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Frequently Asked Questions
All your incorporation-related questions
Do I need to come to your office to set up a company?
Good news! Onboarding with Grof can be done completely online on our portal. Feel free to contact us and we will guide you through the entire process, from the beginning to the end.
How long does it take to incorporate a company?
With Grof’s proprietary onboarding platform, the process has never been easier. Once completed, incorporating a company typically takes 1-2 working days, unless the application gets referred to the authority by ACRA.
Can Work Permit / S-Pass holders be a Director or Shareholder?
Unfortunately, S Pass or Work Permit holders are not allowed to carry on or manage any business in Singapore.
Do I need a company secretary?
Singapore's Company Law mandates that every company appoint a Company Secretary, with the position not to be left vacant for more than 6 months. The Company Secretary ensures the company complies with relevant legislation and regulations. Learn more about the obligations and requirements of a company secretary here.
Can I be my own company secretary? What does a company secretary do?
If you are a local resident and not the sole director, you can become the company's secretary. It is crucial to hire a secretary who understands the statutory obligations of the company, such as Annual General Meetings (AGM), ACRA Annual Return, IRAS ECI, and Form C-S.
What is an Annual General Meeting (AGM) and how is it linked to my Annual Return Filing (AR)?
An Annual General Meeting (AGM) is a mandatory yearly requirement for all Singapore companies. It updates shareholders on the business's health and financial performance and addresses important matters, including the reelection of directors. The company's Annual Return (AR) is filed after the AGM. Learn more about the statutory requirements here.
For more information, you may refer to our in-depth article on incorporating a company in Singapore;
All your accounting-related questions
What are the accounting records I should keep in order to pass them to Grof?
Do keep your bank statements, customer invoices, bills, payroll, and other accounting records in the year. It'll be great if they are in digital format so our team can access them readily.
I have not set up a corporate bank account for my company yet, but I have already incurred certain business-related expenses, such as the cost of incorporating the company. How should I record this in the bookkeeping?
You can record this as the amount due to you. It is quite common for startups to cover expenses personally in their initial stages. Once the company's business account is set up, you can seek reimbursement for the expenses you paid earlier.
Do my financial statements need to be audited?
Since 1st July 2015, companies can be exempted from auditing their financial statements if they qualify as a small company.
There are 2 conditions for a company to qualify as a small one. Firstly, a company has to be private in the financial year in questions. Next, a company has to meet at least two of the following three criteria for the immediate past two consecutive financial years:
- Total annual revenue is not more than $10 million.
- Total assets are not more than $10 million.
- The number of employees is not more than 50.
How can I work with Grof’s accountant?
Our accountant is readily available via email, phone, and in-app messaging, ensuring easy and efficient communication. Moreover, all our clients will receive dedicated support, meaning you not only have an accountant managing your books but an entire team to back you up!
Can Dependent Pass holders still work under a Letter of Consent (LOC)?
From 1 May 2021, Dependant’s Pass holders must obtain a work pass, such as a Work Permit, an Employment Pass, or an S-pass instead of a Letter Of Consent.
Employment Pass vs EntrePass
The main difference between the two passes is the shareholding requirement. If you hold shares of more than 30% of the company, it is likely that you’ll apply for the EntrePass. EntrePass holders can only bring in their family after one year of doing business in Singapore.
If your company is more than six months old, you will need to show evidence of business contracts, business expenditure and revenue. If your company is under six months old, you can apply for an entrepreneur pass depending on your position.
