General compliance requirements for Singapore companies

Foreign entrepreneurs or companies who would like to incorporate private limited Singapore company should consider some important compliance requirements below:

  • Three basic requirements you must adapt for Singapore incorporation as follows:

+ Appointing a qualified resident* director who will be your Singapore company nominee director. Kindly note that this person must be at least 18 years old, not bankrupt, and free of any malpractice charges.

+ Appointing a resident* company secretary within six months of your Singapore company’s incorporation.

*refers to a Singapore Citizen, Permanent Resident, or EntrePass/Employment Pass holders

+ Providing a local, physical Singapore address as registered address of your incorporated company. It cannot be a postal address, and must be open and accessible to the public during normal office hours.

  • Annual filling requirements of your incorporated Singapore required to fill by IRAS and ACRA are:

+ Annual Return (AR)

+ Annual General Meetings (AGM)

+ Estimated Chargeable Income (ECI)

+ Form C/C-S

For more information, refer to A Singapore Company – Annual Fillings 

  • Registering for the Goods and Services Tax (GST) if your Singapore company actual annual revenue exceeds S$1 million. The GST is also considered as Value Added Tax (VAT) in many other countries. In Singapore, GST registered companies have to add GST tax (a standard tax rate is 7%) into their products’ or services’ price, and submit these amount of GST tax to IRAS. For more information, refer to Overview of Goods and Services Tax (GST) in Singapore
  • Obtaining business licenses before commencing your Singapore business operations. Restaurants, educational institutes, travel agencies, financial services and medical fields are some categories that are required to obtain business licenses in Singapore.
  • Your company will receive audit exemption if you meet at least two of the conditions below in the last 2 FYEs:

+ Total annual revenue of no more than S$10 million

+ Total assets worth no more than S$10 million

+ No more than 50 employees

  • You need to keep necessary accounting records that can sufficiently explain the transactions and financial position of your Singapore company. These records need to be kept for at least five years after the related transactions have been completed.
  • The director(s) of your company need to disclose any material personal interest that is related to company affairs, as well as any information that is necessary to avoid a perceived or actual conflict of interest.
  • You need to lodge any changes in company particulars to ACRA within the time frames allocated for that item. If you fail to update the particulars in time, you will incur penalties.
  • You need to publish your Unique Entity Number (or company registration number) on all official company correspondence.

For more questions related to Singapore company incorporation, contact ACE Global Accountant for a quote

 

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