In.Telligent Corporate Solutions
IN.CORP GROUP OF COMPANIES
One Raffles Place #41-01 Singapore 048616
www.indotcorp.com , www.rafflescorporate.com
[email protected] , [email protected]
IN.CORP Communiqué
Vol. 3 I March 2016 I Highlights
Regulatory updates - Due dates for payment of Individual Income Tax- Extension of filing time on BizFile+
Key filing reminders
Solution Areas in focus
- Small Company concept & Audit Exemption
Singapore headquartered corporate solutions provider specializing in corporate compliance, accounting, taxation, incorporation and expansion advisory services.
We are a Pan Asian, full-service professional services firm working with our corporate clients in connecting the Dots for their International expansion journey
OUR IDENTITY
WHAT WE DO
Why Choose Us
Whether it is an organic expansion or an M&A driven growth, we assist our clients in providing customized solutions as they start their International expansion journey including due diligence, search packages, valuation and market advisory.
We assist our clients in incorporating their businesses entities, setting up registered o�ces, providing quali�ed directors and establishing every aspect of local administration around payroll, tax registration, banking set up etc.
Our clients also rely on us for all their Compliance needs ranging from Accounting & Reporting, Company secretarial requirements, Taxation, Legal administration etc.
We have a team of industry experts that can work with the clients connecting them with the opportunity: whether this opportunity is in the form of expansion capital or potential merger.
• Business and Company formation services
• Advisory – comprehensive market entry analysis
• Advisory – comprehensive market entry analysis• Nominee services
• Accounting and Finance oustsourcing• Special projects • Payroll
• Tax planning and structuring• Tax �ling
• Immigration advisory
• Banking liaison• Treasury advisory• M&A & corporate consultancy
• Tax advisory• IP/Trademark �ling• Compliance advisory
• Connect clients with legal and �duciary service providers
• Internationalexpansionadvisory
• Human capital expansion• EP Filings/renewals/cancellations
Solutions acrossthe organizational lifecycle
Services Portfolio
Why Choose Us?
Knowledge centric, One stop solution providerFrom incorporation to consulting
Professionally diverse management team.Deep knowledge of industry and compliance
Value added services portfolio
Regional service offering
Excellent client relationships and successful track record
Responsive, diligent and collaborative
Before the Setup During the Setup Phase During the Steady State And Beyond
INCORPORATION
COMPLIANCE
ACCOUNTING
TAXATION
IMMIGRATION
SOLUTIONS & ADVISORY
LEGAL & FIDUCIARY
� � �
Write to us:
COMMUNIQUÉ – VOLUME 3 - MARCH 2016
1 IMPORTANT UPDATES
S. No. Particulars Form No. Due Date 1. e-Submission of Employment Income to IRAS by
the Employer IR8A 1st March, 2016
2. Filing of Individual Income Tax (Paper Form) B/B1 15th April, 2016 3. Filing of Individual Income Tax (on My Tax Portal) B/B1 18 April, 2016
• ACRA has further extended the time to file Annual Returns, Annual Declarations, Business Registration Renewals and any statutorily required filing such as Change of Particulars / Appointments / Cessation of Company officers, Lodgement of Court Order and Return of Allotment of Shares which are due between 26th December, 2015 and 3rd March, 2016 to 4th March, 2016.
• No penalties or charges will be imposed, nor will the entity’s compliance rating be affected, if these filings are
made by 4th March, 2016.
DUE DATES FOR PAYMENT OF INDIVIDUAL INCOME TAX
EXTENSION OF FILING TIME ON BIZFILE+
COMMUNIQUÉ – VOLUME 3 - MARCH 2016
• Currently, a Company is exempt from audit if it is an Exempt Private Company (EPC) with annual revenue of $ 5 million or less. With the new regulations in place, a Company no longer needs to be an EPC to be exempt from audit. A Company can be exempted from audit if it qualifies as a ‘Small Company’.
