What are the Legal Requirements When You Form a Singapore Company?
Meanwhile, corporations are required to meet a wide array of formalities and legalities stated by the Singapore Companies Act in order to prevent unscrupulous dealings, illegal trading, and tax evasion. While there are several legalities which must be met, the most important is the annual filing requirements which must be submitted to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). These are the basic legal requirements for a Singapore Corporation: * Appointment of a company secretary Within six months of incorporating a company in Singapore, shareholders should appoint a secretary who must be a local resident of Singapore and has a knowledge in handling all the compliance matters under the corporate law. * Annual general meeting This meeting, which is a required corporate formality, should be held within 18 months of incorporating a company. The succeeding meeting will then be held once every year but not more than 15 months apart. * Directors' report This document must consist the following: the shareholders and directors' interests and accounts; unaudited financial statements such as the balance sheet and income statement; and documents revealing the accounting policies of a corporation. * Annual returns The annual returns, or the financial accounts of a company, are filed to ACRA one month after its annual general meeting. * Financial year-end documents This will be the basis for the deadline for the submission of financial statements and accounting requirements. * Registration number A corporation will receive its business registration number to ACRA which must be present on its letterheads, invoices, billings, and other documents used for communication purposes. * Estimated chargeable income (ECI) This is an estimate of a company's chargeable income for the "year of assessment" and includes the following information: estimated profits, financial year-end, and estimated revenue. * Tax returns This should include the tax computation, director's report, and Form C which must be submitted earlier than 31st of October. * Form C This requirement must be submitted every June after a fiscal year but may be extended until December if a corporation has already submitted ECI within three months after the end of the accounting period. * Audited or unaudited accounts IRAS allows private limited company with less than $S5 million of turnover to file unaudited accounts. But for the branch offices of foreign companies, they are required to submit even the parent's audited financial statement. RESOURCE BOX Find more information on how to form a Singapore company. Rikvin has successfully helped thousands of foreign entrepreneurs who wish to form a Singapore company by securing their work visas using employment pass route once they have incorporated a Singapore Company. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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