Search Results

We are delighted to announce that Atriox Management has been honoured as the "OCBC Valued Partner" for FY22/23. This recognition reflects our unwavering commitment to excellence in providing seamless application for corporate banking services in collaboration with OCBC, a renowned bank across Asia. This prestigious award reaffirms our dedication to delivering unparalleled financial guidance and support to our valued clients in Asia Pacific.

We are delighted to announce a significant milestone in Atriox's journey - our new Vietnam office has grand opened since 2 June 2023. This exciting expansion marks a pivotal moment as we extend our presence into the vibrant market of Southeast Asia. Thank you for your continued support as we embark on this new chapter together.

In the business world, companies come and go. Not all business pan out as originally planned. Financial difficulties, poor management, unsuccessful business model, and competition are some of the factors contributing to a business's downfall. Competition is inevitable, and when new companies rise, there is always a risk that others who have struggled to adapt to the changes may not make it - it's simply the natural cycle of the business, no matter whether you're in Singapore or elsewhere in the world. So what happens when a business is no longer sustainable and has to be closed down? The owner has to decide whether to wind up or strike off a company. While winding up and striking off a company are quite similar in concept, there are some differences and understanding them is crucial for a business owner's decision-making. In this article, we will explore the options and learn how to close a company in Singapore. What is the difference between winding up and striking off a company in Singapore? Striking off a company In a simpler explanation, striking off a company is a process of deregistration of a company by the Registrar under the requests of the company director or secretary while winding up a company is the liquidation of the company's assets and using the cash to pay off all the company's liabilities before distributing them to all the company's shareholders. Striking off is generally a simpler and faster way that involved lesser documentation, legislation, and fees. This method is more likely used for a small or dormant company that has no assets or liabilities. How do you strike off a company, and what happens when a company is struck off in Singapore? In the event of a company's closure, the company is first deregistered from Singapore's Accounting and Corporate Regulatory Authority (ACRA) registry, which will eventually formally dissolve the company. Generally, we can split a strike off into two categories: a voluntary strike off and an involuntary strike off. Types of strike off 1. Voluntary strike off A voluntary strike off occurs when the members or shareholders of the company want to strike off the name of the company from the register as they have no further use for the company and have opted to stop trading. This is sometimes referred to as voluntary dissolution or voluntary deregistration. 2. Involuntary strike off An involuntary strike off happens under the registrar's motion whereby Singapore's Accounting and Corporate Regulatory Authority (ACRA) has reasonable grounds to believe that the company business is not being carried out any longer by the registered company and thus chooses to close it down. Other factors contributing to involuntary strike off include the failure to file the necessary financial documents, pay taxes, or maintain accurate records of the business. This process is usually done without the consent of the business owners, directors, or any stakeholders. Involuntary strike off is also sometimes referred to as involuntary dissolution or involuntary deregistration. Winding up a company On the other hand, winding up required a more formal and long process as there is a need to assess the company's assets and liabilities before going through the liquidation process. Furthermore, liquidating takes time considering the amount of paperwork required. Normally, a professional liquidator is appointed by the directors to oversee the whole process. There are three categories for winding up a company: members' voluntary winding up, creditors' voluntary winding up, and compulsory winding up (by court order). Types of Winding up 1. Members' voluntary winding up A members' voluntary winding up takes place when the company's directors believe that the company can fully pay off its outstanding debts within 12 months after the winding up process is initiated. Usually, the company will appoint a professional liquidator to assist with the wind up process, which includes the following criteria: Signing the Declaration of Solvency by a majority of the company's directors. Held an Extraordinary General Meeting of Members (EGM) and pass the resolution to wind up the company. This is where the professional liquidator is appointed. Requisite solvency and publicity requirements are discussed and met. The company will file the winding up solution with the Accounting and Corporate Regulatory Authority (ACRA) within 7 days and advertise the winding up of the company in a Singapore newspaper, one for each English, Chinese, Tamil, and Malay newspaper. This must be done within 10 days of passing the resolution. Submitting all the necessary documents, including the final set of management accounts and tax computations to the Inland Revenue Authority of Singapore (IRAS). Declare the final meeting date and publish a final advertisement after the tax clearance. The liquidator will then work on the last few criteria before the wind up: Advise the members on the final meeting regarding the wind up process and how the company's assets and properties will be disposed of. Submit a return that shows the meeting was held to the Accounting and Corporate Regulatory Authority (ACRA) and Official Receiver. They should also submit a copy of the account. The company's assets will be liquidated and converted into cash. This cash will be used to pay off any liabilities and debt. The remaining cash and assets will be distributed to the company's shareholders and creditors. The company will be officially dissolved after 3 months from the date the return is lodged. However, the court has the right to void the dissolution of a company within 2 years after the date of dissolution. 2. Creditors' voluntary winding up In the case where the company directors believe that the company will not be able to pay its debts within 12 months and no Declaration of Solvency is filed, then a creditors' voluntary winding up will be initiated. Similar to members' voluntary winding up, a professional liquidator will be appointed. The company's directors will hold a meeting with the company's creditors to pass a resolution for winding up the company. A liquidator is appointed by the creditors if the wind up resolution is passed. Next, a copy of the declaration will be filed to the Official Receiver and an advertisement is made in the Singapore newspaper in English, Malay, Chinese, and Tamil languages within the next 14 days. After the date of the special resolution is passed, the company's business activities will come to a halt, along with the cessation of the power of all company's directors under the liquidator's supervision. 3. Compulsory winding up A compulsory winding up takes place when the company is not closed by the business owners. It could be any party (eg. creditor, receiver, or liquidator) that applies to the court for the company's liquidation. There are a few factors that may lead to the compulsory winding up of a company: Insolvency (eg. the company's inability to pay off its debt) Failed to lodge statutory reports Failed to hold statutory meetings No business is commenced after a year of incorporation Conducted illegal activities that are forbidden by Singapore law using the company. An Originating Summons is filed to the court to initiate this process. A liquidator will then be appointed by the court (or Official Receiver will be the liquidator of the company). Similar to the other two methods, an advertisement for the winding up of the company will be published in the local newspaper in 4 languages within 14 days. Keep in mind that any disposition of company properties and assets and transfer of shares is voided after the wind up process is initiated. The process to close a company in Singapore (Strike off process) Strike off is the most common way to close down a company in Singapore, which is also much more straightforward. The application can be applied online as long as it is done by the company director, company secretary, or a corporate service provider to the Company Registrar. In Singapore, this can be done via BizFile+ using SingPass or CorpPass. However, before the application for a strike off, there are a few things that a company should check and fulfill. First and foremost, the company must have stopped any trading or commenced any business. It is the director's responsibility to obtain written consent from the majority of shareholders. The company has to make sure that it has settled all of its tax affairs and canceled its Goods and Services Tax (GST) registration. In order to do that, the quick and easy way is to log in to the myTaxPortal website by IRAS to apply for cancellation. The company owner, directors, or secretary also needs to make sure that all the income tax returns are filed and submitted accordingly. If the company is a dormant company, then they should apply for a Waiver of Income Tax Returns in case it is required by IRAS. At the time of strike off application, the company should not have any existing assets and liabilities. All the assets and liabilities that the company is eligible for should be disposed of. Furthermore, there should also be no outstanding debts and outstanding Central Provident Fund (CPF) contributions for employees. 1. Application Once all the criteria are met and fulfilled, the director or company secretary can submit the online application for striking off the company. Alternatively, the company can also appoint a professional firm to handle the strike off process. Once the strike off application has been submitted, it will take the ACRA approximately seven business days to approve the application depending on the case and the documents submitted. However, note that ACRA does not charge filing fees for the application. 2. Review & Approval Upon obtaining the approval for the application, the Company Registrar will send a “strike off notice” to the company at its registered office address, to its directors and company secretary at their residential address, and the Singapore tax authorities. The applicant will then have 30 days to raise any objections concerning the strike off. If no objections are raised, the Company Registrar publishes the "Notice of Intention to Strike Off" on the government gazette. This is known as the "First Gazette Notification". 