A company's financial year end determines the end of the company's accounting period, after which financial report for the period will be prepared for purposes such as filing annual returns with ACRA and filing corporate tax returns with IRAS. By default, ACRA assigns a company's financial year end to be exactly a year from its [...]
Every year, companies in Singapore are required to file with two main government bodies, namely The Accounting and Corporate Regulatory Authority (ACRA) and IRAS (The Inland Revenue Authority of Singapore). The following entails the three filing requirements for a company to stay compliant. Estimated Chargeable Income (ECI) Companies are required to file the ECI, or [...]
The role of a director cannot be taken lightly. As a director, one should carry out his or her duties carefully and honestly. If found to be in breach of statutory duties, a director may face criminal prosecution. This year for instance, there were separate reports of a company director convicted for lodging false information [...]
It is mandated that every company in Singapore will have to file their annual returns with the Accounting and Corporate Regulatory Authority (ACRA). Failure to do so will result in penalties. Here are some things you should know as a company owner about annual filing. Firstly, you have to determine which category your company falls [...]
In Singapore, it is mandatory for every company to have a company secretary. This individual must be a resident of Singapore. Namely, he must be either a Singapore Citizen, Singapore Permanent Resident or hold a valid pass, namely either an EntrePass, Employment Pass or an S Pass to work in that particular company. A company [...]
The Stamp Duties Act in Singapore defines stamp duty as a tax levied on immovable properties, stocks and shares in private companies in Singapore. When are Stamp Duties applicable? Transfer of share document. This refers to the documents signed when shares are bought or acquired. If there are no executed document for the transfer of [...]
Tax season is soon upon us and it is time for all business owners to file their taxes with the Inland Revenue Authority of Singapore (IRAS). It is mandatory for companies and businesses to file their tax returns in Singapore. Here are some tips on how to file your corporate tax returns. 1) Preparation of [...]
All Singapore registered private limited companies have a responsibility to remain compliant with the Accounting and Corporate Regulatory Authority (ACRA). There are two mandatory filings which must be done on an annual basis. These are namely the Annual General Meeting (AGM) and their Annual Returns (AR). Annual General Meeting (AGM) An AGM is a mandatory [...]
Previously known as two separate documents, the Memorandum of Association and Articles of Association, the Companies (Amendment Act) 2014 combined them into a single document called the Company Constitution. The Company Constitution is a legal document which spells out the rules and regulations as to how the company should be governed. It also firms up the [...]
What is a directors' resolution? A directors' resolution is a formal document which accounts for the decisions, implementation of new terms and intentions of the board members of the company. The Companies Act states that the running of a company is the responsibility of the directors. In most cases, this management, direction and supervision require [...]