At this point, the application for GST registration may be submitted. Such applications are to be made online by using myTax Portal. Certain supporting documents are to be attached to the application. CorpPass registration is also required for a user to access myTax Portal’s GST registration services. After submission of the application, the Inland Revenue Authority of Singapore (IRAS) will begin to process the application. The processing of a submitted GST application usually takes approximately 10 working days. Should the GST application be approved, the business owner will receive a letter of notification from IRAS. This letter certifies that the company has indeed become a GST-registered company. It also contains information on the company’s GST registration number, which is to be printed on all credit notes, receipts, and invoices. The effective date of registration, which is the first day on which the business will impose and collect GST, is also mentioned.
Overseas Entities and GST Registration
Overseas entities are businesses which are neither Singapore residents nor conduct business operations anywhere in Singapore. They are subject to the same rules regarding GST as are Singapore-based businesses, with one key difference. Overseas entities are to appoint a Singapore-based local agent for the purposes of registering for GST. Such an agent is known as a Section 33 (1) agent. A Section 33 (1) agent has the task of managing a business’s GST payments and accounting matters. For this reason, when an overseas entity applies for GST registration, a letter which confirms the appointment of a local agent must be submitted alongside the application itself.
The process of GST registration can be rather complex; some might not understand everything that is a part of this process. For this reason, we at Paul Hype Page & Co provide services to our clients who may be struggling with understanding their requirements with regard to GST. Our tax team will also help you understand all the GST obligations required of your company. After you have used our services, you will never again have to worry about whether your company is compliant with the laws that govern GST in Singapore.