 Posted: Thu 22:44, 07 Nov 2013 Post subject: income statement |
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| What are the Legal Requirements of Singapore company registration?
There are some easy requirements that the business owners should meet for Singapore company registration. With the help of Singapore company formation services these needs can be easily met. Many local as well as foreign business ownersare opting for Singapore companyregistration and there are several reasons too. There are several benefitsa business owner can gain with Singapore company formation. Several taxbenefits, bankruptcy protection and limited liability to business related debtsthat are offered by the business infrastructure in Singapore. Though there aremany benefits of Singapore companyregistration but certain legalities or formalities are associated with theprocess too. These legalities have been placed to stop financial abuses by themanagement, tax evasions and other illegal dealings. Below are some legal formalities that abusiness owner must perform when he/she is looking for Singapore company registration:Appointment of at least one local resident director: Though there are no limits on the number of directors a business in Singapore can have, but it is necessary that the company has a local resident or a holder of Singapore Employment Pass, Singapore Dependant Pass or Singapore EntrePass in their directors panel.Appointment of a Qualified Company Secretary: In order to get Singapore company registration the company shareholders should appoint a qualified company secretary within six months. The secretary should be a local resident of Singapore. Appointed secretary should have professional knowledge in the compliance related matters. All these regulations are stated in the Singapore Companies Act. Submission of financial year-end documents: Most Singapore business formation services providers will tell you that the year-end financial documents are crucial. They form a basis for deadline of submission such as financial statements and accounting documents.Submission of Directors’ Report: This report would consist of shareholders’ and directors’ interests and accounts. Other features of the report would be accounting policies in place at the company,[url=http://www.leedpe.com/]cheap christian louboutin shoes[/url], disclosure of company’s operations and other financial statements including balance sheet, income statement, etc.Submission of Annual Returns: Such a document will consist of company’s financial accounts. The report should be submitted to ACRA a month after the annual general meeting of a company. Annual General Meeting: Annual general meeting for the newly registered company in Singapore should be performed within 18 months of getting registration. Following meetings should be held once every fiscal year but they should not be more than 15 months apart. Tax Returns: It should contain the directors’ report, tax calculations and “Form C”. All these documents should be submitted before October 31st. Form C: This special form should be submitted every June after the end of the present fiscal year. But the deadline can be extended till December of the same year if the company is ready to submit the ECI within three months after the end of the accounting period. Estimated Chargeable Income (ECI): This document should carry the following reports: estimated profits, financial year-end and estimated revenue. By going through these reports the authorities can estimate the chargeable income for the company in a specific year of assessment. Audited/Unaudited Accounts: IRAS allows the private limited companies having a turnover of less than $S5 million to submit unaudited reports. The branch offices of foreign owned companies though have to submit the parent’s audited financial statements. Most of the legal requirements of Singaporecompany registration are easy. They will not strain the businessowners. In addition there are many Singapore business formation services tohelp out the business owners. |
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