3. Objection Grace Period Interested parties will be given another grace period of 60 days to raise objections. The applicant will still be able to withdraw the application for striking off within this period. If no objections are raised, Company Registrar then publishes a final notice on the government gazette that the company has been struck off, including information such as when the company was struck off. This is the Final Gazette Notification. However, the company can always contact ACRA to withdraw the strike off application, up until five days before the date scheduled for the company to be struck off. There will be a S$30 withdrawal fee for doing so. The process can only be carried out and proceed to the next part if there are no objections from interested parties. In the case of objection, the company needs to resolve the objection within two months from the date of application submission to proceed further. 4. Dissolution Of Company Once everything is finalized, the company will then be dissolved (liabilities will continue, and the Court may wind up the company for further settlements). The entire process is estimated to take approximately six months. However, the public may still appeal against the strike off within six years of the strike off date. Based on the above-mentioned steps, it's obvious that the striking off process is a tedious one. It's also rather long and something you don't want to keep track of constantly. Nonetheless, if a strike off is what you are pursuing but don't want the hassle of dealing with legal matters or the long process, then Atriox is here to help. With Atriox, we will process your strike off application within two working days upon receipt of fully signed documentation. The entire strike off process will only take four months instead of the six months necessary if you were to handle it yourself. However, you should note that several factors may affect the duration of the strike off application process: Age of the company ACRA return status of the company Company tax return status Financial health of the company Settlement of outstanding commitments with external creditors, landlords, and other parties What happens after a strike off? Now that you're aware of the steps required for striking off a local company, perhaps you may wonder what happens after a company has been struck off. The company's name is struck off from the Company Register. The company will lose its ability to engage in any business activities such as trading, selling assets, and making payments. The struck off company name will become available for use by new companies. Typically, the public can reverse a strike off and the company's registration status restored if there is an appeal via court order within six years after the strike off date. As with the application process, the restoration process has no filing fee. However, a strike off is no child's play and should not be treated lightly as a company director who has managed at least three companies that ACRA struck off within five years will be disqualified from the director role. The individual will also not be allowed to take part in the management of any company for the next five years after the third company is struck off, so proceed with caution. Why should you outsource the strike off process? As previously mentioned, striking off a company is no walk in the park. We highly recommend you hire professionals to assist with dissolving the company for you if you wish to avoid the legal hassle and long waiting period. It will be more convenient and efficient, and you can also rest assured that a professional will handle the entire strike off process with utmost care and accountability. A professional will also ensure that the whole process complies with Singaporean laws while making it convenient for all parties involved. If cost is the question, then fret not, as Atriox's professional fees for strike offs start from only $400. However, do note that there may be other variable fees, such as getting the final set of accounts done up, closure of bank accounts, etc., which will be charged separately. In a nutshell, the fee depends entirely on the client's demands and needs and the volume of work involved, so it's best to call or reach out to us to find out more about our strike off services and the processing fees. Aside from the convenience, a trained professional's services can provide throughout a strike off application process, enlisting their expertise is highly recommended due to the legal and statutory regulations involved in a company's strike off. Instead of undergoing the headache and hassle alone, skip the inconvenience with Atriox. We have the right people with all the necessary qualifications to help you wrap up your strike off application in just an hour! Refer here for more information on our services. Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

Singapore is a country with many opportunities and is a point of interest for many foreign investors. However, based on the regulations from the Accounting & Corporate Regulatory Authority (ACRA), at least one resident director is needed on the company's board to incorporate a company in Singapore. A local resident director is someone who lives in Singapore (can be an EP Holder, Singapore citizen or Permanent Resident) with a local residential address. With this reasoning, foreign companies looking to incorporate in Singapore will opt to appoint one local Singaporean as the nominee director of their business in Singapore. There are also cases whereby business owners hire nominee directors or engage in nominee incorporation services to keep their identity as the owner of a company confidential. Who is a Nominee Director? You may be wondering, who is a nominee director to the business? The nominee director is an individual that can act as the head of the company in Singapore when the owner is unreachable and also not a resident of Singapore (e.g., non-resident stakeholder). This nominee director must be a resident of Singapore following the regulations of the Accounting & Corporate Regulatory Authority (ACRA). The nominee director's role is considered a resident director with a non-executive role in company law, and the main purpose is only to fulfil Singapore's legal and regulatory requirements. Thus, the nominee director lacks the jurisdiction to make decisions over the business transactions, business operations or management. The nominee director must abide by their general duties to ensure that the companies they work with comply with Singapore laws. Role and Responsibilities of a Nominee Director It is important to understand the main roles and responsibilities of a nominee director in company law and the limits of authority given to them. The essential duties and responsibilities of a nominee director are as follows: To act in the best interest of the company they are working with. To monitor and ensure the company's activities do not violate any laws. To avoid conflicts of interest between their personal interests and company interests. To provide their signature on general and routine notices. To approve annual audited accounts. To convene annual general meetings. To carry out the annual returns (upon request). In contrast, a nominee director in Singapore has limits to their authority and does not (Statutory Requirements): Interfere with or make any business decisions for the company. Need to come to the office or need to be present at negotiations. Have any say at any internal company meetings. In the Singaporean market, some companies provide professionally-managed nominee director services whereby the agreement on the rights and responsibilities of the Nominee Director and the Client are stipulated to protect their interests. The written agreement is a very important tool limiting a nominee's ability to influence your company as it clearly states their responsibilities and authority. Requirements of being a Nominee Director in Singapore The potential question is, can anyone be appointed as the nominee director? Of course, there are certain requirements that a nominee director needs to fulfil and risks that follow as one accepts the role following the company law. The first compulsory requirement is that the nominee director should be: At least 18 years of age Needs to be a Singaporean citizen, a permanent resident, or Employment Pass (EP) holder with a permanent Singapore address. The second requirement, per the Singapore Companies Act, is that a nominee director should not be: An undischarged bankrupt. This means they are legally bankrupt but still have to pay back particular debts and can't borrow again from financial institutions. Convicted of any offence that involves fraud and dishonesty carries an imprisonment term of more than three months. Convicted by the court of three or more ACRA filing offences. Involved with three or more companies that ACRA struck off within five years. Disqualified for Companies Winding Up on the grounds of National Security or Interest. Disqualified for Unfit Directors of Insolvent Companies. Disqualified for Failure to Make Returns. Risks of being a Nominee Director in Singapore It is also important to understand that the position of nominee director also comes with significant risks. The first risk is if a company breaks the law, the nominee director is also held accountable by the Singaporean authorities. The second risk is that a nominee director's powers may be severely curtailed due to the nominee director agreement, but his or her liability is not. The final risk is that certain breaches of the law committed by the company may lead to the nominee director being prosecuted. Benefits of Having a Good Nominee Director A good nominee director can contribute to the success of your business. There are several benefits of having a nominee director who has a good reputation and is competent. A capable nominee director would be: Knowledgeable and clear on the compliance requirements of the Singapore Companies Act. Proactive and timely in filing returns and obtaining important signatures for crucial documents. Able to notify you of the goings-on of the company. Differences Between a Regular Director and Nominee Director You may refer to the following table on the differences between a regular director and a nominee director: Replacing or Removing Your Nominee Director The question commonly asked is whether a nominee director is indefinitely retained in a company in Singapore. The answer is No. You may not have to indefinitely retain a local nominee director. Nominee directors can be replaced by non-local directors upon receiving the employment pass from the company, which will usually take around six months to process. Which then allows the non-local director to relocate to Singapore and will be considered a resident director. Please note that while the six-month application for the employment pass is still in process, a nominee director is still required. Why Should You Engage With a Nominee Director Service in Singapore? Appointing a nominee director is a task of great importance. We highly recommend you engage with a nominee director services provider or company incorporation service if you are a start-up company in Singapore. 