- Article, U.A.E
- April 29, 2019
The UAE’s tax-free and business-friendly environment has encouraged many foreign companies to set up their regional base in the country. When these foreign companies operate across borders and employ an international workforce, they need complete knowledge of the local regulatory requirements. They must be compliant with global HR policies to avoid the risk of facing legal sanctions.
Managing a multinational company in the UAE is a complex task, especially when it involves handling a workforce from diverse cultures. Although an attractive salary is a key factor for employees, managing salary transfers and payslips can be challenging for companies. Therefore, it is important for large businesses to understand the international payroll solutions available in Dubai. This will help them maintain a skilled, talented, and loyal workforce while ensuring compliance with various UAE payroll tax and employment regulations.
The diverse expatriate nationalities and the dynamic local regulations make payroll a critical business process. Moreover, after implementing the Wage Protection System (WPS) in the UAE, all the companies operating in the region are required to document a proper payroll process. Owing to this rule, many companies now need expert assistance for payroll services. This has given rise to outsourced payroll services in the UAE.
Need for Payroll Services in Dubai, UAE
Outsourcing payroll services in Dubai is a need rather than a choice for many foreign companies. It not only reduces their operational cost but also helps in keeping their payroll related information confidential from the internal employees. Moreover, outsourcing payroll services can save a company from involving itself in numerous administrative and legal requirements that come with hiring an internal employee.
Managing employee payroll can be time-consuming, as it involves issuing payslips, making salary transfers, tracking leave, and handling other administrative duties. Outsourcing this task to a local payroll service provider in the UAE can save time and effort. Ensure that your employees are registered in the WPS system and that final settlements and end-of-service benefits are paid out to them promptly when they leave.
Outsourcing payroll administration can relieve multinational companies of the stress of managing payroll and allow them to focus on their core operations. In UAE, payroll processing must comply with strict labor laws, and any errors can lead to penalties. Partnering with a local payroll service provider can help businesses comply with regulations, such as filing payroll tax, providing end-of-service benefits, and WPS registration.
Benefits of Outsourcing Payroll Services in UAE for Foreign Companies
Cost-Effective Payroll Solutions
Access to Expert Knowledge
Enhanced Confidentiality
Focus on Core Business Activities
Conclusion
Foreign companies looking to establish a foothold in Dubai can significantly benefit from hiring payroll services in the city. Dubai’s economic prosperity, combined with the expertise and efficiency of payroll services providers, can transform how foreign companies operate in this thriving metropolis.
Outsourcing payroll services ensures legal compliance and saves time and resources, allowing foreign companies to focus on their core business activities. It’s a strategic move that enhances efficiency and contributes to the long-term success of foreign businesses in Dubai.
Since payroll is a critical business function, it should be given to trustworthy people. IMC Group provides a complete range of payroll services in the UAE, including payroll management and processing services. Regardless of the number of employees, size of the organisation, and complexities involved in the payroll process, we offer tailor-made solutions to suit your specific needs.
Some of our services include:
- Issuance of monthly pay slips, bank transfer letters and salary certificates
- Managing paid leaves, holidays, and absentees
- Issuance of No Objection Certificates for employees
- Support for setting up the Wages Protection System
- Calculation of statutory gratuity payments as per the UAE labour law
- Assisting employees in choosing and applying for suitable health and medical insurance
We also offer accounting services in Dubai.
- Newsletter, Singapore
- April 16, 2019
South East Asia is a major business hub for Indian entrepreneurs with global ambitions. With every passing year more and more Indians are turning eastward to launch their business. Whether it is for the global expansion of their existing business or to set up a new business, there are several reasons why many Indian are considering to set up in South East Asia. In fact, it is an ideal location for companies all over the world to set up a new business or expand their market.
South East Asia’s start-up ecosystem, highly efficient infrastructure, sizeable collective market, greater ease of doing business, huge consumer demand, stable political environment, attractive tax regime, efficient regulatory systems and many more factors contribute to making it a fantastic gateway for start-ups looking to go global. Moreover, the business-friendly environment and easy access to venture capital also attract many Indians to South East Asia. The region provides the most conducive environment for companies looking to expand in the region.
Industry sources reveal that every 1 out of 7 start-ups in South East Asia is launched by Indians or Indian-origin CEOs. Apart from the above mentioned reasons, another major reason for company formation in Singapore and other South East Asian countries is the government support. The government in South East Asia actively extends help to new entrepreneurs by assisting them in mentorship, quick regulatory clearances, seed funding and a hands-on approach to solve any problems they face. The government promotes these newly launched ventures by offering salary subsidies, growth funding and conducive business environment.
