How Do Corporate Consultants Help Entrepreneurs Start a Company

You can open different types of companies in Singapore. The private limited company is preferred by most people because of the legal status that it has. As it is a separate legal entity the debts and losses of the company don’t extend to the shareholders’ personal assets. Though there are many formalities for incorporating a private limited company, the benefits make it better to start such a company. 

Read Also: Helping Foreign Companies Set Up Their Operations in Singapore

The Conditions for Starting a Private Limited Company

There are many formalities which need to be fulfilled when starting a private limited company. You have to first register the name of the company. Then you have to submit the documents signed by the directors. A private limited company must have at least one resident director.

For setting up a company in Singapore you should have one resident or nominee director. This person should be a resident of Singapore, an employment pass holder or a dependent pass holder. For those who don't have a director of their own, they can go for a nominee director. The nominee director will represent the board. He will run the company on behalf of the board. This is a good arrangement when you need a professional to run the company. Many corporate consultants can help you get a nominee director for an affordable fee.

Another mandatory requirement is a registered office address. This has to be a physical office. The ACRA will not accept a post box number. Many of the new companies may not be able to find an office immediately. Many of the online companies may not need a separate office address. The consultants will provide a registered office at a nominal fee. This is very helpful for new entrepreneurs to be compliant with the law.

The Duties and Responsibilities of a Company Secretary

Every company incorporated in Singapore must appoint a company secretary within six months of incorporation. The company secretary is appointed by the directors. The person can be a director if there is another resident director. If there is only one director for the company then they have to appoint a company secretary separately.

Read Also: Corporate Consultants Make Company Registration Easy and Fast

Company secretaries are professionals who help the directors in running the company as per the company laws. He or she should be familiar with the laws. The person is also responsible for maintaining the meetings of the annual general meetings. He must ensure that the returns are filed on time. For companies who cannot find such a qualified person, the corporate consultants who do company registration in Singapore can offer a competent person. 

This way the corporate consultants perform a great service to the business community in Singapore by helping them remain compliant with the ACRA requirements. These consultants also offer many other valuable services.