statements to shareholders. And in return, they are given the opportunity to ask various questions regarding the company’s performance over the past year.

During the AGM, shareholders also make crucial decisions for the company, including appointing a director or removing one. Learn more about what AGM is all about and what happens during this business gathering that makes it vital to Singapore’s businesses. Continue reading below!

When is a Singapore-Registered Company Required to Hold Its AGM?

Before we dig deeper into the importance of AGM, let’s get to know when a company should hold one. As mentioned earlier, AGM is mandatory, and every Singapore-registered business is required to carry it out annually. However, some companies might be exempted, given certain considerations. Unless the company has dispensed with the hold of an AGM, public-listed businesses must hold AGM within four months after their financial year end (FYE), while non-listed businesses have to organise the annual meeting within six months after their FYE.

The FYE date is the company’s deemed FYE anniversary previously confirmed by the registrar. If there’s no notification from the registrar regarding the FYE date, it is assumed to fall on the company’s incorporation date anniversary. Learn more about determining a company’s FYE by directly reaching out to the appropriate office. This is the best way to address all concerns possible.

Important Considerations Before an AGM Takes Place

Now that the definition of AGM and when to hold one has been tackled briefly above, let’s take a closer look at the things to take note of when conducting an annual business meeting attended by company shareholders. Stick around and jot down some key points to ponder!

Dealing with Resolutions

As defined by the company articles, the common resolutions in an ordinary business include appointment of auditors or directors, distribution of dividends, remuneration for senior directors and executives, and presentation of financial statements for the year. The meeting needs to deal with resolutions according to the notice. Thus, other than ordinary businesses, the resolutions are in the AGM’s notice.

It is necessary to note that the members are entitled to propose any resolution for the meeting as long as it is not previously mentioned in the notice.

Meeting the Quorum

Besides keeping company shareholders updated on business performance, AGM is also the time to meet the quorum. It refers to the minimum number of attendees to proceed with the meeting. If the attendees do not reach quorum, the AGM will be invalid. However, when a quorum is unconstitutional, two members or proxies are allowed to go on with the AGM.

Ensuring Proper Appointment of Proxies

When a member cannot attend the AGM, a proxy can act on behalf of that member. But appointing a proxy takes a proper process to make it valid. With a proxy, a member can be replaced during the meeting. The proxy may also vote with the member’s best interest on top of the priority ladder.

Appointing a proxy by an AGM member should be in the company’s constitution. Other than the AGM, this constitution applies to most of the meetings or the current one. The only assurance a proxy can have is to follow the constitutional procedure.

Preparing Proper Financial Accounts

During the meeting, the directors will present the following documents: the director’s report, balance sheet and profit or loss statements, auditor’s report, and notes on the financial statements. It is important to have these presentations ready before the AGM takes place. On the other hand, prepare copies of these documents to be given to the member with the notice of AGM at least fourteen days before the actual meeting.

Upholding Proper Resolutions Voting

Every member has the right to vote, reinforced by the company’s constitution. On the contrary, a member is exempted from the right to vote when the company sends notifications, denies the member’s right to vote, and when the member has unpaid shares. The members use polls or raise their hands to vote, but proxies are not always allowed to do the same unless the company’s constitution permits them to do so.

Closing the AGM

The company secretary is obligated to document what has been discussed in the meeting through the meeting minutes. As soon as the chairman signs the minutes, the meeting is ended. After that, the secretary will file the document for safekeeping and future reference.

That concludes the list of considerations when holding an AGM for a company. A meeting as vital as this requires thorough preparation and proper procedures. As an enterprise in Singapore, it is essential to go above and beyond to make the annual general meeting successful.

Hire ContactOne’s Business Solutions Services Today!

If you are looking for professional assistance to help start or grow your business, reach out to ContactOne now. We have an array of services to choose from that are tailored to your particular business needs. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about our services.

September 28, 2022

Consequences of Not Hiring Tax Accounting Services

Are there consequences of not hiring tax accounting services? If you are one of the many business owners who thought about it, the answer is yes. Of course, every action leads to various outcomes. And your decisions make the difference between a successful business and an outright corporate fiasco. Learn more about accounting tax services and the effects on your business of overlooking professional corporate support.

Everything You Need to Know About Tax Accounting Services

Business finance management has many structures, and one of those is accounting tax services. According to Investopedia, tax accounting mainly involves business taxes rather than focusing on the appearance of public financial statements. Moreover, corporate tax accounting is Singaporean businesses’ most popular accounting service.

Accountants carrying out tax accounting services prepare tax returns and help people and businesses file forms and pay taxes. These experts know the laws and regulations related to Singapore’s taxes. With ever-changing business policies, working with a tax accountant is crucial for efficiently handling business finances. Moreover, a professional working on anything related to taxes allows your business to save resources, especially money.