Setting up a business in South East Asia is very easy and straightforward. It welcomes with open arms investors, entrepreneurs and professionals who can complement its economy. Moreover, Singaporean authorities are extremely fast and efficient. Company registration in Singapore takes just a few hours, right from getting the registration number to signed MoUs, everything is quick and efficiently handled.
The attractive tax rate in South East Asia is also a major reason to draw Indians as it is almost half of that in India. This helps the Indian entrepreneurs retain their earning and price their products more competitively. South East Asia also gives the advantage of huge customer demand. If you look at Singapore alone, the population base is around 5.6 million, which is quite good to serve.
Bottom Line
South East Asia enjoys one of the top-most positions in the global economy and continues to be every entrepreneur’s dream destination. The above mentioned factors make South East Asia the world’s top region when it comes to doing business.
Seeing an opportunity, we, at IMC Group have set up our own office in the region to cater to the growing needs of businesses. We offer a range of company registration services in Singapore right from conducting an initial market survey to acquiring various business licenses, getting government approvals, conducting company incorporation formalities, preparing necessary documentation, assisting with payroll, accounting and finance and much more. We offer one-stop business solution to entrepreneurs looking to set up their business in Singapore.
Get in touch with us for more information on how we can help you!
- Newsletter, Singapore
- April 15, 2019
There have been some major changes which have come into effect on 1 April 2019, and thus, various businesses in Singapore should act accordingly and update their HR policies and processes.
Singapore’s Ministry of Manpower (MOM) announced some key changes to the Employment Act (EA) last in November 2018. There are four main areas that are impacted by these changes, which have come into effect from 1 April 2019. All the professionals, managers, executives and technicians (PMETs) will account for more than half of Singapore’s workforce, which is continuing to expand. The EA changes intend to keep the systems and procedures relevant and up-to-date as per the workforce trends.
Extension of some fundamental provisions for protecting more employees
Till now, the main provisions of the EA did not cover managers and executives (M&Es). However, with PMETs accounting for over half of the workforce now, which is forecasted to go up to two-thirds by 2030, it was obvious that the EA was not able to keep up with the changes in the workforce demographic. Thus, the key provisions are being stretched to include M&Es.
For facilitating this, the earlier S$4,500 per month salary cap has been removed starting 1 April, getting additional 430,000 M&Es within the protection area of the key provisions of the EA. This comprises a minimum of seven to 14 days of annual leave, plus paid public holidays, sick leave, on-time salary pay-outs and protection against any wrongful dismissal. However, public servants, seafarers and domestic staff will not be included under the EA main provisions because they are covered under separate laws owing to the characteristically diverse pattern and nature of work.
Extension of part IV
EA’s Part IV is being amended to profit from an additional 100,000 workers by enhancing the monthly salary cap from S$2,500 to S$2,600, and by further enhancing the monthly basic salary cap which is used to calculate the per hour overtime rate from S$2,250 to S$2,600. This is basically a recognition of the rise in the median wage level prevalent in Singapore, which will mainly get the employees whose salaries have gone up beyond the cap, back under this EA provision. This amendment applies only to non-workmen (white-collar employees who are not in M&E positions). The earlier monthly salary cap applicable for workmen (blue-collar employees who are involved in manual labour) still remains at S$4,500.
Improvement of the employment dispute resolution framework
For centralising all the employment dispute resolution, the settlement of wrongful dismissal claims would be now moved from MOM to the ECT or Employment Claims Tribunal. In addition, the length of service needed for M&Es to be eligible for protection from any wrongful dismissal will be reduced from the current 12 months to half, which is six months. Very shortly, the new tripartite guidelines would be issued by MOM to explain what could be defined as wrongful dismissal.
Improved flexibility for the employers
There will be two key amendments which will enhance the flexibility that firms have in operating their businesses.
First, there would be enhanced flexibility in terms of compensating employees who work during public holidays. All the employees who are earning up to S$4,500 every month and the non-workmen who are getting up to S$2,600 every month could be remunerated either by compensation of an extra day’s salary or by getting one extra day off. In case of M&Es and for workmen earning over the cap of S$4,500 and non-workmen earning more than S$2,600, the business could offer the salary of extra day, a one-day off or time off which is less than a full day.
