Singapore Company Incorporation
Setting Up a Private Company Limited by Shares - Singapore | Accounting and Corporate Regulatory Authority
The Accounting and Corporate Regulatory Authority (ACRA) is the governing body for company incorporation in Singapore. Here's a summary of the key steps and requirements for setting up a private company limited by shares in Singapore, based on the latest information available:
Choose a unique company name that complies with ACRA's guidelines.
The name must not be similar to existing companies and should not contain offensive or prohibited words.
Apply for name reservation through ACRA's BizFile+ portal, which costs S$15.
Directors: At least one director who is a Singapore resident (Singapore Citizen, Permanent Resident, Employment Pass or EntrePass holder).
Company Secretary: Must be appointed within six months of incorporation. The company secretary must be a Singapore resident.
Shareholders: Minimum of one and maximum of 50 shareholders, who can be individuals or corporations.
A local Singapore address that must be a physical office, not a P.O. Box.
The registered office must be accessible to the public for at least 3 hours during business hours on weekdays.
The minimum paid-up capital is S$1.
You need to issue at least one share to the shareholders.
A legal document outlining the company's internal rules and regulations, including its name, registered office address, business activities, and share capital.
You can adopt ACRA's model constitution or create your own.
Submit the incorporation application through ACRA's BizFile+ portal.
The application fee is S$315.
Required documents include the company name application approval, particulars of directors, company secretary and shareholders, registered office address, and company constitution.
7. Post-Incorporation
Upon successful incorporation, ACRA will issue a Certificate of Incorporation and a free Business Profile.
You will need to open a corporate bank account, apply for relevant business licenses and permits, and register for GST if applicable.
Additional Information
Foreigners setting up a company in Singapore must engage a registered filing agent (e.g., corporate secretarial firm, law firm, accounting firm) to submit the application to ACRA.
It is crucial to comply with ongoing compliance requirements, such as filing annual returns and holding annual general meetings.
Choosing a Company Name
Choosing the right company name is a crucial first step in setting up your business in Singapore. It's more than just a label; it's a part of your brand identity and can impact how customers perceive your company. Here's a breakdown of the key considerations and steps involved in choosing a company name in Singapore:
1. Brainstorming and Initial Checks
Reflect your business: The name should ideally reflect the nature of your business, the products or services you offer, or your company's values.
Keep it concise and memorable: Aim for a name that is easy to pronounce, spell, and remember. Shorter names are generally preferred.
Check for availability: Use ACRA's online search tool on the BizFile+ portal (https://www.bizfile.gov.sg/) to see if the name is already taken. Remember that even slight variations might be too similar.
Domain name availability: Check if the corresponding domain name is available. A matching domain name is essential for your online presence.
2. ACRA Guidelines and Restrictions
Uniqueness: The name must be unique and not similar to existing companies. ACRA has strict rules about this.
No offensive words: The name should not contain any offensive, vulgar, or obscene words or phrases.
No misleading names: The name should not be misleading or suggest a connection to government bodies or other organizations that you are not affiliated with.
Restricted words: Certain words may require approval from relevant authorities (e.g., "bank," "finance," "school").
Company type: You may need to include the company type (e.g., "Pte Ltd,") in the name.
3. Name Application and Reservation
Apply through BizFile+: Once you have a shortlist of names, apply for name reservation through ACRA's BizFile+ portal.
Pay the fee: There is a non-refundable fee of S$15 for each name application.
Approval and reservation: If the name is approved, it will be reserved for 120 days. This gives you time to complete the company incorporation process.
4. Tips for Choosing a Good Company Name
Target audience: Consider your target audience and what kind of name would resonate with them.
Brand identity: Think about the image you want to project and choose a name that aligns with your brand values.
Long-term vision: Choose a name that will still be relevant as your business grows and evolves.
Get feedback: Ask for feedback from potential customers, colleagues, or mentors on your shortlisted names.
By following these guidelines and taking the time to choose a suitable name, you can set a strong foundation for your company's success in Singapore.
Appointing Directors, Company Secretary and Other Key Personnel
Appointing the right people to key positions in your company is crucial for its smooth operation and compliance with regulations. Here's a breakdown of the key personnel you'll need to appoint in a Singaporean company:
1. Directors
Role: Directors are responsible for the overall management and strategic direction of the company. They make key decisions and ensure the company operates in the best interests of its shareholders.