• A Company is deemed to be ‘Small’ if
o It is a Private Company in the financial year under review o It satisfies at least two of the following conditions during the immediate past 2 consecutive
financial years
Total annual revenue is less than $ 10 million Total assets is less than $ 10 million Number of employees are less than 50 (full-time employees)
• For a Company which is part of a Group
o The Company must qualify as a Small Company o Entire Group must be a ‘Small Group’ i.e. it must meet at least 2 of the 3 quantitative criteria
on a consolidated basis for the immediate past 2 consecutive financial years
• Where a Company has qualified as a Small company, it continues to be a small company for subsequent financial years until it is disqualified. The Company is disqualified if
o it ceases to be a private company at any time during a financial year; or o it does not meet at least 2 of the 3 the quantitative criteria for the immediate past 2
consecutive financial years.
• Where a group has qualified as a Small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past 2 consecutive financial years.
• This audit exemption is applicable for financial years beginning on or after 1st July, 2015. Therefore, for existing companies, if the financial year is January, 2015 to December, 2015, then the Small company concept will not apply. The new provisions will apply only from 2016.
• Transitional provisions for existing companies have been provided for the first 2 years after change in law.
i.e. after 1st July, 2015.
• The obligations for filing financial statements are not affected by the ‘Small company’ concept and are determined by whether the company is a solvent EPC. There are no changes to the current criteria for determining the obligation for filing financial statements.
• There is no requirement that the company has to be an EPC to qualify for the audit exemption. A private
company which has corporate shareholders but fulfils the criteria can be entitled to the small company audit exemption.
• In case of Holding and subsidiary companies, even if the subsidiary is able to qualify as a small company, but
the group is not a small group, the holding company has to audit the consolidated financial statements and subsidiary would not be able to enjoy the benefits of audit exemption.
• The small company audit exemption only applies to Singapore incorporated companies. However, for the
purpose of determining whether the group to which a company belongs is a small group, all entities within that group are taken into account, including foreign entities, in determining whether the consolidated total revenue and consolidated total assets of the group meet the thresholds.
SMALL COMPANY CONCEPT & AUDIT EXEMPTION
COMMUNIQUÉ – VOLUME 3 - MARCH 2016
2 KEY FILING REMINDERS
FOR PRIVATE LIMITED COMPANIES WITH FYE 31ST DECEMBER, 2015 The Singapore Companies Act (Cap. 50) requires all companies to record and maintain proper accounts to be laid at the Company’s AGM. Each company has to file:
• Annual Returns • XBRL (wherever applicable) • Corporate Income Tax (Form C or Form C-S) • Tax computations where required with or without the required compilation or audited accounts
These filings are done with the respective authorities, such as ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore).
The graphics below capture the compliance requirements and timelines associated:
A. If the Company’s financial year end (“FYE”) is 31st December 2015 if it is the first year end.
B. If the Company’s financial year end (“FYE”) is 31st December 2015 and if it is NOT the first year end.
Submission of ECI
31st Mar 2016
First AGM
Filing of Annual Returns
WITHIN 3 MONTHS AFTER FYE
18 MONTHS AFTER INCORPORATION
WITHIN 1 MONTH OF AGM
30TH NOVEMBER
FYE 31st Dec 2015 Tax Return Filing
FYE 31st Dec 2015
WITHIN 3 MONTHS AFTER FYE
15 MONTHS AFTER PREVIOUS AGM
WITHIN 1 MONTH OF AGM
30TH NOVEMBER
First AGM
Tax Return Filing
Submission of ECI
31st Mar 2016
Filing of Annual Returns
COMMUNIQUÉ – VOLUME 3 - MARCH 2016
3 NEW SOLUTION AREAS IN FOCUS
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COMMUNIQUÉ – VOLUME 3 - MARCH 2016
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product is suitable for you.
You will be assisted by our professionals with extensive experience implementing MYOB for businesses from various industries.
We have been using MYOB for 20 over years.
We are an approved MYOB reseller
We are an approved solution provider under ICV Grant scheme.
Your staff will be trained using our structured training
method. That staff does not have to be accounts trained.
Training will be done at the convenience of your own office.
You will be provided with a training manual that you can use for future training.
Training and manual prepared would be tailored to suit your business’ activity and requirement.
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