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 secretarial agent to assist you to meet the compliance requirement.

Accounting and Corporate Regulatory Authority (ACRA)

Annual General Meeting (AGM)

AGM to be held within 6 months after the Financial Year End (FYE)

Annual Return (AR)

AR must be filed within 7 months after the FYE

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

Other Requirements

Goods and Services Tax (GST)

Registration for GST is compulsory if:

  1. turnover is more than S$1 million for the past 12 months; or
  2. you are currently making sales and you can reasonably expect the turnover to be more than S$1 million for the next 12 months.

Audited or Unaudited report

Every company must prepare either audited or unaudited financial statements;
The following companies would be exempt from audit requirements:
- A small company;
- A parent company which is a small company and is part of a small group; and
- A subsidiary company which is a small company and part of a small group.

A company is a small company for a financial year if:
a) It is a private company; and
b) It meets at least two of the three criteria below for the immediate past two financial years:
i. revenue for each financial year does not exceed S$10 million;
ii. value of the company’s total assets at the end of each financial year does not exceed S$10 million;
iii. number of employees at the end of each financial year does not exceed 50.

A small group is one which meets at least two of the three quantitative criteria above on a consolidated basis for the immediate past two consecutive financial years.

eXtensible Business Reporting Language (XBRL) Filing requirement

Solvent EPCs are exempted from filing XBRL report.
Insolvent EPCs and Non-EPCs are required to file XBRL

Central Provident Fund (CPF) Contribution

Pension 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 involving import, export in and out of Singapore, you will need to activate your customs account upon successful registration with ACRA

 

Please contact us if you need further advice on how to form a Singapore company.