Requirements:
At least one director must be a Singapore resident (Singapore Citizen, Permanent Resident, Employment Pass, or EntrePass holder).
Must be at least 18 years old and of sound mind.
Cannot be an undischarged bankrupt or disqualified from being a director.
Responsibilities:
Ensuring compliance with the Companies Act and other regulations.
Setting strategic objectives and policies.
Overseeing the company's financial performance.
Acting in the best interests of the company.
2. Company Secretary
Role: The company secretary is responsible for administrative and compliance matters. They ensure the company meets its legal obligations and maintains proper records.
Requirements:
Must be appointed within 6 months of incorporation.
Must be a Singapore resident.
Cannot be the sole director of the company.
Responsibilities:
Maintaining statutory registers and records.
Ensuring compliance with ACRA regulations.
Organizing meetings and preparing minutes.
Advising the directors on legal and regulatory matters.
3. Auditor (if applicable)
Role: An auditor is an independent professional who examines the company's financial statements to ensure they are accurate and comply with accounting standards.
Requirements:
Generally, companies need to appoint an auditor unless they meet the criteria for a "small company" or "small group" as defined by the Companies Act.
The auditor must be a registered public accountant.
Responsibilities:
Conducting an independent audit of the financial statements.
Issuing an audit report expressing their opinion on the financial statements.
4. Other Key Personnel (Optional)
Chief Executive Officer (CEO): Responsible for the day-to-day management of the company.
Managing Director: Similar to CEO, often responsible for specific aspects of the business.
Other Executives: Depending on the size and structure of the company, you may need to appoint other executives to manage different departments or functions.
Appointment Process
Board Resolution: The appointment of directors and company secretary is typically done through a board resolution.
Consent: The individuals being appointed must consent to their appointment.
Filing with ACRA: The company must file the appointment of directors and company secretary with ACRA through BizFile+.
Important Considerations
Skills and Experience: Choose individuals with the necessary skills, experience, and qualifications for their respective roles.
Integrity and Trust: Appoint individuals who are trustworthy and will act in the best interests of the company.
Compliance: Ensure all appointments comply with the requirements of the Companies Act and other relevant regulations.
Recommendations
Plan ahead: Consider your company's needs and the roles you need to fill early in the incorporation process.
Due diligence: Conduct thorough due diligence on potential candidates to ensure they are suitable for the position.
By carefully selecting and appointing the right key personnel, you can build a strong leadership team and set your company up for success.
Registered Office Address
The registered office address is a crucial requirement for every company incorporated in Singapore. It's the official address of your company, where all official communications and notices are sent. Here's a breakdown of what you need to know:
What is a Registered Office Address?
Official Address: It's the address that's registered with ACRA (Accounting and Corporate Regulatory Authority) and is publicly available.
Communication Hub: All official letters, notices, and legal documents from government agencies (like ACRA and IRAS), banks, and other organizations will be sent to this address.
Record Keeping: It's also the place where your company's statutory registers and records are typically kept (though this can sometimes be at the company secretary's office).
Key Requirements for a Registered Office Address in Singapore:
Physical Address: It must be a physical office address located in Singapore.
Not a P.O. Box: P.O. Box addresses are not allowed.
Accessibility: The registered office must be accessible to the public for at least 3 hours during normal business hours on each business day. This means someone should be available to receive mail and sign for documents during those hours.
Operational: It should be a functional office space, not just a virtual address.
Important Considerations:
Privacy: Since the registered office address is publicly available, consider the privacy implications, especially if you're using your residential address.
Professionalism: A prestigious business address can enhance your company's image and credibility.
Mail Management: Ensure you have a reliable system for receiving and processing mail at your registered office address.
Options for Your Registered Office Address:
Your Own Office: If you have a physical office space, you can use that as your registered office address.
Registered Office Address Service: Many corporate secretarial firms and service providers offer registered office address services. This is a convenient option, especially for startups or foreign companies without a physical presence in Singapore.
Home Address (with conditions): In some cases, you may be able to use your residential address as your registered office, but this usually requires approval under the Home Office Scheme and may have restrictions.
Changing Your Registered Office Address:
You can change your registered office address later, but you need to inform ACRA within 14 days of the change. This is typically done through the BizFile+ portal.
Recommendations:
Choose wisely: Select a registered office address that meets your business needs, provides adequate privacy, and enhances your company's image.
