Upon successfully going through Singapore business registration to have your business approved in Singapore, there are some things you still need to do after. These post incorporation things mostly involve the financial aspects of the business. They may seem tricky to do but aren’t too intricate if done systematically with the right help from the right people such as a professional service that you can get to advise you on all these things.
Fulfilling Statutory Compliance Requirements
There are things that you must fulfill in this category, which are annual filings with ACRA and IRAS, payroll management, accounting and bookkeeping, annual general meeting, financial year determination, submitting estimated chargeable income, and disclosing of unique entity number.
The requirements for annual filings with ACRA require the filing of their companies’ annual returns with ACRA in maximum one month after their Annual General Meeting. A company must also fulfill its tax obligation. This is done annually with the Inland Revenue Authority of Singapore (IRAS). A company can get help from a tax specialist to aid in statutory tax filings, identifying personal and corporate tax compliance as well as tax efficient strategies for the business in the future.
Accounting and Bookkeeping
A good lawful company must be able to take care and properly calculate, process, and report all elements regarding payroll management to avoid getting penalties as stated in the law. In Singapore, there are two statutory requirements for employers in Singapore regarding their contribution for each employee. The first requirement is the Central Provident Fund (CPF), which is a social security saving plan for Singapore citizens and permanent residents. The second is the Skills Development Levy (SDL). Its purpose is to fund the Skills Development Fund that supports programmes in upgrading workforce that also gives training for employers. In Singapore, employers are required to make CPF contributions for PR and citizens of the country while SDL contribution is required for all the company’s employees.
Accounting and bookkeeping must be done as the Singapore Companies Act obliges all Singapore companies to maintain the general ledger, accounts payable ledger, and fixed assets ledger. They are also required to have proper financial statements and reports monthly, quarterly, and annual reviews. Your company needs to have a professional accountant in order to complete these requirements. You may either hire one or outsource an experienced accountant from credible professional firms.
Annual General Meeting
A general meeting must be held annually, covering about financial statements to inform the shareholders and contribute to their decision making upon the company.
Determining Company’s Financial Year End
All the companies in Singapore may choose their financial year end. That means, their financial year doesn’t always end on December 31. Although it is recommended to keep the company’s financial year end within 365 days to be able to be facilitated with the zero tax exemption for start-up companies.
Submitting Estimated Chargeable Income
A Singapore company must also remember to submit their Estimated Chargeable Income (ECI) to IRAS within a maximum of three months after the end of the determined financial year end of the company which you can get the full detail on this website,https://www.companyregistrationinsingapore.com.sg/
Unique Entity Number Disclosure
Lastly, make sure that your company has acquired its Unique Entity Number (UEN) and have them disclosed across all business letters, invoices, publications, account statement, official notices, and such.