An Overview Of Singapore Company Compliance Matters

All businesses in Singapore are required to abide with post-registration requirements

. They are obliged to comply with the statutory requirements stated in the Singapore Companies Act. They should always be operating in compliance with Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).

The following are some of the requirements for new and existing businesses in Singapore:

Financial Year End - each company in Singapore has to determine its Financial Year End (FYE). The FYE is the completion of an accounting period. A companys financial year-end does not necessarily need to fall on December 31, and can actually fall on any day throughout the year.

Appointment of Auditors - all Singapore incorporated companies must appoint an auditor within 3 months from the date of incorporation, unless it is exempted from audit requirements

Company Registration Number Disclosure - Singapore Companies Act requires every company to have the Company registration number, known as Unique Entity Number (UEN) on all business letters, statements of account, invoices, official notices, publications, etc.

Notification of Changes - it is the companys responsibility to update the Registrar (ACRA) of any changes in the company pertaining to the company, shareholders, share capital and officers within the stipulated time. Failure to do so will incur penalties.

Registered Office Hours - All Singapore Company must have a registered office address in Singapore and the office must be opened to public for minimum of three hours per day during normal business hours on weekdays.

Central Registration (CR) Number - If your business activities involve import and export or Tran-shipment in and out of Singapore, your company will need to register with the Singapore Customs and obtain a CR Number.

Singapore Goods and Services Tax Registration - Goods and Services Tax (GST) is a tax on the supply of goods and services in Singapore and on the import of goods into Singapore. Goods exported from Singapore and international services provided from Singapore are exempt from GST. The current GST rate is 7%.

Registration of Singapore Central Provident (CPF) & SDF - The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribution by the employer is mandatory for all local employees who are Singapore citizens or permanent residents earning more than S$50 a month. The maximum CPF contribution rate for employer and employee is 14.5% and 20% respectively and can be lower depending on certain factors such as employee age, permanent resident status, etc.

by: Shayne Hughes

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