An Overview On Singapore Company Compliance Matters

Singapore as being held as one of the business capitals in the world has also been very keen on making a business in Singapore a success. This is just one of the many virtues of Singapore which causes a lot of foreign investors to do business in the said country. But before an investor can start a company in Singapore, make sure to submit all the necessary requirements needed and that a company is abiding the countrys terms and conditions.

Singapore Companies Act is requiring all Singapore incorporated companies to accomplish this statutory compliance:

Financial Year End (FYE)

A companys fiscal year is its financial year and it is needed for a company to fix a Financial Year End. It is up for the company to choose their FYE date; some would choose December 31 and some would pick end of a quarter dates like March 31, June 30 or September 30.

Appointment of Auditors

Within 3 months from the date of company incorporation, you must hire an auditor. However, this is only applied if a company is not liable from audit requirements. To be able to avail of this immunity, you must have to have these following:

* A company must not have any corporate shareholder;
* The total number of shareholders must be less than 20;
* The annual revenue of the company must be less than S$5 million.

Singapore Goods and Services Tax Registration

A tax of supplies and goods in Singapore and the imported goods to Singapore is what we refer to as the Goods and Services Tax or GST; which is currently having a 7% rate. Goods and services supplied in Singapore are taxable while goods exported from Singapore and international services offered from Singapore are exempted from GST.

Custom Registration

For businesses related to export/import from Singapore need to apply for Customs Registration before you can even start exporting/importing your products.

Business Licenses

A company must apply and submit necessary requirements to have a business license as this is needed in company incorporation.

Accounting Records

Just like any other businesses in other places, this record is really needed. A company must have an accounting record, a balance sheet, of your profit and loss and this must be kept for 5 years.

Notification of Changes

Every time there are some changes with your company details i.e. Company address, personnel, passport number, financial year end date, residential addresses of directors/shareholders, etc., this must be immediately reported to ACRA. Failure to do so will result to late filing penalties.

Company Registration Number Disclosure

Singapore Companies Act is requiring every incorporated company to have its registration number displayed in all company letters, invoices, statements of accounts, official notices and publications.