Have you just registered your company in Singapore? If yes, you must know that simply registering your business is not enough. There’s a lot to be done. To sustain in the competitive business landscape, you must ensure optimum compliance with the regulatory requirements in Singapore. However, there is a chance that you may not be aware of all the compliance requirements. Therefore, opting for professional company incorporation services in Singapore can be an ideal option.
Here is a list of compliance requirements you need to know. Let’s take a look!
Determination of Financial Year End (FYE)
After the incorporation of your company in Singapore, you need to determine the financial year’s end. Most companies in Singapore choose December 31 as their financial year-end. However, you can also choose September 30, March 30, or June 30 as your fiscal year-end. Experts recommend that new start-up companies keep the FYE within 365 days to enjoy tax exemptions. Depending on the FYE decided, you will have to report the yearly performance of your company to the authorities.
Appointment of Auditors
All the companies in Singapore need to appoint an auditor within a timeframe of three months from the date of registration. However, selecting an auditor may not be required if your company is exempted from the auditing requirements. Usually, small companies with less than 50 employees are excluded.
Disclosure of Company Registration Number
As per the Companies Act, every company in Singapore must have a company registration number. It is also referred to as the Unique Entity Number (UEN). This unique number must be added to all the invoices, business letters, publications, and statements of accounts of the business.
Appointment of Corporate Secretary
If you registered your company in Singapore, you must appoint a corporate secretary. The company secretary needs to be a resident of Singapore. Moreover, he or she must have appropriate knowledge of the domain. The company secretary will be responsible for ensuring regulatory compliance with the laws framed by IRAS and ACRA.
Updating the Statutory Registers
As per the Companies Act, all the firms in Singapore have to maintain several registers. In addition to the official registers, the certificates of shares, minuted decisions, and more needs to be updated. Furthermore, all company members’ names, designations, and dates of appointments must be accurately recorded. Moreover, the ownership, transaction, and loan details must be preserved and updated.
ECI refers to the estimated taxable income of a company for a financial year. According to the Singapore legislation, the ECI must be reported to the authorities. The ECI statement must include the company’s revenue, capital gains, and other important factors.
Complying with the regulations is vital for the smooth functioning of any business. By now, you must know the important compliance requirement for Singaporean companies. Need assistance with company incorporation? Paciol is always ready to offer the required help. Whether you need help with Singapore company incorporation with a nominee director or taxation, connect with the experts today!