Compliance Requirement

 

All Singapore companies must comply with the statutory filing requirements with Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS).  You may engage a professional firm to be your tax and secretary agent to assist you to meet the compliance requirement.

 

Inland Revenue Authority of Singapore (IRAS)

Estimated Chargeable Income (ECI): file within 3 months from financial year end

Income Tax Return: file by 30th November each assessment year

 

Accounting and Corporate Regulatory Authority (ACRA)

Annual General Meeting (AGM): first AGM within 18 months after its incorporation;

• Subsequent AGMs must be held every calendar year and the interval

   between AGMs should not be more than 15 months.

 

• Annual Return (AR): AR must be filed within one month after the AGM

 

Other Requirements

• Goods and Services Tax (GST): registration for GST is compulsory if :

         a) turnover is more than $1 million for the past 12 months;

         b) you are currently making sales and you can reasonably expect the

             turnover to be more than $1 million for the next 12 months.

 

• Audited or Unaudited report: every company must prepare either audited

   or unaudited financial statements; Company needs not be audited if it is

   an Exempt Private Limited company (EPC) and turnover less than S$1

   million.

 

• XBRL Filing requirement: Solvent EPCs will are exempted from filing XBRL

   report. Insolvent EPCs and Non- EPCs are required to file XBRL

 

• CPF Contribution: contribution made 14 days after the end of the month

 

• Company Registration Number Disclosure: every company is required to

   have the registration number on all business letters, statements of

   account, invoices, official notices and publications.

 

• Licenses and Permits: Some business in Singapore is subjected to

   regulation by government authorities such as school, travel agency.

 

• Custom Registration: for company involves import, export in and out of

   Singapore, you will need to obtain a CR No., known as Custom

   Registration

 

Incorporation Requirement

 

• Different types of company registration

   Asianext Corporation provides a comprehensive range of services relating

   to business formation, including:

- Incorporating of a private limited company

- Incorporating of a limited liability partnership (LLP)

- Registration of a branch in Singapore

- Registration of Singapore Representative Office

- Assist formation of offshore companies (e.g. British Virgin Islands,

  Cayman Islands, etc)

- Connecting or assisting with incorporations overseas entity

  (e.g. Malaysia, Thailand, Hong Kong, China, Indonesia, etc)

 

Our work does not end with business setup. We support every stage of a business development from company incorporation to regional expansion.  We provide one-stop solutions to business.

 

• Benefits of Incorporating a Private limited company

- Private limited company is the most preferred and common business

  form in Singapore. The majority of companies in Singapore are

  registered as companies limited by shares.  The reasons are:

- A private limited company is a legal entity on its own separate from its

  owners. Therefore, company’s directors and shareholders are not liable

  for company’s debts

- The company’s share can be 100% owned by a foreign individual or

  company

- A private limited company enjoys special tax exemptions

- No taxes on first S$ 100,000 taxable income for first three years from

  incorporation

- Effective tax rate as low as 5.6% on taxable income of up to

  S$ 300,000

- Low flat tax rate of 17% on taxable income above S$ 300,000

- Zero taxes on capital gains and dividends income

- No controls or restrictions on repatriation of profits to investors

 

• Incorporation Requirement

A company can only be incorporated upon the approval of its proposed name. The proposed name can only be accepted if it is not identical names; undesirable (offensive, abusive or obscene); Restricted names (that minister has directed the Registrar not to accept).

 

A Singapore company can be incorporated with a minimum of one director. If the company has only one director, that director must be ordinarily resident in Singapore, that is, he must either be a Singapore citizen, Singapore Permanent Resident or an Employment Pass Holder. A company can have one shareholder who may be an individual or a corporate entity. There is no restriction on foreign equity participation in a Singapore company.

 

There must be at least one company secretary who shall have his/her principal or only place of residence in Singapore.  Every company must have a registered office in Singapore to which correspondence may be sent.

 

In summary, the requirements to form a company are as follow:

I     Approval of proposed company name

II    At least one local director

III   At least a qualified company secretary

IV   Singapore registered address for the proposed company

V    Minimum one shareholder

VI   Minimum paid-up share capital is S$1

VII  Please contact our consultants if you need further advice on

       how to form a Singapore company.