Annual audit of Singapore company, annual audit of Singapore company tax

Annual audit of Singapore Company

Singapore company annual audit process

It doesn't matter if you are registered with a Singapore company, a Hong Kong company, a UK company orBVICompanies and so on, the annual audit is a necessary condition for the normal operation of the company. In Singapore, annual audits are only required for private limited companies, while unlimited companies only need to renew them.

The first stepThe new company can be registered at18To hold its first annual general meeting within the next monthAGM), after the second yearAGMNot more than once in timeAGMthe15A month.
The second stepAGMAfter holding1A chronology and financial report must be submitted to the Registrar within a month.
The third stepSubmit the annual accounting form and financial report at the same time to the tax office.

Singapore company annual audit data preparation

Annual financial statementGenerally compiled by Singapore Auditors.
AGMInformation presentationResolutions voted and signed by all directors shall be sorted and sorted into official documents and submitted to Singapore Companies Registry for filing.
Annual tax statementFor more complex tax accounts for the company, do a good annual tax report is especially important! Because it is required to be filed later in the corporate tax filing stageCEI(Estimated taxable income Statement) and Tax return (Form C_S) are based on the report.
Corporate tax filingSingapore's government requires companies incorporated in Singapore or foreign companies operating in Singapore to pay tax in Singapore. Usually, the company will receive a notice from the tax authorities to submit the statement of estimated taxable income in the last month of the financial year. However, whether or not such notice is received, taxpayers should submit estimated tax returns to tax authorities within three months after the end of the fiscal year (ECI), even if the taxpayer has no taxable income, but also to zero declaration, this is a pre-declaration.

Other relevant information: (1) Incorporation documents: Company registration certificate, articles of association; (2) Bank cash receipts and disbursements statement: receipts and disbursements of the company; (3Cash statement (cash receipt and payment voucher); (4) Monthly bank statement; (5) Employee salary annual statement.

Why do Singapore companies have annual audits?

If the company fails to complete the annual audit and declaration within the time limit stipulated in the Company Law, it will have the following effects:

1The company will be fined by the government
2Directors and shareholders receive court summons and are blacklisted by the government, which affects the reputation of the company and its directors
3It affects the tax filing stage of the company
4Affect the use of the company's bank account

Why do Singapore companies choose Ring Ze for annual audit?

: ● Time-limitation protection Just provide the electronic information, we will complete the corresponding signed documents and follow-up related matters, the timeliness is guaranteed (other institutions are passive delay, resulting in the annual audit can not be completed on time, resulting in fines). ● True stability Provide a real and stable registered address to ensure the normal operation of the company (addresses provided by other organizations may be changed frequently, affecting the normal operation of the company). ● Fast response The electronic version of the receipt can be returned to the customer on the same day at the soonest (the documents provided by other institutions are slow, thus affecting the handling of other business of the company).

Singapore company annual review case

2019years8In May, a customer was frustrated by his former secretary's neglect and inactivity2019Annual audit is not completed on time by the government fine, at the same time the secretary does not admit the fault, and does not bear the corresponding fine. So the customer2020years6Month to transfer secretary to our company, but the transfer secretary has not been successful.
(Special note: in Singapore company, the current secretary needs to sign the secretary's resignation before the new secretary can take over.)
Therefore, when you choose the company secretary, you must consider carefully, to avoid the company or directors to bring adverse impact, increase the cost