Ensure compliance: Make sure your chosen address complies with all ACRA regulations.
By understanding the requirements and options for a registered office address, you can ensure your company meets its legal obligations and maintains a professional image in Singapore.
Share Capital
Share capital is a fundamental aspect of your company's financial structure. It represents the funds that shareholders have invested in your company in exchange for shares. Here's a comprehensive overview of share capital in Singapore:
What is Share Capital?
Definition: Share capital is the amount of money a company raises by issuing shares to shareholders. It's a crucial source of funding for your business operations and growth.
Types of Share Capital:
Issued Capital: The total value of shares that have been issued to shareholders.
Paid-Up Capital: The portion of the issued capital that shareholders have actually paid for. This is the money available for the company to use.
Unpaid Capital: The portion of the issued capital that shareholders have committed to pay but haven't yet paid. This remains a liability until fully paid.
Key Aspects of Share Capital in Singapore:
Minimum Paid-Up Capital: The minimum paid-up capital required to register a company in Singapore is S$1. However, depending on your business needs and industry, you might choose to start with a higher amount.
Types of Shares:
Ordinary Shares: These are the most common type of shares. They typically come with voting rights and entitle shareholders to dividends.
Preference Shares: These shares may have preferential rights over ordinary shares, such as priority in dividend payouts or a higher dividend rate. They may or may not have voting rights.
Other Types: Companies can also issue other types of shares, such as non-voting shares, deferred shares, or redeemable shares, each with its own specific rights and conditions.
Shareholders:
A private limited company in Singapore can have a minimum of one and a maximum of 50 shareholders.
Shareholders can be individuals or corporations, both local and foreign.
Shareholders own a portion of the company based on the number and type of shares they hold.
Increasing Share Capital: Companies can increase their share capital by issuing new shares to existing or new shareholders. This often requires a resolution from the board of directors and may involve updating the company's constitution.
Maintaining Shareholder Records: Companies must maintain a register of members, which includes details of shareholders, the number and type of shares they hold, and the amount paid on those shares.
Importance of Share Capital:
Funding: Share capital provides essential funding for your company's operations, investments, and expansion.
Ownership: It determines the ownership structure of your company and the distribution of profits among shareholders.
Credibility: A higher share capital can sometimes enhance your company's credibility and attract investors or lenders.
Things to Consider:
Initial Capital: Decide on an appropriate initial share capital based on your business needs, financial projections, and industry standards.
Share Classes: Carefully consider the different types of shares you want to issue and the rights and privileges associated with each class.
Legal Requirements: Ensure you comply with all legal and regulatory requirements related to share capital issuance, transfer, and maintenance.
Recommendations:
Plan carefully: Think about your long-term funding needs and how your share capital structure will support your business goals.
By understanding the intricacies of share capital, you can effectively manage this crucial aspect of your company's finances and ensure its long-term success.
Shares and Shareholders
You're diving into the core of company ownership! Here's a breakdown of shares and shareholders in a Singaporean company:
What are Shares?
Units of Ownership: Shares represent units of ownership in a company. When you buy shares, you're essentially buying a piece of the company.
Evidence of Ownership: Shares are typically evidenced by a share certificate, which serves as proof of your ownership.
Rights and Entitlements: Shares come with certain rights and entitlements, which may vary depending on the type of share. These can include:
Voting Rights: The right to vote on company matters, such as electing directors or approving major decisions.
Dividend Rights: The right to receive a share of the company's profits in the form of dividends.
Rights to Assets: In the event of liquidation, the right to a portion of the company's remaining assets after all liabilities have been paid.
Types of Shares in Singapore:
Ordinary Shares: The most common type of share. They usually carry voting rights and entitle shareholders to dividends.
Preference Shares: These shares may have preferential rights over ordinary shares, such as priority in dividend payouts or a higher dividend rate. They may or may not have voting rights.
Other Types: Companies can also issue other types of shares, such as non-voting shares, deferred shares, or redeemable shares, each with its own specific rights and conditions.
Who are Shareholders?
Owners of Shares: Shareholders are individuals or entities that own shares in a company. They are essentially the owners of the company, proportionate to the number of shares they hold.
Rights and Responsibilities: Shareholders have certain rights and responsibilities, as defined in the Companies Act and the company's constitution.
