Comprises everything to incorporate your private limited corporation in Singapore including name approval, company constitution, company registration with ACRA, electronic certificate of incorporation, bank account assistance, and more. The fee involves the relevant government fees.
Register A Company
General Ledger Maintenance
Accounts Payable Ledger Maintenance
Accounts Receivable Maintenance
Fixed Assets Ledger Maintenance
Cash Flow / Budgeting
Financial Statements & Reports Monthly, Quarterly, Year-End Review
Fixed asset register
Statement of borrowing/hire purchase
Organize for monitoring revenue made and cost of sales/expenses paid during the year
Debtor plus Creditor control (unpaid or un-receipt invoices), etc.
Accounting | Bookkeeping Services in Singapore
All corporations registered in Singapore must maintain proper books of accounts as specified by the Singapore Companies Act. Quality bookkeeping not only helps day-to-day accounts maintenance but contributes insight for sound business decision-making as well as financial management.
In turn, this will support you to meet the compliance provisions stipulated by ACRA and IRAS also evade undesirable penalties.
Leave your accounting elements to Capital Radius plus free up your time for the strategic areas of your company. We offer a wide range of accounting plus bookkeeping services that are cost-effective. They are as below:
How Our Bookkeeping and Accounting Services Works
When you engage Capital Radius's Bookkeeping Services in Singapore, you will be appointed an accountant who will work with you personally on your company accounting requirements.
While based on the financial documents you submit to us on a periodical basis, your accountant will examine and synthesize the information to create and maintain your accounts ledger. The accountant can also assist you to draft financial statements in accordance with the Financial Reporting Standards (FSR) for statutory submissions.
The subsequent information is required for bookkeeping purposes:
Your dedicated accountant will also assist monitor statutory compliance problems and work with you to ensure you understand all the accounts and reports.
Kindly communicate with us to review for the details should you need more ad-hoc services like issuance of a cheque payable to your suppliers, issue of monthly statement of account to your clients, a deposit of cheque payment, plus other administrative work.
At Capital Radius, we don’t believe in a one-size-fits-all package for our clients. Call us to discuss more on how we can assist you to manage your accounts including be in compliance with ACRA and IRAS.
Match your accounting needs effortlessly
With a team of expert and qualified Chartered Accountants (CA), Capital Radius can quickly bring your company up to speed with all accounting plus tax statutory matters.
A company secretary is a legal imperative for all companies registered in Singapore. Our company secretary service is professional, personalized, and comprises all the crucial services that you require.
Company Secretary Service
- Harmonizing the company’s formal decision making and reporting method;
- Forming meeting agendas with the chairman and /or the chief executive;
- Auditing meetings and taking minutes;
- Managing minute books;
- Verifying copies of minutes; and
- Assuring that the correct procedure is followed.
- Getting internal and external agreements to all documentation for circulation to shareholders;
- Coordinating the administration also attending meetings and taking minutes; and
- Assuring that the correct procedure is followed.
- Assuring that the company complies with its constitution; and
- Composing plus incorporating amendments in accordance with the correct procedures.
- Some changes in the director(s) of a company or particulars relating to the director(s)
- Changes to a directors name or residential address
- Dismissal from office in accordance with the Singapore companies act or the constitution
- Elimination from holding office
- Annual return
- Modification of company name
- Selection, alteration, and revocation of a constitution
- Issue of shares
- Some other changes that require updating with ACRA
- The preparation of the directors’ report.
- Keeping the company’s register of members;
- Helping with transfers and other matters affecting shareholdings; and
- Serving to the queries and requests from shareholders.
- Interacting with the shareholders (i.e. Through circulars);
- Payment of dividends plus interest;
- Publishing documentation regarding rights including capitalization issues;
- General shareholder relations; and
- Associations with institutional shareholders and their investment protection committees.
- Monitoring movements on the register of members to recognize an apparent ‘stake-building’ in the company’s shares by potential takeover bidders; also
inquiries of members as to beneficial ownership of holdings.
- Implementation of variations in the structure of the company’s share and loan capital and devising; and
plus administering directors’ and employees’ share participation plans.
- Participating as a chief member of the company team to execute corporate acquisitions and disposals;
protect the corporation’s interests by confirming the effectiveness of all
documentation including that due diligence declarations enable proper
commercial evaluation former to completion of the transaction.
