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Singapore Company Compliance Operation

Updated:2018-9-30 15:57:25    Source:www.tannet-group.comViews:560

Singapore company compliance operation is mandatory by the Accounting and Corporate Regulatory Authority (ACRA). It is important for all Singapore companies to know about the various pre-incorporation and post-incorporation statutory compliance requirements.

A Singapore company compliance operation has been one issue that is worth consideration for every investor, because Singapore is turning out to be one of the most profitable business destinations in the world. Young entrepreneurs look at Singapore company formation as a safe option. The following provides a general the outline of the legal requirements that private limited companies operating in Singapore must comply with.

Local Resident Director
Any company can have as many directors it needs to run its operation in Singapore. However, it must have at least one director falling under the category “resident of Singapore” and not disqualified to hold the directorship position (like bankrupt individuals):

(1) Singaporean citizen;
(2) Person with Permanent Resident status;
(3) Person with Employment Pass or dependent pass

Company Secretary
All Singapore companies are mandated to appoint a company secretary within 6 months of incorporation.

Registered Address
All companies must have a local Singapore addresses that can be accessed by the public during normal operating hours.

Accounting Records
It is mandated that all financial transactions of companies operating in Singapore to be properly recorded and kept. Such records must contain the company’s profit and loss statements, balance sheets, cash flow and all other relevant information related to the company’s operations. Such record must be preserved for at least five years and must be open for inspection by the company’s directors at any given period.

AGM and annual Filing Requirements
All companies must conduct an AGM within prescribed time limit and must submit Annual Return to the Company Registrar

Appointment of Auditors
Unless exempted by law, all companies must have an auditor within three months of their incorporation. Auditing exemption is provided to companies that meet all of the following criteria:

Composed of individual shareholders only;
Total shareholders not exceeding 20;
Annual company turnover of not more than $5 million

Business Licenses
When mandated, a company must secure a license for any or all of the activities it is engaged in. Many businesses in Singapore can be done without a license. However it is still important to check if your business is subjected to licensing requirements.

GST Registration
GST Registration, also known as Value Added Tax (VAT) in many other countries, Goods and Services Tax (GST) is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore. You should file a tax return to the relevant government authorities according to your company specific conditions.

Contact Us
For further queries, you are welcome to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling HongKong hotline at 852-27826888 or China hotline at 86-755-82143512, 86-755-82143181, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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