Key Aspects of Shares and Shareholders in Singapore:
Minimum and Maximum Shareholders: A private limited company in Singapore must have at least one shareholder and cannot have more than 50 shareholders.
Types of Shareholders: Shareholders can be individuals or corporations, both local and foreign.
Shareholder Register: Companies must maintain a register of members, which includes details of shareholders, the number and type of shares they hold, and the amount paid on those shares.
Share Transfers: Shares can be transferred from one person to another, subject to the company's constitution and any relevant regulations.
Share Issuance: Companies can issue new shares to raise capital, subject to legal requirements and shareholder approval.
Rights and Responsibilities of Shareholders:
Rights:
Right to receive dividends (if declared).
Right to attend and vote at general meetings.
Right to inspect company records (within reasonable limits).
Right to receive a share of assets upon liquidation.
Right to bring legal action against the company in certain circumstances.
Responsibilities:
To pay for shares they have subscribed for.
To abide by the company's constitution and the Companies Act.
To act in good faith towards the company and other shareholders.
Important Considerations:
Shareholder Agreements: In addition to the company's constitution, shareholders may enter into a separate shareholder agreement to further define their rights and obligations.
Minority Shareholder Protection: The Companies Act provides some protection for minority shareholders against oppressive or unfair actions by majority shareholders.
Recommendations:
Understand your rights: If you are a shareholder, make sure you understand your rights and responsibilities as defined in the Companies Act and the company's constitution.
By understanding the nature of shares and the role of shareholders, you can effectively navigate the complexities of company ownership and ensure a smooth and successful business journey.
Constitution
The company constitution (sometimes referred to as the Memorandum and Articles of Association) is a vital legal document that sets out the fundamental rules governing your company's internal operations and its relationship with its members (shareholders) and directors. Think of it as the rulebook for how your company functions.
Key Functions of the Constitution:
Internal Governance: It defines the powers and responsibilities of the directors, shareholders, and other key personnel within the company.
Shareholder Rights: It outlines the rights and entitlements of shareholders, such as voting rights, dividend rights, and transfer of shares.
Company Procedures: It establishes procedures for important company matters, such as meetings, decision-making, and dispute resolution.
Contractual Relationship: It forms a contractual relationship between the company and its members.
Key Contents Typically Found in a Company Constitution:
Name and Registered Office: The company's name and registered office address.
Objectives/Purpose: A statement of the company's business activities or purpose (though this is becoming less common in Singapore's updated company law).
Share Capital: Details about the company's authorized share capital, types of shares, and rights attached to each class of shares.
Directors: Provisions relating to the appointment, removal, powers, and duties of directors.
Company Secretary: Requirements for the appointment and responsibilities of the company secretary.
Meetings: Procedures for holding general meetings (AGM, EGM) and board meetings, including notice periods, quorum requirements, and voting rights.
Dividends: Rules regarding the declaration and payment of dividends to shareholders.
Transfer of Shares: Procedures for transferring shares from one shareholder to another.
Borrowing Powers: Limits, if any, on the company's ability to borrow money.
Indemnity: Provisions for indemnifying directors and officers against certain liabilities.
Winding Up: Procedures for winding up the company.
Model Constitution vs. Bespoke Constitution:
Model Constitution: ACRA provides a model constitution that companies can adopt. This is a simpler and often more cost-effective option, especially for smaller companies.
Bespoke Constitution: A bespoke constitution is drafted specifically to meet the unique needs and circumstances of a particular company. This is often recommended for larger, more complex companies or those with specific requirements.
Importance of a Well-Drafted Constitution:
Clarity and Certainty: A well-drafted constitution provides clarity and certainty about the company's internal governance and helps to avoid disputes among shareholders and directors.
Legal Compliance: It ensures that the company operates in compliance with the Companies Act and other relevant regulations.
Protection of Interests: It protects the interests of both the company and its members.
Amending the Constitution:
The company constitution can be amended, but this usually requires a special resolution passed by a majority of shareholders (typically 75%).
Any changes to the constitution must be filed with ACRA.
Recommendations:
Careful Consideration: Take the time to carefully consider the provisions of your company's constitution, as it will govern your company's operations for years to come.
By understanding the importance and key components of a company constitution, you can establish a strong foundation for your company's governance and ensure its long-term success.
