Common types of business structures include Private Limited Company, Sole Proprietorships , Partnerships, Limited Liability Partnership (LLP), and Limited Partnership (LP). For more information, You may wish to refer to the table summary on the differences between the various business entity types.
Every company must appoint a secretary within 6 months from the date of its incorporation.
Under the Act, it is the directors’ duty to take all reasonable steps to secure that each secretary of the company is a person who appears to them to have the requisite knowledge and experience to discharge the functions of secretary of the company.
Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.
The Singapore Human Resources Institute said firms with a headcount of 50 and below should consider outsourcing. Some of these small companies may not have the expertise to fully understand and comply with employment rules. Consultancies can then plug this gap for firms.
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