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At present, Singapore has become one of the world's financial centers, trade centers and technology centers. With its advantages, it has attracted more and more entrepreneurs to register Singapore companies. Singapore companies, like other offshore companies, also need to have an annual review in Singapore. What are the contents of annual review of Singapore companies? How to conduct annual review in Singapore? How about the annual audit fee of Singapore company?
Annual review of Singapore company
Annual review fees in Singapore
The annual audit time of new Singapore company is 18 months, which can be extended for 6 months; the annual report is preferably before October 30 of each year; the individual income tax is paid before April 15 of each year. Details of annual audit fees for Singapore companies include:
① Basic supporting expenses of Singapore company, including expenses for arranging directors in Singapore; ② Singapore company registration service: government registration; articles of association, director's statement / shareholder's resolution; issuance of company share documents ③ custody and maintenance service fee, including registered address fee, legal secretary fee, the custody and maintenance service fee in the first year and the fee in the second year may be different, please consult Hong Kong Fung investment consultant for details.
Main contents of annual audit of Singapore company
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. It should be noted that in Singapore, the accounting and tax declaration of private limited companies only need to be conducted once a year, instead of monthly accounting. The main contents of Singapore annual review include:
(1) Renewal of appointment of legal secretary and renewal of address
For all companies registered in Singapore, at the time of registration, at least one resident of Singapore is required to be the legal secretary of the company. The board of directors of the company is responsible for appointing a secretary of the company and determining his salary package. Directors of a company need to ensure that qualified persons are selected as the company's legal secretary.
The Singapore company law requires that a company registered in Singapore must have a local registered address, and the annual review of Singapore companies requires the renewal of the registered address. Renewal of legal secretary and renewal of registered address is one of the annual review fee items.
(2) Preparation of financial information and issuance of tax report
① Prepare annual audit financial report
Singapore companies must, in accordance with the requirements of the government departments, sort out the annual accounting accounts and prepare the annual financial report, which includes accounting, preparing the company's directors' report, directors' statement, the company's balance sheet, profit and loss statement, cash flow statement and financial annotation. The submission of annual financial statements involves the Singapore company's account making and tax declaration. Generally, small and medium-sized enterprises will hand over the work of account making and tax declaration to professional account making and tax declaration companies.
② Prepare annual tax report
Annual tax report means that a company established in Singapore needs to sort out its annual accounts, make annual tax estimates and fill in tax returns according to the requirements of the government's tax department. The issue of annual tax report of Singapore company is very important, which will affect the company's tax declaration.
(3) Annual general meeting of shareholders and submission of materials
The annual general meeting (AGM) refers to the resolutions that the company must hold within 18 months after its establishment under the chairmanship of the Secretary of the company, which are voted and signed by all the directors.
(4) Enterprise income tax report
According to the regulations of Singapore Taxation Bureau, the company tax rate is 17% since 2010, and it is declared once a year (financial year). It is worth noting that the company tax is levied on the profits of the enterprise, not the turnover. The Singapore tax authority requires Singapore private limited to file corporate tax returns with the Singapore tax authority for each financial year.
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