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Annual Statutory Compliance

Once the company is setup, below are the annual statutory compliances you need to take note while maintaining the Singapore company:

Bookkeeping - You need to keep a record of the transaction along with the supporting documents (ie. invoices / receipts). You are also required to keep the monthly Company Bank Statement. As per the law, these records must be kept for 5 years.  For simple transaction, you may use Excel Spreadsheet. For complex or high volume transaction, you may use Accounting Software (ie. Xero / Quickbooks)

 

Management Account - You need to generate Profit & Loss and Balance Sheet once your company's financial year is closed. Usually the Accounting Software is able to generate these reports.

Financial Statement - Based on your management account, you need to prepare a financial statement in accordance to Financial Reporting Standards of Singapore. 

Corporate Tax Filing - Company is required to file Corporate Tax to tax authority (IRAS). There are 2 types of tax filings which are Estimated Chargeable Income (ECI) & Annual Tax Return Filing

Annual General Meeting (AGM) + Annual Return Filing - The company is required to hold AGM and file Annual Return to ACRA. Usually these tasks are performed by the appointed Secretary

XBRL Filing - It is a online financial reporting that the company may need to submit to ACRA. For company with Insolvent status or with Corporate Shareholder is required to file XBRL

Goods & Services Tax (GST) - If the company's annual sales revenue is more than S$1 million, the company is required to register GST. 

Financial Audit - If you are able to meet 2 out of the following 3 'Small Company Criteria', the company is exempted from Audit

- Group Annual Sales Revenue less than S$10 million

- Group Asset less than S$10 million

- Less than 50 employees 

Business License - Depending on your business activity, the company may be required to obtain the business license before commencing operations.