- Examining developments in corporate governance; and
- Guiding and Supporting the directors with respect to their duties and responsibilities and compliance with their individual obligations under company law and, if applicable Stock Exchange requirements.
- Serving as a channel of communication and information for non-executive directors.
the safe custody including proper use of the company seal if provided for
in the company constitution
Radius will notify you of filing deadlines and ACRA annual compliance
matters in a timely manner.
Singapore Corporate Secretarial Services | Corporate Secretarial Services | Corporate Secretary Services in Singapore
Why outsource a company secretary?
The skill of commencing and
building a successful business comprises determining the right corporate
secretarial services partners to support Company Secretarial Services for the
company. Before employing any qualified company secretary Singapore, it is
essential that you go through Your checklist for choosing the right person as
your Corporate Secretarial partner in Singapore while doing business in
Singapore. Capital Radius provides Company Secretary Services and Corporate
Secretary Agent support that can meet all your Company’s requirements.
According to the Singapore Companies Act, you are required to appoint a Company Secretary within six months of consolidating your Singapore company. A company secretary acts as an officer of your Company also will help accomplish a range of duties that assures your company complies with the regulations stipulated by IRAS and ACRA.
Capital Radius offers Company Secretary Services and can provide your company with a company secretary (Corporate Secretary Agent). A company secretary who helps the Company Secretarial Services need to be a Singapore resident who is a Singapore citizen or permanent resident, or holder of Singapore Employment Pass/EntrePass/Dependent Pass.
Obligations of a Company Secretary
In extension to monitoring and ensuring compliance with appropriate legal requirements, a qualified company secretary Singapore who assist the Company Secretarial Services also has the subsequent responsibilities:
Maintaining Statutory Registers and Books:
Updating ACRA on:
Report and Accounts
Regulating the publication plus distribution of the company’s annual report, accounts, and interim statement; and
Share and Capital Issues, Transfers and Restructuring
Acquisitions and Disposals
ACRA Compliance Alert & Reminders
Assisting you to manage your companies, whatever their size
A vital part of maintaining a company is keeping statutory books and ACRA compliance filings up to date. Capital Radius is the perfect company to manage and comply with this task for you, determining we make it a whole lot simpler, while you can focus more on driving your business.
ENGAGE OUR SERVICES!
Singapore law needs a local registered address for each corporation. We will allocate our prestigious Class A Building address as the registered address for your business.
Registered Address Service
applicant for the employment pass must be a foreign national who has a
current job in Singapore or a legitimate job offer for employment there.
order to qualify to get an employment pass, your foreign national employee
must work in management, executive, or specialized position within the
proposed or current foreign employee must earn a salary of at least $3600
a month (some exceptions here plus some more experienced employees require
an even higher salary to qualify).
qualifications may involve proof of such things as a college degree,
specialized training, or a documented professional background.
- Capital Radius will help your company apply for new employment passes, renew expiring employment passes, and cancel passes that are no longer needed.
- Our EP specialists will assist your company with the completion of the MOM Pre-application self-assessment tools. This tool gives your employment pass applicant a good idea of whether they may or may not qualify for the EP.
- We will acknowledge promptly any MOM request for additional information on any employment pass application.
- At Capital Radius we will do everything in our capability to help ensure that the employment pass application approval process stays within the normal 3 weeks’ time it usually takes.
- We will execute the Ministry of Manpower (MOM) online transactions that relate to the employment pass process. These incorporate filing employment pass applications, status checks, renewals, issuing, and cancellations.
- Capital Radius will offer you its expert advice on how to assure that each and every employment pass application that you initiate is met with approval.
- Capital Radius will also help with any statutory obligations that mandate posting a new job opening with the Singapore Job Bank. This is a portion of the Singapore Fair Consideration Framework that assures Singapore residents have a fair opportunity to be considered for all job openings at companies that employ 25 or more people.
EMPLOYMENT PASS (EP) SINGAPORE
Singapore is not only a
world-class destination, it stands among the most famous places in the world to
live and advance your career. One of the best ways to begin your new life in
Singapore is to get a Singapore Employment Pass (EP) visa. Certainly, for
numerous foreigners, the EP has been the best gateway into this amazing
country. Capital Radius consultants are absolutely suited to help you get the
Singapore Employment Pass. Permit us to make your dreams a reality!
