Best Compliance Tips for Companies in Singapore

Best Compliance Tips for Companies in Singapore

This guide will provide you with the best compliance tips for  companies in Singapore.

If you are planning to set up a new Singapore company, you will need to know these 13 important compliance requirements.

• A qualified resident (company secretary) must be appointed within six months
• Local, physical Singapore addressed needed to be the registered address of the company. Must be open and accessible to public during office hours.
• Minimum of one resident director needed for the company whom must be at least 18 years old, free from any malpractice and not bankrupt. Any amount of additional resident or non-resident directors can be added.
• Auditor must be appointed within 3 months from the date of incorporation. If you meet at least two of the conditions below in the last 2 FYEs, your Singapore company will be able to qualify for audit exemption :
  • Total annual revenue of no more than S$10 million
  • Total assets worth no more than S$10 million
  • No more than 50 employees
• Goods and Services Tax must be registered if the projected or actual annual revenue of your company exceeds S$1 million. In foreign countries, it is known as Value Added Tax (VAT) or Sales tax. Companies must charge this tax to their clients on the goods and services provided and the proceedings will go to the tax authorities. For more information on GST, refer to Singapore GST guide.
• You might also have to obtain one or more business licenses before the commence of business operations in Singapore. These activities include restaurants, educational institutes, financial services, travel agencies and import/export-related industries.
• It is compulsory to maintain hardcopy or digital register of controllers of your Singapore Company and it must be physically accessible. Learn more through this link.
• Public register of members and shareholders has to be maintain if you are running a foreign company on top of the register of controllers. Refer to ACRA’s FAQ page here for more details..
• Keep necessary and important accounting records for at least five years after the related transaction have been completed. They must be able to explain the transaction and the financial position of your company.
• Directors of the company must any material personal interested that might be related to company affairs, as well as any information to avoid conflicts.
• Changes in company particulars must be submitted to ACRA within the timeframes allocated for that item. Penalties will incur for failing to do so.
• Unique Entity Number or company registration number must be shown on all official company correspondence.
• Submit to ACRA your annual returns and IRAS your annual tax returns. For more information refer to ACRA or IRAS