As of now, firms can only make any salary deductions for reasons like absence from work or causing a damage to goods delegated to the employee or for some loss. But from 1 April 2019, this has been changed and companies are now permitted to make some other deductions if the employee agrees to the deduction in writing and the owner or employer permits such deductions to be annulled at any juncture by the employee without having to apply any penalties.
What should employers do now?
These EA amendments need immediate action by businesses and they should update their HR policies, processes and practices. All the employee handbooks, any employment agreements and other organization policies would have to be reviewed and updated, and then published.
- India, Newsletter
- April 15, 2019
The Indian Union Cabinet has recently approved India’s signing of the multilateral instrument (MLI) for implementing the tax treaty procedures in the OECD/G20 base erosion profit shifting (BEPS) action plan. A ceremony for signing this deal is going to be held in Paris in June this year.
The Cabinet’s decision and further action was anticipated because of India’s active contribution in the BEPs project and in the MLI drafting.
Though India has recently done some amendments in the tax treaties that were a concern to the government, like those with Singapore, Mauritius and Cyprus, and applied domestic general anti-avoidance rules (GAAR), the MLI is still important to India as an instrument to avoid any tax treaty abuse, including any instances of artificial avoidance of the permanent establishment status. The Indian government’s confirmation of their plan to sign again goes to prove India’s viewpoint towards restraining the base erosion globally.
The OECD has developed the BEPS Action Plan to deal with the use of aggressive strategies of tax planning used by multinational firms that falsely transfer the profits to low tax jurisdictions which have limited or no economic activities. BEPS Action Plan 15 envisions MLI’s development for implementing the measures related to tax treaty under the BEPS Action Plan.
The MLI is definitely a milestone development as it strives to modify more than 3000 bilateral tax treaties. When comparing with the protocols, which directly modifies the text of the treaties, the MLI is envisioned to be applicable along with the current tax treaties, amending their application to the required extent for implementing the measures related to BEPS.
An important aspect of the MLI is that it functions on the reciprocity principle. This means that any provision under the MLI is applicable to a bilateral tax agreement that happens between any two nations or jurisdictions, only in case both the parties agree to it. To bring this reciprocity into effect, the MLI allows for reservations against specific MLI provisions (except the ones related to application of BEPS minimum standards). Typically, if any one of the parties make a reservation against any MLI provision, then it is applicable symmetrically between the reserving party and all other concerned parties.
For the MLI to be brought into force, global law related to multilateral treaties should be complied with. Generally, the first step is signature, then ratification or acceptance and approval from each involved party, as per their respective law requirements applicable in that country.
Therefore, signature is only the initial step towards stating consent to be bound by the MLI.
- Newsletter, U.A.E
- April 15, 2019
The UAE cabinet recently announced to launch something called an Electronic Family Book. This family book will be used as a document while doing all transactions in the UAE.
The decision has been approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Prime Minister of the UAE, Vice-President and Ruler of Dubai.
The decision has been announced in tandem with the UAE government’s transition to smart services trends. The Electronic Family Book is all set to cut down the queues at various customer service counters to up to 80 per cent by the year 2021.
This decision was announced on the government’s official account and it would be applicable for the UAE citizens and expats. It will also be like a reference incorporating all the required information of the citizens and residents living in the country.
The Electronic Family Book would be linked directly to the Emirates ID, and is set to be brought into effect from July 1, 2019.
Various workshops with relevant entities are going to be planned before launching the Electronic Family Book.
Once the Electronic Family Book is implemented, it would store the data in the smart chip of the ID card, which would make the transactions much easier, while ensuring better security and reducing the opportunity of any fraud to a large extent.
- Newsletter, U.A.E
- April 15, 2019
Regulatory Alert on Healthcare
Federal Law No.2 of 2019 – How to use IT and Telecommunications in the Healthcare Sector
The UAE Government Promulgate Federal Law No.2 of 2019 regarding how to use Information Technology and Telecommunications in the Healthcare Sector (“the Law”), now for the first time ever controls the healthcare data that is processed, measured, transmitted and also stored electronically
This Law comprises 22 Articles that include, but are not limited to the development of a central data base system, responsibilities in terms of data privacy and usage of IT and telecom technology while processing, transmitting or storing data. In addition, there are obligations on media licensing, training and also if there are violations for breach of the Law.
The Law is unique because it is the first ever federal privacy law associated to healthcare data and also for protecting any personal or sensitive data in the UAE.
