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
GST registration can be made on a voluntary basis. Â Some of the conditions for which this might be useful are:
- 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.
Goods and Services Tax (GST) is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore.
Company that has no accounting transactions for the start of the financial year end or has not started business since its inception.
Singapore companies Act exempt the followings companies from audit:
- have less than 20 shareholder ( exempt Private Limited Company)
- No Corporate shareholders
- Annual turnover does not exceed S$5m
- Dormant companies
A company if not exempted from audit requirements must appoint an auditor within 3 months from the date of incorporation.
All Singapore Companies are required to lodge an Annual Return within 1 month of its AGM.
An annual return is the annual filing requirement that maintains your corporation’s existence and verifies the information we have in our records is correct.
