Setting up a business is never easy, and setting up and operating one in a foreign country is much more challenging even for established companies and entrepreneurs. Some solutions to help foreign business owners cover the bases after they register new company include hiring a reliable corporate and accounts services provider to take care of compliance matters.
Even with support from professional services, business operators should strive to be more knowledgeable where legislation, compliance, financial and management matters are concerned to avoid making mistakes that are costly and obstructive to smooth business operation after they register Pte Ltd in Singapore. Below is a checklist with summary of what a business operator should understand with regard to successfully running and growing a business in Singapore.
Register New Company
The Incorporation Process: Minimum requirements when incorporating a private limited company in the Singapore.
Unlike in other countries, 100% ownership of your business can be owned by business associates who are not citizens of Singapore. Though not mandatory, the firm assisting you to register your business can act as a nominated shareholder in the company.
2# One Local Director
According to the current company incorporation regulation, one of the company directors has to be a citizen of Singapore.
3# Company Secretary
All private limited companies operating in Singapore are required to appoint a citizen of Singapore as the company secretary.
4# Minimum Share Capital
For a Singapore company incorporation process to be a success, the minimum share capital requirement is S$1. However, it is important to note that some niches require high share capital than others based on their respective regulations.
5# Physical Address in the Country
The company needs to have a local address in the country that will be used for official purposes. For instance, the local address has to be included in all official documents such as contract agreement forms and employment forms.
Filing Annual Return with ACRA:
Annual return (AR) is an electronic form lodged with ACRA and contains important particulars of the company such as the name of the directors, secretary, its members, and the date to which the financial statements of the company are made up to. The annual return provides critical information that helps the company’s stakeholders to make informed decisions.
The Annual Return must be filed with the Registrar within 30 days after the AGM has been filed. Estimated Due Date: Within 7 months after FYE.
All companies are required to submit two Corporate Income Tax Returns to IRAS every year:
- Estimated Chargeable Income (ECI) Within 3 months from the end of the financial year, if required to submit ECI
- Form C-S/ C 15 Dec for YA 2020, 30 Nov from YA 2021 onwards
Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company does not need to submit ECI.
For filing of Form C / C-S it has to be done annually on 30 Nov; or 15 Dec. Estimated Due Date: Within 3 months after FYE.
Employment Act: As an employer, understanding Singapore’s Employment Act and the various employment laws it governs is a precursory step in successfully managing your business operation after your Singapore company setup.
- Hours of Work & Overtime
- Public Holidays
- Annual Leave
- Sick Leave
- Health Insurance
- Maternity and Childcare Leave
- Salary & Bonus
- Central Provident Fund (CPF) Contributions
- Employment Termination
Details of the above can be found HERE