What precisely is an employment pass in Singapore? If a foreigner working in Singapore had to get multiple reentry visas and fill other visa requirements every moment they left and came back to Singapore, it would be a large inconvenience for them and also hurt the enterprise environment in the country. The Government of Singapore noticed this and started the ‘Singapore employment pass’ service. It makes it extremely easier for a foreign national that is employed in the country to enter plus leave it.
We can assist your foreign resident employees that travel frequently to get one of these all-important employment passes. At Capital Radius we know all the introductory steps and filing processes to help your foreign employees get their employment passes in an appropriate manner. This way you’re the foreign professionals, executives, also managers that work for your corporation can seamlessly go out of plus then simply back into Singapore.
Continue reading to determine more about how to qualify and apply
for an Employment Pass in Singapore.
Which of Your Employees is
Qualified to Obtain an Employment Pass?
Contrary to popular belief, not all foreign employees are eligible to get an employment pass. This is true despite whether a foreign employee previously has a work permit. There are some restrictions that the Singapore Government has put in place as far as who can get one of these beneficial employment passes. They are surely geared towards making necessary business travel more comfortable for your key company managers, executives, including personnel with specialized skills.
As of this writing, only employees that earn a payment/salary of at least $3600 a month can be assigned employment pass Singapore. There are some other essential eligibility criteria also. We at Capital Radius are fully versed in every aspect of the employment pass application process. Capital Radius will work with you all steps of the way to help secure your employees who require this pass and get them in a timely manner.
Here Are a Few General
Guidelines for Singapore Employment Pass Eligibility:
Given the fact that these
applications are evaluated individually and not always approved on the basis of
a set standard, it makes it all the more important for your corporation to work
with a competent plus experienced employment pass application processor.
Capital Radius knows exactly how to act as a liaison on your behalf with the
Ministry of Manpower to make sure all your employment pass applications go
smoothly and also check your EP application status.
How Capital Radius Can Help Your
Singapore Company with Their Employment Pass Singapore Applications
We assist Singapore companies
every day with the application, renewing, also the termination of employment
passes. It’s a process we understand very well, to say the least. Across the
years we have discovered where the deadfalls are in the process and how to
navigate around them.
While you have seen by now the Singapore employment pass approval
process can be me what problematic in
nature and often needs a solid case for approval built up for each person in
your company that wants to receive one. Having Capital Radius's years of EP
experience by your side throughout the application process will surely increase
the chances of getting approval on each employment pass your company requests.
Our employment passes Singapore
services incorporate all of the following:
Don't leave your Employment Pass request to chance
Capital Radius is an authorized employment agency registered with the Ministry of Manpower and offers a full spectrum of work pass assistance.
APPLY FOR A VISA!
A local resident director is a legal imperative for all companies registered in Singapore. We will elect a senior team member as the Nominee Director to satisfy this obligation.
Nominee Director Service
- He or she must have an adequate level of knowledge and skills to manage the affairs of the company.
- He or she acts as a director-level representative to tackle multiple jobs. This involves financial paperwork, engagements with the local authorities on license registrations, and more.
- He or she has a responsibility to play his or her duties with honesty plus integrity. Additionally, he or she must be able to avoid any dispute of interest in the company.
- He or she must stay up-to-date on company tax and accounting updates including statutory obligations. His/ her duty also consists of working with the company secretary to assure that all essential documentation is lodged with ACRA in a timely manner.
Things You Need to Know About
the Role and Function of a Nominee Director in Singapore
Singapore’s pro-business atmosphere makes it an attractive destination for foreign companies to establish a company. If you are a foreigner intending to register a company in Singapore, then you would apparently have done some analysis on the requirements and are aware of the requirement to elect a minimum of one resident director for your business. Well, most of the people appear to get confused about the concept of resident plus nominee director in Singapore.
According to the Accounting & Corporate Regulatory Authority (ACRA), a resident director must be generally resident in Singapore with a local residential address. Besides that, the person can either be a Singapore resident, Permanent Resident, Employment Pass holder, either EntrePass holder.
If you refer to one of the categories specified above, you can appoint yourself as the resident director. Though, what happens if you are residing outside of Singapore also are helpless to comply with the requirement of a resident director for your company? In such a condition, you can appoint a Nominee Director as the resident director.