Deciding on a Financial Year End
Deciding on your company's Financial Year End (FYE) is an important step in the incorporation process. It determines your accounting period and affects your reporting deadlines. Here's a breakdown of the key considerations and how to choose the right FYE for your business in Singapore:
What is a Financial Year End (FYE)?
The FYE is the last day of your company's financial year. It's the end of your accounting period, which is typically 12 months long.
This date is crucial because it triggers your obligations to file annual returns with ACRA and corporate tax returns with IRAS.
Key Considerations When Choosing Your FYE:
Compliance Requirements:
Annual General Meeting (AGM): Private companies must hold their AGM within 6 months after the FYE.
Annual Return Filing: Private companies must file their annual returns with ACRA within 7 months after the FYE.
Tax Considerations:
Tax Exemption for New Start-Up Companies: Singapore offers tax exemptions for new start-up companies. Choosing an FYE that aligns with these exemptions can maximize your tax benefits.
Basis Period for Tax Assessment: IRAS uses the basis period for tax assessment, which cannot exceed 12 months. If your first financial year is longer than 12 months, your profits will be split for tax purposes, potentially affecting your tax exemptions.
Business Cycle:
Inventory Management: If your business involves inventory, consider choosing an FYE when your inventory levels are at their lowest. This can simplify inventory valuation and provide a clearer picture of your financial health.
Business Activity: Align your FYE with the end of your peak business cycle. This can make it easier to manage your accounts when transactions are minimal.
Subsidiary Company:
If your company is a subsidiary, it's often advisable to align your FYE with that of your holding company. This streamlines the preparation of consolidated financial statements.
Common FYE Choices in Singapore:
31 March
30 June
30 September
31 December
Important Points to Remember:
First FYE: Your first financial year starts on your company's incorporation date and can be up to 18 months long. However, for tax purposes, it's usually best to keep it as close to 12 months as possible.
Changing FYE: You can change your FYE later by notifying ACRA, but there are certain restrictions and deadlines to keep in mind.
Recommendations:
Plan ahead: Don't rush the decision. Consider all the factors mentioned above and choose an FYE that best suits your business needs.
By carefully considering these factors, you can choose an FYE that optimizes your compliance, tax, and business management processes.
Submitting your Application to ACRA
You're almost there! Once you've gathered all the necessary information and documents for your company incorporation, it's time to submit your application to ACRA. Here's a step-by-step guide:
1. Access the BizFile+ Portal
Go to the ACRA website: https://www.acra.gov.sg/
Click on "File Now" or navigate to the BizFile+ portal directly: https://www.bizfile.gov.sg/
2. Log in or Create an Account
You'll need a Singpass account to access BizFile+. If you don't have one, you can easily create one online.
3. Navigate to Company Incorporation
Once logged in, look for the "Register" or "Incorporation" section.
Select the option for "Company Incorporation" or "Setting up a local company."
4. Fill in the Application Form
You'll be guided through an online form where you'll need to provide all the required information, including:
Company name (as approved in your name application)
Company type (Private Limited Company)
Registered office address
Details of directors, company secretary, and shareholders
Share capital information
Financial year end
Company constitution (you can choose to adopt ACRA's model constitution or upload your own)
5. Upload Supporting Documents
You'll need to upload scanned copies of the required documents, such as:
Company constitution (if you're not adopting the model constitution)
6. Review and Confirm
Carefully review all the information you've entered and the uploaded documents to ensure accuracy.
Once you're satisfied, confirm your application.
7. Pay the Incorporation Fee
You'll need to pay the required incorporation fee online using a credit card or other accepted payment methods. The fee is currently S$300.
8. Submit the Application
After payment, submit your application to ACRA.
9. Await Approval
ACRA will process your application. The processing time can vary, but it usually takes a few days.
You'll receive an email notification once your application is approved.
10. Post-Incorporation Steps
Once your company is incorporated, ACRA will issue a Certificate of Incorporation and a free Business Profile.
You can then proceed with other post-incorporation steps, such as:
Opening a corporate bank account
Applying for relevant business licenses and permits
Registering for GST (if applicable)
Important Notes:
Accuracy is key: Double-check all information before submitting your application. Any errors or omissions can cause delays or rejection.
Deadlines: Ensure you submit your application within the validity period of your company name reservation.
Foreigners: If you're a foreigner setting up a company in Singapore, you'll need to engage a registered filing agent (e.g., corporate secretarial firm, law firm, accounting firm) to submit the application on your behalf.
