Asiabizservices Discusses Post Incorporation - Compliance Matters 

Asiabiz Services bestows services to help companies comply with regular requirements imposed by the local authorities.

by Ashley Varghese Thursday, January 06, 2011
Part of a company’s legal responsibilities in Singapore is continual compliance of statutory requirements as prescribed by the authorized governing body, ACRA and IRAS.

Asiabiz Services bestows services to help companies comply with regular requirements imposed by the local authorities.

According to Asiabiz Services, “Every company is tasked to submit its Income Tax Return with IRAS on or before October 31”.

“Year of Assessment is what you call the statutory tax year and the tax calculation for a company’s profits for the current Year of Assessment is in accordance with the revenues earned from the previous year.”

Among the documents included in the Income Tax Return filing are tax computation, Director’s Report, and form C.

“Contained in the Director’s Report are unaudited financial statements like the balance sheets, income statements, supporting notes, disclosure of significant accounting policies applied by the company, disclosure of company’s operations, and shareholders and directors’ interests,” Chi continues.

Form C, on the other hand, is a declaration of a company’s income. Month of July is the scheduled submission of form C. Nonetheless, in case it has been forwarded within three months after the end of its accounting period, IRAS shall grant extension to the company until December.

Apart from this, the ECI or Estimated Chargeable Income shall be filed with IRAS too, at least within three months after the financial year. Companies that are dormant or not earning revenues may file a NIL ECI.

Moving forward, ACRA requires each company to file their Annual Returns and Financial Statements separately. Han illuminates further on this.

“Annual Return is tendered with ACRA within a month from the company’s Annual General Meeting and enclosed documents are financial account reports and other pertinent information.”

Based on Singapore Companies Act, the very first Annual General Meeting should be held within 18 months from the point of the company’s incorporation, and subsequent AGMs are held once a year, but not more than fifteen months apart.

Also, within six months from every AGM, companies must submit their financial statements with ACRA. Accompanying the financial statements are Statement of Comprehensive Income, Balance Sheets, Cash Flow, and Director’s Report.

In each of this requirement, Asiabiz Services extends personalized assistance to ensure that compliance of such requirements is not missed.

Further, Asiabiz Services provides corporate solutions including accounting, bookkeeping, and payroll preparation.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:

AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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