Managing your business’s taxation activities totally works just as fine. But make sure that the person on top of it knows what they are doing and only focuses on corporate tax. Because the more things they have on their plates, the more they will not be able to do their jobs right.

Hiring Tax Professionals to Handle Your Business’s Finances

It can’t be stressed enough—every enterprise in Singapore is unique, meaning they have different needs. The same goes for tax and accounting requirements, each firm has a hodgepodge to comply with. That said, settling with a one-size-fits-all approach will not work and only leaves things undone, leading to repetitive work and a waste of resources. Avoid all this by hiring a qualified tax professional.

If you are hesitant to carry out the work yourself, worry no more because many service providers in Singapore offer business support solutions, including tax accounting services. The final thing you need to comply with is to find the right service provider. Take note that it is not easy, so here are some factors to consider when hiring a new tax accountant to be at the helm of your firm. Continue reading below.

Understanding Company Culture

But before going through the entire process of recruiting personnel in charge of business finances, understanding your company culture should be the first step to finding a new accountant. Do this by sparing some time learning your company’s culture, including daily operations, work environment, and types of team members.

When you are familiar with what goes around at the workplace, try categorising your firm, whether ultra-corporate or not. Is it an open and collaborative space? More than that, assess your needs because this will allow you to establish efficient solutions. You and your team are the people who can determine your business’s actual needs, so it is better to take this matter into your own hands.

Consideration and Work Style

Besides understanding company culture, consideration and work style are two things that you should look for in a tax expert. You can identify this by assisting your company’s multiple needs. You will add a new company member by hiring an accountant, which means you should be meticulous in what you are looking for in the newcomer. Do they need to fit perfectly into the existing standards or bring new efficiency into it?

Taxation Skills and Knowledge

The third consideration in this list is identifying the job requirements. Since no company is an exact company of another, job requirements are qualifications unique to your firm. Creating a job description is more manageable as soon as you identify all this. The job requirements should include what a professional tax accountant needs to do and has to work with.

Communication Skills

A part of a tax accountant’s job is to collaborate with other personnel inside and outside the firm. Hiring someone with the right skill set to communicate is only fitting. Although a high level of accounting skill is a major plus, it is not all it takes to handle business finances successfully. Accountants need to work closely with authorities come tax season, and they will have a hard time without good communication skills. After all, employees must reach out to address concerns, especially in an ever-changing industry like Singapore.

Only Reliable Tax Accounting Services at ContactOne

Reach out to ContactOne for reliable accounting tax services and more business support solutions. Our team would like to hear from you. Talk to us about your corporate needs, and we will find a way to address them efficiently and cost-effectively. We can walk you through more options if you turn to us today. Call us on +65 6333 0633 or +65 8666 3633 or visit our website.

January 27, 2022

Hiring a Corporate Service Provider in Singapore Vs. Doing it Yourself

It is easy for any business to lose footing in a saturated market like Singapore. That is why it is crucial to establish a rigid foundation from the get-go. But how do companies maintain their momentum in an ever-changing industry filled with determined competitors?

There are many ways to help with business success, including a detailed business plan, clear market perception, strategic marketing, and efficient budget planning. Moreover, another highly recommended business support is hiring a corporate service provider in Singapore.

Many corporate solutions providers in the country follow specialised methods that help unleash a business’s fullest potential. However, the best service provider still depends on your business needs and structure. With that being said, it is vital to heartily understand your business, its operations, and other factors contributing to its continued survival before hiring a corporate service provider in Singapore.

Corporate services are designed to eliminate the strain of forming, growing, and maintaining a business. Despite all this, it remains a questionable approach for some business owners. And the one question that most of them consider is whether it is more practical to outsource corporate tasks to a third-party service provider or go the extra mile and take matters into their hands.

 

Why Is Engaging in a Corporate Service Provider Worth It

If you plan to hire a corporate service provider in Singapore, you must weigh your options first and not make haste decisions. The benefits of outsourcing a company to support your business venture comes in many forms. Sometimes, it depends on the provider’s package, but mainly on the joint dedication of the business owner and the provider.

In a hustling business landscape like Singapore, many service providers claim to be the best and vie for new clients. It can be challenging to choose the right provider for your business amidst many choices.

To help you decide, below are six services a provider can do for your company and their respective benefits. Let us take a closer look.

 

Corporate Service Provider in Singapore

 

Things a Corporate Service Provider Can Do for Your Business

A registered company in Singapore needs business support of some sort. Doing so does not only aid a company’s formation, operation, and growth, but it also complies with the requirements of the Singapore Companies Act.

