The most important part of becoming a registered company in Singapore is to comply with all the necessary filings.
and makes running a business easy.
It has a set of rules and regulations to follow for legal and professional purposes.
Our company secretary team is here to assist you to have your business registered and continue to keep everything up to date while you are in business.
Below is a list of necessary information you need for running your business in Singapore.
1. Registered Business Address in Singapore
A local Singapore is mandatory for all Singapore businesses.
This applies to all and address cannot be a P.O. Box or residential address.
The office address must be opened to the public for business hours and be used for the purpose of the registered business activities.
2. Qualified Company Secretary
The plays a vital role in the business operation of the registered business. Every registered Singapore company must have a professional licensed secretary that usually handles all legal paperwork for the firm.
The secretary has to be someone who lives in Singapore and holds the necessary qualifications to perform the duties expected of them.
A new Singapore company can have as many directors as the company desires, but there have to be as least one 18 years of age or higher local Singapore resident director. This local director is mandatory for proper business registration.
The local director cannot have any prior convictions, felonies, or undischarged bankruptcies of any kind.
4. Annual Financial Year End Date
It is necessary for each registered company in Singapore set its financial end date.
If the Singapore Company has a parent company elsewhere, then the Singapore Company should preferably have the same fiscal year end date with its parent company. If no parent company exists, then the Singapore Company is free to select its financial year end date.
The financial year end date is essential, and the company must file with ACRA and income tax returns with IRAS.
5. Registration of Goods and Service Tax
Most businesses (for turnover over SGD 1 million) is required to charge . Goods and Services Tax is percent tax added to consumer goods or services rendered.
The GST is right now at seven percent. In other countries, they refer this tax as the Value Added Tax (VAT).
A business must be registered to collect a GST tax. A tax return must be filed with the IRAS on a quarterly basis.
A company that is required to add the GST falls under one of two of these categories.
– There was a turnover in the business of more than one million dollars (SGD); or
– The projected turnover is expected to be a million dollars (SGD).
6. Appointing Auditor
Within 3 months of incorporating, all registered companies except EPC’s are required to appoint an auditor for their company.
The responsibilities of the auditor to follow all business activities.
The only companies that do not need an auditor are those who have shareholders less than twenty and companies who have less than a 5 million dollar turnover.
The shareholders must be individuals and not companies as per requirement of the law.
7. Business License
The type of business license you need depends on what business you intend to start. Some businesses do not need a license.
You can check with the registration office to determine whether your type of business needs a license.
8. Director Disclosure
The directors have the right to disclose any information that the director thinks will avoid conflicts of interest.
The director can reveal any personal information that may conflict with the best interest of the company.
9. Record Keeping
For a period of five years, accounting records should be kept.
A balance sheet of profit and losses needs to be kept at all times for all business transactions.
The records will show the financial position of the company.
10. Change Notification
It is necessary that all changes made about the company need to be filed with Singapore’s Registrar of Companies.
A company may get a penalty for not keeping all relevant information up to date with the registrar.
11. UEN Disclosure
Companies in Singapore are required to display their registration number and name on publications, notices, invoices, statements of accounts and more.
Companies have a UEN which is their Unique Entity Number and allows every aspect of business and government in Singapore to identify a business for paying such things as tax returns, filing for permits, and other interactive business issues.
12. Filing Requirements
need to be filed with the IRAS.
An incorporated company in Singapore also needs to file an annual tax return with the ACRA.
The beginning process of incorporating in Singapore may be a bit daunting as many little bits of important information, filings, and verification of different positions need to be done.
Some things have longer timelines to ensure that everything can be completed correctly.
We are here to help you with gathering all the information that you need to properly register your company.
We will help you dot your “I”s and cross your “T”’s as incorporating in a foreign country may be new and a bit more challenging.
Singapore is a business-friendly place. Our registrar’s office and Singapore government does everything it can to provide an easy process for businesses to do business successful in Singapore.
As long as you fill all the requirement set forth by the different offices, you will see very little problems when registering s business in Singapore and conduct business in Singapore.
Although the process has been made business friendly, it is always better to have someone help you from within the country to clarify any questions you have as well as get you the necessary people that you are required to have.
Our team can help you with the compliance requirements for Singapore companies.