Is it necessary to have the Memorandum and Articles of Association (MAA) of a Singapore Company?
What documents will I receive after my Singapore Company Incorporation?
Upon receipt of this, the company secretary issues the company’s share certificate, first board resolution and the bank account opening resolution.
Are there any additional requirements of Singapore Company Incorporation?
Related Reading » Register a Singapore Company
What are the statutory compliance requirements of a Singapore private limited company?
- Annual General Meeting (AGM): A company must hold its AGM every calendar year. At this meeting, the company’s financial statements must be tabled for shareholders’ approval.
- Annual Filings Requirements with ACRA: Within a month of the AGM, all companies must file their annual returns with ACRA.
- Annual Filing Requirements with IRAS: A Singapore company must fulfil its tax obligations with the Inland Revenue Authority of Singapore (IRAS) every year.
- Fiscal Year Determination: All companies in Singapore have the freedom to determine its financial year end (FYE), which need not necessarily be December 31. But we do advise to keep the company’s FYE within 365 days in order to enjoy tax exemption for new start-up companies.
- Estimated Chargeable Income (ECI): An estimate of a company’s chargeable income, which must be submitted to IRAS within three months after the end of the financial year.
- Payroll Management: Proper care needs to be taken while calculating, processing and reporting payroll components, especially while fulfilling the two statutory requirements – Central Provident Fund (CPF) and Skills Development Levy (SDL).
- Accounting and Bookkeeping: This include maintenance of the general ledger, accounts payable ledger, fixed assets ledger; as well as proper financial statements, reports, and monthly, quarterly and annual reviews.
What is meant by a dormant company in Singapore?
For this, it is important to note that the following transactions doesn’t affect a company’s dormant status:
- appointment of a secretary.
- appointment of an auditor.
- maintenance of a registered office.
- keeping of registers and books.
- payment of fines, fees, or any penalties imposed by ACRA.
- taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum
Check our Infographics on Filing Requirements for Dormant Companies
Is a dormant company also obliged to file annual audited accounts in Singapore?
Is a dormant company also obliged to hold an AGM in Singapore?
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