1. Minimise Risks One of the main reasons is that hiring a nominee director on your own without professional assistance from a corporate service provider does pose some very detrimental risks. For example, not properly declaring the authority limitation and nominee director agreement terms in the written contract may lead to individuals taking advantage of the loophole for their personal gain. 2. Ensures a Cohesive Registration Process Another reason to hire a nominee director service is to ensure a cohesive registration process, as listed below: Appointment of a nominee director with a well-prepared nominee director agreement which serves to protect both parties by ensuring that: The nominee cannot be held accountable for decisions made by the company's board The nominee cannot make any decisions that can impact the company. Registration of your company, including your nominee's details in the Register of Nominee Directors, which includes the nominee's proof of residential address, Passport / NRIC, and the appointment date. Ensure the details of the nominee are kept accurate and up to date. Any misrepresentation, if deemed a breach of local regulations, can result in a hefty fine. 3. Prepare a Nominee Director Agreement to Contractually Limit the Powers of a Nominee Director Legally there's no difference between a traditional director and a nominee director. Based on Singapore's Companies Act under 157A (Powers of Directors), it states that: “The business of a company shall be managed by, or under the direction or supervision of, the directors” and that “The directors may exercise all the powers of a company except any power that [the Companies Act] or the constitution of the company requires the company to exercise in general meeting”. This part of Singapore's Companies Act needs to be handled with great care and importance as it may negatively impact the company if the nominee director agreement is not cohesive enough. Given the statement above, we highly recommend that you appoint a reputable company service provider to assist in incorporating your business and appoint a nominee director for your company. The nominee director agreement needs to be prepared properly with the company to contractually limit the powers of a nominee director. We would also recommend, if possible, that you appoint one or more executive directors (who don't have to be residents of Singapore) to manage and oversee the affairs of your company to avoid or minimise the risk of any untoward incidents from happening. Nominee Director Services in Singapore Because of the importance of a nominee director in incorporating a company in Singapore, we still strongly recommend that you engage with a nominee director service provider to protect your company. Getting a professional to handle the nominee director agreement ensures that your business stays in accordance with Singapore's laws, as nominee directors are tasked with ensuring that your company does not do anything illicit by checking the reports before submitting them to various agencies. When it comes to something as important as your business, nothing short of excellence will do, so carefully consider all your options before hiring your preferred nominee director service in Singapore to ensure your business incorporation is in order and hassle-free. If you're in doubt or unsure where to look, Atriox is more than ready to assist you with all your outsourced incorporation needs. Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 WeChat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

Starting a company in Singapore is a very exciting experience considering the fact that the city-state has established itself as a premier destination for businesses. Many international companies also consider Singapore as a regional hub for their Southeast Asia or the Asia-Pacific operation. Both locals and foreigners can incorporate a company in Singapore, and there are several key benefits to doing so. One of the main benefits is the ability to secure your desired company name while acquiring a larger equity stake for yourself for the company registered. Additionally, registering a company also simplifies many processes, as legal agreements can only proceed after a company is registered, and banks will only offer SME financing services to a registered company. The company incorporation process in Singapore is overseen by the Accounting and Corporate Regulatory Authority (ACRA), which also charges fees for company registration. Understanding how much it costs to register a company in Singapore will help in your company's financial planning before incorporation. Let’s explore the Singapore company registration costs and other additional expenses, such as the corporate secretarial services fees to incorporate a company. How much does it cost to register a company in Singapore? The minimum cost charged by ACRA in registering a company or business in Singapore is S$315, which consists of the following: 1. S$15 fee for a company name application The first thing to consider when registering a company is none other than the name of the company. A good company name should be easy to read while being unique and meaningful. Keep in mind to avoid using vulgar or obscene words or infringing on any copyrights. 2. S$300 fee for company registration. Once the company name is approved, it will be reserved for 120 days from the date of application, and applicants can proceed to the company registration process with all the documents prepared. These are the preliminary step for company registration, and the fee does not include professional fees charged by a corporate secretarial firm, which can range between S$500 to S$2,000 depending on the precise scope of services needed. To understand better on the different corporate secretary services and fees provided by Atriox, visit here to get a free quotation. How to register a company in Singapore? Now that we understand the company registration cost in Singapore, let’s examine the process for registering a company. The registration process is fully computerised through the BizFile+ portal since April 2021. To log into the BizFile+ portal, a SingPass ID is required. Hence, foreigners without a SingPass ID cannot incorporate a company by themselves and therefore require a corporate service provider to help register their company. This process will be easier for Singapore citizens with a SingPass ID as they can log in directly to the BizFile+ portal and register the company. Regardless, it is still much recommended to engage with a corporate services provider to help ease the company registration process. Additional costs to comply with ongoing regulatory requirements on Singapore company To incorporate a Singapore company, there are a few regulatory requirements to be fulfilled during the initial registration process and after the setting up of the company, and these are additional costs on top of the S$315 mentioned above. Fulfilling these regulatory requirements set by ACRA is not easy, especially for a newly incorporated. Hiring respective professionals to handle and fulfil each of the regulatory requirements is impractical because it can be very costly and time-consuming. Hence, most companies engage with experienced corporate services providers to handle all company incorporation matters. Below are a few additional costs of setting up a company in Singapore to comply with the current regulatory requirement by ACRA: 1. General Compliance Requirements In addition to the initial registration processes and requirements, there are some compliance requirements that registered companies must comply with. These include having: A registered office address in Singapore At least one Singapore resident director, Appointing a Singapore resident company secretary. A qualified company secretary must be appointed within 6 months of company incorporation. They are crucial for a company's operation as they are responsible for ensuring the company’s compliance with the local law while also handling numerous administrative and reporting responsibilities. Check out why a company should outsource a company secretary in Singapore here! The table below provides a rough estimate of the corporate secretarial services fee in Singapore for the services mentioned above. 2. Accounting Requirements All Singapore companies are mandated to maintain proper financial accounts and records of its transaction for at least 5 years. Besides, public companies and their subsidiaries are subject to additional requirements, including the implementation and maintain a system of internal account controls to ensure that transactions are properly authorised and recorded. It is generally encouraged to outsource these bookkeeping and accounting tasks to save time and costs considering the complexity of the operation. Atriox offers bookkeeping and accounting services at a starting price of S$250 for companies with under 50 transactions. Discover and learn more about our fees for accounting services. 3. Filing of annual returns Companies in Singapore are required to file their annual returns with ACRA via BizFile+ portal unless exempted. While this process is usually done by the company secretary, a company is encouraged to check with the corporate secretarial services provider if this fee is included when appointing the company secretary. ACRA will charge an annual filing fee of S$60 in Singapore. 4. Tax-filing Requirements Singapore companies are obligated to pay corporate tax on chargeable income generated from Singapore or foreign income remitted to Singapore. In addition, companies are also required to register for Goods and Services Tax (GST) if their taxable annual revenue turnover exceeds S$1 million. Usually, a company will outsource the operation to an accounting firm, and the tax filing services generally cost between S$300 and S$1,800 per filing in Singapore. Reach out to us and learn more about the tax filing services and fees offered by Atriox. 5. Audit Requirement On top of the company director and company secretary mentioned above, a Singapore company must also appoint an auditor within 3 months of incorporation. The only exception to not require an auditor is if the company fulfils the requirements for exemption as a dormant or small company. However, exempted companies or “small companies” are still required to prepare unaudited yearly financial statements. While the fees for statutory audit services may vary depending on the scale and complexity of the company’s financial statements, it is safe to assume that the cost usually starts from S$3000 per audit in Singapore. 