What is a Nominee Director’s
The Singapore Companies Act
represents a director as an individual “with whose directions or guidance the
directors of a corporation are accustomed to act plus an alternate or
While a Nominee Director is someone who represents the concerns of
another person of the group. A Nominee Director in Singapore has the same
commitments and responsibilities as a regular resident director in line.
Moreover, their duties are comparable to resident directors according to the
Companies Act and the common law.
Therefore, the Nominee Director’s primary role is to comply with the resident director's requirement. He or she is still a director as per the law and has to act in the interests of the appointing company. As such, simply selecting an amateur Singaporean to fulfill the position may not be a very prudent company decision.
Here are a few important reasons
to elect a qualified and trustworthy individual for this role:
Selecting the Right Person as
Your Company Nominee Director in Singapore
All Singapore corporations are required to have at least one
individual director who is an ordinarily resident of Singapore. It is common
for foreigners to set up a business in Singapore with a nominee director acting
as the local director. Responsibilities are pretty burdensome for all
directors, including the nominee director. The nominee director would end up
having to pay for company charges including liquidation charges in the state
the foreign director or the foreign customer is no longer reachable.
At Capital Radius, our Nominee Director Services is rendered by our reputable and trustworthy experts. We can ensure the best quality of services of our Nominee Director Services where our local Nominee Director is a Singapore Local Resident who is also a member of the management team in Capital Radius,. The Nominee Director is extremely competent and also has the required skill set needed to discharge his obligations as a local director and to assist businesses in fulfilling the requirements and guidelines as set out in the Companies Act and by the Local Authorities. He can help the businesses to preserve their good standing status plus ensure their full regulatory compliance at all times. As the duties of the Nominee Director is very onerous, to safeguard the interests of the nominee director, we need a security deposit to be kept with us for as long as our Nominee Director Services is being employed.
We Render Singapore Local
Resident Nominee Directors Who Are Also Professionally Qualified
Our Nominee Director will sign an agreement with you to render the
assurance that we will not be included in your company operation, as well as
not to be your bank signatory so that you can have complete control over your
bank account(s) plus company.
If your organization is in good standing based on a thorough company review, we will be happy to offer you our Singapore Nominee Director Services with a security deposit of only S$2,100. Though, all the directors, shareholders, principals, and agents, if any, must meet our initial Know Your Customer (KYC) requirements. We recognize that we have competitors who are not accumulating security deposits but you should always be aware that they normally are able to do so by outsourcing their Nominee Director services.
Few service providers are even offering lower costs for their nominee director services yet they will provide clients with low-quality services. This will ultimately cause their client to pay a higher price and might even create big trouble for their businesses.
For some service providers, they may get employment pass holders to act as the nominee director for their clients. This is forbidden and is not in compliance with the MOM’s ruling unless former approval is allowed by MOM. Clients should request the evidence of such confirmation from the service provider unless they will put their corporation at risk of having without a local director if the Authorities take any action. To some other service providers, the nominee director may be a Singapore Permanent Resident who is staying in Singapore with his/her P.R. re-entry consent that has already expired without renewal. Hence, one who is occupying their services is encouraged to confirm the validity of the nominee director’s P.R. re-entry permit. So, by employing our services which are very reliable plus professional, it is also an easy and straightforward method as we will always assure and provide you with Singapore Local Resident Nominee Directors which are also professionally trained.
Guarantee Our Clients Safety and Company Perpetuity
The obligations and responsibilities of a nominee director are
very difficult hence requires a person who owns the capabilities and competency
to carry out such function. If unfortunately a non-competent person is being
elected as your nominee director, you may risk having your businesses in
inferior shape either due to not being able to get a sign for necessary
documents including resolutions or not being able to take signature on time,
having the director signing on documents prepared not in accordance with the
proper guidelines also requirements, not being able to continue with important
transactions and so on. Further importantly, with a nominee director that has
no information on the compliance obligations, the client may end up not filing
or filing their annual returns, not on time including the directors may risk
being dismissed from acting as director of another corporation in the future or
having their existing companies being closed down by ACRA.
Employ our Nominee Director Services
Meet your company's statutory necessities of a resident director
by appointing Capital Radius as your Singapore Nominee Director today.
Note: change the amount in red colour as per company requirement.
If you meet eligibility requisites, we can help you with the registration of your RO in Singapore. Our fee comprises the filing of RO applications including liaising with authorities. Our fee also covers the government filing fee.
