Singapore is a popular destination for businesses, with its business-friendly environment, low taxes, and efficient infrastructure. However, as a company, it is essential to comply with the various regulatory requirements to maintain the good standing of your business. In this article, we will guide you through the annual returns and other compliance obligations of a Singapore company, as well as the importance of engaging a professional company secretarial service to ensure compliance.
Annual Returns
As a Singapore company, you are required to file your annual returns with the Accounting and Corporate Regulatory Authority (ACRA) within 24 months from the date of your company’s incorporation. The annual return is a mandatory requirement and failure to file it can result in late filing penalties and fines.
The annual return requires the following information:
- Company’s financial statements, including balance sheet, profit and loss account, and cash flow statement
- Directors’ and secretaries’ names and addresses
- Share capital structure and share allotment
- Details of any changes in the company’s structure, such as changes to the company’s name, address, or business activities
It is essential to ensure that the annual return is accurate and complete, as any inaccuracies or omissions can result in penalties and fines.
Other Compliance Obligations
In addition to the annual return, there are other compliance obligations that you must adhere to as a Singapore company. These include:
- Annual General Meeting (AGM): You must hold an AGM within 18 months of the company’s incorporation, and at least once every calendar year thereafter. The AGM must be attended by at least 50% of the company’s shareholders.
- Director’s and Secretary’s Responsibilities: Directors and secretaries have certain responsibilities, including ensuring the company’s compliance with the Companies Act and relevant regulations, and keeping the company’s registers and records up to date.
- Business Registration: You must register for a business registration with the Singapore government, which includes obtaining a Unique Entity Number (UEN) and a Business Registration Number (BRN).
- GST Registration: If your company is required to register for Goods and Services Tax (GST), you must do so with the Inland Revenue Authority of Singapore (IRAS) within 30 days of exceeding the GST threshold.
Failure to comply with these obligations can result in penalties, fines, and even deregistration of your company.
The Importance of Engaging a Professional Company Secretarial Service
Complying with the various regulatory requirements can be complex and time-consuming, and it is essential to engage a professional company secretarial service to ensure compliance. A company secretarial service can assist with:
- Filing annual returns and other compliance obligations
- Preparation of company records and registers
- Conducting director’s and secretary’s duties
- Providing guidance on compliance matters
A professional company secretarial service can help you to avoid penalties and fines, and ensure that your company remains in good standing with the authorities.
Conclusion
As a Singapore company, it is essential to comply with the various regulatory requirements to maintain the good standing of your business. This includes filing annual returns and other compliance obligations, and engaging a professional company secretarial service to ensure compliance. By doing so, you can avoid penalties and fines, and ensure that your company remains in good standing with the authorities.
FAQs
Q: What is the deadline for filing an annual return in Singapore?
A: The deadline for filing an annual return in Singapore is within 24 months from the date of your company’s incorporation.
Q: What are the consequences of failing to file an annual return in Singapore?
A: Failure to file an annual return in Singapore can result in late filing penalties and fines.
Q: Can I file an annual return myself or do I need to engage a professional company secretarial service?
A: While it is possible to file an annual return yourself, it is recommended to engage a professional company secretarial service to ensure accuracy and completeness.
Q: What are the benefits of engaging a professional company secretarial service?
A: Engaging a professional company secretarial service can help you to avoid penalties and fines, and ensure that your company remains in good standing with the authorities.
