CORPORATE SECRETARIAL SERVICES
A company secretary plays an important roles in maintaining the constant flow of secretarial and administrative tasks of your company. They should have a sound knowledge of the Companies Act of Singapore and must be a resident of Singapore.
We have a dedicated professionals who are experienced and who will give you the personalized attention you deserved. We will help your company through the following matters:
• Common seal safekeeping
• The Minutes and Register Books maintenance
• Drafting on standard directors minutes and resolutions
• Consultancy on secretarial, statutory, compliance, accounting, and tax matters
• Constant monitor of the company’s compliance with relevant legal requirements, especially those under the Companies Act and Income Tax Act
• Preparation of Annual General Meeting minutes
• Submission of Annual Return and XBRL to ACRA
• Other substantial secretarial and administrative tasks
STRIKE OFF COMPANY
Besides setting up of new company, we do provide the service of striking off the company. We will assist you to go through the time consuming and complex procedure to strike off the company. We work with relevant government authorities to ensure the company is closed properly.
Our team will work in hand with the Accounting and Corporate Authority (ACRA) and other relevant government authorities to ensure that the company has been closed properly.
The requirements for striking off the company are:
• The company has stopped all the business activities
• No current or contingent assets or liabilities
• No outstanding tax liabilities with the Inland Revenue Authorities (IRA)
• All outstanding Income Tax Returns has been clears
• Accounts and tax computations have been submitted
• No outstanding tax matters before closure of bank account
• GST registration has been cancelled and there are no outstanding GST matters.
• Not involved in any court proceedings in/ outside Singapore
• All the debts to government authorities have been clear.
• Attachment of the written consent from the majority of the shareholders
• Attachment of finalised accounts drawn up till the date of cessation
Liquidation, a process where the company’s assets are hold and realised.
The Liquidation, a process where the company’s assets are hold and realised.
The purposes of a liquidation is to ensure a fair distribution of the company’s assets among creditors and contributories besides, terminating the company’s existence by its eventual dissolution
The reasons for a company to undergoes liquidation is due to
• all business activities are seized
• The tax liabilities are minimized or the tax advantages have been maximized for the group which the company belongs to
• Management deadlock;
• Oppression – shareholders dispute Section 216 of the Companies Act (Cap 50);
• Corporate or financial restructuring of the group to which the company belongs;
• Breach of statutory provisions, including offences committed;
• Company acting outside its scope of activities.
There are 2 types of liquidation:
a) Voluntary liquidation
• Refers to the process where the shareholders appoint a liquidator
• Does not involves any application to the Court, but the liquidator may apply to the Court for directions and the Court has the power to remove him/her as liquidator
• If the company is solvent, the shareholders can supervise the liquidation
• If the company is insolvent, the creditors might take control of the liquidation process by applying to the Court.
b) Compulsory Liquidation
• Requires an application from the Court
• The application can be made by the company directors, the Registrar or the creditors of the company.
• Mainly due to the inability to pay the debts.