NEW IMPORTANT POINT TO TAKE NOTE BEFORE INCORPORATE COMPANY
You are wrong if you think is ready to incorporate company without understand the following important point .
PRINCIPAL ACTIVITIES
You are allowed to stated 2 major principal activities . All the business activities is represented by a list of SSIC code
Kindly click here for list of SSIC code .
Why important ?
- Because certain activities is required business license and attend training course like Food and beverage industries .
- Please click here to check is your activities required business license
- Beside that activities represent company image make sure your choice of activities is correct.
COMPANY NAME
Must avoid using ” Ministry of ” ” bank””institution” all those wording will require additional confirmation before you proceed to incorporation stage
Company name should not include any sensitive or offensive term
However if the name is resemble with the existing business name , you are allow write in to appeal
Appeal case normally happen during conversion process ie from sole proprietor name into pte ltd name
COMPANY CONSTITUTION
Every Singapore registered Company must have copy of constitution during incorporation.
You may draft your own constitution or click here for ACRA ‘s sample copy.
Click here for What is Company constitution
Why important ?
- It is important for you to understand it contents, because Constitution is the key to decide how the company should be run and in fact it will have great impact on company direction and vision.
REGISTER REGISTRABLE OF CONTROLLER
Preparation of register registrable controller is applicable to all Company.
Company is required to declare annually who is register controller in the Company, any changes must be updated with ACRA .
The key reason is to prevent company been used as tool for money laundering activities.
Please click here to understand more .
Why important ?
- Public always confuse that i just acting as nominee director / shareholder , so NO obligation . You are totally WRONG. In the ACRA . there is no such position called nominee director or shareholder
FINANCIAL YEAR END
Previously all company is free to determine their financial year end .
Company allowed to apply change in financial year end anytime .
NEW application on financial year end as follow :
1.companies MUST notify the ACRA of their FYE upon incorporation and of any subsequent change;
2.companies MUST apply to the ACRA for APPROVAL to change their FYE:
- if the change in FYE will result in a financial year longer than 18 months; or
- if the FYE was changed within the last 5 years; and
3. unless otherwise approved by the ACRA, the duration of a company’s financial year must not be more than 18 months in the year of incorporation
4.Only FYE of the current and immediate previous financial year may be changed (provided that statutory deadlines for the holding of AGM, filing of annual return and sending of financial statements have not passed).
A company’s financial periods starting on or after 31 Aug 2018 by default will be taken to be a period of 12 months for each financial period.
Why important ?
- Financial year end is refer to accounting closure of the company. Is normally cover 12 months accounting period .
- Based on it, you will be able to judge how good your company performed ? which segment to improve ? any new strategic plan ?
NEW GST RATE ON 2021
GST rate will be increase from 7% to 9% around 2021 to 2025
Click here for the basic guide for GST