Transfer A Company
- The primary work pass holder’s employer or an employment agent, such as a corporate services provider, needs to apply for the Dependent Pass.
- The Dependent Pass is accessible to the spouse plus unmarried children of a work pass holder. Work pass holders comprise EntrePass, Employment Pass (EP), Personalized Employment Pass (PEP), and S Pass holders.
- A Dependent Pass is valid for an equal period of time as the primary work pass.
- A Dependent Pass can be renewed up to 6 months in advance of lapsing.
- A dependent of an EP, PEP, or EntrePass holder can work in Singapore by receiving a Letter of Consent (LOC) from MOM.
- A photocopy of the marriage certificate (for a legally married spouse)
- A photocopy of the official birth certificate (for children under 21)
- A photocopy of the adoption order (for adopted children under 21)
- The applicant’s passport details
- The details of the applicant’s current Short Term Visit Pass or immigration pass
- The applicant’s residential address in Singapore
- The local address where the DP card can be presented
- Communication details of at least one authorized beneficiary who can receive an SMS or email alert with delivery details
- A Disembarkation/Embarkation card (immigration white card)
- A performed medical examination form or health declaration form
presented declaration form attached along with the candidate’s
in-principle approval letter.
- Real passport
- Appointment letter
- Notification letter
- Further, documents listed in the IPA letter and notification letter
Singapore Dependent's Pass
Doubtlessly one can say that
Singapore is in its next stage of nation-building, also the country is
generating more higher-value jobs every year. This is the reason that foreign
nationals who wish to relocate or set up a company in Singapore, have rare visa
Additional reasons that attract foreigners to work in Singapore
also involve open recruitment policies, low personal tax rates, plus a high
standard of living.
A Dependant’s Pass enables the
dependent to work, live, plus study in Singapore. Those who are suitable for it
are the family/relatives of an Employment Pass / EntrePass / PEP / S Pass
Dependant’s Passes are valid as long as the holder of the chief Singapore work visa is actively working in Singapore. DP pass holders can live, enter and leave Singapore willingly without having to apply for separate Singapore entry visas.
Key Facts about the Dependent Pass
Who Is Qualified for a Dependant’s Pass?
The partners including unmarried children below 21 years old (both birth and legitimately adopted children) of Employment Pass, S Pass, EntrePass, or PEP holders who are earning at least S$6,000 a month can apply for a Dependant’s Pass.
If the child of a Singapore work visa holder is born in Singapore, the hospital will provide you an Informing letter of Live Birth also Advisory Note from the Immigration and Checkpoints Authority (ICA). These records can be used to register for a birth certificate. It also signifies as a Special Pass to allow the newborn to stay in Singapore for 6 weeks. Throughout this time, you should apply for a passport for your baby from your embassy or high commission.
While the Common-law spouses of Singapore work visa owners are not eligible for a Dependant’s Pass. Though, subject to specific conditions, they are normally eligible for a Long-Term Social Visit Pass (LTSVP).
Documents Required to Apply for a Dependant’s Pass
While in order to apply for the Dependant Pass, the applicant must provide a copy of the particulars page of his/her passport.
Additionally, the Ministry of Manpower (MOM) may also require the
subsequent additional documents:
Note that all certificates must be in English or officially translated into English.
In order to appeal for a DP the work pass holder’s corporation or
an employment agent must complete the subsequent steps:
1. Submit an application:
Typically, the business or immigration services agency will submit
a form online through EP Online. Once the form has been submitted and the S$70
application fee has been paid, MOM will normally process the application within
2. If confirmed, MOM will send
an in-principle approval letter (IPA):
Candidates will receive the IPA through EP Online. Once the IPA has been obtained, the applicant has to enter Singapore and request to issue the DP. A dependent of an EP, PEP, or EntrePass owner has 6 months to issue the DP. A dependent of an S Pass owner 2 months to issue the DP.
3. Issue the EP(Employment Pass):
The applicant must be in Singapore to request to issue the DP.
Besides, to issue the pass, the corporation or employment agent must submit the
following by EP Online:
Some cases may also require the subsequent additional documents:
Once the documents are submitted the DP will be issued promptly.
4. Once the DP is declared, the
applicant will receive a notification letter:
The notification letter is valid for 1 month also allows the applicant to work and move in and out of Singapore. In addition, the notification letter will declare if the applicant requires to have his or her fingerprints registered and photos were taken.
