Corporate Compliance in Singapore
Singapore has always remained an attractive destination for foreign companies. To conduct business in Singapore, foreign investors are required to adhere to corporate compliance. Failure to comply may harm the reputability, sustainability and growth of your company. Our professionals in Jaanik possess a thorough knowledge of the compliance requirements in Singapore. Right from pre-incorporation to post-incorporation, we will ensure that your company complies with ACRA and IRAS’s annual statutory requirements.
Corporate Compliance Services
Apart from helping you meet your core compliance requirements, Jaanik also provides you with various support services to facilitate the success of your business operations. Read on to learn about the corporate compliance services we offer.
You are required to appoint a qualified company secretary within six months of incorporation. Our professionals at Jaanik provide you with competent corporate secretarial services.
Singapore Resident Director
You should appoint at least one resident director who manages the company’s affairs and leads the business operations in the right direction. He/she should:
- Be at least 18 years old
- Not be bankrupt
- Be mentally and physically fit
Your company should have a physical office address where all your notices and mail will be sent. This office should be accessible to the public for at least 3 hours in a working day. If you do not have an office in Singapore, you may opt for a virtual office. Jaanik offers you a business office address and mail forwarding services based on your requirements.
Business Licenses and Permits
Most of the business activities in Singapore do not need licenses, except for some government- regulated activities, such as child care centers, private schools, moneylenders, banks and liquor distributors among others. During incorporation, ACRA will notify you if your business needs approval from more than one authority. Our experts will work with you closely and help you procure your business licenses in the minimal time possible.
Jaanik takes care of all your registration requirements, if applicable.
Goods and Services Tax (GST) Registration: GST is the tax levied on both the import of goods as well as the supply of goods and services in Singapore. Your company should be registered to collect GST in case your annual turnover is more than S$1 million from the sale of your taxable goods as well as services.
Trademark Registration: We also help you in registering your trademark, as it safeguards your brand, protects you against legal infringements and distinguishes your business from those of your competitors.
Customs Registration: If you are an exporter or importer or involved in trans-shipment, you will have to register with the Singapore customs. Upon registration, you will be issued a Unique Entity Number (UEN), which will facilitate your interaction with government agencies.
Patents and Copyrights: If you happen to be a tech start-up, you may want to file a patent application on your invention. The absence of a patent could pose a threat to your profitability in the future. Our experts will enable you to safeguard your intellectual property by filing a patent application.
Post Incorporation Requirements
After your company is incorporated in Singapore, you will have to adhere to the following post-incorporation considerations.
|Appointment of Auditor||Appoint an auditor within three months of your company incorporation|
|Opening a Bank Account||We help you in selecting the right bank based on your requirements. To open a bank account, you will need:
• A copy of your certificate of incorporation
• A resolution from your board of directors
• Copies of your business profiles and MAA
• Proofs of the directors’ residential addresses
|Annual Filing requirements||Annual General Meeting: Hold Annual General Meeting (AGM) in the calendar year to enjoy the best tax benefits possible.
Taxation with IRAS: We will formulate efficient tax strategies, help you with corporate tax compliance and statutory filings.
Annual Returns with ACRA: You will need to file your annual returns within one month of your AGM date.
|CPF and SDL||All companies incorporated in Singapore are required to contribute to the Central ProvidentnFund (CPF) payable to their employees who are Singapore Citizens and Permanent Residents.
Skills Development Levy (SDL) are contributions made to local as well as foreign employees.
|Accounting and Bookkeeping||We help you with accounting and bookkeeping so that you can avoid penalties. Our services include:
• Cash flow
• Financial statements
• Monthly reports
• Bank reconciliation
• Management reporting
|Determination of the Fiscal Year||You will have to decide on your Financial Year End (FYE) which need not be December 31. We suggest that you keep your company’s FYE within 365 days so that you enjoy zero tax exemption if you are running a start-up.|
|Estimated Chargeable Income (ECI)||ECI is the estimate of your chargeable income for an assessment year. ECI needs to be submitted to the IRAS within 3 months at the financial year-end.|
At Jaanik, we keep ourselves updated on corporate compliance in Singapore. We prevent your company from incurring unnecessary penalties and fines. Engage our specialists NOW to fulfill your regulatory compliance requirements.
Should you have any queries, send an email to us at email@example.com