As an owner of a business, there are many responsibilities on top of just running the business operations. As mandated by the various laws and regulations in Singapore, there are numerous procedures to follow. Here are some of the compliance steps you'll have to take:
- Appoint a company secretary within 6 months of your company's incorporation date.
- Appoint a minimum of 1 resident director who has to be at least 18 years of age and not disqualified from acting as a director of a company.
- Appoint an auditor within 3 months from the date of incorporation of your company unless exempted as a small company. For more information, please refer to this page.
- Register for the Goods and Services Tax ("GST") if your projected or actual revenue exceeds S$1 million.
- Obtain the required business license before operating your business depending on your industry
- Maintain a register of controllers
- Maintain a set of accounting records to be kept for at least 5 years
- Lodge any changes in company information to Accounting and Corporate Regulatory Authority ("ACRA") within the stipulated timeframe
- File annual returns with ACRA within the stipulated timeframe
- File annual tax returns with Inland Revenue Authority of Singapore ("IRAS") within the stipulated timeframe
With so many compliance requirements, it is much easier for a business owner to leave these to an experienced professional and concentrate their time and effort on improving business performance and maximizing growth. We have over 20 years of experience in the corporate secretarial field and have clients from a wide range of industries. If you are interested in our services, please reach out to us!