6. Ad-hoc Requirements On top of all the compliance requirements, processes, and operations, a company usually requires additional ad-hoc services from a corporate service provider. These include preparing documents and resolutions for extraordinary general meetings, amending company particulars or constitutions with ACRA, transferring shares with ACRA, overseeing the opening of corporate bank accounts, and more. The fees vary for the services mentioned above but generally cost between S$100 – S$300 in Singapore. Bonus Tips: 3 Important Things To Ensure a Smooth Company Registration in Singapore 1. Registered office address The company requires an official local premise or office in Singapore from where your business will be operating. This is because ACRA requires all registration applications to be accompanied by a registered office address. There are two ways of doing it. You can either rent a commercial property in Singapore for your business operation or register your company as a home-based enterprise with your residential address. 2. Company stamp A company stamp is required to handle official documents like compliance reports and statements. The more commonly used stamps are rubber stamps and self-inking stamps, with rubber stamps normally being the cheaper alternative of rubber stamps. With the help of a corporate service provider, applicants usually can get their company stamps faster and cheaper. 3. Tax reporting In Singapore, every company is expected to file corporate taxes by the 30th of November (for hard copies), and the 15th of December (for e-filing). There are a few approaches that will help to reduce the corporate tax, such as calculating your taxable amount from company profit instead of the business revenue while also being clever with tax incentives and exemptions. Maintaining accounting records or bookkeeping may be overwhelming for a newly registered company. Hence it is smart to look for a corporate services provider to handle the processes. With that, you can now incorporate your company with a better understanding of the company registration costs in Singapore, processes, and requirements. Once your company is registered, ACRA will email you or your Registered Filing Agent with your Business Profile and Certificate of Incorporation (COI). Still confused about where and how to start setting up a company or not entirely sure how much it will cost to register a company in Singapore? Fret not! At Atriox, we have an experienced team to walk you through your company incorporation process and other corporate services needed. Get in touch with us now to learn more! Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/WhatsApp: +65 8944 3991 / 8857 5256 WeChat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

Starting a business in Singapore is exciting but is not as simple as it seems. Owning and operating your own business is thrilling because it gives you flexibility and financial independence. Entrepreneurs are free to choose where they work, what they do, and who they work with; therefore, passionate founders must plan ahead. Singapore is one of the easiest countries to start a business, but it is not as straightforward as it appears. There are a lot of things to take into consideration before starting. Fret not. We have the solution. This article will explain the steps for starting a business in Singapore, so you know how to proceed. 1. Prepare Yourself for Business The idea of running a business may be exciting, but the real question is this… are you ready? It's one thing to have a great idea. It's another thing to be able to get the idea off the ground and lasted. You need to know if you will sell the right products or provide the right services to serve your audience. A thorough business plan is very important, which includes market analysis, competitor analysis, and an effective operational strategy. This allows you to make a better decision by understanding the market better first before you jump into it recklessly. 2. Funding Capital: Financing Your Way Through Most businesses fail when they cannot raise the funds they need to grow. Businesses (especially start-ups) require capital to get started and develop business plans and ideas. This definitely requires money, and funding greatly helps accelerate and smoothen this process. Other than financial savings, here are some ways to get funding: ● Fundraising ● Applying for Government grants and schemes ● Venture capital and angel investors ● Support from family and friends ● Bank Loans ● Peer-to-peer lending Tip: A well-articulated business model, a good business case, and a strong management team can form the foundation for your fundraising efforts. This serves as proof for others, so they can be confident when you ask for their help. 3. Pick and Register Your Business Name First of all, you need to pick a business name and choosing a business name can be challenging. It can be hard to find a business name that represents your passion when starting out. A good rule of thumb for choosing a business name is to make sure the name speaks to you and is unique. The best ways are to think of a list of 3 to 5 names and check for their availability through the BizFile+ portal. It would be good to note that the Accounting and Corporate Regulatory Authority (ACRA) will reject your proposed name if it has: ● Violation of copyrights or trademarks ● Similar, identical, or phonetically the same as another company that has already registered ● Contains vulgar or obscene words Having found the most suitable name for your business, you should register it quickly so that you can claim ownership over it in the digital space. This is because a company website is critical in this digital age. Tip: Singapore domain names are issued by the Singapore Network Information Centre - so its best to check there first. 4. Choose Your Business Structure Running a small business can be tough. You are responsible for everything from the bottom line to the products and services you offer. This is why you need the right organizational structure to handle matters smoothly. Besides setting up a private limited company in Singapore, there are numerous business structures you can choose from. Here are the 4 types of business structures in Singapore: Sole proprietor Partnership Company (private limited) Limited liability partnership (LLP) Pick the best business structure for your company by understanding how they differ. Your company's structure will impact your taxes, personal liabilities, brand image, credit, and the ability to develop your business idea to its full potential. 5. Open a business bank account Besides finding out how much to register a company in Singapore, you also need to consider your financial and operational management. You'll need a business account unless you're a sole proprietor and are comfortable receiving payments via your personal account. The bank account for your new company should be different from the one you use for your personal expenses. Ideally, you will have separate checking and savings accounts to keep check and balance. At Atriox, we work with OCBC bank and assist with establishing corporate bank accounts so that you won't have to worry about it. 6. Form your team If you want to build a successful business, you'll need the right team of people behind you to help you along the way. You might have a great product or service that can really make things happen, but without a solid team of support, you won't be able to make substantial progress. When working with a team in the business, you would also need to understand some legalities like employees' rights under the employment act. Here is an important checklist to follow: Employers must pay their employees correct salaries within 7 days after the end of the salary period. Employees must receive at least 7 days of annual leave in their first 12 months of services, 14 days in subsequent years, and at least 14 days of sick leave entitlement. Employees are not allowed to work more than 6 hours in a day without a break Employees are also not allowed to work more than 8 hours a day and not more than 44 hours a week. Employers must also register all their Singapore citizens and PR employees with the CPF Board and pay CPF contributions. Some stipulations should be noted when forming your team when starting a business in Singapore. Depending on your business structure: Shareholders The number of shareholders in a company cannot exceed 50 (a private limited company that exceeds this limit will need to convert to a public company, which can have unlimited shareholders) Directors You may appoint multiple directors, but at least one of them must be local. A foreign business incorporated in Singapore is required to appoint a nominee director. Corporate Secretary ACRA stated that every company must appoint a corporate secretary within 6 months of its incorporation (or you may be penalized up to $1,000). Read more on the roles & responsibilities of a corporate secretary here. 7. Secure a Registered Office Address One of the requirements for Singapore company registration is a registered office address. In addition to informing your customers where you are located, it is also necessary for legal and registration purposes. It is also where your company will be required to keep its principal place of business. Instead of renting a business space under the Home Office Scheme under the Urban Redevelopment Authority (URA), you may consider registering your residential property or HBD to cut capital costs. These steps will allow you to reduce costs and save money to allocate your funds to other areas, such as marketing and product development. You could look into virtual offices if you do not have a specific location. Virtual offices are convenient, easy, private, and highly cost-effective. You can use a service provider like Atriox to keep the process simple and easy. 8. Register Your Business (aka incorporation) Don't assume that you can just get your business started online and start selling. You have to get your business registered or incorporated. To avoid missing any important documents or steps in registering your company, you might consider incorporation services from a professional firm like Atriox. The outsourced company secretary will prepare a set of first board meeting documents (appointment of directors, secretary, allotment of shares, etc.), Lodging of Register of Registerable Controllers, and fill up the relevant declaration forms. Here are the following required documents and information: Approved company name Description of business activities Registered local address Particulars of shareholders, directors, company secretary Foreign Individuals: A copy of passport & proof of residential address (overseas) Singapore Residents: A copy of Singapore identity card 9. Understand Your Tax Obligation Taxes are unavoidable when you work for yourself or run a small business. This is why we recommend you understand the basics of taxes and how to work out your tax obligation. Type of taxes to take note of: Corporate Income Tax You must understand Singapore corporate income tax basics and key dates you need to note. This will enable you to file and submit your documents accordingly. Contrary to income tax, corporate tax e-filing deadlines are in December rather than April. In Singapore, tax-resident companies pay a flat rate of 17%. Therefore, paying your taxes on time is essential to avoid penalties and interest. For assistance with corporate income tax, our tax specialists are ready to help. Get a free quotation here! GST Tax The Goods and Services Tax (GST) is a tax imposed on the supply of goods and services in Singapore and on imports into Singapore. At present, Singapore's GST is 7%. GST registration is necessary if your taxable revenue exceeds S$1 million. 