Important Compliance Requirements for Newly Incorporated Singapore Companies

Singapore is one of the easiest countries in the world to start and operate a business. Its pro-business socio-economic policies and favourable tax system offer great incentive and support to business owners, both local and international.However, Singapore, as a key regional business hub, is also committed to maintaining its orderly and transparent legal system. Companies incorporated in Singapore are therefore required to comply with statutory obligations stipulated by the Companies Act. Adherence to basic annual regulatory compliance requirements will [...]

Avoiding Corporate Tax Filing Mistakes in Singapore

Corporate Tax Filing Mistakes to Avoid in Singapore The clock is once again ticking for corporate tax filing season.By Dec 15, all due corporate income tax returns for Year of Assessment 2018 must be e-filed. The deadline is Nov 30, if filing via paper. Penalties for Corporate Tax Filing Errors Inland Revenue Authority of Singapore (IRAS) imposes two categories of penalties under the Income Tax Act for errors in Annual Corporate Tax Filing: Penalties for "without any intention to evade taxes" include:face [...]

Efficient Bookkeeping for Newly Incorporated Companies

 Importance of Efficient Bookkeeping for Annual Compliance in Singapore Once successfully incorporated, new companies must begin proper and efficient record keeping for compliance purposes. Inland Revenue Authority of Singapore, IRAS, mandates financial records and accounts be properly maintained so that income earned and business expenses can be determined readily. Records and accounts must also be supported with invoices, serially numbered receipts, income records,  purchase and business expense records and other records of financial transactions related to your business.Come annual [...]

Credentials and Duties of a Singapore Corporate Secretary

Appointing a Singapore Company Secretary Companies successfully incorporated in Singapore are required to appoint a Corporate Secretary within 6 months from the date of their incorporation.VentureHaven’s Corporate Secretarial Services provide business operations with a wide range of secretarial services they need to stay in compliance with regulations governing Singapore businesses.  Corporate secretaries also perform a range of business, operational and financial duties upon which efficient administration of a company relies. Duties most corporate secretaries are responsible for include:Board [...]

3 Compliance Tips for Newly Incorporated Companies in Singapore

Singapore is known for having the most robust company registration and incorporation processes in the world. Newly incorporated companies often face some challenges that hinder them from realizing their full potential in the country. Unknown to them is that most of the challenges can be avoided by complying with the set rules and regulations. Regulatory Filings Each registered company in the Singapore has to make sure that all regulatory filings are submitted on time. It is recommended to hire a company [...]

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