Establishing a business in Singapore is an attractive option for many entrepreneurs, but it comes with a set of compliance requirements that must be adhered to. Understanding these requirements is crucial to ensure your business operates legally and efficiently.
- Company Registration
Every business must be registered with the Accounting and Corporate Regulatory Authority (ACRA). This involves choosing a business structure, such as a private limited company, and submitting the necessary documents, including the company name, address, and details of directors and shareholders. - Corporate Secretary
Every Singapore company is required to appoint a corporate secretary within six months of incorporation. The corporate secretary ensures compliance with statutory requirements and keeps company records up to date. - Annual General Meetings (AGMs)
Companies must hold AGMs to present their financial statements to shareholders. AGMs must be held within specific timeframes, and proper notice must be given to all shareholders. - Financial Statements
Companies must prepare financial statements in accordance with Singapore Financial Reporting Standards (SFRS). These statements need to be filed with ACRA and may require an audit depending on the company size. - Tax Compliance
All companies must file annual tax returns with the Inland Revenue Authority of Singapore (IRAS). It’s important to keep accurate records of income and expenses to ensure compliance and optimize tax benefits.
Navigating compliance requirements is essential for the smooth operation of a business in Singapore. Ensuring timely registration, appointing a corporate secretary, holding AGMs, and maintaining accurate financial records will help your company thrive in this vibrant business environment.
Contact Hallmark Corporate Services today and take the first step towards establishing your business identity with ease and compliance.
Contact us at +65 9850 6153 or email us at mangai@hall-mark.com.sg