Updated on
Feb 26, 2024
•
4
min read
State
Topic
Starting a Company
Essential Tasks for Operational Readiness
Financial Account Preparation
Companies must prepare their financial accounts in line with Singapore's Financial Reporting Standards (FRS). These accounts should include various statements like the Statement of Comprehensive Income, Statement of Financial Position, and more. These standards align closely with the International Financial Reporting Standards (IFRS). Companies must submit their audited financial statements in XBRL format within a month of their Annual General Meeting (AGM).
Conducting the First Annual General Meeting (AGM)
Every company must hold its first AGM within 18 months of incorporation. While private companies can dispense with AGMs under certain conditions, they must still transact any AGM-related activities through written resolutions.
Annual Return Filing
Companies must file an Annual Return (AR) with ACRA within seven months of the financial year-end. This return should include details about company officers, auditors, and a full set of accounts in XBRL format.
Annual Tax Return Filings
All companies in Singapore must file annual tax returns with the Inland Revenue Authority of Singapore (IRAS). This includes the Estimated Chargeable Income (ECI) and the income tax return. Companies must be diligent in their filings to avoid penalties and fines.
Goods and Services Tax (GST)
Companies expecting a taxable turnover exceeding $1 million must register for GST and submit quarterly returns. Companies must be proactive in registering for GST to avoid penalties.
Maintaining Good Standing
Post-incorporation, it's crucial to ensure your company remains in good standing with the Accounting and Corporate Regulatory Authority. This means meeting all state requirements promptly and correctly.
Conclusion
The journey doesn't end with incorporation. By addressing these operational tasks, you ensure your business is compliant and set for success in Singapore's dynamic business environment.
