Ongoing Compliance Requirements for Singapore Businesses By Rikvin Rikvin, leading business registration firm and corporate solutions provider in Singapore explains the ongoing compliance requirements mandated by Singapore Companies Act. Rikvin discussed the following ongoing statutory compliance: Financial Year End (FYE), appointment of auditors, Singapore Goods and Services Tax registration, custom registration, business licenses, accounting records, notification of changes and company registration number disclosure. In addition, Rikvin also discussed the ongoing annual compliance, including annual filing requirements with company registrar (ACRA) – Annual General Meeting (AGM), annual returns and filing of financial statements in XBRL; annual filing requirements with Inland Revenue Authority of Singapore (IRAS) – Estimated Chargable Income (ECI), preparation of financial accounts, preparation of financial reports, unaudited report, audited report and tax return filing. Among the ongoing statutory compliance, the financial concerns, tax, Singapore statutory audit and financial reports were of main interest. Rikvin emphasized FYEin the discussion and stated that “It is best to keep your FYE within 365 days in order for you to enjoy the Zero Tax for new start-up companies, which is entitle full tax exemption on the first $100,000 of normal chargeable income for its first three consecutive YA.” Estimated Chargeable Income (ECI) was also one of the major concerns in the discussion. ECI is an estimate of a company's chargeable income for a Year of Assessment (YA). IRASrequires each company to submit an ECI for the Year of Assessment within three months after the financial year-ends. It is mandatory to file an ECI regardless of the amount of income. A company with a zero income will file a 'NIL' ECI. About the Publisher: Rikvin has successfully provided foreign and local entrepreneurs assistance to form a Singapore company . The firm provides a full spectrum of corporate services under one roof for Singapore company registration , accounting, tax, work passand related compliance services for individuals and companies worldwide. Our office is located at Raffles Place, in the heart of the Singapore businessdistrict. ("CBD") If you are in our neighborhood and want to discussany aspect of our service then feel free to come in to our offices during businesshours. Appointments are welcome but definitely not necessary. Rikvin PTELTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887
Fax (65) 6438 2436 http://www.rikvin.com
Published on Jul 12, 2011
Learn about Singapore Companies Compliance Requirements – provided and presented by Rikvin, Singapore’s leading company registration firm an...