Setting up a new company in a foreign country is a heavy endeavor. Every country has its own statutory requirements when it comes to company formation. Although Singapore is widely known as being welcoming to foreign investors and multinationals incorporation, there are still processes and requirements that need to be met before the business can be successfully set up. In this instance, it is always a good idea to seek the assistance of service providers which are able to help with the fiduciary aspects of company incorporation. Most people might think that cutting down on red tape means that there is little or no cause for worry. However, those who are not in the know of local laws might find themselves needlessly prosecuted simply because they have missed out on a few requirements. This is the reason why it is important to avail one of the many fiduciary services that are on offer in Singapore.
One of the important aspects of setting up a Singapore company is the nomination of a company director. Under the regulations, at least one company director has to be a Singapore resident. In this case, a Singapore resident is defined as a Singapore citizen, a Permanent Resident or a holder of an approved work permit such as the Entrepreneur Pass. Although at the offset this might seem like a simple requirement – and obviously there would be many people who actually fit into the definition of this requirement – the duties of a director definitely outweighs the simplicity of this condition. The responsibility of a company director is to ensure that the interests of the organisation are met at all times. Thus, he is legally and morally obligated to act in good faith to ensure that the operations of the organisation are in good working condition. Not many people are aware that the roles of the company director are actually statutory bound and failure to meet the legal requirements could lead to severe penalties. Thus, this is definitely one factor that needs to be taken into serious condition before appointing or nominating a director for the role.
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Another key personnel in an incorporated company in Singapore is the company secretary. The role of the company secretary is not largely dominated by simply filling in meeting minutes and ensuring records are properly filed and stored. The larger component of the responsibilities of the company secretary is to ensure that statutory and legal requirements of the organisation are met at all times. The company secretary is on hand to ensure that all documentation and company requirements are within the boundaries of Singapore law and regulations. Thus, it is highly important that anyone appointed to the position of company secretary has to be well versed in company law in Singapore. Specifically, the company secretary will be the one in charge of filing statutory notices, providing information for stakeholders and directors as well as maintaining and ensuring proper upkeep of vital company information at all times.
While they may seem to be simple and clear cut, these duties and responsibilities are essential to the smooth operations of the company. They ensure that the organisation is operating within the confines of the law. Thus, it is important that only qualified and experienced persons should be holding those positions. It might be difficult for foreign investors to have such skilled personnel already in their employ as they might not be experienced enough in dealing within Singapore regulations. In this case, the best option is to opt for accounting and financial service providers who would be more than happy to extend their expertise to fiduciary matters as well. At the end of the day, it is highly important that the company is in Singapore for the long haul. Fiduciary services ensure that the foundation of the company is in good shape so that business owners are able to plan for long term growth and future success. Experienced and highly skilled fiduciary service providers are just a phone call or e-mail away!