Quarterly E-Newsletter December 2018
Congratulations to two members of the Helmi Talib & Co family who emerged the TOP 10 students in the Singapore Chartered Accountant Qualification (SCAQ) JUNE 2018 examinations!
Ian Luna was awarded for both Advanced Financial Reporting and Financial Management, while Julius Magpantay was awarded for both Assurance and Advanced Financial Reporting.
Working and studying simultaneously is no easy feat. Nonetheless,these fine gentlemen made it happen! Staying true to our company’s beliefs here at Helmi Talib & Co, and through the Study Support Programme, excellence is at our fingertips.
Managing Partner’s Message
As the calendar year draws to a close, we look back on our challenges and achievements this 2018. Forging ahead into the new year, we must be equipped with renewed purpose and sense of self. In doing so, I believe determination is the essential driving force that propels individuals and companies forward. It must be in the forefront of one’s mind in order to achieve greatness. This should be accompanied by intelligence and working smart.
The cornerstone of any successful business is the people. When people – employers and employees alike – are treated and rewarded fairly, productivity at work increases, upholding the standard of the company. At Helmi Talib & Co, we are steadfast in our values of Respect, Ethics, Trust, Responsiveness and Optimism. Along with the guiding principles of our Vision and Mission, we never compromise a trusted business relationship.
On that note, I wish one and all a Happy New Year this 2019!
Company Retreat to Bintan
ust last month, we traded in our bird’s eye view of cosmopolitan Cecil Street for the beckoning sounds of nature in beautiful Bintan! Approaching the year end, we took this time out of the office to relax and wind down.
On our final night however, excitement filled the air as we paid homage to this year’s Dinner & Dance theme. Donning our nautical uniforms and remembering our personas as sailors for the evening, the men and women of Helmi Talib & Co dressed to impress!
This short yet meaningful getaway saw the importance of cohesive bonding and the fostering of new and existing work relations. Teams brainstormed and pulled their resources together during the team building activities, creating a stronger, more united family at Helmi Talib & Co.
A huge thank you to the Helmi Talib & Co’s Sports and Recreation Club, or better known as HTSRC, who worked tirelessly to make this event a success!
The latest addition to our family is Audit Associate, Jacqueline. Having joined us in November 2018, Jacq, a nickname she often goes by, is definitely a new face around the office.
During her growing up years in Johor, Malaysia, she dreamt of being a lawyer. As the youngest of four children, her aim was to be on par with or do better than her siblings. She stumbled upon this industry, and decided to enroll in the ACCA examinations.
“It was a sweet surprise when I realised my forte in numbers!”, she gleefully recalls.
Jacqueline hasn’t looked back since, and admits that this road she has taken feels very natural to her.
“Nevertheless, I hope to be a jack of all trades one day.”
Work aside, this Audit Associate is a sports enthusiast. She engages in numerous outdoor activities which is an outlet of destress for her. Fortunately, the frequent sessions at the tennis court and swimming pool keeps her in good health and shape.
On the weekends, she enjoys café hopping and catching up with friends.
Introducing Amanda, our Public Relations Executive starting October 2018. Born with the gift of the gab, she was inclined to employment opportunities involving service and interaction with others.
After completing her diploma in Media and Communications, she snagged her first full-time job before returning to school to pursue a bachelor’s degree.
“Something was amiss. I felt that I was stagnant and needed to learn more. Learning never stops regardless of age or certification.”
Having entered the workforce ahead of her peers, she has gained a wide-ranging insight of the world.
“There are all sorts of people out there with different styles of working and different schools of thought”.
Drawing inspiration from various people – most of whom belong to the older generation – Amanda enjoys living vicariously through the stories from days of old. The real-life accounts of hard times and living a simple life is a true testament of humility and selflessness.
Despite being a sociable character by nature, this chameleon thrives in the occasional quiet moments of a busy day. She also finds comfort in music and is an avid listener of “goldies from the oldies” (hits from the 70s and 80s), despite being a 90s baby. Her current earworm is Dan Fogelberg’s Leader of the band.
Meet Mujahid, our Audit Associate. Having joined us in August 2018, he is a familiar face in the firm.
Entering this line of work is not new to Mujahid. Seeing his grandfather work and share about his work life allowed Mujahid an insight to the industry at a young age. Up till this day, Mujahid’s grandfather fondly remembers his days at a company’s wealth department.
Inspired by these second-hand accounts, Mujahid chose a similar path and naturally took to his current role as a fish would to water.
“It felt very natural to be in the Finance and Accounting industry. It wasn’t a difficult choice to make.”
As for the future, he sees himself in the same line, being a mentor to new joiners starting out their careers. As the eldest in his family, this calling to nurture others came as second nature to him.
“Everyone has to pave their own paths. I would like to help them build theirs.”
If given a million dollars, this documentary and novel enthusiast intends to build a school in a less-developed country, providing free education for children.
