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The Financial Year End of a Company Every company in Singapore is responsible for determining its own Financial Year End (FYE). The Financial Year End refers to the completion of an accounting period. The financial year-end of a company may fall on the 31st of December or any other date within the year. Many new…
All businesses will eventually face certain changes in future. If you own a business, you need to have an ideal exit plan in order for your business to remain functional and successful when your business faces unexpected changes. Many people believe that business owners need a contingency plan that requires certain steps to be taken…
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…
Corporate Compliance Requirement – Ongoing Compliance If you are a Singapore-based company, you must comply with the legal requirements of the Singapore Companies Act and file your Annual Return with the Accounting and Companies Regulatory Authority (ACRA) and the Singapore Inland Revenue Authority (IRAS). It is imperative that all companies comply with the law in…
Corporate Compliance Requirements – Compliance with ACRA Requirement for Register of Registrable Controllers (RORC) Companies, foreign companies and limited liability partnerships (LLPs) (unless exempted) are expected by ACRA to maintain information on beneficial ownership in the form of a Registry of Registered Controllers (RORC) and upon request, to make this information accessible to public…
Corporate Compliance Requirement – IRAS Compliance Annual Filing Requirements with the Inland Revenue Authority of Singapore (IRAS) All registered companies in Singapore are expected to submit an annual ECI and Form C tax return to IRAS as part of their statutory compliance. Estimated Taxable Income (ECI) The ECI is an estimate of the…