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Under sections 175, 195, and 201 of the Companies Act, all Singapore incorporated companies are required to file Annual Returns and hold Annual General Meetings (AGM). At the AGM, company directors are expected to share their fair and unbiased views regarding the company’s accounts. In accordance with Section 175, a company must organize its first AGM…
In July 2015, The Accounting and Corporate Regulatory Authority (ACRA) in Singapore established a new concept called the small company concept. Soon afterwards, a new Companies Act reform was introduced to offer audit exemptions for these small companies. What is the Small Company Concept? According to the small company concept, qualifying organizations can enjoy…
Data security and privacy are two important matters to be taken seriously. Since pretty much anything and everything can be done online these days, being forced to disclose personal data to organizations and companies is no longer a surprise. The fact is, whenever we purchase something online, there is always a piece of personal data…
There are two reasons why accounting standards are developed in Singapore. The first reason lies in the fact that accounting standards are developed in the public interest in the support of the corporate governance of the country. Secondly, Singapore’s accounting standards are developed to support the country’s reporting framework. In order to enjoy public confidence…
This article will guide you on all you need to know about dormant company filing requirement. Leave it to the professionals. Our experienced secretaries at Timcole are more than happy to help you take care of your dormant company filing. Feel free to send us any questions you have regarding the matter. Read more…
An employment agency aid other companies in fulfilling their recruitment and staffing needs. In other words, they act as third-party companies that connect employers with potential employees. Such agencies engage in the placement of both foreign and local candidates from entry to top-level positions. In Singapore, there has always been a demand for foreigners to…
You can start a maid agency business in Singapore after you incorporate your company and obtain all the necessary licenses. A maid agency business is similar to an employment agency, except that the services you will offer as a maid agency differs to those of an employment agency. As a maid agency, you will assist…
Are you familiar with IRAS’s Document Identification Number, commonly known as DIN? IRAS assigns this number to companies to make the identification of income tax returns easier. The DIN will be provided in Form C-S/C for each Year of Assessment period (YA). The DIN is unique for every company and one company’s DIN should never…
Did you file your GST returns yet? If not, file your GST returns as soon as possible. GST-registered Companies in Singapore All GST-registered companies must file their GST returns. Otherwise, a strict penalty may be imposed on them. In Singapore, GST-registered businesses are required to submit their GST returns and pay the due amount…
Starting from 1 January 2019, customer accounting for prescribed goods has been implemented in Singapore. The intention behind this GST update was to prevent fraud schemes where sellers mishandle the GST collected even though other businesses in the supply chain claim the input tax. Prescribed goods include items such as off-the-shelf software, mobile phones, and…