Our Other Services

We believe in the human touch. You don’t have to worry about having to talk to a chatbot or going through “smart/interactive” answer machines. Being able to easily reach out to a HUMAN will SAVE you much frustration and stress. How do we achieve that? WE ARE TECH-ENABLED, NOT TECH-DRIVEN. We leverage technology to automate and reduce mundane and low-value work so that our professionals have more time to focus on what’s important – communicating with the stakeholders.

We have clients & partners from around the world. We have a strong regional focus and have ASEAN CPAs who can advise & assist your company to tap on an increasingly digital & THE fastest growing market.

It’s a way of doing business — an ethos driven by innovation engaged collaboration, and forward-looking perspectives. We’re helping businesses and individuals stay resilient with industry-focused strategies that support workforces, minimise risk, and even create future opportunities. Discover how our customised services can help you plan for what’s next!

Industries We Serve

Government

Retail

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Draft of Constitution

What is the Company Constitution in Singapore?

The Company Constitution is one of the statutory requirements in the company’s incorporation process. The Company Constitution is an essential document as it outlines rules and regulations to govern the company, and sets out the rights and relations of various members of the company, which include the company’s directors and shareholders.

According to the Singapore Companies Act, the constitution of a company is legally defined as the constitution that a company registers with the Registrar. Those companies that exist before the 2014 Amendment to the Companies Act, the Memorandum and Articles of Association of the company in force immediately before the amendment date.

The Companies Act (CA) of Singapore is the main law that businesses and companies need to comply with. In 2015, the CA was updated and Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has also drafted a Model Constitution (a company constitution sample) for businesses in line with this. The Company Constitution was made mandatory for any new companies incorporated in Singapore from then on.

The Company Constitution must be submitted when applying to incorporate your company.

As a business owner, you could either:

• Create your own constitution

• Or, you may choose to adopt the sample or template of the Company Constitution, that is the Model Constitution provided by Singapore’s Accounting and Corporate Regulatory Authority (ACRA). ACRA’s sample of the model company constitution will reduce the cost of setting up a company and streamline the administration requirements for companies.

Drafting The Constitution

A person who wishes to set up a new company has to first draft the constitution. Drafting the constitution in line with the Company Law and the main object of the business is of utmost importance.

When drafting the constitution:

• The constitution must contain a legal statement signed by the subscribers agreeing to form the company

• Keep the business objective and purpose in mind while framing the rules for operating the company

Mandatory Sections of the Company Constitution

• Name Clause

• Registered Office Clause

• Liability Clause

• Capital Clause

• Subscriber Clause

• Objects Clause

• Rules

Shareholders’ Agreement

What is a Shareholders’ Agreement?

Shareholder’s Agreement (SHA) is a supplement to the company’s constitution and is highly recommended for companies with More Than One Shareholder. It sets the tone on the governance of the business and protects the interests of the shareholders (founders and investors) by regulating the powers and rights of the stakeholder.

Types of Shareholders’ Agreement

The following parties may come together for a Shareholder’s agreement:

• A group of shareholders

• All the shareholders of the company

• Shareholders & company

Benefits of Shareholders’ Agreements

• All parties to the Shareholders’ agreement must consent to alter it. On the other hand, a company’s constitution can be altered based on votes.

• As opposed to the company’s constitution, a shareholders’ agreement is not open for public scrutiny.

• The shareholder’s agreement can detail rules for governing matters not included in the company’s constitution.

• The shareholder’s agreement can address protection and specific rights to investors in great detail.

• The agreement can be employed to enhance the competitive edge of the company.

• The agreement can also specify confidentiality and non-competitive obligations.

Employee Stock Options Plan (ESOP)

What is a ESOP?

ESOPs give an employee the right to purchase shares in the startup at a specific pre-determined price within a certain time frame. Such plans are structured by an ESOP agreement which forms an Employee Stock Option Pool consisting of a percentage of equity shareholding. The employees are given an option to participate in the shares of the company through this pool of shares.

Whether you are publicly listed, privately owned, or a multi-national organisation, Forbis is primed to expertly handle all facets of your employee share plan — from the design phase through to implementation and share plan administration. Our seamless process, enabled by our panel of experts and practical tools, has led us to be highly successful in providing Employee Stock Options Plan (ESOP) services

Advantages of ESOPs:

• Sense of ownership among employees

• Employee retention

• Shared entrepreneurship

Contract Drafting

When you’re managing a small business, you will need to draft various corporate contracts to limit legal risk and comply with regulations. ForBis understands that drafting your own contract can be challenging, which is why ForBis provides such a service for your corporate needs. 

We offer a wide range of contracts for your business needs including, but not limited to:

• Employment-related contracts

• Leases contracts

• Sales-related contracts

• General business contracts

One of the most important things about drafting a contract is that you should ensure that you don’t miss any key details. A good contract will provide all the necessary information as well as clearly state the roles and duties of all parties. By engaging us, you don’t have to worry about leaving out information that can make it difficult to execute your agreement and even cause disputes between the parties. We believe that we can help you with anything that your business might need. Engage us today and experience working alongside our professionals.