Recommendations:
Plan ahead: Gather all the necessary information and documents beforehand to ensure a smooth application process.
Read the guidelines: Refer to ACRA's website and guides for detailed instructions and requirements.
Seek assistance: If you encounter any difficulties or have questions, don't hesitate to contact ACRA or consult with a corporate secretarial firm.
By following these steps and paying attention to the details, you can successfully submit your company incorporation application to ACRA and start your business journey in Singapore.
Maintaining Company Registers
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore requires all companies to maintain certain registers. These registers are a part of the company's administrative records and are usually maintained as official books. The proper maintenance and updating of these registers is a legal requirement that all companies must fulfill.
The statutory registers a Singapore company has to maintain according to the law are:
Register of Directors, CEOs, Secretaries and Auditors
Register of Director's and CEO's shareholding
Register of Substantial Shareholders
Register of Members
Register of Debenture Holders
Register of Charges
The ACRA website provides detailed information on the requirements for each register, including the information that must be included in each register. The website also provides guidance on how best to comply with the ACRA regulations and keep the registers in order.
Other Obligations
In addition to the compliance requirements and considerations already mentioned, here are some other obligations that a Private Limited Company in Singapore must adhere to:
1. Holding Annual General Meetings (AGMs):
Private companies must hold their AGM within six months after the financial year-end.
The AGM is a meeting of shareholders where they discuss the company's performance, approve the financial statements, and appoint directors and auditors.
2. Maintaining Proper Accounting Records:
Companies must maintain accurate and up-to-date accounting records to track their financial transactions and performance.
These records must be kept for at least five years.
3. Complying with Employment Laws:
Companies must comply with employment laws, such as the Employment Act, which covers matters like employment contracts, working hours, leave entitlements, and termination of employment.
4. Adhering to Industry-Specific Regulations:
Depending on the industry and business activities, companies may need to comply with other specific regulations and obtain necessary licenses and permits.
5. Protecting Intellectual Property:
Companies should take steps to protect their intellectual property, such as trademarks, patents, and copyrights.
6. Complying with Data Protection Laws:
Companies must comply with the Personal Data Protection Act (PDPA) and ensure that they handle personal data responsibly.
7. Staying Informed of Changes in Laws and Regulations:
Companies must stay informed of any changes in laws and regulations that may affect their business operations.
8. Fostering a Culture of Ethical Business Practices:
Companies should foster a culture of ethical business practices and ensure that their employees are aware of and comply with the company's code of conduct.
By understanding and fulfilling these obligations, Private Limited Companies in Singapore can ensure their continued compliance and success in the long term.
What You Have to File Each Year
Companies in Singapore have several annual filing requirements to ensure transparency and compliance with regulations. Here's a breakdown of the key filings you need to make each year:
1. Annual Return Filing with ACRA
What it is: A yearly update of your company's key information with the Accounting and Corporate Regulatory Authority (ACRA).
When to file:
Within 5 months after the Financial Year End (FYE) for listed companies.
Within 7 months after the FYE for non-listed companies.
How to file: Online through ACRA's BizFile+ portal.
Key information required:
Company details (name, registration number, registered address)
Principal business activities
Details of company officers (directors, secretary)
Shareholder information and share capital
Financial statements (or a declaration of solvency if exempt)
2. Financial Statements
What they are: A comprehensive overview of your company's financial position and performance during the financial year.
Components:
Statement of Financial Position (Balance Sheet)
Statement of Comprehensive Income (Profit & Loss Statement)
Statement of Cash Flows
Statement of Changes in Equity
Notes to the Financial Statements
Audit requirements:
Generally, companies need to have their financial statements audited unless they meet the criteria for a "small company" or "small group."
Filing format:
Most companies are required to file their financial statements in XBRL (eXtensible Business Reporting Language) format.
3. Corporate Income Tax Return with IRAS
What it is: A submission to the Inland Revenue Authority of Singapore (IRAS) to declare your company's taxable income and calculate the corporate income tax payable.
Key components:
Estimated Chargeable Income (ECI): An estimate of your company's taxable income for the year. This needs to be filed within 3 months from your FYE.
Form C-S/Form C-S (Lite)/Form C: The actual income tax return form, depending on your company's size and complexity. This needs to be filed by November 30th each year.
