AsiaBiz Services

Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.

You will need to declare the company’s estimated turnover and this excludes items like capital gains on disposal of fixed assets.

ECI is Estimated Chargeable Income.  Companies are required to declare the revenue amount and estimated chargeable income by filing ECI form with IRAS within 3 months of the financial year end of the company.

Both local and foreign companies registered in Singapore are subjected to statutory compliance in Singapore.

The Singapore Companies Act now requires every company to have the Company name and registration number on all business letters, statements of account, invoices, official notices and publications.

• local registered address
• Singapore resident company secretary
• at least one Singapore resident director
• appoint an auditor if there is a corporate shareholder and/ or annual turnover is above S$ 5 million
• notify ACRA of any changes in the company’s registered particulars
• hold an Annual General Meeting (AGM) within 18 months from the date of incorporation; subsequent AGMs must be held every calendar year, with intervals between each AGM not exceeding 15 months.
• comply with annual Statutory filing requirements of Singapore company registrar (ACRA) and Singapore tax authorities (IRAS).

ACRA has to be notified every time there is a change in the company structure such as:

• Shareholder or to its officers,
• Change in particulars i.e. passport number, nationality, residential address of the director/shareholder/s,
• Change of financial year end,
• Change of registered office address, etc.,

Failure to do so will incur penalties.

A Director shall disclose to the company:

• any material personal interest they have in a matter which relates to the affairs of the company; and
• any other interest which the Director believes is appropriate to disclose in order to avoid an actual conflict of interest

• Your annual turnover is not more than $1 million, or
• You only supply goods outside Singapore (out-of-scope supplies), or
• You make exempt supplies of financial services that are also deemed as international services

In most cases, registering for GST is compulsory when:

• the turnover of your business is more than $1 million for the past 12 months; or
• you are currently making sales and you can reasonably expect the turnover of your business to be more than $1 million for the next 12 months.

Otherwise, you can choose to be voluntarily registered for GST. Companies with annual revenue of below S$1million, GST registration is optional.

You may apply for voluntary GST registration even though you are currently not liable for compulsory registration.