Post on 20-Jun-2015
description
Prepared for Plug-in@Blk71
September 18, 2014
INVESTOR COMING:RESCUE NEEDED. SOS
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LAUNCH YOUR BIG IDEA
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What investors look for in a companyCompany secretarial documents every startup must haveFinancial reports investors needHow to plan about a rescue
WHAT WE WILL COVER
WHAT INVESTOR LOOKS AT
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Financial health:• Income (P&L), financial position (B/S)
and potential earnings (Forecast)• Accounting/tax filings records up to
date
Compliance health:• Record and document for every
decision of directors and shareholders
• All statutory filings and records up to date
WHAT INVESTORS LOOK AT
COMPANY SECRETARIAL RECORDS
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COMPLIANCE BIG 3S
Singapore Companies Act
M&AA
Shareholders Agreement
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COMPLIANCE BIG 3S – INTERNAL MANAGEMENT
Shareholders
Directors
Officers / Company Secretary
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Notice confirming IncorporationMemorandum and Articles of Association (M&AA)Business Profile (BizFILE)Share Certificates Common seal
STARTUPS MUST HAVE - 1
ACRA Company Profile_Sample
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Directors Resolution/sMembers Resolution/sAccounting and Corporate Regulatory Authority (ACRA) filingsFinancial Statements prepared and signedCompany’s registers - directors and officers, members, share allotment, share transfer
STARTUPS MUST HAVE - 2
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COMPLIANCE DUE DILIGENCE & RESCUE
Compliance health
Due diligence
Secretarial rescue
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DIY DUE DILIGENCE
Who is the company secretary?
Where is the common seal and company stamp?
Where are the share certificates?
Is the company secretarial file up to date?
Any notifications from ACRA?
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PROFESSIONAL DUE DILIGENCE
Stage 1 – Documents collection.
Stage 2 – Review process:
- Based on ACRA lodgment,
- Based on company’s M&AA.
Stage 3 – Compliance due diligence reporting.
FBS_Compliance Due Diligence
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WHEN DO YOU NEEDCOMPLIANCE RESCUE
DIY style online incorporation
Company Profile doesn’t reflect the true company structure
Incomplete company secretarial file
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COMPLIANCE RESCUE -SUMMARY
Company secretarial rescue:
Due diligence report with missing documents and filings (if any)
Re-created missing documents
Filed correct lodgements with ACRA
Updated the statutory records
ACCOUNTING RECORDS
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Now - Accurate financial records from the date of incorporation till today:
Income Statement (Profit & Loss)Balance SheetCash Flow Statement
Moving forward - Financial plans:Forecast
WHAT INVESTOR LOOKS AT
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WHEN YOU NEEDBOOKKEEPING RESCUE
Income looks negative!
Bank statement balance ≠ accounting records
No bookkeeping so far
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PROFESSIONAL BOOKKEEPING RESCUE
Get all the bookkeeping records ready (cheque butts, receipts, bank statements, personal expense claims).
Bookkeeper will then:
Process backlog of accounts
Work based on information available
Comment on erroneous recording (if any)
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WHEN IS A GOOD TIME FOR RESCUE
Investor coming
Loan / Government grants
Annual filing compliance – ACRA / IRAS / Audit
For your peace of mind
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TERMS OF USE
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