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Compliance and the Singapore Company
Compliance and the Singapore Company
ACRA - Accounting and Corporate Regulatory of Singapore
ACRA is the governing body for all companies that are incorporated in Singapore. ACRA has compliance rules for each type of Company (public limited or private limited) based on the Singapore Companies Act, Cap 50.
ACRA’s Compliance requirements
ACRA has laid down the following requirements for companies in Singapore
• Annual General Meeting (AGM) to be conducted for all companies once every calendar year. The gap between 2 AGMs cannot be more than 15 months
• Online filing of returns have to be done once every year. For companies that are in a negative equity position (insolvent companies) or audit has been mandated, XBRL filing of accounts have to be completed online.
• For public companies the requires for conducting AGM, directors’ or members’ meetings need to be as laid down specifically under the Companies Act, CAP 50
IRAS – Inland Revenue Authority of Singapore
IRAS is the tax authority of Singapore. All corporate and individual taxes are paid to IRAS. Most services from IRAS are available via the online portals – My Tax Portal or EASY. Tax agents or authorized company officials can perform transactions through these online portals.
IRAS’s Compliance requirements
The following are the main requirements laid down by IRAS for companies in Singapore
• Every company should declare its share of profits (chargeable income) within 3 months of closure of financial year. The tax liability of the company s based on the profits declared at this time.
• For every financial year, a final tax form – Form C/Form CS has to be submitted by the ensuing November
• For companies that are GST compliant, GST returns have to be submitted on a monthly, quarterly or half yearly basis
• For certain companies like investment holding companies, the tax computation is slightly different from normal companies like trading.
• Withholding tax is applicable for certain kind of payments made by Singapore registered companies to overseas suppliers and service providers
Non Compliance and procedures
PENALTY
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Non Compliance and procedures
Non-compliance in Singapore is a serious issue. The offenders often find themselves at the receiving end of hefty fines or court summons to start with. For more serious corporate crimes imprisonment and capital punishment in the form of caning is common
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