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Annual compliance services

STATUTORY COMPLIANCE IN SINGAPORE

Unsurprisingly, to preserve its business-friendly environment, most of these constitutional commitments are not drearily arduous and are evidently set out in brochures sent out by the Accounting and Corporate Regulatory Authority (“ACRA”), Inland Revenue Authority of Singapore (“IRAS”) or any other applicable governing bodies.

Unsurprisingly, to preserve its business-friendly environment, most of these constitutional commitments are not drearily arduous and are evidently set out in brochures sent out by the Accounting and Corporate Regulatory Authority (“ACRA”), Inland Revenue Authority of Singapore (“IRAS”) or any other applicable governing bodies.

FINANCIAL YEAR END

All companies should conclude a financial year end. For companies that are possessed by multi-national conglomerates, foreign corporations or other local companies, they would naturally favour following the same financial year end. This is so that the group merged financial accounts can be equipped more in an easy manner as the parent company and its subsidiaries’ accounts are finalised in the identical period.

One key contemplation, for recently integrated companies, is to set the company’s financial year end within 365 days to take the benefits tax, as IRAS expands full tax immunity to recently incorporated companies that convene the eligible conditions on the first S$100,000 of taxable income for each of its first three successive years of evaluation. Do note though, that the said tax exemption does not apply to property and investment holding companies.

APPOINTMENT OF AUDITORS

All companies are required to employ an auditor within the three months from the date of incorporation, except it fulfils all of the following requirements strictly:

  • All shareholders are a separate entity and will not be counted as corporations;
  • Total number of individual shareholders should be less than twenty; and
  • Annual revenue of the company should be less than S$5 million.
  • Comparable to the financial year end, multi-national corporations, foreign bodies or parent companies may desire to deem engaging the same audit firm to carry out the audit.





NOTIFICATION OF CHANGES

Given that ACRA is the nation’s Company Registrar, it is essential that ACRA be informed within time that is basis of any alter within the company, such as any transfer of shares, increase or decrease in share capital, or the recommendation or resignation of the officers of the company, which would comprise directors and the company secretary.

You can consult a professional corporate service firm before performing any modification, as a professional would be capable to direct you of the predetermined timeline as set out by the Companies Act. For positive changes, such as the allocation of shares, companies are required to lodge the modification with ACRA within the period of 14 days. In total, the company should also organize and implement the obligatory documentation to preserve appropriate records in its minute book. In the occasion where shares are relocated both the ACRA and IRAS need to be reported.

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