Asiabizservices Facilitates Singapore Annual Filing Requirements For Companies 

by Vinson Haney Wednesday, February 02, 2011
In Singapore, companies such as a private limited and subsidiary and branch offices of foreign companies are obliged to file their annual requirements with ACRA and IRAS respectively. As a complete business solutions firm, Asiabiz Services catalogues annual filing requirement as among the specializations companies can indulge in.

Its business consultant, Chi Han, says that among their obligations with ACRA are filing of annual return and holding of Annual General Meeting. Comprising the agenda during the AGM are seeking approval for audit report and director’s report, director’s fees, remuneration, and emolument; re-electing directors if applicable, re-appointment of auditors, declaration of dividends, among many other things.

“The Director’s Report is a representation of the company’s financial and operational results and condition. It comprises of dividend recommendation, reserved earnings, details of the interests, uncertainties, and principal risks.”

Also, financial accounts must be submitted to ACRA and laid before the board during the AGM. Accompanying the financial accounts are statements of changes in equity, cash flow statement, corresponding notes to financial statements, profit and loss statement, independent auditor’s report if applicable and statement by directors.

Meanwhile, both the unaudited and audited accounts must be lodged with IRAS, included especially, the resolved Director’s Report and Statement after the conclusion of the Annual General Meeting. Chi says more on this: “The unaudited report is required of every company having a sales turnover reaching the S$5 million mark within the financial year, and its shareholders count to more than 20.”

The filing for corporate income tax return is every 31st of November. Apart from the audited and unaudited report, tax computation or Form C must also be completed and submitted to IRAS. The Form C is a declaration of a company’s income. Apart from such document, beginning January 2009, all companies must also disclose their revenues in ECI form, or Estimated Chargeable Income, whether or not the company is earning.

The ECI refers to the principal source of revenues of a company. It excludes items such as gain on disposal of fixed assets. If, for instance, the company is an investment holding, then its main source of income is the investment.

When availing of Asiabiz’s services, the companies shall receive a notification from the firm about the approaching deadline of filing. As per instruction, its team can proceed with the processes. Businessmen who earn income by wages shall also apply for Singapore personal income tax return with IRAS.

Asiabiz Services ensures that a company does not have to worry about complying with continual requirements. With attractive service packages it provides, there is one that is suitable to every company or individual.

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

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Vinson Haney
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