10. Set Up Digital Presence You must set up your digital presence whether you are just starting a business or already running one. Without it, you cannot succeed in the modern era. Having a website and social media account for your business allows your target audience to easily find you on search engines (i.e.: Google), social networks (i.e.: Facebook), and others where they search for information about your business. This will also increase your brand awareness and credibility in the long run. Besides, creating a digital presence for your brand is also creating an ideal platform to communicate with consumers. These digital platforms can effectively educate consumers about your brand and your product's unique selling points. Having an online presence is crucial to growing your customer base and competing against your competitors. Take the time to ensure your platforms are ready for greater exposure and impact. Starting a Business in Singapore Is Easy - With Us If you want to start a business in Singapore, you need to know that you will have to invest a lot of effort and time to get results. Why not work with us and let us do some heavy lifting for you? Let's talk about how we can help you start your business in Singapore quickly so that you start working on what matters. In Short: How To Start a Business in Singapore in 10 Steps Prepare Yourself for Business Funding Capital: Financing Your Way Through Pick and Register Your Business Name Choose Your Business Structure Open a business bank account Form your team Secure a Registered Office Address Register Your Business (aka incorporation) Understand Your Tax Obligation Set Up Digital Presence Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

There is a high demand for company or corporate secretary services in Singapore due to their importance in the corporate world. The reason due to ACRA (Accounting and Corporate Regulatory Authority) stipulates that every company must appoint a corporate secretary within 6 months of its incorporation. If this position remains vacant for more than six months, there may be an up to $1,000 penalty fee; therefore, it is better to appoint one sooner rather than later. As a good corporate secretary will ensure a business's smooth running, which is beneficial for the internal and external running of the organization. But what is the role of a "corporate secretary"? A corporate secretary does not have a statutory definition of their role, duties, or responsibilities, but they are generally responsible for reporting and administrative duties. Therefore, the corporate secretary is responsible for assisting the directors in ensuring that all required regulatory requirements are met. The corporate secretary is an officer who is not merely administrative but also advisory in nature, especially in corporate governance matters and boardroom procedures. In short, a corporate secretary ensures that: All the legalities regarding a business are complied with. The company complies with its obligations under the Companies Act and other relevant laws. The business is registered properly with the Registrar of Companies and the annual returns are filed on time. The shareholders' rights and interests are taken care of. If the corporate secretary fails to perform his duties properly, it can lead to big problems. The company could face legal issues; in extreme cases, it may lose its license and be fined. An ineffective corporate secretary can also harm the reputation of the company and its employees. When there is only one company director, he can't be the secretary. In the case of multiple directors, one can act as both the secretary and the director. But is it better to appoint an internal company secretary or outsource a corporate secretary service? This is why we have compiled these reasons why you should consider working with a corporate secretarial service in Singapore today. 5 Reasons To Outsource a Corporate Secretary in Singapore 1. Peace of mind When you outsource to hire a corporate secretary, you are also hiring because of their expertise. There are already so many things to handle; therefore, is it best to leave administrative handling to qualified and experienced professionals. You will also have fewer things to manage because of the assurance and sense of reliability that they give you. You can trust them to meet all your requirements without worry as they will always have solutions to your problems and your best interest at heart. Additionally, you won't have to worry about errors (or about being a strike off company in Singapore) since they are accurate and consistent - leaving you more room to focus on what really matters 2. Cost-effective Outsourcing also saves time and money on hiring and training an in-house team without compromising quality. You can leave them to do the heavy paper-lifting without spending on space and equipment like workstations and other hardware costs (fax machines, computers, printers, and other IT peripherals). Yes, although there are corporate secretarial services fees to think about, your company can use these additional savings to improve other revenue-generating areas. 3. Reduce risk factors An outsourcing company has an expert team to complete the work within the allocated timeframe. The team ensures compliance with all legal requirements and reduces penalties and other potential monetary losses. 4. Keeping Your Good Reputation By hiring a corporate secretary, you avoid financial penalties and maintain a good public image and reputation for your business. It would be worthwhile to remain in the good books of ACRA and IRAS (regulators) and avoid fines, penalties, or unnecessary media chaos. Furthermore, they could act as an advisor, especially when the business is expanding, so you can see potential paper roadblocks ahead and remain in compliance with the law. 5. Leverage their expertise An outsourced corporate secretary can provide a wealth of knowledge and experience to help your business run smoothly. They can help with everything from compliance to shareholders' communication and can provide invaluable guidance on best practices. With an outsourced corporate secretary, you can be confident that you have access to the latest information and insights, which can help you make better decisions for your business. Qualification When Looking for Corporate Secretarial Services Singapore A corporate secretary is a professional who thoroughly understands company laws and regulations. This is important because they are responsible for ensuring that your company operates within the law and regulations. What are some qualifications to look for when choosing an outsource a corporate secretary in Singapore (besides being a Singaporean resident)? As per ACRA, a Singapore corporate secretary should meet at least one of the following requirements, as per section 171 (1AA) of the Companies Act: Have at least 3 to 5 years of experience before their appointment A qualified person under the Legal Profession Act (CAP. 161) Public accountant registered under Accountant Act (CAP.2) This person also must be a public accountant or a member of any of the following: Member of the Institute of Certified Public Accountants of Singapore Member of the Singapore Association of the Institute of Charted Secretaries and Administrators Member of the Association of International Accountants (Singapore Branch) Member of the Institute of Company Accountants, Singapore What is the difference between a corporate secretary and a director? Though there may be some similarities, and if you are still confused about the different roles, here's a summarized explanation. Company directors are responsible for ensuring the company is operating at its peak and achieving its goals. The director must ensure the company is not losing money or making a loss. This is because the directors are responsible for the company's performance and success. The duties of a corporate secretary are to ensure the company complies with all statutory and regulatory policies to help the directors achieve their goals. The corporate secretary is also responsible for ensuring the company complies with the corporate governance requirements. Their tasks include ensuring that the company complies with corporate governance requirements, an effective board of directors, and compliance with market regulations. Factors to Consider When Hiring a Corporate Secretary It's clear that hiring the right corporate secretary is vital for organizational growth. But what are the factors to look out for during the selection process? Here are some things to look out for. They must be: 1. Familiar with Singapore Company Law Since the corporate secretary is responsible for ensuring a company complies with all legal rules and regulations, they must be very familiar with the rules ACRA sets and the requirements a company must fulfill to renew its registration. To effectively handle and manage such responsibilities independently, they must already possess knowledge and experience in handling such responsibilities. 2. Have the Right Qualification and Experience Knowledge of the law is one thing, but they also need to get things done promptly. No more headaches of late penalties or noncompliances anymore, as they would be able to manage it and provide solutions to issues at hand. 3. Able to Communicate Well In addition to dealing with stakeholders and directors, the corporate secretary will also deal with others. Therefore, they need to have excellent communication skills. They also help directors, shareholders, and top management understand their statutory obligations to make informed decisions. 4. Strong Organization Skills A corporate secretary in Singapore is responsible for various administrative duties. Among their responsibilities will be filing taxes and annual reports. They will also be entrusted with filing matters, making them an invaluable bookkeeper for the company. Organizational skills will be crucial to ensure productivity. 5. Financial Management Skills For a business to achieve financial efficiency, the corporate secretary must possess adequate financial management skills. Therefore, most of the time, corporate secretaries in Singapore with accounting skills are preferred for this job. Look No Further For Corporate Secretary Services Singapore Ultimately, corporate secretaries are an invaluable benefit and can save you a lot of time, money, and headaches regarding paperwork. Instead of hiring in-house, outsourcing a corporate secretary can be a great solution for a company that does wish to spend resources to hire a full-time employee to handle these tasks. Get a free quotation for corporate secretary service and see how we can help you with the right corporate secretary services to eliminate your secretarial headaches today.

