Assistance in Drafting and Vetting Documents in Singapore

The number of foreign investors setting up companies in Singapore has risen in the last few years thanks to the easy incorporation procedures. Nevertheless, enterprisers must also get acquainted with the statutory compliance requirements before and after the registration of a company. These requirements are issued by the Singapore Accounting and Corporate Regulatory Authority (ACRA).

With a vast experience in company pre and post-registration formalities, our agents in Singapore can help you comply with the statutory requirements as imposed by ACRA.

Statutory compliance requirements in Singapore

Our specialists in Singapore can assist you with preparing and reviewing all documentation related to the incorporation of a company in the city-state. Foreign entrepreneurs must know that the following requirements must be satisfied in order to register a company in Singapore:

• -          the company must have a registered office in the city-state;
• -          the company must have at least one shareholder;
• -          the company is required to have a resident director;
• -          the company must have a secretary.

Once these steps have been completed, applications for various permits must be obtained with the relevant authorities. The Singapore company will also be required to register for the Goods and Services Tax.

Our Singapore agents can also assist you with the registration of trademarks. Assistance for registration with the Customs Authorities in the case of trading companies is also available.

Once the company is incorporated, it must also register with the Central Provident Fund and the Skills Development Levy in relation to the taxation for employment purposes.

Accounting requirements for Singapore companies

One of the most important parts of running a business in Singapore is accounting. ACRA requires companies to prepare and submit the following financial statements with the Inland Revenue Authority in Singapore (IRAS):

• -          the Estimated Chargeable Income (ECI);
• -          the Income Tax Return;
• -          the Annual Return;
• -          an audited or unaudited report depending on the type of company;
• -          the XBRL filing for certain companies.

For assistance in drafting and vetting corporate compliance documents do not hesitate to contact our consultants in company formation in Singapore. Our local agents can also help you open a company in Singapore.