5. Register fingerprints and receive a photo was taken (if required):
New applicants and applicants who last registered over 5 years ago must register their fingerprints and have their photo taken.
EP, PEP, including EntrePass dependents, must register their fingerprints and receive their photo taken within 2 weeks of the DP being declared. S Pass dependents must register within 1 week.
Applicants must make an appointment with the Employment Pass Services Centre. At the appointment, applicants must have the subsequent documents ready:
6. Get the DP card:
The applicant will receive the card within 4 working days.
Require help with your
Dependant's Pass application?
Capital Radius are experts when it comes to Singapore's immigration laws and regulations. Our respectable guidance plus high success rate come with 20 years of experience. Ensure your Dependant's Pass with us.
SECURE MY DP!
If you meet eligibility requirements, we can assist you with registration of your RO in Singapore. Our fee covers the filing of RO application and liaising with authorities. Our fee also includes the government filing fee.
Transfer A Company
- Whatever accounting transactions
- Remittance or receipt exceeding the nominal sum of s$5,000
- Employing personnel
- Selling plus buying goods and services
- Purchasing or leasing property
- Declaring dividends to shareholders
- Paying directors’ salaries
- Receiving dividend amounts or handling investments
- Investments in subsidiaries
- The placement of Secretary
- The placement of Auditors
- The preservation of a registered office
- The preservation of registers and books
- The amount of any fee or cost (including a penalty, interest for late payment) payable under any written law
- The payment of any composition sum
- The payment or receipt of such nominal amount not exceeding S$5,000
- It doesn't have any accounting transactions
- It is not a registered company or a subsidiary company of a listed company;
- Its entire assets at any time during the financial year in question does not exceed $500,000 in value or such additional amount as may be specified in substitution by the Minister;
- It is a parent company (which is not itself a subsidiary corporation of another corporation), refers to a group the consolidated total assets of which at any time throughout the financial year in question does not exceed $500,000 in value or such other amount as may be specified in substitution by the Minister
- Your corporation must not own any investments (e.g., properties, shares, and so on). If you do hold this sort of investment, you must not use it to create any revenue or income for the company.
- You plan that you will not begin any sort of business transactions for the next two years.
- You must have filed all financial statements including tax computations up until the company discontinued trading.
- You need to have de-registered for Goods and Services Tax (GST) purposes (if you were earlier registered).
- Subject header: “ Recommencement of the corporation also an appeal for Income Tax Return”
- Name and Unique Entity Number (UEN) of the corporation;
- Date of the recommencement of the company and new principal activity (if applicable); and
- Date of receipt of the different source (s) of income e.g. interest, dividend, rent, etc. (if applicable).
Dormant Company in Singapore
dormant company in Singapore is a registered company that is not getting any
form of income or is firmly trading. Whether you’re immersed in setting up a
business you plan to use in the future, you’re getting a pause from trading, or
you plan to set up an SPV, dormant companies can be profitable because of their
diminished statutory obligations.
A dormant company is generally defined by its silence or shortage of business activity – that is, it does not carry out any trading activities such as:
ACRA and IRAS views alter a little when it comes to dormant companies in Singapore. Here’s the rapid review of the difference between how the two companies see dormant companies.
Dormant companies (ACRA standards)
A corporation can be declared dormant in Singapore only through a period where no company activity happens. But, there are some exceptions for activities where these activities relate solely to the ‘maintenance’ of managing the company compliant with ACRA plus IRAS (such as spending the fees of a company secretary). Here’s the list of works that will not affect the dormant state of any company in Singapore:
Dormant companies (IRAS standards)
IRAS recognizes a company as dormant in Singapore when they do not have any income or revenue for a given span of time still though they may have been booked or incurred payment.
Planning a Dormant Company in Singapore
When you plan to incorporate a ‘Dormant Company’, you include it uniformly, as if it were a normal confined liability company. In reality, this means that a corporation is only identified dormant after the entity has, over an assigned financial period, does on carrying on business as specified above.
Decreased filing requirements for a dormant company
Filling your annual return through ACRA
A dormant company in Singapore may be exempted from making its financial statements under Section 201A of the Companies Act, if:
Although, please note that a dormant company exempted from making its financial statements should still prepare a set of management accounts for approval at the company’s AGM.
