Starting a Business

Singapore Companies Act

• Appointment of auditors: All Singapore companies must appoint an auditor within 3 months from the date of incorporation, unless exempted from audit requirements.
• Appointment of Company Secretary: All Singapore companies must appoint an Company Secretary within 6 months from the date of incorporation.
• Display Unique Entity Number (UEN): Every company must display its UEN on all business letters, statements of account, invoices, official notices, publications, etc.
• Notification of changes: It is the company’s responsibility to update the Registrar (ACRA) of any changes in the company pertaining to the company’s shareholders, share capital and officers within the stipulated time.
• Registered office hours: All companies must have a registered office address in Singapore and the office must be opened to public for minimum of three hours per day during normal business hours on weekdays.
• Annual General Meeting (AGM): Every Singapore Company needs to hold its Annual General Meeting (AGM) every calendar year and its financial statements are to be tabled at the AGM for the shareholders’ approval.
• Requirement for filing accounts: Where an AGM is held, directors of the company are required to lay before the shareholders, the relevant documents such as the company’s annual financial statements that are compiled in accordance with the Financial Reporting Standards of Singapore. The financial statements must not be more than 6 months old from the date of the AGM.
• Filing of annual return: All locally incorporated companies are required to file their annual returns under the Companies Act, within one month of holding the AGM or the passing of written resolutions in place of the AGM.
• Filing financial statements in XBRL: The company would be required to file their financial statements in XBRL format during the filing of Annual return, if your company is (i) an insolvent Exempt Private Company (EPC) or (ii) has a corporate shareholder for the financial year.

Inland Revenue Authority of Singapore (IRAS)

• Accounting records: All Singapore Companies must prepare Accounting Records, which must consist of a Profit and Loss Account, a Balance Sheet, a Cash Flow Statement, and an Equity Statement in accordance with the Singapore Financial reporting standard (SFRS). The accounting records must be kept for 5 years.
• Estimated Chargeable Income (ECI): The ECI is an estimate of a company’s chargeable income for a Year of Assessment (YA). Each company must submit an ECI for the YA within 3 months after the financial year ends. You must file an ECI regardless of income. A company with zero income will file a ‘NIL’ ECI.
• Tax returns (Form C/Form CS): Tax returns must be filed for every YA. The filing deadline for corporate income tax return is 30 November (15 December if you efile). Audited or unaudited financial statements and tax computation are to be submitted with Form C. There is no need for document submission with Form C-S.
• Goods and Services Tax (GST) registration: All Singapore companies must register for GST if their annual taxable revenue is more than S$1 million, or currently making taxable supplies and the annual taxable revenue is expected to be more than S$1 million. The business must register for GST within thirty days from the time it is deemed liable. You may also choose to register for GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller in IRAS. Once approval is given, you must remain registered for at least two years.

Others

Singapore Central Provident Fund (CPF) & Skill Development Levy (SDF)

• CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribution by the employer is mandatory for all local employees who are Singapore citizens or Singapore permanent residents earning more than S$50 a month. All work passes and employment pass holders are exempt from CPF contributions.
• Companies are required to contribute a fee to SDF. SDF contribution is payable by employers for all employees up to the first $4,500 of gross monthly remuneration** at the rate of 0.25% or $2, whichever is higher.

Singapore Custom – Central Registration (CR) Number

If your business activities involve the import and export or trans-shipment in and out of Singapore, your company will have to register with the Singapore Customs and obtain a CR Number.

Personal Data Protection Act 2012 (PDPA)

Under the Personal Data Protection Act 2012 (PDPA), organisations are required to develop and implement policies and practices that are necessary to meet its obligations under the PDPA. In particular, organisations are required to designate at least one individual, known as the data protection officer (DPO), to oversee the data protection responsibilities within the organisation and ensure compliance with the PDPA.

Find out more about PDPA.