Price Schedule

Advisory/Customisation on the Contracts

S$250 per hour

Data Protection Officer

The Personal Data Protection Act 2012 or more commonly known as PDPA or by the name of its governing body, PDPC, regulates the collection and use of personal data. Since it was first implemented, multiple amendments and additional regulations have been enforced over the years to increase the protection of personal data. ForBis professionals offer services to assist companies to remain compliant with these regulations in a world where digitised data collection, utilisation and exchange is a key business process.

While a DPO doesn’t have to be a full-time role, it does require specialist data protection expertise. Having access to an experienced and knowledgeable outsourced DPO is a cost-effective solution for improving information security and compliance with data protection laws, such as the PDPA. Failing to protect personal data can not only lead to significant financial penalties from regulators, but also risks reputational damage to your organisation. By following tested and established best practices, an outsourced DPO helps to protect the data your organisation processes on your customers, suppliers and employees, keep your organisation informed and advised about data protection and where necessary, cooperate with regulators on your behalf.

Benefits of Outsourced Data Protection Officer

ForBis has knowledge of numerous data protection and cyber security platforms, tools, vendors and software solutions, so provides informed guidance, reduced decision time and improved choice.

• Highly cost effective

• Experience and shared best practice gained from working with over 500 clients

• Designated Data Protection Officer working on site with your team

• Pre-existing model documentation tested and validated across varied industry sectors

• Pragmatic, straightforward, solution-driven advice

Frequently Asked Questions

We offer a variety of payroll management solutions for businesses in various industries using cloud-based payroll software and tools. In the past, ForBis has successfully integrated several payroll software such as JustLogin, HReasily and Keypay. We believe that it’d be more convenient for our clients to outsource their payroll tasks in order to get accurate and timely payroll with minimal administrative effort.

Our payroll solution is guaranteed to meet your business needs. Our services include hands-on support and guidance in:

• Preparation of IR8A & IR21

• Calculation of withholding tax for foreign employees

• Cloud HR software for leave management

• Monitoring & calculation of foreign manpower quota

• Access to Cloud HR system

Monthly Fees

100 – 500 employees

S$20/employee

Prefer to manage your own payroll? Check out HREasily & ForBis eHR – Cloud HR software to reduce your workload.

Other Ad-Hoc Services (Non-Payroll Package)

Preparation of IR21

S$250

For other Human Resources services, check out our other website

Singapore Nominee Director & Shareholder Services

Getting a professional person to act as your local nominee director/shareholder of your Singapore company is critical. Appointing the wrong person could lead to dire consequences or hassle later on.

Service Fees

Verification of ‘.com.sg’ or ‘.sg’ domain name

S$200 per domain name

Please note that the above prices are only valid if you are engaging us for corporate secretary, accounting & tax services.

It is legally mandatory that all new ‘.com.sg’ or ‘.sg’ domains be verified through the use of SingPass ID which are issued by the government to citizens, PRs and foreigners with valid working permits in Singapore.

Frequently Asked Questions

Getting started with HREasily

HREasily is a cloud-based HR solution that specialises in payroll, leave, claims and time attendance management to help businesses optimise HR work processes. The system is streamlined and intuitive while remaining affordable for businesses of every kind.

Partnering with HREasily enables our clients to manage their workforce on a single cloud-based HR platform in Singapore and across the region.

The multiple benefits of HREasily

Multi – Country Coverage

It enables you to manage your business on a single platform across 8 locations in Asia Pacific region: Thailand, Singapore, Hong Kong, Malaysia, Indonesia, Philippines, Cambodia and Vietnam.

Simplified Process

Manual processes and filing systems for HR can now be automated, streamlined, and digitalised with HREasily’s cloud platform.

Our Solution

Claims

Filing claims can be a tedious process. Our claims system integrates with payroll, allowing you customizable, multi-currency claims, anytime, anywhere.

+$1.30

Scheduling

+$3.90

Frequently Asked Questions

Tax Advisory

We provide advisory to manage your income tax return to ensure that your benefits are maximised and your income is declared in a compliant manner. Our clients have saved between 20% – 30% of their tax by maximising their benefits.

Tax Submissions

We will liaise with IRAS to submit your tax returns on your behalf as a tax agent. You will not be required to liaise with IRAS.

Individual Income Tax Return Advisory

Individual Income Tax Submissions for Self-Employed or Employees whose employers do not have AIS schemes. From just S$1,000 for advisory, preparation & Submission of full year individual income tax.

Personal income tax submissions (Form B Set) are mandatory compliance requirements for reporting your personal income to the authorities, whether you are an employee or self-employed. This is also applicable for individuals with multiple sources of income.

Our tax advisory and preparation service ensures that you maximise your personal income tax benefits, deductions and allowances, lowering the amount of tax you pay. All this while ensuring that the statutory compliance requirements are met. Read more below.

Frequently Asked Questions

Getting started with XERO

Why do some companies prefer to subscribe to Xero through ForBis?

Cancel with one month’s notice

Frequently Asked Questions