Agencies such as all the healthcare providers, insurance companies, insurance intermediaries, any third-party administrators of medical claims, technology companies operating in the healthcare sector and others functioning with healthcare would have to review and then audit their existing practices and accordingly ensure that they comply with the Law.
The Law is anticipated to be gazetted in the next few weeks and would be brought into application in about three months starting from that date.
- Newsletter, Oman, Saudi Arabia, U.A.E
- April 15, 2019
United Arab Emirates (UAE)
Some major developments in the UAE include:
- Various new immigration and employment reforms that were proposed last year would now come into force in 2019. These include the representation of an updated version of the DIFC Employment Law. Effective from 3 February 2019, the new enhanced visa classifications and provisions for the investors, any exceptionally bright students and special talents has come into force and marks a welcome move to the earlier static immigration regime.
- The Ministry of Human Resources and Emiratisation has announced a new occupational classification scheme which is applicable to businesses registered in the UAE mainland jurisdiction; this reduces the list of job titles that the employers can opt for while recruiting employees.
- Effective from 20 January 2019, any international physicians, dentists and alternative medicine practitioners (termed as the “Healthcare Professionals” collectively) are allowed to work for a maximum of three clinics in the Dubai Healthcare City free zone operating under a special license and visa. As per these new amendments, the Healthcare Professionals are allowed to apply for the licence overseas depending on when they procure a suitable placement in a medical facility in the DHCC; then the DHCC would act as the “sponsor” for these Healthcare Professionals’ visa. The Healthcare Professionals would also be allowed to work for almost two years and sponsor any dependants living with them in the UAE as per this new visa arrangement.
- The General Directorate of Residency and Foreigners’ Affairs (the “GDRFA”) in Abu Dhabi now requires the foreign nationals in Abu Dhabi to first get their Emirates ID card made before they get their employment residence permit (the “ERP”) attached in their passport. The applicants who are renewing their ERP in Abu Dhabi will be still able to get their ERP stamp done before they get their Emirates ID card.
Oman
Some major developments in Oman include:
- The Ministry of Manpower (the “MoM”) has published a new decree that prohibits the employment of non-Omani residents into particular and designated roles in private higher education and training institutions. The prohibition is currently restricted to the director of admissions and registration department, director of quality assurance, director of student affairs, and also director of the career guidance department. The employment permits that are issued to non-Omani residents for the above-mentioned categories of employees would be applicable until expiry. Post that, no renewal permit would be granted.
- Enhanced Omanisation initiatives are probable to continue throughout this year. The six-month ban that applied to the 87 sector-specific professions (including, but not limited to, administration and human resources, accounting and finance, media, IT and engineering) and enforced in January 2018, which was extended in July 2018, is likely to be extended by another six months.
- In February, the National Centre for Employment has opened only to Omani residents and serves them as a one-stop hub for job-seekers, while also unifying employment efforts, thus acting as a means of regulating the demand and supply of employment opportunities.
- Effective from January this year, the Royal Oman Police have also relaxed some of the residency rules, especially for the children and siblings of global investors in the nation. The goal of this initiative is to enhance the inflow of foreign investments and offer social stability to the investors. According to a general immigration rule in Oman, children and siblings of expats who are aged 21 years or more and 18 years or more have to leave the country unless they obtain an employment visa to carry on residing in Oman beyond the fixed age limit; however, there is an exception in special cases under some humanitarian grounds in case the Director-General might waive this age requirement. But, under the new initiative, expat children or siblings of global investors coming into Oman would be exempted from this particular age requirement, that is, a global investor will now be able to get his children or siblings along, irrespective of their age, bringing them under his sponsorship and responsibility. This new relaxed residency program would be applicable to global investors only if they go on investing or having an investment in Oman.
Kingdom of Saudi Arabia (“KSA”)
Some major developments in the KSA include:
- In the year 2017, the Ministry of Labour and Social Development (“MLSD”) had cut down the validity of the Block Visas from two to one year. There was an exemption for domestic workers and any foreign staff at government agencies. The MLSD has again launched an initiative in January 2019 for extending the new Block Visa’s validity from one to two years and without any extra government fee. As per this new initiative by the MLSD, businesses in KSA will be allowed to cancel their current Block Visas permitting them to hire global workforce and issue new extended visas applicable for two years depending if the visa requirements are being met. This extension of Block Visa’s validity in the KSA would facilitate all the private sector businesses in terms of time and effort, cost and other administrative work.
