Singapore is a top entrepreneurial destination for foreigners looking to benefit from its low tax rates and other incentives. However, there are compliance requirements that you must meet to ensure success and smooth business operations.

As a leading Corporate Services Singapore provider, we have curated this checklist for both local and foreign businesses to ensure compliance. Read to find all the business compliance tips.

Business Compliance Tips: 10 Actionable Ways to Ensure Compliance

Here are 10 useful tips that can help you comply with Singapore’s corporate requirements:

1. Company Secretary

All businesses should appoint a qualified resident as a company secretary within 6 months of their company’s incorporation. They serve as an advisor for the business offering guidance to the directors in terms of meeting statutory duties and remaining compliant with corporate regulations.

2. Physical Address

Businesses should have a local Singapore address for their business. This address should be physical and open to the public during normal business hours.

3. Resident Director

Businesses should also appoint at least one resident director with no malpractice or bankruptcy charges, who is over 18 years of age. Businesses can also appoint an unlimited number of non-resident and resident directors subject to their qualifications.

4. Appoint Auditor

Businesses should also hire an internal auditor within three months of their incorporation. That said, some businesses can qualify for audit exemption effective July 1, 2015, if they meet the following conditions:

• Total assets are no more than S$10 million
• Total annual sales are worth no more than S$10 million
• 50 or fewer employees.

5. Business License

Companies can also acquire multiple licenses before starting business operations. Businesses such as educational institutes, restaurants, travel agencies, import/export businesses, and financial services fall under this category.

6. Goods and Services Tax

If a company’s actual or projected annual sales exceed S$1 million, it should register for Goods and Services Tax in Singapore.

7. Register of Members

Foreigners also need to maintain a register of all shareholders and a register of controllers. Check out ACRA for further details.

8. Accounting Records

Businesses are also required to maintain accounting records that explain their financial positions. These transactions and financial records should be kept for a minimum of 5 years after their completion.

9. Material Personal Interest

The directors should also disclose any personal interest in business affairs and other relevant information to prevent actual or perceived conflict of interest.

10. Annual Returns

Businesses should also file annual tax returns with IRAS and annual returns with ACRA.

For further information on corporate compliance, consult with Provisor Corporate Services Pte Ltd. We offer corporate services that include company registration, accounting opening, accounting services provider Singapore, and everything in between. Contact us today!