Bookkeeping is an essential task that every company, Singaporean or not, should prioritise regardless of company size. However, some may wonder, what is bookkeeping? To describe it briefly, bookkeeping is an organised process of recording all financial details and transactions. It is crucial to have a good bookkeeping system in place to ensure the business runs smoothly and to make the accounting process easier. Orderly bookkeeping records are also important as all Singaporean companies are required to prepare and keep a book of accounts which should be in accordance with Singapore’s tax laws and the Singapore Financial Reporting Standard (SFRS) as mandated under the Singapore Companies Act and Income Tax Act. Why is Bookkeeping Important? 1. Generate More Accurate Financial Reports Some may question why it’s so important to have proper records of their financial details and how it benefits their business. Keeping proper records of your company’s financials is more than just filing mundane paperwork. When your business’s transaction records are updated, you’ll be able to generate more accurate financial reports and thus be able to better assess your financial resources to plan better for the future. 2. Better Insight & Understanding of Cash Flow Furthermore, bookkeeping accurately records how much money has entered and exited your business, giving you more insight and understanding of the cash flow of the company while giving you more security as you’re able to see and track the movement of the cash. 3. Increase Auditing Efficiency Bookkeeping can also be used as a tool to attract investors as it provides up-to-date and accessible information on the financial performance of your business. Proper bookkeeping can also increase auditing efficiency, be it internal or external, as your records would be in order and more easily accessible. Accounting vs Bookkeeping: What’s the difference? Accounting and bookkeeping services are equally important functions when it comes to managing your business’s finances. However, accounting and bookkeeping are different as they support different stages of the financial cycle. Bookkeeping is more administrative and focuses on recording and organising the business's daily financial details and transactions. Accounting, on the other hand, is more for interpreting, analysing, reporting and summarising the financial data or transactions. To put it simply, bookkeeping lays the groundwork for proper accounting. Therefore, both accounting and bookkeeping, whether done in-house or by outsourced service providers, complement each other and are the keys to a successful business. Types of Bookkeeping Tasks Now that we’ve got the differences between accounting and bookkeeping out of the way, let’s delve into the types of bookkeeping tasks there are in the following list: General Ledger Maintenance Accounts Payable Ledger Maintenance Accounts Receivable Maintenance Bank Reconciliation Fixed Assets Ledger Maintenance Monthly adjustments Books Clean-up While we have highlighted the importance of bookkeeping in a company, we understand that not every business has the means to handle their bookkeeping records on their own – hence, finding alternatives for companies that cannot perform the task themselves or are rather unsure how to go about it is our goal. Of course, there is always the option of hiring extra or outsourcing the task to professionals like us - Atriox. While there’s no shortage of professional bodies that are capable of providing bookkeeping services in Singapore, it’s important to find one that understands your business and can communicate well with you. Benefits of Outsourcing Bookkeeping Tasks to the Professionals 1. Consistent in Accuracy & Efficiency of Records A good outsourcing service provider can greatly benefit your company as they can not only keep your bookkeeping records on a consistently high level of accuracy, but they will also be efficient about it as they will be solely dedicated to the task as opposed to in-house staff who may or may not have other duties to tend to. The accuracy of a professional bookkeeping service is also important as inaccurate financial records can be detrimental to a business. Hiring a professional also means you won’t need to worry about training them, and you won’t have to deal with mistakes due to inexperience or lack of supervision. 2. More Cost-Effective & Provides Avoidance Against the Threat of Financial Misconduct, Occupation Fraud & Government Penalties Outsourcing your bookkeeping to a service provider is also quite cost-effective compared to hiring your own bookkeeper. Hiring additional staff comes with many hidden costs such as equipment costs, utilities, statutory contributions and bonuses. Another benefit of outsourcing your bookkeeping is avoiding the threat of financial misconduct or occupation fraud. According to the Association of Certified Fraud Examiners’ study from 2012, the most common victims of such frauds are small businesses that employ fewer than 100 employees, and the median fraud amounts to an astounding $147,000. Outsourcing a bookkeeping service is akin to bullet-proofing your business against penalties as inaccuracies, which whether intended or not, can often result in penalties by Singapore's Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). 3. More Time-Efficient & Gain Assistance from Panel of Experts Some Singaporean businesses may also think dedicating so much time to bookkeeping is too time-consuming, which further highlights the beauty of having outsourced bookkeeping services in Singapore – you can simply pass the task to the professionals and let them handle the nitty-gritty for you. Business owners can have more peace of mind and focus more on the growth of the business instead. Furthermore, you can gain instant access to a panel of experts who adhere to the best practices and have knowledge of up-to-date accounting methods and even the latest software to further increase your business's financial performance. 4. Flexibility in Scaling the Team Size You can flexibly scale the outsourcing team based on your company's needs by utilising outsourcing bookkeeping services. During peak seasons, you can scale up the outsourcing team, and when the workflow slows down, the numbers can be reduced to as few as you wish In House Vs. Outsource Bookkeeping When Should You Outsource Your Bookkeeping? You may wonder, when is a good time to outsource your bookkeeping? Is there a specific situation or requirements before you should opt to outsource bookkeeping to a professional? Well, there is no hard and fast rule about hiring professional help, but we can think of five possible reasons you should consider outsourcing your bookkeeping to a professional. 1. During the early days of the business Budget may be a concern during the growth stage of a business. Hence it is advisable to keep costs low until the business has sufficiently grown by outsourcing your bookkeeping. 2. When strategically planning to get to the next level Outsourcing bookkeeping is highly recommended when the company is interested in long-range forecasting, and you need high-quality financials to support growth decisions. 3. When facing time management issues When things are getting hectic, and bookkeeping comes at the expense of the time you should be spending on primary business activities, it’s a sign that you should switch to outsourcing the bookkeeping to a professional instead. 4. Lack of dedicated bookkeeping personnel When a business lacks dedicated personnel for bookkeeping, and it results in another key employee spending their time ineffectively in an area which is not their area of expertise, it’s a wake-up call to utilise a bookkeeping service before things get messy and resentment builds up. 5. When downsizing or experiencing a temporary downturn In the face of a crisis such as the COVID-19 pandemic or other economic issues, your company may be forced to lay off staff. However, you still need quality bookkeeping services, so turning to an outsourced bookkeeping service would be your best bet. Signs You Should Outsource Your Bookkeeping Tasks This is by no means an exhaustive list of when you should outsource your bookkeeping tasks. If you are experiencing the below scenarios, you should outsource your bookkeeping tasks to professionals： Spent too much time entering and sorting your financial transactions manually (mostly happens when your monthly transactions significantly increase). Your business has experienced a phishing or malware attack and lost some vital business records. Required complex financial statements, such as the Profit and Loss, Balance Sheet or Cash Flow Statement, but your current resource cannot do so. Experiencing a messy tax season or when deciding to upgrade to double-entry bookkeeping or when you have bookkeeping questions that just can’t be answered by good old Google anymore. Your business may have also started working with an accountant who needs access to professional kept books. Hence rather than stressing out and handling it yourself, it would be wiser to let the experts get to it. In view of the common concerns of businesses both big and small in Singapore, we strongly recommend that you consider engaging an outsourcing bookkeeping service. The benefits of outsourcing bookkeeping services and getting an expert to handle your financial record matters far outweigh the value of having an in-house bookkeeper, especially since their expertise can help ensure that your business complies with Singapore’s laws. When it comes to something as important as your business, nothing short of excellence will do, so carefully consider all your options before hiring your preferred outsource bookkeeping service to ensure your business finances are not just in order but also hassle-free. If you’re in doubt or unsure where to look, Atriox is more than ready to assist you with all your outsourced accounting needs. Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 WeChat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

