- Private companies may be incorporated with one director and one shareholder, whereby the director and the shareholder can be the same person.
- At least one director must be ordinarily resident in Singapore.
- Every company must appoint a secretary within 6 months of the date of its incorporation. The company secretary must be residing locally in Singapore. He/She must not be the sole director of the company.
- If the company has a corporate shareholder, it must appoint an auditor within 3 months from the date of its incorporation.
- Decide when the company’s financial year end would be.
- Every company is required to hold an Annual General Meeting (AGM) and file its Annual Returns. If your financial year end date is 31 December 2014, we recommend that your AGM be held on 30 June 2015 and Annual Return be filed on 31 July 2015.
- Every company must submit its Estimated Chargeable Income (ECI) within three months from its financial year end date, unless its annual revenue is not more than $1 million for the financial year and ECI is nil.
- Every company must file company tax return Form C/Form CS by 30 November of each year. Even if the company is making losses, it is required to file the Form C. If the company is dormant, it may submit the Waiver of Income Tax Return Submission form.
- Companies with 12 or more employees or who have received a notice must submit their employees’ income to IRAS by 1 march of each year.
- If the company falls within any of the situations below, you have to apply for GST registration within 30 days of the date on which your registration liability arises:
- Your taxable turnover for the past 12 months ending Mar, Jun, Sep or Dec is more than $1 million.
- You are making or intend to make taxable supplies and you can reasonably expect your taxable turnover in the next 12 months to be more than $1 million.
- Check out the tax benefits and government grants:
- IRAS Productivity and Innovation Credit (PIC), IRAS Wage Credit Scheme (WCS), CPF Special Employment Credit (SEC), MOM/CPF Government-Paid Maternity Leave (GPML), IDA iSPRINT, SPRING Singapore Innovation Capability Voucher (ICV), SPRING Singapore Capability Development Grant (CDG)