Terms and Conditions

If you engage our services, you are agreeing to comply with and be bound by the following terms and conditions:-

  • You agree that all documents submitted to AI ACCOUNTANT should be in digital or electronic format via email and no physical copy will be kept by AI ACCOUNTANT.
  • You agree that no physical contact with AI ACCOUNTANT is required and if you engage the services of any of AI ACCOUNTANT’s associated members, any physical meetings required will be conducted at any premises determine between you and the associated members other than AI ACCOUNTANT’s office.
  • If your company choose to adopt a common seal or any other physical record of the Company, you will safekeep them at your own premises. Under the Companies Act, it is not mandatory for a company to have a common seal.
  • You agree that payment to AI ACCOUNTANT shall be made vibank transfer or credit card payment via paypal. Service fee is not applicable for paypal payment except for payment of any penalty or stamp duty where a 5% service fee will apply for payment via paypal. Full Payment up front is required for all the services engaged with AI ACCOUNTANT.
  • You agree that our secretarial services is to support companies with simple structure, with their own local Singaporean / Singapore PR Director. If you no longer have a local Singaporean / Singapore PR Director or wish to enter into any complex joint-venture agreement or have complex shares/shareholding structure, we will need to terminate the secretarial services with immediate effect in order for you to source for your new secretarial agent. Our professional fees are on an annual basis and we shall not be required to refund any amount of fees for any fraction of days remaining in a year upon termination.
  • You agree that the Company must always remain solvent failing which we reserve our rights to resign as the name secretary and/or our secretarial agent services.
  • You confirmed that you, as an authorized personnel (Directors or employees) of the Company will liaise with AI ACCOUNTANT directly and will not engage any agent to act on your behalf to liaise with AI ACCOUNTANT
  • You confirmed that the business of the Company shall be conducted in accordance with the applicable laws, rules and regulations in Singapore and in any foreign jurisdictions where the Company shall conduct its business and you shall not be giving any instructions or directions which are unlawful under the laws of Singapore or in any such other relevant jurisdictions;
  • The Director(s), Shareholder(s) and Beneficial Owner(s) confirmed that the source of funds for the business and for the share capital to be injected are always not derived from and shall not be used for any illegal activities (e.g. money laundering, tax evasion, terrorist financing, drug trafficking and etc) or any activities that are in contravention of the laws of any country or territory. Besides, the Director(s), Shareholder(s) and Beneficial Owner(s) respectively confirmed that they are not a Politically Exposed Person in any country or territory and are not a citizen or in connection with (e.g. having business) or born in the countries which is under the US Sanctions list or United Nations Security Council Sanctions List;
  • You confirmed that there is no investigation or enquiry, order, decree or judgment of any court or any government agency or regulatory body outstanding or anticipated against the Company which may have an adverse effect on the business of the Company, its shareholders and/or directors and you shall notify AI ACCOUNTANT immediately should there be any such investigation or enquiry, order, decree or judgment of any court or any government agency or regulatory body;
  • You confirmed that in relation to the conduct of the Company’s business in Singapore, the Company has taken or will be taking all the necessary corporate or other action and that all necessary consents and approvals from the relevant government authority or authorities have been or will be obtained
  • You confirmed that you shall notify or make known to AI ACCOUNTANT if your company has:
    • other than the shareholders of the Company, there is any Beneficial Owner/Controller who has “significant interest” in the Company which is defined as an individual or a legal entity that has a:
      • interest in more than 25% of the shares
      • shares with more than 25% of total voting power in the company
    • other than the shareholders of the Company there is any Beneficial Owner/controller who has significant control in the Company who:
      • holds the right to appoint or remove directors who hold a majority of the voting rights at directors’ meetings;
      • holds more than 25% of the rights to vote on matters that are to be decided upon by a vote of the members of the company; or
      • exercises or has the right to exercise significant influence or control over the company.
    • any Director who is a nominee who is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person.
  • You acknowledge and confirm the following:-
    • AI ACCOUNTANT will not be responsible for the operations and management of the Company. The named secretary to be provided by AI ACCOUNTANT shall not be required to represent or sign any documents for your company. If you are a  sole director and a second signature by the named secretary is required on any documents by any party, the named secretary will resign from the position temporarily while AI ACCOUNTANT  remain as your secretarial agent until the completion of the transaction where the named secretary will then be re-appointed back to the position.
    • AI ACCOUNTANT is required to perform “On-going Monitoring” as required by the Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Individuals) Regulations 2015 (“Regulations”). You will fully indemnify and hold AI ACCOUNTANT harmless from any loss, cost or damages in respect thereof to fulfil the requirement of On-going Monitoring as AI ACCOUNTANT is not involved in the operations and management of the Company and AI ACCOUNTANT will have limited authority to perform any such monitoring including reviewing of every single supporting documents for all banking transactions as required by the Regulations.
    • You confirm that you will perform the On-going Monitoring to identify any of the following situations and highlight them to AI ACCOUNTANT, if any:
      • Complex or unusually large transactions or unusual patterns of transactions that have no apparent or visible economic or lawful purpose
      • Suspicious transactions involving Political Exposed Persons
      • Unrealistic turnover in business’s accounts.
      • Unusual / uneconomical movement of funds
      • Setup of companies in Singapore with no apparent business and low paid up capital.
      • No physical business operation addresses.
      • Multiple bank accounts opened with various banks for no apparent economic or business reasons.
      • Frequent large incoming remittances into bank accounts from different individuals and companies, located mainly overseas with no supporting documents.
      • After receipt of funds in the bank accounts, the funds are usually moved out of Singapore within the next few days without valid reasons. These bank accounts generally have low balances.
      • Transaction patterns in the bank accounts are often not in line with the company’ principal business.
      • Any other suspicious transactions relating to money laundering or terrorism financing.
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