- The MLSD has also implemented a new and instant calculation for Saudi and global employees as part of its existing Nitaqat System, which is effective from 2 February 2019.
Conclusion
Amendments to the immigration and the employment laws in the GCC countries are expected to continue in short and long-term. We would be monitoring these changes and will keep you updated with any developments.
- Newsletter, U.A.E
- April 15, 2019
With an upsurge of the expansion rates in terms of output and even new orders in the middle of reports of a bigger market demand in 2019, all the non-oil businesses operating in the UAE felt that this year had a very positive start.
Mostly, the businesses remained confident about further progress in new orders resulting in growth of business activity in this year. Though some companies said that offering price discounts had enabled them to get bigger volumes in terms of new work, the output prices went down for the fourth consecutive month along with competitive pressures and comparatively feeble cost inflation.
As per surveys, the business activity expanded at the strongest rate since August, 2018. The rate of growth has also been faster than the series average. Where the output augmented, it was associated to higher number of new orders and also because of marketing and promotional activities.
The survey’s results are in tandem with IMF’s observation that non-oil development in the UAE would go up further this year and in 2020 because of fiscal stimulus and also due to fast-track arrangements for the upcoming Expo 2020 Dubai.
The global financial institution has forecasted that UAE’s non-oil sector is all set to expand faster this year as compared to the oil sector in spite of some recovery in the crude prices and new company formation in Dubai is a good idea at this point of time.
The expansion in business activity was because of promotions partially and also because of huge price discounting done by various companies. The output price index continued to be below the neutral 50-level in January, 2019, indicating lower average selling prices in the country, although the percentage of price discounts in January was lesser. Selling prices have gone down for last eight out of nine months. However, the input costs went up modestly in the month of January.
Because of higher activity requirements, most of the firms had to hire extra staff during January. With companies acting as per higher order growth and bigger output, the purchasing activity was very strong in January. But the stock of pre-production inventories went down for the consecutive second month, proving that businesses are managing their inventories in a better manner and not building up stocks in expectation of the prospective demand.
Over 68 percent of the companies expected their output to be higher within a year’s span. None of the companies that were surveyed predicted the output to be lower within a year’s time and optimism about the business in terms of future output stayed high in the month of January.
The business sentiment has been very high this year and has been strengthened as compared to that in December last year. The improvements in demand seen lately are expected to further go up, as all the marketing campaigns are forecasted to get positive results in 2019.
Another research shows that the investors in the UAE could be vulnerable to over-estimating the potential for the growth of investments in the near future. When the survey respondents were asked to guess their expected investment return in 2019, almost 24 percent people expected returns over 10 percent and just seven percent of the population expected returns to below two percent or in negative. Thus, this year seems to be a perfect time for business set up in Dubai free zone and if you have that as an agenda, but do not know how to go about it, please get in touch with us, and we would be happy to assist you.
- Article, India
- April 12, 2019
Before joining a start-up, you must carefully analyze the opportunity. It can turn out to be a gamble if you are not certain about the future of the enterprise. However, if the start-up takes off well, it can take your career to new heights. In this article, we will look at the advantages and disadvantages of joining a start-up in India.
Advantages of Joining a Start-up
- If you are among the initial employees of a start-up, certainly you would enjoy higher rewards. A start-up who plans to bring an IPO after its success can offer a good amount of equity to you which can prove to be a huge wealth generator in the long run.
- Start-ups offer a tremendous learning opportunity to You can learn the functioning of the business closely and understand how it works. Along with your specialized field, you get to learn a lot of things related to the other departments of the business. This helps in enriching your experience and enhancing your personal growth.
- Start-ups offer an environment where it is easy and fun to work. There are no dress codes, you can indulge in recreational activities and do other interesting things. This keeps the work environment calm and working seems a fun job.
- The vibe of working in a start-up can fill you with excitement. Since you become a part of a rapidly growing start-up you always feel involved. Here you won’t even have the regret of working for long or extra hours.
- Start-ups give freedom to the people who can bring creativity and innovation to the table. When your talent is appreciated, you are always motivated and have a sense of freedom to work. Since you have an environment where freedom is given and no one is bossing you, you will tend to perform better.
- While working in a start-up, you can manage a better work-life This helps in keeping your mind fresh and you are dedicated to your work. Long term success of the individual also depends on his mental status.
