Key compliance for Singapore company

If you are incorporating a new Singapore company, here are key compliance requirements you’ll need to know and comply.

1. You need to appoint a qualified resident Company secretary for your  Singapore company. One IBC Group will be your Company secretary upon your request
2. You need to provide a local, physical Singapore address as the registered address of the company. This address must be open and accessible to the public during normal office hours. Our Incorporation services do include this service!
3. You need to appoint a minimum of one Resident director for your Singapore company, who needs to be at least at least 18 years old, not bankrupt, and free of any malpractice charges.
4. If your company annual revenue of your Singapore company exceeds S$1 million, you’ll need to register for Goods and Services Tax (GST, it is VAT in some other countries). GST-registered companies need to charge this tax (currently 7%) to their clients on the goods and services provided, and remit this amount to the tax authorities.
5. You may also need to obtain one or more business licenses before you can commence your Singapore business operations. Business activities under this category include restaurants, educational institutes, travel agencies, financial services. Contact to our advisory staff to find more.
6. From 31 March 2017 onwards, you will be required to maintain a hard copy or digital register of controllers of your Singapore company, which must be physically accessible in Singapore.
7. You need to keep necessary accounting records that can sufficiently explain the transactions and financial position of your Singapore company. These records need to be kept for at least five years after the related transactions have been completed. To comply it, you should use our Accounting services.
8. You need to lodge any changes in company particulars to ACRA within the timeframes allocated for that item. Failing to update the particulars in time will incur penalties. Being your registered agent, our staff in Singapore will fully comply with this term.
9. You need to file your annual returns with ACRA and your annual tax returns with the Inland Revenue Authority of Singapore (IRAS), our Tax filing  team can support you at any time.

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• How to set up a company in Singapore?