Accounting is an integral part of any business regardless of size and the number of transactions per year. Whether your business is halfway across the world in Dubai or Singapore, your business will surely need to prepare accounting records such as annual accounts as long as the business remains active (unless exempted). However, you may wonder, “Does a small business need an accountant?”. It is highly recommended that you acquire a qualified accountant to handle your accounting matters. Still, if hiring another employee solely to handle the accounting for a small business seems excessive, there is an alternative. One can opt to engage an outsourced accounting service. Several companies, such as Atriox, provide outsourced accounting services for small businesses in Singapore regardless of the number of transactions - even if your business only performs ten transactions per year. Benefits of outsourcing accounting services for small businesses in Singapore Perhaps you may be sceptical about the reliability of outsourcing your accounting matters or even question the pros and cons of outsourcing compared to the traditional method of having everything done in-house. Those are valid concerns, but allow us to walk you through the benefits of outsourcing accounting services for small businesses or big corporations in Singapore. 1. More Efficient & Cost-Effective Outsourcing your accounting matters helps free up the time you typically spend on tedious routine work so you can truly focus on growing your business. Not only can it be more efficient and cost-effective than building an in-house accounting department, but outsourcing also eliminates the need to manage salaries, CPF, staffing issues such as staff turnovers, accounting software issues, and renovations that may be eventually necessary to accommodate a team expansion. It is important for SMEs to fully utilise their manpower and resources to maximize returns. Reducing the non-income generating cost by outsourcing accounting services will allow your business to allocate more budget in investing in income generating business activities. 2. Reliability, Accuracy & Credibility Outsourcing is also a reliable method, given that you hire a qualified, professional outsourcing company like ours (Atriox). A trustworthy and quality outsourcing company will ensure that your business account will have credible and accurate records for bankers, investors, and taxes to ensure deadlines are always met. 3. Assurance of Compliance Your accounts will be managed mainly by a team of experienced and qualified Chartered Accountants, and most of all, you get the assurance of compliance. A professional will ensure that your business accounts comply with the Singapore Companies Act and Income Tax Act. Here at Atriox, all our professionals are experienced and certified Chartered. Accounting Services Needed For Small Businesses Singapore There is a prevalent misunderstanding that outsourcing accounting services should only be utilised by bigger companies, as it is commonly believed that smaller companies or businesses do not have as much workload. However, that is not the case, as small businesses benefit from outsourcing accounting services as much as big companies. The opposite may well be true, as outsourcing accounting services can benefit smaller companies even more than big companies. Aside from the issue of staffing and accommodating more employees, smaller business companies can make the most of the wide range of accounting services available in the Singaporean market. Some of the accounting services that are highly recommended for small businesses include: 1. Monthly Accounting and Bookkeeping Services Accounting and bookkeeping services typically consist of general ledger maintenance, accounts payable ledger maintenance, accounts receivable maintenance, bank reconciliation and fixed assets ledger maintenance. Monthly accounts bookkeeping is crucial as it helps businesses keep track of their bills, payments and cash flow. 2. Cash Flow Forecasting Another highly recommended accounting service for small businesses is cash flow forecasting. Understanding the cash flow of your business directly affects the survivability of the business. Hence getting insights into your business's cash flow from a trained professional is a wise move. 3. Management Reporting The management reporting accounting service consists of a balance sheet, profit and loss, and a trial balance. The service measures the business' current performance, and further adjustments in operations and recommendations for future actions can be taken based on the performance report. 4. Financial Analysis & Growth Monitoring On the other hand, financial analysis and growth monitoring cover the review of financial statements on a monthly, quarterly and yearly basis, directly impacting the small business's budgeting and financial strategy development. 5. Payroll Services Outsourcing your payroll will free you from the hassle of filing your employees' earnings, paying levies for local/foreign employees and making CPF contributions while still meeting the government's deadlines per the Employment Act. 6. Corporate Tax filing Another recommended service is tax filing. An outsourcing company will help your business comply with Singapore's tax regulations by managing all your corporate tax filing and tax advisory matters, planning, financial accounting, compliance and regulation matters. 7. Goods and Services Tax (GST) Services Some outsourcing companies may even assist business owners with applying, preparing, and submitting Goods and Services Tax (GST) for small businesses that have voluntarily registered for GST for business reasons. Cost of outsourcing accounting services in Singapore While it is evident that outsourcing your accounting is a great idea for efficiency and cost-effectiveness, is outsourcing worth it for a small business in Singapore? The price range of accounting services in Singapore varies from company to company. While it may seem like outsourcing is more expensive as the charges are paid upfront, in the long run, hiring in-house accounting staff is more expensive due to underlying costs. Like any other service, outsourced accounting services have a wide price range. The prices depend on several factors, including, but not limited to, the type of service, duration of the agreement, and the number of business transactions. For example, Atriox offers accounting services starting at $250 for companies with under 50 transactions. While hiring a cheap accounting service provider may be tempting, we strongly advise you against doing so, as you may not be guaranteed the same results. In worst-case scenarios, a slip-up by the accounting firm may damage your business permanently. Common mistakes people make when outsourcing Entering into an agreement with an outsourcing company is an investment. Hence it's important to know if the service provider you have chosen is the right fit for you and your business. Some of the biggest mistakes businesses make when outsourcing include the following: 1. Choosing a firm that does not align with your company’s values. Before you begin looking for your ideal outsourced service provider, you should consider if your business values align with the service provider. If your values differ, this may eventually lead to a conflict as both parties will be working towards a different end goal and resulting in stressful interactions - definitely not something you'd look forward to for a service that is supposed to make the accounting process easier for you. 2. Choosing someone who doesn’t understand your business. Next, find out if your service provider understands your business. Once you have confirmed that they have your desired results in mind, research what you want and expect from your service provider. It's important to figure out the groundwork to fully utilise your resources. 3. Hire cheap freelance bookkeepers or accountants Outsourcing accounting services is the recommended option, mainly due to the lower cost benefits. However, hiring a freelancer to handle your account is not advisable, even if the rate is cheaper. That is because freelancers can only take up to a limited amount of work and often cannot offer complete accounting services due to their lack of experience and skills in full-set accounting. Also, having multiple parties handling your account is not advisable because it will be hard to manage and lower efficiency. Hence, hiring a reputable and experienced accounting outsourcing team is highly recommended. Avoid getting tricked by cheap accounting services offered by freelancers. 4. Choosing an individual or outsourced company you struggle to communicate with due to language or culture barriers. Lastly, consider if you can communicate properly with your service provider. Language and culture compatibility play a more significant role than you might think. Failure to ensure proper communication can lead to friction and misinformation that might be detrimental to the business. Given the common concerns of big and small businesses in Singapore, we strongly recommend you consider engaging an outsourced accounting service, no matter the size of your business. The benefits of outsourcing accounting services for small businesses in Singapore and getting an expert to handle your business account matter far outweigh the price, especially since their expertise can help ensure your business stays on the right side of Singapore's laws. Nothing short of excellence will do when it comes to something as important as your business, so carefully consider all your options before hiring your preferred outsourced accounting service to ensure your business finances are in order and hassle-free. Atriox's Accounting Services for SME Business Owners If you're in doubt or unsure where to look, Atriox is more than ready to support you with all your outsourced accounting needs. Our trustworthy team consists of individuals who are Chartered Accountants of Singapore with a good understanding of companies in various industries. At Atriox, as a professional and experienced accounting services provider, you can be assured that we will go the extra mile to understand your business fully, provide adequate advisory, and even add value wherever possible, such as by providing recommendations to address lapses in internal processes. In addition, Atriox is the one-stop corporate services provider, as we offer a wide range of corporate services for SMEs and start-ups, including accounting, bookkeeping, GST, tax, payroll and others. Ready to give our outsourcing corporate services a try? Contact us today for more information on our available corporate services and price quotations! Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

In today’s connected world, Business Process Outsourcing (BPO) can enable businesses to lower operating costs, operate efficiently and benefit from smart, innovative processes. What is Business Process Outsourcing (BPO)? Business Process Outsourcing (BPO) is a business process in which an organization delegate one or more essential business processes to an external third-party service provider. The services include payroll, accounting, telemarketing, data recording, social media marketing, customer support, and more. BPO usually fills supplementary — as opposed to core — business functions with services that could be either technical or non-technical. Many business organisations, from fledgling startups to Fortune 500 companies, businesses of all sizes opt to outsource business processes as new and innovative services are increasingly available in today’s ever-changing, highly competitive business climate. BPO can be an alternative to labour migration, allowing the labour force to remain in their home country while contributing their skills abroad. What are the processes commonly outsourced? BPO is often divided into two main services: Back office and front office. Back-office services include internal business processes, such as accounting, information technology (IT) services, human resources (HR), quality assurance and payment processing. Front-office services pertain to the contracting company’s customers, such as customer relations services, marketing and sales. In many cases, organisations outsource one or more functions. For example, instead of outsourcing all HR functions, the company will outsource just the payroll processes. BPO contracts can involve outsourcing an entire