The statutory obligations defined in the Companies Act in Singapore describe that company directors need to follow face enforcement actions. Various annual obligations relevant to key statutory requirements include the organization of annual general meetings as well as filing annual returns. However, if you need to know how much to set up a company in Singapore, the article below may guide you regarding this.
Depending upon the current financial status of your company, you need to prepare for the annual financial statements while complying with the Financial Reporting Standards of the country. Depending upon the medium to large accounting transactions that happen at your platform every month, you are advised to follow monthly bookkeeping services. However, for companies that follow a limited number of financial transactions, it is better to ensure bookkeeping quarterly or annually. The financial statements include Statement of Comprehensive Income, Statement of Financial Position, Statement of Change in Equity, and Cash Flow Statement.
Filing the Estimated Chargeable Income:
Reports reveal that Singapore companies need to declare the revenue amount as well as Estimated Chargeable Income simply by filing a form with Inland Revenue Authority. This must be submitted within three months from the company’s Financial Year End. Even if the estimates reveal zero chargeable income of the company, it is necessary to file Nil Estimated Chargeable Income.
Audit of Financial Statements
As soon as the financial statements of your company are ready, your may need to get them audited with the help of professionals. These audits are necessary if the company meets any two out of these three conditions:
- Total annual revenue is exceeding above S$10 million.
- Total assets are exceeding above S$10 million.
- Consists of more than fifty employees.
In case if the company is associated with a large group, it will be accessed only on a consolidated basis.
Annual General Meeting
All Singapore Companies need to hold Annual General Meeting at least one time a year. Few general rules are listed below:
- The first most Annual General Meeting must be organized just within 18 months from incorporation.
- It is not desired to have a gap of more than 15 months between subsequent AGMs.
- The accounts shown at AGM must be kept up to date.
- The private companies are required to dispense with AGMs only if a resolution is passed in the general meeting.
Filing Annual Tax Returns
All the companies in Singapore need to file annual tax returns by 30th November. Singapore’s government has developed new guidelines regarding tax filing, and companies need to follow the details of the preceding year to file a tax return for the current year.
It is important to mention that company directors are accountable and responsible for complying with Singapore’s annual filing requirements. If you fail to comply with the guidelines mentioned in the statutory compliance, it may lead to fines. The company incorporation services Singapore fees are divided into several sections. For a name application, you may need to pay $15, whereas $300 is required for the registration fee. You can establish a connection with experts in the area to complete the company formation process.