Compliance Requirements for Singapore Companies
Our team provides objective insights and subject expertise to help clients meet all their compliance needs. We provide ongoing support, training, audit, governance and risk management services.
What are the Legal Compliance Requirements for a Pte Ltd?
Under Company Law
- Filing Annual Returns (AR) with ACRA
- Private limited companies may opt not to hold an AGM. If held, the date of AGM must be mentioned in the AR
- The management has to file the company’s financial statements and shareholders’ details to the ACRA within one month of the AGM
- Updating Company Particulars with ACRA
Under Tax Law
- Filing of Corporate Tax
- A company has to file two income tax returns every year with IRAS, estimated chargeable income (ECI) and form CS/form C-S (lite)/ form C
- Mandatory filing of returns is mandatory for GST registered companies
- Mandatory adherence to Singapore Financial Reporting System (SFRS)
Under the Employment Law
- Singapore statutory requirements call for mandatory adherence to the regulations of the Singapore Employment Act during employment and termination
- Mandatory contributions must be made to the Central Provident Fund (CPF) and the MediSave Fund
- Apply and secure necessary Work Passes for Expatriate Employees
Under Personal Data Protection Act (PDPA)
Companies must nominate a person as Data Protection Officer and ensure compliance with the PDPA.
The reasons for preferring a Pte Ltd structure for Singapore Company Incorporation is due to the following reasons.
- Separate Legal Entity
- Ease of Fundraising for future business expansion
- Shareholders enjoy Limited Liability and increased protection of their assets
- Ease of Transfer of Ownership
- Guaranteed Perpetual Succession
- More Credible Image
- Better Tax Benefits and Incentives
The documents required for Setting up a private limited company in Singapore are as under.
- A Company Name approved by the authorities
- Preparing Documents for setting up Singapore company
- Submitting Application to ACRA through BizFile+
- Receiving Company incorporation certificate
- Opening of a Corporate Bank Account
- Receiving Licenses and Permits
- Registering for GST
The key requirements for Singapore Private Limited Company Registration include
- Approved company name
- A Minimum initial paid-up capital of SGD 1
- 1 – 50 shareholders
- At least one local or resident director
- At least one company secretary
- A local registered physical office address
The Process steps include the following
- Obtaining the approval of ACRA for your company name
- Preparing Documents for setting up Singapore company
- 1 – 50 shareholders
- At least one local or resident director
- At least one company secretary
- A local registered physical office address
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