In September 2018, Helmi Talib Co welcomed Khusaini, who joined us as an Audit Associate.
A keen interest in Principle of Accounts in secondary school has led him to his career in the audit and accounting sector.
“I felt it was most appealing and interesting to me. That’s why I pursued a degree in accounting.”
However, it was exposure to other aspects of accounting in university that narrowed his choice down to audit.
Khusaini’s mother is his inspiration. As an exemplary character, he hopes to return the favor and take care of her in the future.
He is hopeful for the future and believes “we should aim for the sky but, keep our feet on the ground and be humble.”
Khusaini’s greatest strength is as a reliable worker. He takes pride in being someone his co-workers can rely on and finishing tasks in a timely fashion. His idea of a good work-life balance is being efficient at work and also, preventing a burnout.
In his spare time, this animal lover revels in animal documentaries and occasionally pays the zoo and wildlife farm a visit.
Changes on statutory requirements for Annual General Meetings (AGM) and the filing of Annual Returns (AR).
The following legislative changes in relation to the AGM and filing of ARs will take effect from 31 August 2018.
This is part of on-going efforts to keep Singapore business friendly and competitive as well as to reduce the regulatory burden of companies.
The key changes are:
- Alignment of relevant statutory timelines for holding AGMs and filing of ARs with the company’s Financial Year End (FYE).
- Exemptions for private companies from holding AGMs, subject to specific safeguards.
- Simplified AR filing process for solvent Exempt Private Companies (EPCs) and for dormant private relevant companies.
These changes will take effect for companies with FYE ending on or after 31 August 2018. The existing requirements for the AGM and the filing of AR remain unchanged for companies with FYE on or before 31 August 2018.
1. Alignment of statutory timelines for holding AGMs and filing ARs to the Company’s FYE
Safeguards that will be put in place:
- Companies must notify the Accounting & Corporate Regulatory Authority (ACRA) of their year-end upon incorporation and of any subsequent change;
- Companies must apply to ACRA for approval to change their FYE:
- Unless approved by ACRA, the duration of the company’s financial year must not be more than 18 months in the year of incorporation; and
- Only FYE of the current and immediate previous year may be changed (provided that statutory deadlines for the holding of AGM, filing of AR and send of financial statements have not passed)
If the change will result in a financial period of more than 18 months; or
If the FYE was changed within the last 5 years; and
By default, a company’s financial period starting on or after 31 August 2018 will be taken to be a period of 12 months for each financial period.
Companies with unusual financial periods (e.g. 52 weeks) should notify ACRA via the notification of change of FYE if they want to avoid applying for approval to change FYE every year.
Companies incorporated before 31 August 2018 will have their FYE deemed by law to be the anniversary of the date previously notified to ACRA as their FYE date.
In the absence of such notifications before 31 August 2018, the anniversary of the date of incorporation will be deemed by law to be their FYE. Companies can change their FYE by notifying ACRA before or after 31 August 2018.
2. Exemption for private companies from holding AGMs subject to specified safeguards
Safeguards that will be put in place:
- A member who wishes to request that an AGM be held must notify the company to hold an AGM not later than 14 days before the last day of the 6th month after FYE;
- Directors must hold an AGM within 6 months after FYE if notified by any one member of the company to do so. The company may apply to ACRA for an extension of time to hold AGM; and
- Private companies must hold a general meeting to lay financial statements if any member or auditor requests for it not later than 14 days after the financial statements are sent out.
Private dormant relevant companies exempt from sending financial statements will not need to hold AGMs, subject to the above safeguards.
Private dormant relevant company definition:
- Private company
- Not listed or not a subsidiary of a listed company
- Has total assets less than or equal to S$500,000 (consolidated value if it is an ultimate parent)
3. Simplified AR filing process for solvent Exempt Private Companies (EPCs) and for dormant private relevant companies
Simplified ARs can be filed only:
- After an AGM has been held, if the company needs to hold an AGM; or
- After financial statements is sent to members if the company need not hold AGM; or
- After FYE for a private dormant relevant company that is exempt from preparing financial statements
Companies with FYE on or after 31 August 2018 and have declared themselves as Solvent EPC or private dormant relevant company in their last AR will be eligible to file simplified ARs if they fulfill the following requirements:
- The company is not preparing audited financial statements; and
- The company is not required to file financial statements with ACRA
Solvent EPC definition:
- Private company
- Shares are not held directly or indirectly by any corporation
- Has not more than 20 members
- Company is able to meet its liabilities as and when they fall due
Dormant non-listed company (other than a subsidiary of a listed company) is exempt from requirement to prepare financial statements if:
- The company fulfils the substantial assets test; and
- The company has been dormant from the time of formation or since the end of the previous financial year.
Total assets of the company and the group at any time within the financial year must not exceed S$500,000