Starting a new business in Singapore is an exciting venture, but it comes with a set of crucial compliance requirements that must be adhered to. These requirements ensure that your business operates smoothly and in accordance with the country’s regulations. Here are 12 compliance tips for entrepreneurs looking to register their companies in Singapore:
Within six months of incorporating your Singapore company, appoint a qualified resident company secretary. This role is vital for ensuring compliance with regulatory obligations and maintaining proper corporate governance. All companies must appoint at least one director and a secretary.
Singapore companies must have at least one local director who meets specific eligibility criteria, including being a Singapore citizen, Singapore permanent resident, EntrePass or employment pass (EP) holder. The director should be at least 18 years old, not bankrupt, and free of malpractice charges.
Your company must have a local, physical address in Singapore as its registered address. This address should be open and accessible to the public during normal office hours, fostering transparency and effective communication with stakeholders.
Select a FYE that aligns with your business cycles and taxation periods. This date marks the conclusion of your company’s annual accounting period, enabling accurate assessment of yearly performance.
Consider whether your company qualifies for audit exemption based on specific criteria. Small companies can potentially be exempted from the audit requirement if they meet the following criteria:
If your company’s projected or actual annual revenue exceeds S$1 million, register for Goods and Services Tax (GST). GST-registered companies must charge GST on goods and services provided and remit this amount to the tax authorities.
Depending on your business activities, you may need to obtain one or more business licenses before commencing operations in Singapore. Research and secure the required licenses to operate legally.
Singapore companies must maintain up-to-date registers of controllers for your business, and the information must be accessible to the public. These include registers of directors, substantial shareholders, controllers, and nominee directors.
Report any changes in company particulars, including registered addresses, directors, shareholders, or company officers, to the Accounting and Corporate Regulatory Authority (ACRA) within specified timeframes to avoid penalties.
Display your company’s Unique Entity Number (UEN) or company registration number prominently on all official company correspondence to facilitate identification and efficient communication with stakeholders.
Maintain accounting records that adequately explain your company’s transactions and financial position. These records must be kept for at least five years after completing related transactions to ensure compliance with financial reporting requirements.
Fulfill your annual filing requirements by submitting annual returns to ACRA and annual tax returns to the Inland Revenue Authority of Singapore (IRAS). Meeting these obligations ensures compliance with statutory requirements and avoids penalties.
Adhering to these compliance tips is essential for the success and legal operation of your newly registered business in Singapore. Stay vigilant and proactive in meeting these requirements to ensure that your business thrives in the Singaporean business landscape. Compliance not only fosters good corporate governance but also helps build trust with stakeholders and regulatory authorities.
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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