Question 1

What are the requirements for company incorporation in Singapore?

Accepted Answer

For Singaporeans and Permanent Residents, you will just need to bring along your NRIC. For foreigners, a copy of your passport and a copy of bank/credit card statement which indicates your place of residence. Information that you need to confirm before setting up a company are: Proposed company name Registered address Nature of business (maximum 2) Paid up share capital Director and Shareholder Residential address (proof of address is required, e.g. Phone bill, utility bill. etc) For further information regarding Incorporation, read more.

Question 2

What is the duration for company incorporation?

Accepted Answer

Company incorporation can be completed within few hours, depending on the complexity and also subject to approval by Accounting Corporate Regulatory Authority (ACRA).

Question 3

Can a foreigner setup a company in Singapore?

Accepted Answer

Yes, for foreigners to set up a company in Singapore, you will need to appoint a local director who must be either a Singapore Citizen or Singapore Permanent Residence (SPR). Atriox Management may be engaged to provide Nominee Director service.

Question 4

How many Directors are required for company incorporation?

Accepted Answer

At least 1 Director is require for Company incorporation in Singapore. At least one of the Directors must be a Singapore local resident (Singapore Citizen or Permanent Resident).

Question 5

Does my company require an audit?

Accepted Answer

9 out of 10 Singapore companies are not required by law to appoint an auditor for the company. You will need to appoint an auditor for your company if your company* are not able to meet at least 2 out of the following 3 criteria: Turnover of $10M or less Staff Strength of 50 or less Asset amount of $10M or less *If your company belongs to a group, the entire group must meet at least 2 of the above conditions to be exempt from audit. Every company in the group will need to be audited if the conditions cannot be met.

Question 6

How to appoint Atriox Management as Corporate Secretary?

Accepted Answer

Contact us to setup an appointment. We will arrange for all company resolutions to be signed. You may refer to our corporate secretarial service to find out more.

Question 7

When to hold an Annual General Meeting (AGM)?

Accepted Answer

For private limited companies, you will need to hold your first AGM within 18 months from the date of incorporation. Subsequently, the company is required to hold an AGM in every calendar year and not more than 15 months after the last AGM. The AGM date must also not be more than 6 months from the financial year end of your company.

Question 8

What are the annual financial reporting requirements in Singapore?

Accepted Answer

For exempt private limited company, a declaration of solvency to ACRA is required if the company is solvent. For insolvent company, a set of unaudited financial statements will be submitted to ACRA via XBRL filing. IRAS will require company to submit a copy of unaudited financial statement for tax filing, irregardless if the company is solvent or insolvent. For more information about unaudited financial statement services, read more.

Question 9

How long will my accounting records be kept?

Accepted Answer

All accounting records, including invoices, receipts, bank statements and other documents will be required to be kept for a minimum period of 5 years. Records may be kept in digital format.

Question 10

When do I need to register for GST?

Accepted Answer

A company is required to register for GST within 30 days if the taxable turnover of the company for the past 12 months is more than S$1 million, or you are certain that your taxable turnover for the next 12 months will exceed S$1 million. However, company may choose to register for voluntarily GST due to other business considerations. For more information, read more here.

Question 11

What are the penalties for late submission/payment of GST?

Accepted Answer

A late submission penalty will be imposed after its due date. IRAS may issue an estimated Notice of Assessment (NOA) and impose a 5% penalty on the estimated/overdue taxes. IRAS may also take legal actions against the company if it does not make payment for amount due after the 5% penalty. Find out more.

Question 12

What is IR8A?

Accepted Answer

IR8A is a form which report on each individual employee’s annual earnings which must be submitted to IRAS.

Question 13

When is Individual Income Tax filing due date?

Accepted Answer

Individual Income Tax filing due date will be 15th April of every year. The basis period will be the full calendar year for the previous year.

Question 14

What is the due date for Corporate Income Tax return?

Accepted Answer

The filing due date is 30th Novembver annually. The tax return is filed on a prior year basis. Each company will be required to file an Estimated Chargeable Income (ECI) within 3 months of the end of its financial year to IRAS. For more information about tax services, read more.

Question 15

Are dividends taxable in Singapore?

Accepted Answer

No, dividends are not taxable in the hands of shareholders. Singapore adopts a one-tier corporate tax system. Tax paid by company on its chargeable income is the final tax.

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FAQ Here's frequently asked questions by Atriox Management's clients