- \n
- The first AGM must be held within 18 months of its incorporation;<\/li>\n
- No more than 15 months may elapse between each subsequent AGMs;<\/li>\n
- Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;<\/li>\n
- Private companies can choose not to hold AGMs if all the shareholders and members passed a written resolution.<\/li>\n<\/ul>\n[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Retention of Books and Records”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]All companies incorporated in Singapore must keep proper books and records, accountable to Accounting and Corporate Regulatory Authority (ACRA) and IRAS (\u201dInland Revenue Authority of Singapore\u201d). The accounting records must be kept for 5 years after the completion of the transactions or operations to which they relate. The financial accounts should consist of Statement of Comprehensive Income (i.e. Profit and Loss Account), Statement of Financial Position (i.e. Balance Sheet), Cash Flow Statement, and Statement of Changes in Equity etc.[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Audit and Audit Exemption”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]All Singapore companies (except dormant companies) are required to file an audited accounts. The following company is exempted from having its accounts audited, keeping unaudited accounts for record only:<\/p>\n
- \n
- Private company with annual revenue of $5 million or below. A company qualifies as a small company if they have not more than 20 shareholders and all shareholders are natural person instead of body corporate.<\/li>\n<\/ul>\n[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Tax Return Filing Obligation”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]Each Singapore Company must file its annual tax return with IRAS by November 30 of each year.[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Singapore Tax Considerations”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]Income tax is levied on income accruing in or derived from Singapore. There are two main sources of income tax in Singapore, being (a) Individual Income Tax; and<\/strong> (b) Corporate Income Tax<\/strong>[\/vc_column_text][divider line_type=”No Line”][vc_column_text css_animation=”bottom-to-top”](a) Individual Income Tax<\/strong> Individuals are liable to income tax on their Singapore source income. There is no capital gains tax or withholding taxes on dividends. Currently, the progressive resident rate is from 0% to 20% as per chart below:<\/p>\n
- \n
- Employment Income: 15% or Progressive Resident Rates whichever is higher;<\/li>\n
- Director\u2019s fees, rental income & other sources of income: 22%.<\/li>\n<\/ul>\n[\/vc_column_text][divider line_type=”No Line”][vc_column_text css_animation=”bottom-to-top”](b) Corporate Income Tax<\/strong> The corporate income tax rate is 17%. It is applicable to all companies incorporated in Singapore. From Years of Assessment (YA) 2020, the Tax Exemption Scheme for new start-up companies for their first 3 consecutive YAs. From the fourth YA onwards, the companies can enjoy the Partial Tax Exemption except companies whose principal activity are that of investment holding and undertake property development for sale or investment. The new start-up company must also:<\/p>\n
- \n
- Be incorporated in Singapore;<\/li>\n
- Be a tax resident of Singapore; and<\/li>\n
- Have its total share capital beneficially held directly by no more than 20 shareholders throughout the basis period for that YA where:\n
- \n
- All the shareholders are individuals; or<\/li>\n
- At least 1 shareholder is an individual holding at least 10% of the issued ordinary shares of the company The tax exemption scheme for new start-up companies was introduced in the Year of Assessment (YA) 2005 to support entrepreneurship and to grow our local enterprises.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css_animation=”bottom-to-top”]The Tax Exemption Scheme: New companies that qualify are given a 75% tax exemption on the first S$100,000 of normal chargeable income and an additional 50% exemption on the next S$100,000 of normal chargeable income. The Partial Tax Exemption Scheme: All companies are given a 75% tax exemption on the first S$10,000 of normal chargeable income and a 50% tax exemption on the next $190,000 of normal chargeable income. Singapore taxes are on territorial basis. Accordingly, a Singapore company is taxable on its income accrued in or derived from Singapore, and offshore income only when remitted to Singapore. However, tax exemption will be granted to all persons resident in Singapore on foreign sourced dividends, foreign branch profits and foreign sourced service income (collectively \u201cspecified foreign income\u201d) received in Singapore if:<\/p>\n
- \n
- In the year the income is received in Singapore, the highest corporate tax rate of the country from which specified foreign income is received is at least 15%; and<\/li>\n
