Home Business What Are the Tax Compliance for a Company Registration

What Are the Tax Compliance for a Company Registration

by Isabella Faria

When you come to start up a fresh company in Singapore, here is some of the common compliance need so you need to know to ensure the steps before going to company incorporation in Singapore.

  • User needs to appoint a qualified resident company secretary within a month of Singapore company incorporation.
  • User needs to submit local and physical Singapore address as the registered address of the company. Make sure that address need to activate and access by the people at normal office hours.
  • User need have a resident at Singapore so that goes for registering the company and ensure the age must cross more than 18+ else you can never able to run an office in Singapore. Even if you have end number of the resident that you will be subject and applicable to go for registering a company in Singapore.
  • You must have an auditor within three months from the date of the incorporation. then Singapore company need to qualify for the audit when you want to least of 2 conditions such as
  • Total annual revenue
  • Total assent worth
  • More than 50 staffs
  • In case if the annual income gets more than $1 million, you need to go for register on Good and service tax. It is known as the Value added tax and in other countries, it is known as the sales tax. Almost the GST Company needs to collect tax up to 7% on good and service.
  • You may need to have more than two or more business licenses before starting up the business in Singapore. If you come to run a business like a restaurant, travel agency, import and export company, there the financial service just they have to consider the Singapore Business licensed guide.
  • It is important to maintain the hardcopy or else digital register of a controller of Singapore
  • When you come to run a foreign company, then it required to have a public register of member and also shareholder on top of the register of the controller.
  • You must have accounting recode which sufficiently to give a proper explanation of major transaction and also the current financial position of the Singapore Company. This document and records will remain up to for 5 years. Here the director of a company wants to disclose all material which is linked to the company affairs and also other data. It is important to cut down the actual conflict of major interest.
  • You have to changes in the company particular to ACRA as per the given time for the product. In case fails to update as per the given time you need to meet some penalties.
  • You need to publish all UEN over the company website so you can simply avoid the major problem
  • You must have the file of annual return as per the ACRA and annual tax return. Hence it will be easy to meet unwanted risk when come to run the business.

Therefore  you can follow the  above ideas to  go for company registration in Singapore.

You may also like