The above mentioned are a few of the benefits of joining a start-up. Now let us have a look at the disadvantages of joining a start-up.
Disadvantages of Joining a Start-up
- The ratio of start-ups failing is quite high in comparison to firms that survive. The reason for failure can be a shortage of funds, business not taking off or a dispute between the founders of the business. Therefore, it is important to analyse the situation well before you join the business.
- In the start-ups, there is no role that is well defined. You can survive in a start-up only if you are flexible with your job profile. To put it another way, your degree would not matter because you would have to do the work of other profiles too.
- In the start-up, you cannot hide behind any senior or a team like in an MNC. In start-ups, you have to be on toes right from the beginning and you will be working in a more transparent environment where you cannot hide.
- Start-ups work in an environment where there is lack of resources. Before joining a start-up beware of the fact that there would be strict cash flows and other things of the business will take a back seat just to capture a larger market share.
- Start-ups are mostly struggling to capture the market share. In order to do so, they may ask you to work for long hours, stay at the workplace and work even on holidays.
The above mentioned are a few of the disadvantages of joining a start-up. Therefore, you must evaluate the advantages and disadvantages properly before joining a start-ups business.
IMC Group is always at the assistance of start-ups in India. All you have to do is drop us an e-mail to know our quotations.
- Article, Singapore
- April 8, 2019
Company secretary services in Singapore are essential for every business to function efficiently. Every company in Singapore must appoint a company secretary as per Company Law of Singapore. The appointment must be made within six months of registration. Some companies prefer to outsource the company secretarial service while some prefer to hire an in-house professional. In this article, we will highlight the importance of outsourcing professional company secretarial services.
Why Do Companies Require Company Secretary Services in Singapore?
Company secretary services helps a company in adhering to the rules and regulations of ACRA and avoiding any non-compliance. By outsourcing the services to a good agency, the company saves itself from the stress and burden of looking into the legal matters. The main advantage of outsourcing qualified company secretary services in Singapore is to foreign companies. Outsourcing the services will be cost-effective and they can also assist in the company formation in Singapore. So this way, a foreign company can get multiple benefits and assistance in various matters of the company.
Who Can Be a Company Secretary in Singapore?
An individual can be a company secretary in Singapore if he fulfils the following requirements:
- He must be an individual
- He must be above 18 years of age
- He must be a Singapore resident – Singapore citizen, Singapore PR or and EP holder
- The company secretary must have professional qualification and experience to take responsibility for the company’s work
Few Things to Note:
- Debarment order against an individual restricts him to act as a company secretary of a company.
- The post of company secretary cannot be left vacant for a period of more than six months at any point in
- The sole director of the Company can not act as a company secretary.
Duties of a Company Secretary
A company secretary is required to fulfil the following duties and roles.
- He is responsible for updating and maintaining the statutory registers of the company.
- The company secretary must ensure proper usage of the company seal.
- The company secretary ensures that the company functions as per its constitution.
- He ensures that the company maintains its accounts as per the laid rules and regulations. He is also responsible for filing the returns of the company with ACRA.
- He makes sure that every document of the company carries the name of the company along with the UEN
- The company secretary prepares the minutes of the company and preserves them as per the law.
- The company secretary has the responsibility to file the various documents to the regulating authorities in a time-bound
- The company secretary ensures that the company, its officers, directors and staff are insured.
- Various event based compliances like a change in the company’s registered office, an amendment to the company constitution, change in the director of the company, change in share capital, change in the name of company, charge creation, change in share capital, etc. must be responded by the company secretary.
There are various other duties of a company secretary that he is expected to perform while serving for the company.
Let us now have a look at the qualifications of Singapore Company Secretary.
Qualifications of Singapore Company Secretary under Singapore Companies Act, Section 171 (1AA)
A company secretary must be:
- A qualified person under the Legal Profession Act (Cap. 161)
- A member of the Institute of Company Accountants, Singapore
- A member of the Association of International Accountants (Singapore Branch)
- A member of the Institute of Certified Public Accountants of Singapore
- A public accountant registered under the Accountants Act (Cap. 2)
- A member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- Before being appointed as the secretary of a public company, he must have worked as a secretary of a company for at least three of the five years.
The above article will help you know everything about company secretary services in Singapore. If you are looking for a company secretary for your company, you may get in touch with IMC Group. We are a dedicated and an experienced firm offering company secretary services in Singapore. To avail our services, you can call us or mail us for further information.
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