Company secretarial services in Singapore help ensure that a business is compliant with the country’s legislation. The providers assist in establishing the company, preserving its good compliance rate. Read more about the advantages of secretarial services in Singapore.
The two main authorities that companies in Singapore need to be concerned regarding filing and compliance deadlines are the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). ACRA is the national regulator of business entities in Singapore and IRAS is responsible for the administration of taxes.
Essential Filing and Compliance Deadlines for Singapore Companies
This section lists some of the filing and compliance deadlines that a Singapore company must adhere to. It also discusses how corporate secretarial service providers in Singapore can help. These deadlines are relevant to companies that have a Financial Year End (FYE) of December 31.
Filing of Estimated Chargeable Income (ECI) with IRAS
ECI is an estimate of the company’s taxable income for a Year of Assessment (YA). All companies, including newly-established businesses, are required to file ECI within three months from the end of their financial year. Exempted from filing ECI are the following:
- Annual revenue of less than S$1 million
- The ECI is NIL
Specific entities not required to file:
- Foreign ship owners or charterers
- Foreign universities
- Designated unit trusts and approved CPF unit trusts
- Real estate investment trusts
What is the role of a company secretarial service in Singapore when filing for ECI?
A corporate secretary prepares and files the taxable income and revenue which are needed when accomplishing the ECI form. Revenue refers to the business’ main source of income excluding items gained on the disposal of fixed assets.
Holding an Annual General Meeting (AGM)
The first AGM should be held within 18 months from the company’s date of incorporation. Subsequently, it should be held once every calendar year and must not exceed a 15-month interval.
The Singapore government requires public-listed companies to hold their AGM within four months after their FYE. On the other hand, non-listed businesses can hold their AGM within six months after FYE.
What is the role of a company secretarial service in Singapore when holding AGM?
A corporate secretary makes it easier for businesses to conduct their AGM by preparing financial statements that will be used during the AGM. They are also in charge of sending an AGM notice which is communicated 14 days before the meeting takes place. The company secretary also takes care of the minutes of the meeting which will become part of the company records.
Filing of Annual Return with ACRA
The annual return is a form lodged with ACRA that contains important details of the company. It includes the following:
- Particulars of directors and the company secretary
- Registered company address
- Details of the shareholder
- Date of AGM
- Financial statements
- Chargeable income
The annual return form must be signed by either a director or a company secretary.
What is the role of a company secretarial service in Singapore when filing for annual return?
The company secretary prepares all the needed documentation in annual return filing. The form can be submitted electronically through BizFile+.
Goods and Services Tax (GST) filing
GST applies if the company’s taxable turnover is more than $1 million. GST charged on imported goods is collected by Singapore Customs while GST charged on goods and services is collected by IRAS. GST is also known as Value Added Tax (VAT) in other countries.
What is the role of a company secretarial service in Singapore when filing for GST?
For public companies, a corporate secretary must be fulfilled by a filing agent or a qualified individual. The individual should also be a public accountant registered under the Accountants Act and is a member of the Institute of Certified Public Accountants of Singapore. In addition, the qualified corporate secretary should be able to prepare the company’s tax computation and submit tax returns to IRAS.
There is a vast list of corporate secretarial service providers in Singapore and their fees vary depending on your needs. You must keep in mind that before deciding on a firm, whether you are planning to hire an individual or work with an online corporate secretary, it is important to thoroughly evaluate each candidate. Researching about the track record and reading reviews about corporate secretary service providers in Singapore will also help.