{"id":4903,"date":"2019-10-22T13:24:28","date_gmt":"2019-10-22T05:24:28","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=4903"},"modified":"2023-01-11T16:30:32","modified_gmt":"2023-01-11T08:30:32","slug":"list-of-statutory-requirement-for-singapore-company","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/list-of-statutory-requirement-for-singapore-company\/","title":{"rendered":"List of Statutory Requirement for Singapore Company"},"content":{"rendered":"

Being business owner in Singapore , you must be aware of the following statutory requirement applicable to all Singapore registered company :<\/p>\n

Company Must Have a Registered Office<\/strong><\/h4>\n

All company must have registered office address. And you are required to declare during incorporation stage . Please note that PO Box DOESNOT allowed to used as registered address .<\/p>\n

And if you wish to use your residential address as company registered address , please note that only private property is allowed to do so and for HDB , you must apply with HDB Board ( click here<\/a> for more detail )<\/p>\n

Alternative way is you may engaged virtual office services.<\/p>\n

Virtual office Address refer to different company sharing the address. Some of service provider may provide meeting room, notification of letter received with certain amount of subscription fees.<\/p>\n

Why important<\/strong> : Is a communication bridge between company with the government . Authorities will send all the notice here .<\/p>\n

Company must Display of Company Name and Unique Entity Number (UEN)<\/strong><\/h4>\n

Click here<\/a> for what is UEN Number .<\/p>\n

There is NO special requirement which form it should be or how is should be present .<\/p>\n

Why important<\/strong> : Better differential of the Company especially company who owned sole proprietor with the same name ( ABC Pte ltd vs ABC)<\/p>\n

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Company must have Financial Year End (FYE)<\/strong><\/h4>\n

Also known as accounting year end .<\/p>\n

Recently all newly incorporation company is required to fixed their accunting year end during incorporation stage .<\/p>\n

It is highly recommend to fixed their accounting year end within 12 months accounting transaction<\/p>\n

Example : If Company A incorporated on 17 October 2019 , it accounting year end will be 30 September 2020<\/p>\n

Why important<\/strong> : Accounting year end is the guideline to judge their performance and better planning for company vision.<\/p>\n

Company must appoint Auditor<\/strong><\/h4>\n

To ease the company management burden, audited report is no longer required.<\/p>\n

Please click here<\/a> for the Audit Exemption<\/p>\n<\/div>\n<\/article>\n

Company must conduct Annual General Meeting (AGM)<\/strong><\/h4>\n<\/div>\n

Upon preparation of the company audited \/ compliance report. Company is required to conduct AGM within the stipulate time frame<\/p>\n

If the company opt for exemption from AGM , there need to comply with the following :<\/p>\n

Overall, there is 2 major key here , 6 months of 7 months<\/p>\n

Why important<\/strong> : AGM is mandatory annual meeting and this is the chance for shareholder to understand how the company performance.<\/p>\n

Annual Return Filing\u00a0 with ACRA<\/strong><\/h4>\n

Once shareholder approve the report , company must file in with ACRA via Annual Return<\/p>\n

Related New : AGM vs Annual Return<\/a><\/p>\n

Company owner always confuse that there only need to comply with ACRA requirement.<\/p>\n

Following is the IRAS Statutory Requirement :<\/strong><\/h4>\n
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Submission of Form C to IRAS<\/strong><\/h4>\n

Singapore registered\u00a0 Company must submit Form C on every November .<\/p>\n

Form C is a reporting way to IRAS about company transaction for the preceding financial year end .<\/p>\n

Year assessment term will be apply here :<\/p>\n

Year assessment 2019 refer to company’s\u00a0 transaction year ended 2018<\/p>\n

Estimated Chargeable Income (ECI)<\/strong><\/h4>\n

All company must submit their ECI within 3 months from the financial year end .<\/p>\n<\/div>\n

Example : Biztree Accounting year end is December so our due date for submision of ECI is by 31 march every year<\/p>\n

Click here<\/a> for the list of company exempted from submission of ECI<\/p>\n

Apart from the above, company also required to :<\/p>\n