FAQs on Compliance

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There is no time limit for the filing as long as it is done before filing of Annual Return.

Category: Compliance

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An exempt private company is exempt from audit requirements if the starting date of its financial year is between 15 May 2003 and 31 May 2004 and its turnover for that financial year does not exceed $2.5 million. For financial years starting 1 Jun 2004, the amount of the turnover has been raised to $5 million. These companies are still required to maintain proper accounting records.

Category: Compliance

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Every company is required to hold its first AGM within 18 months from the date of incorporation. Subsequent meetings must be held every calendar year. However the interval between such AGMs must NOT be more than 15 months.

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The company must file its Annual Return with ACRA. The Annual Return must be filed within one month after the date of the AGM.

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If your company does not have any accounting transactions for that financial year other than the exceptions set out in section 205B(3) of the Companies Act eg. maintenance of registered office, you need not submit audited accounts.

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With effect from 1 November 2007, we have removed the need to attach the Statement by dormant companies for audit exemption for Exempt Private Companies.

Category: Compliance

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Section 171 of the Companies Act requires a company to appoint a company secretary. The office of secretary shall not be left vacant for more than 6 months at any one time. Examples of qualified secretaries are lawyers, accountants and chartered secretaries.

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Yes. However, a company which is exempted from audit requirements under the Companies Act is exempted from the requirement to appoint an auditor of the company.

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The law does not require a company to amend its M&AA in such a case.  However, you may wish to examine if your company’s M&AA contains any provisions that are inconsistent with having only one director and holder.  If you decide to alter your company’s M&AA, you should note the requirements of sections 26, 26A, 33, 34 and 37 of the Companies Act.

Category: Compliance

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If the company has been set up with only one director, then section 4(11) of the Companies Act applies so that a requirement under the Act which is imposed on 2 directors will be satisfied by the act of the single director of the company. However, if the company has 2 directors, then the report under section 201(5) has to be signed by 2 directors, though in limited circumstances ACRA may, upon application by the sole director, accept a report signed by one director (where for example the other director cannot be found within Singapore).

Category: Compliance

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