{"id":4761,"date":"2019-08-06T17:28:53","date_gmt":"2019-08-06T09:28:53","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=4761"},"modified":"2020-02-24T10:44:08","modified_gmt":"2020-02-24T02:44:08","slug":"incorporationcompany","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/incorporationcompany\/","title":{"rendered":"NEW IMPORTANT POINT TO TAKE NOTE BEFORE INCORPORATE COMPANY"},"content":{"rendered":"<p>You are wrong if you think is ready to incorporate company without understand the following important point\u00a0.<\/p>\n<p><strong><u>PRINCIPAL ACTIVITIES <\/u><\/strong><\/p>\n<p>You are allowed to stated 2 major principal activities . All the business activities is represented by a list of SSIC code<\/p>\n<p>Kindly click<a href=\"https:\/\/www.acra.gov.sg\/ssic-search\" target=\"_blank\" rel=\"noopener nofollow noreferrer\"> here <\/a>for list of SSIC code .<\/p>\n<p><strong>Why important ? <\/strong><\/p>\n<ul>\n<li>Because certain activities is <strong>required business license and attend training course<\/strong> like Food and beverage industries .<\/li>\n<\/ul>\n<ul>\n<li>Please click <a href=\"https:\/\/licence1.business.gov.sg\/\">here<\/a> to check is your activities required business license<\/li>\n<\/ul>\n<ul>\n<li>Beside that activities represent company image make sure your choice of activities is correct.<\/li>\n<\/ul>\n<p><strong><u>COMPANY NAME <\/u><\/strong><\/p>\n<p>Must avoid using &#8221; Ministry of &#8221; &#8221; bank&#8221;&#8221;institution&#8221; all those wording will require additional confirmation before you proceed to incorporation stage<\/p>\n<p>Company name should not include any sensitive or offensive term<\/p>\n<p>However if the name is resemble with the existing business name ,\u00a0 you are allow write in to appeal<\/p>\n<p>Appeal case normally happen during conversion process ie from sole proprietor name into pte ltd name<\/p>\n<p><strong><u>COMPANY CONSTITUTION<\/u> <\/strong><\/p>\n<p>Every Singapore registered Company must have copy of constitution during incorporation.<\/p>\n<p>You may draft your own constitution or click <a href=\"https:\/\/www.acra.gov.sg\/docs\/default-source\/default-document-library\/how-to-guides\/setting-up-a-local-company\/10-companiesact-companies(modelconstitutions)regulations2015.pdf\">here<\/a> for ACRA &#8216;s sample copy.<\/p>\n<p>Click <a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/what-is-company-constitution-company-memorandum-article-of-association\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">here <\/a>for What is Company constitution<\/p>\n<p><strong>Why important ? <\/strong><\/p>\n<ul>\n<li>It is important for you to understand it contents, because<strong> Constitution is the key to decide how the company should be run<\/strong> and in fact it will have great impact on company direction and vision.<\/li>\n<\/ul>\n<p><strong><u>REGISTER REGISTRABLE OF CONTROLLER <\/u><\/strong><\/p>\n<p>Preparation of register registrable controller is applicable to all Company.<\/p>\n<p>Company is required to declare annually who is register controller in the Company, any changes must be updated with ACRA .<\/p>\n<p>The key reason is to prevent company been used as tool for money laundering activities.<\/p>\n<p>Please click <a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/what-is-register-registrable-controller-and-register-of-nominee-director\/\">here <\/a>to understand more .<\/p>\n<p><strong>Why important ? <\/strong><\/p>\n<ul>\n<li>Public always confuse that i just acting as nominee director \/ shareholder , so NO obligation . You are totally WRONG. In the ACRA . there is no such position called nominee director or shareholder<\/li>\n<\/ul>\n<p><strong><u>FINANCIAL YEAR END <\/u><\/strong><\/p>\n<p>Previously all company is free to determine their financial year end .<\/p>\n<p>Company allowed to apply change in financial year end anytime .<\/p>\n<p>NEW application on financial year end as follow :<\/p>\n<p>1.companies <strong>MUST<\/strong> notify the ACRA of their FYE upon incorporation and of any subsequent change;<\/p>\n<p>2.companies <strong>MUST<\/strong> apply to the ACRA for <strong>APPROVAL\u00a0<\/strong> to change their FYE:<\/p>\n<ul>\n<li>if the change in FYE will result in a financial year longer than 18 months; or<\/li>\n<li>if the FYE was changed within the last 5 years; and<\/li>\n<\/ul>\n<p>3. unless otherwise approved by the ACRA, the duration of a company\u2019s financial year must not be more than 18 months in the year of incorporation<\/p>\n<p>4.Only FYE of the current and immediate previous financial year may be changed (provided that statutory deadlines for the holding of AGM, filing of annual return and sending of financial statements have not passed).<\/p>\n<blockquote><p>A company\u2019s financial periods starting on or after 31 Aug 2018 by default will be taken to be a period of 12 months for each financial period.<\/p><\/blockquote>\n<p><strong>Why\u00a0 important ? <\/strong><\/p>\n<ul>\n<li>Financial year end is refer to accounting closure of the company. Is normally cover 12 months accounting period .<\/li>\n<li>Based on it, you will be able to judge how good your company performed ? which segment to improve ? any new strategic plan ?<\/li>\n<\/ul>\n<p><strong><u>NEW GST RATE ON 2021<\/u><\/strong><\/p>\n<p>GST rate will be increase from 7% to 9% around 2021 to 2025<\/p>\n<p>Click <a href=\"https:\/\/www.iras.gov.sg\/IRASHome\/GST\/GST-registered-businesses\/Learning-the-basics\/Goods-and-Services-Tax--GST---What-It-Is-and-How-It-Works\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">here<\/a> for the basic guide for GST<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You are wrong if you think is ready to incorporate company without understand the following important point\u00a0. PRINCIPAL ACTIVITIES You are allowed to stated 2 major principal activities . All the business activities is represented by a list of SSIC code Kindly click here for list of SSIC code . Why important ? Because certain<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[165],"tags":[237,233,234,107],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>company incorporation, registration of company, important point for incorp<\/title>\n<meta name=\"description\" content=\"Get started on your business registration with biztree management , Singapore\u2019s leading one-stop corporate service provider and ACRA appointed filing agent . 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