Here are the six things a corporate service provider can do for your business:

  • Incorporation Services
  • Human Resource Services
  • Accounting and Tax Services
  • Business Advisory and Licensing Services
  • Finance and Banking Services
  • Immigration and Relocation Services

Under Singapore’s business laws, every company can opt to hire in-house staff to handle each service. They can also outsource a corporate service provider to do their work. Below are the benefits of engaging in a corporate service provider in Singapore.

1. It Saves Time and Resources

Managing a business in a bustling Singaporean business hub involves a lot of paperwork, and it can take up more resources than expected, including time, space, and many more. Although the work is essential, it is not productive. Channelling all your energy into it will be challenging as you can no longer focus on other essential tasks. If you want to give the key elements of your business more time, you should consider a corporate service provider specialising in a specific line of services.

2. It Provides Timely Compliance Knowledge

Business laws in Singapore are ever-changing, and keeping up with these changes can be difficult, especially with other things on your plate. More than that, regulating bodies are strict when it comes to compliance with the laws, and they expect every business to follow the standards they set. But compliance is not a problem if you hire a corporate service provider in Singapore because they have up-to-date compliance knowledge. With them at the helm, you can focus on handling profitable business activities.

3. It Is Cost-Efficient

Given that a corporate service provider offers various services from human resources to immigration, you can think of how much money you can save by not hiring in-house professionals to handle support services. Indeed, it is cheaper to outsource a corporate service provider. Having that extra money means you can dedicate this fund to other business ventures that you think are beneficial to your company.

Service providers can offer affordable services because they specialise in doing what they do best: support form, operate, and grow a business. With several experiences in the industry, they know the way around distributing resources effectively. If you are lucky, you may encounter one provider who provides all services. Cost efficiency is one of the main reasons most businesses hire a corporate service provider in Singapore.

 

Factors to Consider Before Hiring a Corporate Service Provider

Choosing the right corporate service provider that can match your effort to get things done plays a critical role in achieving business success. Although having a lot to choose from is not bad, it makes selecting one corporate service difficult.

Do not fret because the list below will help you factor out the providers within your radar. Here are the things to consider before hiring a corporate service provider in Singapore:

1. Speciality

A corporate service provider focusing on one support service is more productive because they focus on specific aspects of a business. This factor is one of the things that you should take a closer look at before hiring a service provider.

2. Organisation

A good organisation should seal the deal. As there is much paperwork involved in managing a business, a corporate service provider with a good organisation can easily deliver tasks on time. If you hire a service provider, keep this in mind all the time.

3. Communication

Managing a business in Singapore mainly involves a lot of liaising tasks and exchanging different information. All this is only possible with good communication. Hire a corporate service provider in Singapore that you can easily communicate with to ensure smooth workflow.

4. Reputation

Customer experience is an important part of hiring a corporate service provider in Singapore. If you work with a provider, what their previous and current clients have to say tells a lot about that provider. Make sure to read reviews and assess the service provider.

5. Assurance

Mistakes happen sometimes. Though it is inevitable, being accountable for shortcomings is the foundation of a strong customer relationship. Look for a corporate service provider that is not afraid to be liable for consequences.

Why Doing Corporate Services Yourself Is Not a Practical Move

Although outsourcing tasks to a corporate service provider in Singapore costs extra money, it will double compensate your business in the long run. Hiring a corporate service provider can save you time and money, and it also ensures that everything related to your business is taken care of. For business support services, turn to ContactOne. Call us on +65 6333 0633 or +65 8666 3633.

November 29, 2017

ContactOne Receives Recognition From IRAS For The THIRD Straight Year

ContactOne has been recognized by IRAS, the Inland Revenue Authority of Singapore, as one of the top 15 tax agents with the most number of Form CS e-filing done for our accounting and tax clients for the Year of Assessment YA2014, YA2015 and YA2016. We are happy to have achieved this accolade for 3 consecutive years since the inaugural recognition 3 years ago.

We would like to thank IRAS for this recognition which represents a significant milestone achieved by the entire ContactOne Family. The online filing platform for Form CS has many advantages ranging from better accuracy, reduced errors and wastage. We are glad that the online filing platform will be extended for Form C filing for the coming YA and we definitely will be looking forward to its implementation this year.

The management would like to take this opportunity to thank all of the lovely and dedicated staff of ContactOne for this would not have been possible without your dedication and hard work. We are extremely grateful to have all of you here with us.

Lastly, the ContactOne Family would like to promise our clients that we will continue to uphold our level of commitment towards assisting you to meet your compliance deadlines on time. Process tweaks and improvements are currently underway to enhance your experience with us. We target to continually improve on our service delivery (as well as continue with our multi-pronged reminder system to enable you to remember and meet your deadlines :).

To find out more about our Accounting and Tax services, click HERE.
To visit the IRAS source page, click HERE.