{"id":8142,"date":"2024-09-12T16:26:55","date_gmt":"2024-09-12T08:26:55","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=8142"},"modified":"2024-09-12T16:26:58","modified_gmt":"2024-09-12T08:26:58","slug":"what-is-the-on-going-compliance-obligation-for-pte-ltd-company","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/what-is-the-on-going-compliance-obligation-for-pte-ltd-company\/","title":{"rendered":"What is the on going Compliance obligation for Pte Ltd Company ?"},"content":{"rendered":"\n<p id=\"ember883\">&#8220;Are you sure want to register pte ltd ?<\/p>\n\n\n\n<p id=\"ember884\">There is list of compliance you need to follow ! Is really difficult to handle company compliance matter, if fail to comply will receive summon court order and penalties. &#8220;<\/p>\n\n\n\n<p id=\"ember885\">Are you having same thought as above?<\/p>\n\n\n\n<p id=\"ember886\">Do not let above scare you off. Here is the <a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-21-113154.jpg\">full diagram<\/a> to remember compliance date.<\/p>\n\n\n\n<p id=\"ember887\">IRAS and ACRA is 2 major agency all type of company need to report annually.<\/p>\n\n\n\n<p id=\"ember888\">IRAS : Agency handle tax system in Singapore<\/p>\n\n\n\n<p id=\"ember889\">ACRA : The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants, and corporate service providers.<\/p>\n\n\n\n<p id=\"ember890\">let take a look what are the basic compliance list :<\/p>\n\n\n\n<p id=\"ember891\"><strong>Annual Return (AR) filing with ACRA<\/strong><\/p>\n\n\n\n<p id=\"ember892\">AR filing is a must for all PTE LTD regardless company is dormant of active<\/p>\n\n\n\n<p id=\"ember893\">Before AR filing, company is required to prepare set of financial report ( audited \/ unaudited )<\/p>\n\n\n\n<p id=\"ember894\"><a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-21-114143.jpg\">Relevant article : Is company exempted from preparation audited report ?<\/a><\/p>\n\n\n\n<p id=\"ember895\">Relevant copy of report will be table at Annual General Meeting (AGM) for shareholder approval.<\/p>\n\n\n\n<p id=\"ember896\">After AGM conducted, only then Company can proceed to AR filing with ACRA<\/p>\n\n\n\n<p id=\"ember897\">In Singapore ,most of SME company director and shareholder is the same person. And most of the AGM conducted via &#8220;paper meeting &#8220;<\/p>\n\n\n\n<p id=\"ember898\"><strong>Estimate changeable Income (ECI)<\/strong><\/p>\n\n\n\n<p id=\"ember899\">ECI is refer to the estimate of the total taxable income for your company within the Year of Assessment.<\/p>\n\n\n\n<p id=\"ember900\">All company required to file ECI for their revenue within 3 months from the FYE date .<\/p>\n\n\n\n<p id=\"ember901\">Company is exempted from ECI submission if 1 of the following conditions is met :<\/p>\n\n\n\n<ul><li>The company\u2019s annual revenue is less than S$5 million for the financial year<\/li><li>the ECI is nil (the company has no profits or is dormant) for the assessment<\/li><\/ul>\n\n\n\n<p id=\"ember903\"><strong>Company tax submission<\/strong><\/p>\n\n\n\n<p id=\"ember904\">All PTE LTD required to declare their tax every November.<\/p>\n\n\n\n<p id=\"ember905\">Company is taxed at a flat rate of 17% of its chargeable income.<\/p>\n\n\n\n<p id=\"ember906\"><strong><em>What is Chargeable Income ?<\/em><\/strong><\/p>\n\n\n\n<p id=\"ember907\">Chargeable income refers to your company&#8217;s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).<\/p>\n\n\n\n<p id=\"ember908\"><strong><em>Dormant company also need to comply ?<\/em><\/strong><\/p>\n\n\n\n<p id=\"ember909\"><strong>IRAS<\/strong><\/p>\n\n\n\n<p id=\"ember910\">As long as company is dormant then is exempted to submit tax anf ECI<\/p>\n\n\n\n<p id=\"ember911\">Click <a href=\"https:\/\/www.iras.gov.sg\/media\/docs\/default-source\/uploadedfiles\/pdf\/user-guide-(tp)_apply-for-waiver-to-submit-tax-return-(dormant-company)22163434-62ae-4d94-b19c-66fbd349791c.pdf?sfvrsn=e8bb0ccb_6\">here<\/a> for application waiver submission of tax<\/p>\n\n\n\n<p id=\"ember912\"><strong>ACRA<\/strong><\/p>\n\n\n\n<p id=\"ember913\">Regardless dormancy, every company must submit Annual return in due course.<\/p>\n\n\n\n<p id=\"ember914\"><strong>Additional Note :<\/strong><\/p>\n\n\n\n<p id=\"ember915\">&#8221; My company is dormant so no need to file anything , worst scenario ACRA close the company for me , so not a problem &#8220;<\/p>\n\n\n\n<ul><li>If you have above same thought, then you are wrong again. ACRA will impose debarment or disqualification director whose had 3 companies closed down by ACRA . (<a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2023\/07\/Debarment-vs-disqualficaiton-dir.pdf\">disqualification vs debarment of director)<\/a><\/li><\/ul>\n\n\n\n<ul><li>As ACRA&#8217;s compliance due before IRAS&#8217;s, business owner thought report with ACRA is good enough. Please take note that ACRA and IRAS is totally 2 different reporting role, company must comply with BOTH regulation .<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Are you sure want to register pte ltd ? There is list of compliance you need to follow ! Is really difficult to handle company compliance matter, if fail to comply will receive summon court order and penalties. &#8220; Are you having same thought as above? Do not let above scare you off. Here is<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[165,269],"tags":[267,443,199,163],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>compliance list for Singapore company; ACRA compliance;<\/title>\n<meta name=\"description\" content=\"&quot;Are you sure want to register Pte ltd ?There is list of compliance you need to follow ! 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