- The specified foreign income has been subjected to tax in the country which it is received.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/6″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n\r\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”none” equal_height=”yes” content_placement=”middle” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#ffffff” scene_position=”center” top_padding=”100″ constrain_group_1=”yes” bottom_padding=”100″ top_padding_tablet=”30″ constrain_group_3=”yes” bottom_padding_tablet=”30″ top_padding_phone=”30″ constrain_group_5=”yes” bottom_padding_phone=”30″ bottom_margin=”80″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” id=”home” advanced_gradient_angle=”0″ overlay_strength=”0.5″ gradient_direction=”top_to_bottom” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=”straight_section” gradient_type=”default”][vc_column column_padding=”padding-4-percent” column_padding_tablet=”no-extra-padding” column_padding_phone=”no-extra-padding” column_padding_position=”right” column_element_spacing=”20px” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” zindex=”100″ advanced_gradient_angle=”0″ gradient_direction=”left_t_to_right_b” overlay_strength=”0.3″ width=”1\/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” offset=”vc_col-xs-12″ gradient_type=”default”][split_line_heading animation_type=”line-reveal-by-space” font_style=”h3″ text_color=”#212d84″ line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Services”][\/split_line_heading][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#212d84″ line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Singapore Company Incorporation”][\/split_line_heading][vc_column_text]\n
- \n
- Company name search<\/li>\n
- Incorporation of a Singapore Company<\/li>\n
- Advice on the incorporation procedures<\/li>\n
- Preparation of incorporation documents<\/li>\n
- Submission of incorporation documents to the Accounting and Corporate Regulatory Authority (ACRA)<\/li>\n
- Preparation of Company registration information proof, Articles of Association, and a company stamp<\/li>\n<\/ol>\n[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#212d84″ line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Disbursements”][\/split_line_heading][vc_column_text]\n
- \n
- Government registration, filing fee and corporate statutory pre-requisites fee<\/li>\n
- Annual Corporate Secretarial agent retainer fee, including Named Secretary and Annual facilities for maintaining statutory registers and records fee (per annum)<\/li>\n
- Annual Registered Office Facilities fee (per annum)<\/li>\n
- Annual Mail Re-direction Service fee (per annum)<\/li>\n
- Annual Nominee Director Service fee (per annum)<\/li>\n<\/ol>\n[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#212d84″ line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Annual Maintenances of Singapore Company”][\/split_line_heading][vc_column_text]Annual Corporate Secretarial agent retainer fee (per annum)[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#212d84″ line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Disbursements”][\/split_line_heading][vc_column_text]\n
- \n
- Annual Facilities for Maintaining Statutory Registers and Records fee (per annum)<\/li>\n
- Annual Named Secretary fee (per annum)<\/li>\n
- Annual Registered Office Facilities fee (per annum)<\/li>\n
- Annual Mail Re-direction Service fee (per annum)<\/li>\n
- Annual Nominee Director Service fee (per annum)<\/li>\n<\/ol>\n[\/vc_column_text][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.5″ width=”1\/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” offset=”vc_col-xs-12″][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” 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![\"\"](\"http:\/\/www.fungyuco.com\/fr\/wp-content\/uploads\/sites\/2\/2022\/09\/1.png\")
<\/div>\r\n50+ years of experiences<\/p>\r\n <\/div>
<\/div><\/div>![\"\"](\"http:\/\/www.fungyuco.com\/fr\/wp-content\/uploads\/sites\/2\/2022\/09\/2.png\")
<\/div>\r\nAccounting, audit & different levels of corporate services<\/p>\r\n <\/div>
<\/div><\/div>![\"\"](\"http:\/\/www.fungyuco.com\/fr\/wp-content\/uploads\/sites\/2\/2022\/09\/3.png\")
<\/div>\r\nCross-border investment advisory expert for medium & large enterprises<\/p>\r\n <\/div>
<\/div><\/div>![\"\"](\"http:\/\/www.fungyuco.com\/fr\/wp-content\/uploads\/sites\/2\/2022\/09\/4.png\")
<\/div>\r\nFamiliar with China, HK and Europe\u2019s business regulations<\/p>\r\n <\/div>
<\/div><\/div>![\"\"](\"http:\/\/www.fungyuco.com\/fr\/wp-content\/uploads\/sites\/2\/2022\/09\/5.png\")
<\/div>\r\nQuality of Service: timely, professional and reasonable<\/p>\r\n <\/div>
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<\/div>\r\nMore than 90 financial & corporate service professionals<\/p>\r\n <\/div>
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- Private company with annual revenue of $5 million or below. A company qualifies as a small company if they have not more than 20 shareholders and all shareholders are natural person instead of body corporate.<\/li>\n<\/ul>\n[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Tax Return Filing Obligation”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]Each Singapore Company must file its annual tax return with IRAS by November 30 of each year.[\/vc_column_text][split_line_heading animation_type=”line-reveal-by-space” font_style=”h6″ text_color=”#fb656c” line_reveal_by_space_text_effect=”default” content_alignment=”default” mobile_content_alignment=”inherit” link_target=”_self” text_content=”Singapore Tax Considerations”][\/split_line_heading][vc_column_text css_animation=”bottom-to-top”]Income tax is levied on income accruing in or derived from Singapore. There are two main sources of income tax in Singapore, being (a) Individual Income Tax; and<\/strong> (b) Corporate Income Tax<\/strong>[\/vc_column_text][divider line_type=”No Line”][vc_column_text css_animation=”bottom-to-top”](a) Individual Income Tax<\/strong> Individuals are liable to income tax on their Singapore source income. There is no capital gains tax or withholding taxes on dividends. Currently, the progressive resident rate is from 0% to 20% as per chart below:<\/p>\n