Is it necessary to have the Memorandum and Articles of Association (MAA) of a Singapore Company?
Yes, as the MAA specifies the activities in which the company may engage and the rules governing the internal management of the company. Most companies in Singapore use the standard MAA document provided by the Registrar of Companies. We can help frame one for your company as part of our incorporation services.
What documents will I receive after my Singapore Company Incorporation?
Upon successful incorporation, an email is issued by ACRA that includes the company’s Unique Entity Number (UEN). A physical copy of the company incorporation certificate can also be purchased.
Upon receipt of this, the company secretary issues the company’s share certificate, first board resolution and the bank account opening resolution.
Are there any additional requirements of Singapore Company Incorporation?
Other requirements for company incorporation in Singapore include a company seal and company stamp (if provided for in the company’s constitution). This, especially the stamp, is necessary as all official documents of the company need to have it along with the UEN and registered address.
Related Reading » Register a Singapore Company
What are the statutory compliance requirements of a Singapore private limited company?
- Annual General Meeting (AGM): A company must hold its AGM every calendar year. At this meeting, the company’s financial statements must be tabled for shareholders’ approval.
- Annual Filings Requirements with ACRA: Within a month of the AGM, all companies must file their annual returns with ACRA.
- Annual Filing Requirements with IRAS: A Singapore company must fulfil its tax obligations with the Inland Revenue Authority of Singapore (IRAS) every year.
- Fiscal Year Determination: All companies in Singapore have the freedom to determine its financial year end (FYE), which need not necessarily be December 31. But we do advise to keep the company’s FYE within 365 days in order to enjoy tax exemption for new start-up companies.
- Estimated Chargeable Income (ECI): An estimate of a company’s chargeable income, which must be submitted to IRAS within three months after the end of the financial year.
- Payroll Management: Proper care needs to be taken while calculating, processing and reporting payroll components, especially while fulfilling the two statutory requirements – Central Provident Fund (CPF) and Skills Development Levy (SDL).
- Accounting and Bookkeeping: This include maintenance of the general ledger, accounts payable ledger, fixed assets ledger; as well as proper financial statements, reports, and monthly, quarterly and annual reviews.
What is meant by a dormant company in Singapore?
A company is considered dormant in Singapore for a period where no accounting transaction occurs.
For this, it is important to note that the following transactions doesn’t affect a company’s dormant status:
- appointment of a secretary.
- appointment of an auditor.
- maintenance of a registered office.
- keeping of registers and books.
- payment of fines, fees, or any penalties imposed by ACRA.
- taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum
Check our Infographics on Filing Requirements for Dormant Companies
Is a dormant company also obliged to file annual audited accounts in Singapore?
No, it can file unaudited accounts.
Is a dormant company also obliged to hold an AGM in Singapore?
Yes, even if a company was dormant, it is mandatory to hold AGM and file Annual Return.
Got more questions on Singapore Company Statutory Compliance? We can help.
Many businesses have already reached milestones with our assistance. Talk to our experts today and get your business going.