4. Annual General Meeting (AGM)
What it is: A meeting of shareholders to review the company's performance, approve financial statements, and make key decisions.
When to hold:
Within 6 months after the FYE for most companies.
Exemptions:
Some private companies may be exempt from holding an AGM if they meet certain criteria.
Important Notes:
Deadlines are crucial: Missing deadlines can result in penalties and fines.
Accuracy is essential: Ensure all information provided is accurate and consistent with your company's records.
Keep records: Maintain proper accounting records and documentation to support your filings.
By staying organized and informed about these annual filing requirements, you can ensure your company remains compliant with Singapore's regulations and maintains a good standing with the authorities.
Resources
ACRA Website: https://www.acra.gov.sg/
BizFile+ Portal: https://www.bizfile.gov.sg/
How Bestar can Help
Setting Up a Private Company Limited by Shares - Singapore | Accounting and Corporate Regulatory Authority
Bestar plays a crucial role in ensuring your company's smooth operation, compliance, and overall success. Here's how we can help:
1. Comprehensive Support: We offer a wide range of services related to company administration and compliance.
Key Services:
Company Incorporation: Handling the entire process of setting up your company, including name reservation, document preparation, and filing with ACRA.
Compliance: Ensuring your company complies with all legal and regulatory requirements, such as filing annual returns, maintaining statutory registers, and organizing meetings.
Corporate Governance: Advising on best practices for corporate governance, including board procedures, shareholder relations, and risk management.
Registered Office Address: Providing a registered office address for your company.
Other Services: They may also offer services like share transfers, changes to company structure, and deregistration.
Benefits:
Expertise: Access to professionals with in-depth knowledge of company law and regulations.
Time-saving: Free up your time to focus on your core business activities.
Reduced risk: Minimize the risk of non-compliance and potential penalties.
Convenience: Streamlined processes and efficient handling of administrative tasks.
2. Professional Expertise: We provide professional advice and assistance on a wide range of matters related to your business.
Key Services:
Company Constitution: Drafting and reviewing your company's constitution to ensure it meets your specific needs and complies with the law.
Contracts: Drafting, reviewing, and negotiating contracts with customers, suppliers, and other parties.
Intellectual Property: Advising on and protecting your intellectual property rights (trademarks, patents, copyrights).
Other Professional Matters: We can also assist with matters like mergers and acquisitions, employment law, and regulatory compliance.
Benefits:
Legal protection: Ensure your company's legal interests are protected.
Risk management: Identify and mitigate potential legal risks.
Expert advice: Receive guidance on complex legal issues.
Peace of mind: Have confidence that your company is operating within the law.
3. Financial Expertise: We provide accounting and financial management services to help you manage your company's finances effectively.
Key Services:
Accounting and Bookkeeping: Maintaining accurate financial records and preparing financial statements.
Taxation: Handling tax compliance, including filing tax returns and advising on tax planning.
Financial Reporting: Preparing reports on your company's financial performance.
Auditing: Conducting audits of your financial statements (if required).
Other Financial Matters: We can also assist with budgeting, forecasting, and financial analysis.
Benefits:
Accurate financial information: Get reliable insights into your company's financial health.
Tax compliance: Ensure you meet all tax obligations and minimize your tax liability.
Financial management: Improve your financial planning and decision-making.
Compliance: Meet accounting and reporting standards.
4. Compliance Officer: We play a vital role in ensuring your company meets its legal and regulatory obligations.
Key Responsibilities:
Statutory Compliance: Ensuring compliance with the Companies Act and other relevant regulations.
Record Keeping: Maintaining statutory registers and records.
Meetings: Organizing and attending company meetings, preparing minutes, and ensuring proper procedures are followed.
Corporate Governance: Advising the board of directors on corporate governance matters.
Communication: Acting as a point of contact for shareholders and regulatory authorities.
Benefits:
Compliance: Minimize the risk of non-compliance and penalties.
Efficient administration: Streamline administrative tasks and ensure smooth operations.
Good governance: Promote good corporate governance practices within the company.
Choosing Bestar
Expertise: Bestar has relevant experience and expertise in your industry.
Reputation: Bestar is a reputable firm with a proven track record.
Communication: Bestar communicates clearly and effectively.
By engaging Bestar, you can gain access to specialized knowledge and support, allowing you to focus on growing your business while ensuring compliance and good governance.
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