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Corporate filing matters

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Winxkid
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Postby Winxkid » Mon, 02 Jun 2008 10:55 pm

Yes. Furthermore, XBRL filing is suppose to make things easier. I seriously do not know why she was charging You so much for.
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GolfHereThere
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Statutory Filing Matter

Postby GolfHereThere » Fri, 06 Jun 2008 11:22 pm

Hi ! There is a change in statutory filing method by ACRA ie XBRL. The info is required to key into the website online. It sounds like a tedious job.

The fee of 1k is reasonable. Heard rumour in the market, some are charging 2x or more with lots of condition or hidden stuffs.

Also heard from a friend there is 1 co. charging 300 flat.

Winxkid
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Postby Winxkid » Mon, 09 Jun 2008 2:54 pm

not so....

there's a XBRL step-by-step guide to help you fill up XBRL =)
There will also be questions for u to answer so that You know-how... :D

happy days
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Postby jpatokal » Tue, 10 Jun 2008 12:45 am

XBRL is not necessary for Exempt Private Companies not subject to auditing, which means:

- Revenue not more than S$5 million
- No more than 20 shareholders
- No corporate shareholders

I'd wager a fair bet that most of all companies discussed on this board are EPCs.
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Winxkid
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Postby Winxkid » Tue, 10 Jun 2008 1:06 am

jpatokal wrote:XBRL is not necessary for Exempt Private Companies not subject to auditing, which means:

- Revenue not more than S$5 million
- No more than 20 shareholders
- No corporate shareholders

I'd wager a fair bet that most of all companies discussed on this board are EPCs.


definitely.. haha... but there are also cases whereby revenue is more than $5m, we call it normal EPCs, jus additional point :)
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Postby bruinbear » Mon, 16 Jun 2008 8:53 pm

Why don't you shop around? Don't get conned.

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What is difference between Solvent and Insolvent EPC?

Postby cracktojack » Wed, 10 Nov 2010 4:19 pm

jpatokal wrote:XBRL is not necessary for Exempt Private Companies not subject to auditing, which means:

- Revenue not more than S$5 million
- No more than 20 shareholders
- No corporate shareholders

I'd wager a fair bet that most of all companies discussed on this board are EPCs.


We are an EPC and we have made loss in last financial year. Does it makes us Insolvent!!! MY COrp Sec is surely screwing me on this and as per defination of Acra, i don't think we are insolvent.

As per Acra:
Solvent -
able to meet its debts when they fall due

Insolvent -
not able to meet its debts when they fall due


Pls help

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Re: What is difference between Solvent and Insolvent EPC?

Postby Strong Eagle » Wed, 10 Nov 2010 5:19 pm

cracktojack wrote:
jpatokal wrote:XBRL is not necessary for Exempt Private Companies not subject to auditing, which means:

- Revenue not more than S$5 million
- No more than 20 shareholders
- No corporate shareholders

I'd wager a fair bet that most of all companies discussed on this board are EPCs.


We are an EPC and we have made loss in last financial year. Does it makes us Insolvent!!! MY COrp Sec is surely screwing me on this and as per defination of Acra, i don't think we are insolvent.

As per Acra:
Solvent -
able to meet its debts when they fall due

Insolvent -
not able to meet its debts when they fall due


Pls help


No, making a loss does not make you insolvent at all. Otherwise, start ups that have not hit break even would be insolvent. It has happened to lots of companies. Losses, in an accrual accounting situation, can come from many sources.

The two keys are:

a) What does your cash flow look like?
b) Can you pay your bills?

I'd get a new secretary because the one you have is incompetent.

paramountac
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Postby paramountac » Sat, 11 Dec 2010 5:15 pm

uncle9 wrote:the new changes at ACRA, namely XBRL filing, affects only companies which need to be audited.

is your company audit exempt?

however ACRA filling of Annual Return is only once a year, asking for $1K pay rise is a tad too much


Hi Uncle 9, do you remember me?

Time to change a company secretary. Nothing to do with company compliance too. Most of these company secretarial firms are asking between $700 to $1000 for complete compliances.
Last edited by paramountac on Sat, 11 Dec 2010 7:58 pm, edited 2 times in total.

paramountac
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Re: Corporate filing matters

Postby paramountac » Sat, 11 Dec 2010 5:33 pm

ksl wrote:
Winxkid wrote:
jpatokal wrote:
kevinkschui wrote:Does anyone know much about acra's filing system now that they have change and put in a new style of updating? My secretary tells me that the new format will need her to spend more time hence she has to charge me 1k more? Its too much! Can anyone enlighten me?

She's charging you 1k more for what, precisely? That's more than I paid for all my accounting last year combined, and filing the end of year stuff via ACRA took all of 15 minutes.


haha, You can't compare the rate universally....complexity due to business structure and nature factors the cost....


Haha! Come on, are we talking MNC here or what? What complexities are you refering too, for example? Just curious, because if there was any complexities, do you really think he would be asking for help in a forum, the online audit is meant to be quicker, he can probably do it himself, if everything is in order....1000$ more because of what, he should be asking! It appears to be total bullshit more than anything, if it's taking her longer, its because she doesn't know how to use the system.

Shop around, is the way to get results if one is not happy!


Regardless, it's unfair to make comparison like this. Sometimes, the service provider did not educate the clients. That's why it result in misunderstandings however as far as I know, there are no changes in the system. XBRL filing is not exactly that new too.

BTW, one is talking about corporate compliance, the other on accounting. It's 2 different thing.


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