If you are starting a new business in Singapore, there are compliance requirements to be met.
In provision to the Singapore Company Act, Cap 50, the director/s has the following compliance requirements:-
- S205B / 205C – Appoint an auditor within 3 months from the date of its incorporation, unless it is exempted from audit requirements;
- S171 – Appoint a company secretary within 6 months from the date of incorporation;
- S175 – Hold a meeting of members (referred to as “annual general meeting” or “AGM”) at least once in every calender year and not more than 15 months after the last proceeding AGM. (The first AGM shall be held within 18 months from the date of incorporation);
- S199 – Keep proper accounting records as will sufficiently explain the transactions and financial position of the company and retain these records for a period of not less than 5 years;
- S201 – Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;
- S197 – Annual Returns must be filed with Registrar within 1 month from the AGM. Inactive or Dormant Companies are still required to submit the Annual Returns Filing.
Did you know that every company in Singapore has two mandatory statutory obligation annually? They are:
- ACRA – Hold AGM and File Annual Return with our without XBRL Financial Statements
- IRAS – Prepare Financial Statements and Income Tax Computation and Estimated Chargeable Income (“ECI”) and Annual Tax Return
If you are starting a new business in Singapore and looking for help in your company’s compliance requirements, do take a look at what J Accounting Services have to offer you. Contact us now for any inquires you may have.
