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How to maintain a company registered in Singapore

Views:1311Time:2020-06-08

Today, Singapore has gradually become an Asian financial and Trade Center. More and more entrepreneurs from all over the world have registered Singapore companies or set up offices to serve as the business management center of the Asia Pacific region and facilitate the development of Asian markets. So how to maintain Singapore company after successful registration?

Registered Singapore company

Annual review of Singapore company

In Singapore, the accounting and tax declaration of private limited companies only need to be done once a year, instead of monthly accounting. The annual general meeting of shareholders (AGM) shall be held within 18 months after the registration of the new company. The annual accounting statement and financial report shall be submitted to the registration office (AR), and the tax shall be reported to the tax office at the same time. This series of work shall be conducted once a financial year, collectively referred to as the annual review. The annual review of Singapore companies includes:

① Renewal of annual legal secretary

② Renewal of registered address of Singapore company

③ Annual fee of new directors

④ Renewal of business secretary service

⑤ Prepare the annual general meeting materials

Singapore company tax declaration

① Corporate tax reporting

The Singapore tax authority requires Singapore private limited to file corporate tax returns with the Singapore tax authority for each financial year. Corporate tax is paid on the basis of the company's pre tax profit for the financial year, not the turnover.

② Annual tax report and presentation

AGM presented to the annual general meeting (AGM) refers to the resolutions that the company must hold within 18 months after its establishment, presided over by the company secretary, and voted and signed by all directors.

③ Resolution of annual general meeting

The annual tax report is to assist the company established in Singapore to sort out the annual accounts, estimate the annual tax and fill in the tax returns according to the requirements of the tax department of the government.

Appointment of auditor of Singapore company

Within six months after the establishment of the Singapore company, a registered accounting firm must be appointed as the auditor of the company. The auditor's task is to independently review the company's financial statements and make audit reports at the end of the year. From July 1, 2015, Singapore PTE. Ltd. can be defined as a "small company" if it meets the corresponding conditions, and can obtain an audit exemption.

Keep accounting records

Every company incorporated in Singapore, as well as its directors and officers, must keep sufficient accounting and other records to explain the company's accounting transactions and financial position and to enable the company to prepare accurate profit and loss accounts and balance sheets from time to time.

Change of main management personnel of the company

According to the provisions of the Singapore company law, if the resignation of a director shareholder of a Singapore company results in a change of information, it is necessary to notify the accounting and Enterprise Management Bureau in the specified form within one month.

Bank of Singapore account opening

Although Singapore's company law has no rigid requirements on whether to open a bank account, it is recommended to open a bank account as soon as possible after registering a Singapore company. Because it is the premise of normal annual review and tax declaration, and also the general premise of maintaining the normal operation of the company.


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