Filling your tax return with IRAS
Once you have concluded that you are a dormant company, you can appeal to IRAS to be released from your responsibility to file a tax return (Form C or Form C-S). While in order to qualify for this waiver, you require to meet the following requirements:
Already a dormant company re-commences business or starts to receive any income, you are required to notify IRAS within one month from the date the income was earned/received by emailing [email protected] to appeal for an Income Tax Return. IRAS has suggested that the email have the subsequent details:
If you’re viewing for more information about your particular situation or desire to ask Capital Radius anything about dormant companies, we’re here to help.
GET IN TOUCH WITH US NOW!
Capital Radius is certified with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore and offers a broad suite of corporate services for Singapore private limited corporations. If a service that you require is not listed above, please reach us.
Transfer A Company
Singapore Sole Proprietorship Registration
A Sole Proprietorship is the most adaptable form of business entity with only one owner who is the decisive authority and responsibility for all assets and liabilities pertaining to the business. Singapore residents or permanent residents may register a Sole Proprietorship. Foreign individuals and organizations may also register a Sole Proprietorship but must appoint a local resident manager.
Outline of a Sole Proprietorship
Requires Legal Identity: The registration does not provide it a separate legal identity. It is considered to be one and the same as the owner. As it requires legal identity, it cannot sue or be sued in its personal name and also cannot own property.
Validity/ Renewal: Registration must be revived. Renewal must be done before the registration lapses and can be renewed for a period of one year or for a period of three years.
Eligibility: Any normal person whose age is 18 years and above can register a Sole proprietorship. A Singapore registered company is also qualified to register a sole proprietorship.
While Singapore residents and Permanent Citizens who are self-employed are needed to register for CPF and top up their Medisave account in order to register or renew their company registration.
Officer: In the case of immigrants who are not residing in Singapore a manager must be appointed to assure agreement with regulatory obligations and in order to accept notifications served and respond to them. The manager must be at least 21 years of age plus must be usually resident in Singapore. Generally resident indicates, a citizen or permanent resident of Singapore or immigrants on employment pass or dependent pass.
Registered Address: A local Singapore real address must be registered. Resident individuals in Singapore can use their domestic address as the enrolled office address after receiving approval from the appropriate authority (HDB in the case of public flats and URA in the case of private residences).
Taxation: Liable profits are treated as personal earnings of the owner and are subjected to personal income tax rates in the case of individual owners and corporate tax rates in the case of companies.
Limitation: As it does not represent a legal entity, a sole proprietorship cannot register different legal entities such as a partnership.
Continuity: A sole proprietorship will discontinue existing with the death or disqualification of the owner.
Highlights of a Sole Proprietorship
· Sole Proprietorship Company Registration
· It does not have a different legal entity
· The proprietor has unlimited liability
· It cannot possess the property
Advantages of being a Sole Proprietor
· Fast, simple, and least expensive to set up.
· Easy to administer and operate because of undivided authority and control.
· Less administrative duties, ongoing compliance requirements.
· All the gains generated by the company will be taxed at the individual income tax level.
· Simple to close.
Drawbacks of being a Sole Proprietor
· The owner’s assets are at risk as the owner is liable for all debts and losses.
· Incomes are charged at personal income tax rates and are also deprived of incentives offered to corporations.
· Absence of continuity; the company is identified with the owner hence not perpetual and it ceases with the death of the owner and is not transferable by part.
· Boosting capital through loans from institutions or investors is challenging due to inferior image and dependency on the sole owner.
· The requirement to renew business registration annually plus top up the CPF account.
· Sole proprietors do not possess tax exemptions and rebates available to organizations.
Review of Setup Requirements for a Sole Proprietorship
· Least one owner
· A Singapore registered office address
· To foreign individuals and companies only: minimum one manager who needs to be a Singapore resident
Assessment of Singapore Sole
· Singapore Sole Proprietorship, though a tax resident, is not recognized as a company entity; hence its profit is taxed at personal income rate.
If you are a Singapore resident plus you need to set up a Sole
Proprietorship, all you have to do the following:
Visit our office with your identification documents. Sole
Proprietorship company registration can be done within 10 minutes.
Willing to incorporate a Singapore Sole Proprietorship?
Capital Radius's expertise is unique in Singapore. Along with years of experiences of know-how in enterprise incorporation, accounting, tax, payment, including immigration services, you can count on us to be your committed one-stop business solution.
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