Steps to Filing Annual Returns of a Local Company
All the companies in Singapore is required by ACRA (the Accounting and Corporate Regulatory Authority in Singapore) to file the annual returns every tax year, after the Annual General Meeting.
The Annual General Meeting always has to be made at no more than 18 months from the moment of the registration of business in Singapore. After the year since you have actually registered the business, you will have to hold these Annual General Meetings at no more than 15 months apart from each other, every year.
Basic Information about How to Incorporate a Business in Singapore
- As mentioned before, incorporating a business in Singapore is fairly easy and you can do it without even being among the local residents. You can choose to incorporate a business offshore, case in which you will be required that at least one secretary, one director and one of the shareholders to be persons that are citizens of Singapore.
- At the same time, you can choose to obtain one of the work passes (or permits) first and only then to incorporate the business you want to, but this may take a bit more time. However, this will also give you the chance to actually move and live in Singapore and not just to visit it when your business needs you to be present. This process will also be very easy to understand and straightforward and as long as you will make sure to meet a set of basic requirements, you stand a very good chance of being approved. It is generally believed that most of the foreigners who send their work permit applications are approved in a relatively short amount of time.
- After obtaining your pass, you will be able to incorporate any type of business you want to. Some of the most popular types of organizing business in Singapore are the limited liability partnerships, which bring together 2 or more partners to create legal entities that are considered to be as one from certain points of view (but where one of the partners cannot be held responsible for the wrongdoing of the other partners).
- Furthermore, before actually starting to do business in Singapore, the general registration process follows similar steps as everywhere in the world: finding an address for your business where you will have your offices (bear in mind that it cannot be just a P.O. box), finding a name to be reserved, finding a banking partner (do keep in mind the fact that the largest majority of the large international banks are also present in Singapore) and so on.
- What You Should Know about Filing Your Annual Returns Filing your annual returns is absolutely mandatory according to the Singaporean government and it should be done no later than one month after the Annual General Meeting. If you need some more time in order to do everything, then you can request for an extension in order to hold the AGM or to file the annual returns. However, do bear in mind that being late with the submission of the necessary files without asking for an extension, you will be sanctioned according to the Companies Act, Cap.50. This may mean that you will be imposed with a penalty and that, in some cases, a summon can be issued against a company director because he/she has not held the Annual General Meeting.Filing for taxes and for annual returns on your own can be quite tricky if you have a lot of numbers to deal with every month. If you want to avoid making any kind of mistake, it may be better for you to employ a professional book-keeping service.
- Consultation with professional accountants will make sure that every single one of the files you need to file will be in order and that your business activity in Singapore will be compliant with the laws there.
- How to Solve Any Uncertainty You may Have Opening a business in Singapore can be very easy, but you will first have to get acquainted with the rules according to which this is done around these parts of the world.
- Hiring someone to guide you through the entire process is a very good option (and, in fact, if you do not plan on applying for a work permit you will not even be able to open the business yourself but through the services of such a guidance company only).
Singapore is most definitely one of the best developed countries in the world and the truth is that it has managed to get so high as an economy in a very short amount of time mainly due to the fact that they have built an entire set of laws and regulations meant to protect and encourage business. Nowadays, the small dot on the map known as Singapore attracts businesses and entrepreneurs from all over the world and it continues to do so precisely because everything about opening and running a business here is extremely easy.