Singapore Corporate Compliance
What Should I Do If I’m Late In Filing My Corporate Taxes?
Every business in Singapore is mandated by law to file and pay taxes. The Inland Revenue Authority of Singapore (IRAS) sets the corporate tax filings due date as the 30th of November each year. You can either do this on your own or appoint a corporate tax filing agent to do it on your behalf.…
What Are the Director’s Duties in Relation To Financial Reporting?
In the world of finance and business, quality financial reporting is the holy grail. It plays a vital role in understanding a company’s financial standing or integrity. Moreover, with the increasing globalisation of the world, businesses are able to transact and collaborate with partners and clients from anywhere in the world. As a result, many…
Quick Guide on Annual Returns in Singapore
Have you ever received a reminder from your corporate secretary telling you that you need to file your annual returns? If you have, then you have come to the right place! The main goal of this guide is to explain all the steps that you need to take if you want to ensure that your…
What is a Register of Nominee Directors?
A nominee director is a company director hired by an individual or a group of individuals to represent the interests of that individual or group. The need to hire a nominee director arises due to the statutory requirement of having at least one local director. Foreigners or foreign companies looking to start a business in…
Guide on Share Certificates in Singapore
When you purchase shares in a company, you become a shareholder. Companies issue share certificates to shareholders as proof of membership. The certificate states essential information such as the number of shares issued and the date of issuance. Only private limited companies issue share certificates. Publicly-listed companies issue share certificates electronically, which are then moved…
All You Need to Know about Singapore Home Office Scheme
Singapore caters to small businesses by allowing homeowners to conduct business from the comfort of their home. Yes, companies can use home address as their registered business address if they register through the Housing Development Board (HDB) or the Urban Redevelopment Authority (URA). To do so, businesses must meet the HDB and URA criteria and…
Guide on Register of Registrable Controllers (RORC)
Effective from 31st March 2017, all companies (foreign companies inclusive) and limited liability partnerships (LLPs) in Singapore must keep a Register of Registrable Controllers (RORC) unless they are otherwise exempted. With effect from 30th July 2020, entities are also expected to lodge the exact information in their register of registrable controllers with the central register…
Determining the Financial Year End (FYE) of your Singapore Company
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…
How to Transfer Business Ownership In Singapore
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…
How to File Annual Returns with ACRA
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…