functional area, such as the HR department, to a single vendor. Commonly outsourced processes include the following: Accounting & Bookkeeping Services Administration Customer services and call centres HR IT management and services How does BPO work? Organisations may look to outsource a business process for various reasons based on the type, age and size of the organization, market forces and economic conditions. Startup companies often need to outsource back-office and front-office functions because they do not have the resources to build the staff and supporting functions to perform them in-house. An established company may opt to outsource a task it had been performing all along after an analysis determined that a third-party service provider could do the job better and at a lower cost. Transferring processes to a BPO company requires change management as it impacts employees, workflow practices and business operations. The outsourcing decision-making process involves the following: Company management arrives at the decision to outsource a business process or a part of it. They evaluate the pros and cons to decide if it makes strategic sense to the organization. Identify the best BPO for the work and shift the work from in-house to the external services provider. Benefits of BPO? There are numerous advantages to BPO: Lower costs for in-house labour Businesses can focus on core business functions and achieve better results in non-core functions. BPO can help with growth and business expansion Enable flexibility to reassign internal resources to more critical functions Improved speed and efficiency How to choose a BPO vendor Organisations should select BPO providers who can support their business objectives, as well as help them be more agile, more flexible, faster, more innovative and, ultimately, more competitive. Organisations should consider more than just the price of a BPO contract when choosing a provider. They must also consider how well the provider can deliver on those other points, evaluating each provider to determine whether it has the following: Adequate understanding of the organization's business and industry; The capacity to meet current requirements, as well as scale to meet future needs. An understanding and ability to meet compliance and regulatory requirements, as well as data privacy needs; Reporting metrics to demonstrate it's delivering on contractual standards; and The geographical locations to meet business needs and/or regulatory requirements. Should you need expert advice regarding business process outsourcing services in Singapore, contact us now for a non-obligatory consultation. Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

Penalty for late filing beyond 3 months to go up to $600 takes effect from 14 Jan 2022 With effect from 14 Jan 2022, there will be higher penalties for late filing of the annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs). Under the 2-tier penalty framework, first announced in Dec 2020, the penalty for late filing of the annual lodgments will be $300 within the first 3 months after the due date or $600 if the lodgment is filed more than 3 months after the filing due date. This applies to annual lodgments that are due on or after 14 Jan 2022. For annual lodgments due before 14 Jan 2022, the existing penalty framework continues to apply. We encourage all entities to file their annual lodgments on time to avoid incurring the higher penalty. Singapore-incorporated companies and VCCs are required to file Annual Returns (AR) within 5 or 7 months after financial year-end for listed and non-listed companies respectively. LLPs are required to file Annual Declarations (AD) within 15 months of registration and subsequently, once in every calendar year within 15 months of the last lodgment. Please refer to the table below: Penalty for late ad hoc filings For all ad hoc filings for companies, LLPs and businesses such as change in entity information or personal particulars of the officers or business owners, the existing penalty framework will continue to apply for late filing of such lodgments. For ad hoc filings by VCCs, the 2-tier penalty framework will apply for all late filings with effect from 14 Jan 2022. Please refer to the table below: Any penalty payable will be reflected and imposed at the point of lodgment via BizFile+ and VCC portals. Frequently Asked Questions Q: Why is ACRA revising the penalty framework for annual lodgments? A: As part of ACRA’s ongoing effort to encourage voluntary compliance, the penalty framework has been revised to simplify understanding and computation of penalties. Q: When will the new 2-tier penalty framework take effect? A: The new 2-tier penalty framework will take effect from 14 Jan 2022. Q: What is considered an annual lodgment? A: The following types of entities have annual statutory lodgment obligations: Annual Returns by local companies under s197 of the Companies Act Annual Filing of Financial statement by foreign companies under s373 of the Companies Act Annual Declaration by Limited Liability Partnerships (LLP) under s24 of the LLP Act Annual Returns by Variable Capital Companies (VCC) under s97 of the VCC Act. Q: Does the revised penalty framework apply to other ad hoc filings? A: With the exception of VCCs, the revised penalty framework is only applicable for late filing of annual lodgments. ACRA will continue to review and simplify the penalty framework for other ad hoc filings. Q: With the 2-tier penalty framework, will companies/LLP/VCCs be offered a composition amount, in addition to the late lodgment penalty? A: The 2-tier penalty framework is only applicable to entities that have filed late, and the amount of penalty payable will be reflected and imposed at the point of online lodgment. If the entities do not voluntarily comply with their lodgment obligation, ACRA may take enforcement actions including prosecuting the companies or LLPs in court or offering of a composition amount. Q: What will be the late lodgment penalty fee for late filing of annual return after 14 Jan 2022? A: If the due date for annual return filing is on or after 14 Jan 2022, the penalty will be: - $300 within the first 3 months after the due date; or - $600 after the 3 months. Any amount payable will be reflected and imposed at the point of lodgment. Source: ACRA Your One-Stop Holistic Business Services Provider 151 Chin Swee Road #09-08 Manhattan House Singapore 169876 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram

A director of a company incorporated under the Companies Act, Cap 50 ('the Act') has to comply with a number of statutory obligations under the Act. The following are two of the statutory obligations which ACRA takes enforcement action against. Section 175 of the Act requires the company to hold an Annual General Meeting (AGM). Listed companies are to hold the AGM within 4 months after Financial Year End (FYE), while any other company is to hold their AGM within 6 months after FYE. Private companies may not need to hold an AGM if they meet the criteria specified in section 175A of the Act (elaborated below). Section 197 of the Act requires a listed company to file Annual Returns (AR) within 5 months after FYE, and for all other companies, within 7 months after FYE. For companies having a share capital and keeping a branch register outside Singapore, Annual Returns must be filed within 6 months after FYE in the case of a listed company or within 8 months after FYE in the case of a company that is not listed. Section 175A sets out the criteria where private companies need not hold an AGM: if all members have approved a resolution to dispense with the holding of AGMs; if the company sends their financial statements to members within 5 months after the FYE; or if the company is a private dormant relevant company that is exempt from preparing financial statements. The following safeguards are put in place: 1. A member who wishes to request that an AGM be held must notify the company to hold an AGM not later than 14 days before the last day of the 6th month after FYE; 2. Directors must hold an AGM within 6 months after FYE if notified by any one member of the company to do so. The company may seek the Registrar’s approval for an extension of time to hold AGM; and 3. Private companies must hold a general meeting to lay financial statements if any member or auditor requests for it not later than 14 days after the financial statements are sent out. Directors must, within 14 days after the date of request, hold a general meeting to lay the financial statements. The AR provides critical information that helps the company’s stakeholders to make informed decisions. The AR is an electronic form lodged with ACRA through its online filing system – Bizfile+ and contains important particulars of the company such as the name of the directors, its members, and the date to which the financial statements of the company are made up to. *Note: For companies with Financial Year Ending before 31 Aug 2018, the following statutory obligations and deadlines are still applicable 1. Section 175(1) of the Act - The company must hold its first AGM within 18 months of incorporation, and subsequent AGMs yearly at intervals of not more than 15 months 2. Section 197(1)(b) of the Act - The company is required to lodge an AR within 30 days after its AGM. A company having a share capital and keeping a branch register in any place outside Singapore, is required to lodge an AR within 60 days after its AGM. 3. Section 201 of Act - The directors of the company are required to lay at the AGM, financial statements that are made up to a date: o Not more than 6 months before the date of the meeting (if the company is not a listed company); or o Not more than 4 months before the date of the meeting (if the company is a listed company). When a company/director lodges an AR through ACRA's online filing system, BizFile+, the following information is required in the AR form:- 1. The date the financial statements are made up to; and, if applicable 2. The date the AGM is held for laying the financial statements in (a). If the company has dispensed with the holding of AGM or qualifies for the AGM exemption and a member requests for an AGM to be held after the company has filed an AR, the company is required to lodge a “Notification of AGM” online through Bizfile+. The following information is required in the form: 1. Date of member’s request for AGM to be held; and 2. Date of AGM Upon filing of the Annual Return (AR) in ACRA’s online filing system, Bizfile+, a late lodgement fee will be imposed for the late filing of the AR. ACRA may separately take enforcement action for the AGM and AR breaches which includes offering of composition sum or prosecution action. Credits: https://www.acra.gov.sg/compliance/offences-of-not-holding-agm-or-filing-ars-late-or-not-laying-up-to-date-accounts-at-agm/AGM-and-annual-return-breaches/overview Should you need an expert advice in regard to this matter, contact us now for a non-obligatory consultation. Your One-Stop Holistic Business Services Provider 7, Temasek Boulevard, #12-07 Suntec Tower One, S038987 Mobile/Whatsapp: +65 8944 3991 / 8857 5256 Wechat: Atrioxmgt Email: info@atriox.sg Web: www.atriox.sg Facebook | Instagram