Statutory compliance for Singapore companies
Singapore attracts more and more foreign investors every year, which is why it very important for them to know what the corporate compliance regulations are. Foreign businessmen must know that Singapore companies are subject to pre-incorporation and post-incorporation requirements, according to the Accounting and Corporate Regulatory Authority (ACRA). Our specialists in company incorporation in Singapore will assist you with the statutory compliance requirements and with the registration procedures.
What are the pre-incorporation corporate compliance requirements in Singapore?
Businessmen who want to open a company in Singapore should know that before the company registration procedure takes place, the Singapore Company Law requires the founders to appoint a company secretary that must be a resident. Also, the company secretary must have the knowledge and experience to hold that position. Another corporate compliance requirement is for the company to have a director that must also be a Singapore resident. The company is also allowed to have other foreign directors, apart from the local one. The Singapore company must also have a registered address in the city-state which must be opened to the public.
Starting with January 2009, all companies registered in Singapore must have an Unique Entity Number (UEN) used as an identification number, apart from the companies name. The UEN number will be used to identify the company will all authorities.
The last pre-incorporation corporate compliance requirement is for the company to establish the financial year end (FYE). Singapore subsidiaries are required to have the same financial year end as the parent company.
We also offer services related to Singapore company liquidation procedures.
Post-incorporation corporate compliance requirements in Singapore
Once the company is registered with the Singapore Companies Register, certain companies must register for taxation purposes. The registration for taxation purposes in Singapore is required only for companies with a turnover exceeding 1 million S$ in the last 12 months, or if the company expects to have a turnover exceeding the 1 million S$ threshold. Also, within 3 months from registration the Singapore company must appoint an auditor, unless it is exempt. For accounting services you can contact our experts in Singapore.
Before starting operating, the company must also apply for the specific business license, if required. Our consultants in company registration can help you open a company in Singapore and obtain a business license.