With new year, ACRA has revamped its Bizfile website and rebranded it as Bizfile+ (Bizfile Plus). Simultaneously legislative changes as announced previously have also kicked in. Memorandum and Articles of association of the Singapore companies will be replaced by a single document called CONSTITUTION. Continue reading “Model Constitution for Singapore Companies”
Over past two weeks, I have published a series of blog posts regarding annual compliance requirements and related items for Singapore companies which contain various infographics. I am pleased to announce that we, in collaboration with ECRA Pte Ltd, have compiled and published the infographics in form of a pdf guide. Continue reading “Complete guide to Singapore Company annual compliances”
With Effect from December 2015, the penalties for non compliance of annual filing requirements have been increased manifold. New increased penalties for non compliances as well as sequence of penal actions taken against the directors of the company are as under: Continue reading “Consequences/Penalties for not filing Annual Returns for Singapore Company”
Tax return filing is as important as ACRA annual return filings for Singapore Companies. A failure to file will result in court summons to be issued by IRAS for non compliance of filing requirements. Therefore it is necessary for company directors to understand what options they have for tax filing compliances. Continue reading “Annual Income Tax Return Filings for Singapore Companies”
Annual return filing with ACRA is the only official step to let ACRA know that the financial statements have been completed and AGM has been convened and all annual compliance formalities are complete. It is very critical to ensure that the annual return filed is correct in all aspects. Continue reading “Annual Return Filing of Singapore Companies”
Singapore laws have been changed to exempt the dormant companies from preparation of financial statements. Previously the dormant companies were exempt from audit requirement but they were still required to prepare its unaudited financial statements. Continue reading “Dormant Company Exemption to prepare Financial Statements”
With effect from 01 July 2015, Singapore laws have changed to change audit exemption criteria. A concept of Small companies and small group has been introduced. Small companies not belonging to any group and Small companies belonging to small groups are now exempt from Audit. Continue reading “New Audit Exemption Criteria for Singapore Companies”
It is a general misconception that once book keeping is completed to obtain balance sheet and profit and loss of accounts of the company, the Financial Statement requirements has been completed. Singapore companies are required to prepare a set of Financial Statements in accordance with Singapore Financial Reporting Standards (SFRS).
Continue reading “Contents of Financial Statements of Singapore Company (SFRS)”
With the enhanced enforcement regime being implemented by ACRA with effect from December 2015 and very high flat penalties being imposed for breach of deadlines, it has become very important for business owners to know and calculate the AGM due date and remain in compliance. Continue reading “AGM Due Date Calculation for Singapore Companies”
