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After decades of rapid development, Singapore has become a world-famous financial center and Trade Center. Singapore not only has a good business environment, but also gathers a large number of headquarters of multinational companies. There are more and more Chinese companies registered in Singapore, so it is necessary to conduct annual review after registering in Singapore.
Registered Singapore company
What is annual review of Singapore companies
Annual review of Singapore companies is a procedure that must be carried out every year according to government regulations. Companies established in Singapore for one year or more need annual review. If they fail to conduct annual review on time or not, they will be fined or even cancelled. The annual audit of Singapore companies includes the annual general meeting of shareholders (AGM), the submission of accounting annual statements and financial reports, and the filing of tax returns to the tax bureau. This series of work is conducted once a financial year, collectively referred to as the annual audit.
Contents of annual review of Singapore companies
1. Annual general meeting of shareholders
AGM is one of the compliance requirements for all Singapore companies. The company must hold an annual meeting to keep shareholders informed of the company's business health, financial status and progress. Shareholders have the right to question, vote and make important decisions (such as the appointment or removal of directors) for the company. A newly registered Singapore company must hold its first AGM within 18 months. Assuming a company is registered in July 2016, the AGM must be held at the latest in January 2019.
2. Submission of annual financial statements
Under the Singapore companies act, Singapore companies are required to submit a financial report in English, compiled in accordance with the standards of the Singapore Institute of certified public accountants, to the Singapore registry for each financial year. The statement shall include profit and loss statement, balance sheet, cash flow statement and classification notes, etc. The Singapore accounting and enterprise authority will review the financial statements to determine whether the company's material meets the relevant requirements of the Singapore company.
3. Annual return
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. For companies with complex tax accounts, it's particularly important to make a good annual tax report!
4. Singapore corporate tax reporting
There are two parts to the Singapore tax bureau's report, first the company's estimated tax (the estimated tax form is required to be filled in), then the company's actual tax amount (the tax form, tax calculation form and the company's financial report are required to be filled in). The filing time of Singapore corporate income tax is within 11 months after the end of each financial year. It should be noted that Singapore companies must submit tax reports on time, which may not only result in fines, but may even affect bank accounts.
The annual audit of Singapore company is a necessary procedure to maintain the normal operation of the company. The annual audit can be handled through the Secretary company. Only need to pay the annual review fee, the Secretary company will hand in the government documents on behalf of the government, the government will issue the documents about 10 working days, and then get the corresponding documents.
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