Podcast Show Notes:
[Introduction] (00:00.0)
- Neville J McKenzie introduces the podcast Sok Koon, Goh Sok Koon, a company secretary.
- Mention of Sok Koon’s helpfulness in getting the Neville’s business up and running.
- Mention of Sok Koon’s initial reluctance to appear on the podcast.
Question 1: Can you introduce yourself? (00:57.7)
- Sok Koon introduces herself as a company secretary for Lioness Corporate Services.
- Mention of her experience in the field for over five years.
- Previous work experience as a company secretary in small firms.
Question 2: Tell us about your job as a corporate service executive or company secretary, which do you prefer? (01:20.0)
- In Singapore, Sok Koon’s role is typically referred to as company secretary.
- Main role is to ensure businesses comply with legal requirements and regulations.
- Responsibilities include ensuring compliance with company laws, preparing financial statements, submitting tax returns, and assisting different types of business entities.
Question 3: How important is the role of a company secretary? (02:59.0)
- Company secretary is an important role recognized in the company’s act.
- Every company in Singapore must appoint a company secretary.
- Duties involve ensuring compliance with regulations and providing advice to the board of directors.
Question 4: How long does it take to qualify as a company secretary? (03:54.4)
- Time required to qualify depends on whether the individual is an accountant or a lawyer.
- Generally, it takes two to three years to complete the necessary course.
- Recent changes in the syllabus allow individuals to obtain a certificate, partial qualification, and then a full professional qualification.
Question 5: Can you share some interesting events in your career that have led to where you are today? (04:59.6)
- Sok Koon initially aimed to become an accountant but ended up studying business administration due to admission limitations in Malaysian universities.
- Collaboration with the Institute of Chartered Secretaries and Administrators (UK) helped her obtain a professional qualification.
- Started as an admin assistant but desired a more specialized and professional role, leading her to become a company secretary.
- Decision to move to Singapore was driven by the desire for a better learning environment, improved English language skills, and greater opportunities.
Question 6: What is the biggest impact that coming to Singapore has had on your career? (07:19.6)
- Notable impacts include improved English proficiency and a conducive working and learning environment.
- Accessible learning materials and online resources facilitated faster learning and adaptation to changes in policies, laws, and business practices.
Question 7: What is a key goal for your business or profession in general? (07:57.7)
- Key goal is to continue adapting to changes in Singapore, including policy, laws, and business practices.
- Recognizing the importance of personal data protection, cyber security, accounting, taxation, and human resources.
- Guiding clients in proper tax planning and encouraging fair employment practices.
Question 8: What advice or anecdotes would you give someone before starting a business in Singapore? (09:59.2)
- Emphasize the importance of thorough planning and studying the chosen business area.
- Gain relevant experience through employment before starting a business.
- Encourage learning in multiple areas to become a well-rounded business person.
Podcast Show Notes:
Question 9: What advice would you give someone before starting a business in Singapore?(Start: 09:59.2)
- Before starting a business in Singapore, it is essential to do a lot of planning and study about the specific area of business.
- Gain experience through employment and try to learn as many areas as possible to become a well-rounded business person.
- When starting a business, it is crucial to learn about markets, hiring, and different areas beyond your specialization.
- A switch in mindset is necessary when transitioning from employment to entrepreneurship.
- Take on challenges outside your comfort zone and be willing to learn various aspects of running a business.
Question 10: What makes somebody good at being a corporate secretary? (Start: 11:25.6)
- Being a corporate secretary involves more than completing forms and compliance tasks.
- A good corporate secretary must possess business acumen and understand their clients’ business and management.
- Understanding various legal areas such as business law, contract law, and employment law is crucial.
- Adaptability to changes in legal requirements, policies, and compliance is important.
- A corporate secretary should help clients beyond compliance and offer guidance in their business operations.
Question 11: What are your hopes and aspirations for your personal and professional life?(Start: 13:08.8)
- Sok Koon’s hope is to grow the business and achieve sufficient profits to hire staff.
- Also aspire to pass down her work experience and teach younger generations about being a good company secretary.
- The demand for qualified and experienced company secretaries is high in Singapore.
- The supply of such professionals is limited due to the lack of awareness about the role and its importance.
- Sok Koon aims to instill interest in the role of a company secretary and meet the demand in the market.
Question 12: Is part of your role as a corporate secretary to remind directors and CEOs of their obligations? (Start: 16:01.0)
- Yes, part of the role is to send timely reminders to clients about compliance requirements.
- Sok Koon emphasizes the importance of compliance while also encouraging clients to develop their businesses.
- To actively link clients with one another to share experiences and expand knowledge.
- Reminding directors and CEOs about their obligations is a way to guide them in fulfilling their responsibilities.
- Sok Koon’s goal extends beyond being a company secretary and to support and facilitate her clients’ overall business growth.
Question 13: Can you tell us about the business groups you belong to? (Start: 17:16.1)
- Sok Koon attended various business networking sessions when starting her business.
- She discovered the Business Development Society through the Meetup platform.
- The Business Development Society is a supportive and non-aggressive networking group focused on learning from and supporting each other.
- The group allows for learning from others, understanding different businesses, and making genuine connections.
- Sok Koon also enjoys helping newcomers and providing them with free advice, even if they don’t become customers.
Question 14: Does your business experience help you assist foreigners when they come to Singapore to start a business? (Start: 19:16.3)
- Sok Koon’s business journey has allowed them to learn from various people and experiences.
- She can pass this knowledge and experience to new business owners and assist foreigners in navigating the Singapore business environment.
- Foreigners often have limited knowledge about starting a business in Singapore, and Sok Koon can provide guidance.
- Sharing information, knowledge, and experiences helps foreigners obtain a business pass in Singapore and become successful business owners.
Question 15: Do you enjoy your job? (Start: 20:02.9)
- Sok Koon enjoys meeting and helping people.
- She guides people on starting a business and informs them about the process.
- Helps individuals understand the different business entities and the risks involved.
- Advises on whether limited liability or sole proprietorship/partnership is suitable.
- Discusses factors to consider when partnering with others.
- Emphasizes the importance of clear written agreements to avoid conflicts.
Question 16: What advice does Sok Koon give for partnerships in business? (20:02.9 – 21:49.0)
- Partnering with friends may lead to conflicts and differing ideas.
- Encourages having written agreements or email understandings.
- Suggests discussing profit sharing and contributions in advance.
- Mentions the option of buying up partner shares to own the business completely.
- Recommends anticipating conflicts and discussing them beforehand.
- Emphasizes the need to be fair to both partners during conflicts.
Question 17: How can listeners get in touch with Sok Koon? (21:49.8 – 23:07.4)
- They can contact Goh Sok Koon through LinkedIn.
- Sok Koon can be found on LinkedIn under “Goh Sok Koon.”
- The show notes will include links to Sok Koon’s LinkedIn profile.
- The Lioness Corporate Services website is currently under construction.
Question 18: Any additional information or announcements? (23:11.7 – 23:57.5)
- A special thanks to Goh Sok Koon
- Sok Koon wishes everyone the best and looks forward to future interactions.
- If interested in opening a business in Singapore, reach out to Goh Sok Koon directly
- The Lioness Corporate Services website will be added to the episode’s page on asiabissstories.com in the future.
- Entrepreneurs living in Singapore are invited to attend meetups.
End: (23:58.2 – 24:11.2)