From Incorporation to Dissolution: A Step-by-Step Guide to Singapore Company Secretarial Timelines
Singapore is a popular destination for businesses, with its business-friendly environment, low tax rates, and ease of incorporation. However, setting up and running a company in Singapore requires compliance with various regulations and statutory requirements. In this article, we will provide a step-by-step guide to the company secretarial timelines in Singapore, from incorporation to dissolution.
Incorporation
The process of incorporating a company in Singapore typically takes 1-2 working days. Here are the key steps:
- Step 1: Choose a Company Name – The company name must be unique and not similar to any existing company name in Singapore. You can check the availability of the name using the Singapore Company Registration Portal.
- Step 2: Appoint a Company Secretary – A company secretary is responsible for ensuring compliance with statutory requirements. The company secretary can be an individual or a corporate entity.
- Step 3: Appoint Directors – A company must have at least one director who is a natural person and a resident in Singapore. The director must be at least 18 years old and not disqualified from being a director.
- Step 4: Issue Shares – The company must issue shares to its shareholders. The shares can be in the form of ordinary shares or preference shares.
- Step 5: File Documents with ACRA – The company must file its constitution, share certificates, and other documents with the Accounting and Corporate Regulatory Authority (ACRA).
Annual Filing Requirements
Every year, a Singapore company must file several documents with ACRA, including:
- Annual Return (Form C7) – The annual return must be filed within 30 days of the anniversary of the company’s incorporation. The return must include information on the company’s directors, shareholders, and registered office.
- Financial Statements – The company must file its financial statements, including the balance sheet, income statement, and cash flow statement, within 6 months of the anniversary of the company’s incorporation.
- Tax Return – The company must file its tax return with the Inland Revenue Authority of Singapore (IRAS) within 3 months of the anniversary of the company’s incorporation.
Dissolution
A Singapore company can be dissolved in several ways, including:
- Voluntary Liquidation – The company can be dissolved voluntarily by the directors and shareholders. The liquidator must file a notice of intention to wind up the company with ACRA and obtain a court order to dissolve the company.
- Court-Ordered Liquidation – The company can be dissolved by the court if it is insolvent or if there is a dispute among the shareholders. The court will appoint a liquidator to wind up the company.
- Strike-Off – The company can be struck off the register if it has not filed its annual return or has not paid its annual fees. The company will be dissolved and its assets will be distributed according to the law.
Conclusion
In conclusion, incorporating and running a company in Singapore requires compliance with various regulations and statutory requirements. From incorporation to dissolution, a company must file several documents with ACRA and IRAS, and comply with tax and financial reporting requirements. It is essential for companies to have a good understanding of the company secretarial timelines and requirements to avoid penalties and fines.
FAQs
Q: How long does it take to incorporate a company in Singapore?
A: The process of incorporating a company in Singapore typically takes 1-2 working days.
Q: What are the requirements for a company secretary in Singapore?
A: A company secretary must be an individual or a corporate entity and must be responsible for ensuring compliance with statutory requirements.
Q: What are the annual filing requirements for a Singapore company?
A: A Singapore company must file its annual return, financial statements, and tax return with ACRA and IRAS, respectively.
Q: Can a Singapore company be dissolved voluntarily?
A: Yes, a Singapore company can be dissolved voluntarily by the directors and shareholders. The liquidator must file a notice of intention to wind up the company with ACRA and obtain a court order to dissolve the company.
Q: What happens if a Singapore company is struck off the register?
A: If a Singapore company is struck off the register, it will be dissolved and its assets will be distributed according to the law.
