The Guide Of Business Expansion For Singapore Market

Jump to:

-Singapore Company Management

-Introduction of Singapore Taxation System

-Type of Taxes in Singapore

-Introduction of Singapore Goods & Services Tax (GST)

Singapore Company Management

When to hold AGM and AR Filing Required Timeframe Required Documents Corresponding Government Authority Non-compliance
Annual General Meeting / Annual Return Holding the general shareholders’ meeting (AGM) •Within 6 months (4 months for listed company) from the end of each fiscal year Filing of Annual Return (AR) •Within 7 months (6 months for listed company) from the end of each fiscal year •Preparation of AGM documents take about 1~2 business days (from the day Financial Statement received) •Within the day for annual return submission •Audit/Unaudited Financial statements •AGM documents Accounting and Corporate Regulatory Authority (ACRA) • •Composition Fines of SGD 300 for each offense under Article 175, 201 & 197 •Court Prosecution •Disqualification of directors •Striking off companies.
When to file Required Timeframe Required Documents Corresponding Government Authority Non-compliance
GST (For GST registered companies) Reporting period •Monthly / quarterly / semi-annually (Generally  quarterly report) Deadline •Within one month from the end of the reporting period •Compulsory e-Filing •5 to 10 business days (from the day documents received) •GST F5 (periodic filing) •GST F7 (errors filing) •GST F8 (final filing before deregistration) Inland Revenue Authority of Singapore (IRAS) • •SGD 200 imposed immediately and continuously for every completed month (max. SGD 10,000) •Issue estimated Notice of Assessment and imposed 5% penalty on estimated tax •Summon the business or person responsible to Court
When to file Required Timeframe Required Documents Corresponding Government Authority Non-compliance
Corporate Income Tax Return Taxable period: preceding financial year (i.e. income earned in financial year 2020 will be taxed in 2021) Estimated Chargeable Income (ECI) •e-File within three months from the end of financial year (except company qualifies for the administrative concession*) * – Annual revenue less than SGD 5 million; and – ECI is NIL. Corporate tax return •e-File by 15 December every year •2 weeks to 1 month (timeframe may vary depending on size of company, complexity of tax structure and business activities) •Audit/Unaudited Financial Statements •Tax computation and relevant tax schedule •Form C-S (Lite)/Form C-S/Form C Inland Revenue Authority of Singapore (IRAS) • •Issue estimated Notice of Assessment (Company required to pay within one month) •Offer to compound the offence (not exceeding SGD 1,000) •Summon the company or person responsible to Court
When to file Required Timeframe Required Documents Corresponding Government Authority Non-compliance
Employment Income Reporting Employers are required by law (S68(2) of the Income Tax Act) to prepare annual report for employees who are employed in Singapore by 1 March each year. Deadline •Employer: Distribute IR8A to employee by 1 March •Employee: Submit income tax returns to IRAS a)Paper Filing: 15 April each calendar year b)e-Filing: 18 April each calendar year May vary depending on the number of employees Schedule according to case by case basis •Form IR8A, Appendix 8A, Appendix 8B, •Form IR8S (excess CPF contribution) •Auto-Inclusion Scheme (AIS)* * From Year of Assessment (YA) 2021, participation in AIS is compulsory for employers with 6 or more employees or who have received the “Notice to File Employment Income Of Employees Electronically under the Auto-Inclusion Scheme (AIS)” Inland Revenue Authority of Singapore (IRAS) • •Issue estimated Notice of Assessment (Individual required to pay within one month) •Offer to compound the offence (not exceeding SGD 1,000) •Summon to Court

Introduction of Singapore Taxation System

There are several reasons for investors turn to Singapore for establishing their operations and one of the determinant is Singapore’s tax regime – well-known for its attractive corporate and personal tax rates, tax relief measures, non-taxable capital gains, one tier tax system and extensive double tax treaties.

Persons, including corporations, partnerships, trustees and bodies of persons carrying on any trade, profession or business in Singapore are chargeable to tax on all profits that “accrued in” or “derived from” Singapore as well as income received from outside Singapore.

Type of Taxes in Singapore

  • Income Tax
  • Property Tax
  • Motor Vehicle Taxes
  • Customs & Excise Duties
  • Goods & Services Tax (GST)
  • Withholding Tax
  • Betting Taxes
  • Stamp Duty
  • Others

Introduction of Singapore Goods & Services Tax (GST)

Goods and Services Tax (GST) was implemented on 1st April 1994 in Singapore. The Inland Revenue Authority of Singapore (IRAS) acts as the agent of the Singapore government and administers, assesses, collects and enforces payment of GST. Introduction of GST is seen as a means to lower personal and corporate income tax rates while maintaining a steady revenue base for the government. GST is an indirect tax as it taxes expenditure. The current rate of GST is 7%.

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.

GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.

We are regularly holding webinars. To make the dream of starting your overseas business come true with us.

Premia TNC YouTube >>

Hong Kong Bank Account opening

On Key

Related Posts

홍콩 법인명 변경 가이드

홍콩법인을 운영하다 보면 설립 당시와 업종/업태가 달라지는 경우가 생기고, 이에 따라 법인명을 변경해야 하는 상황이 발생할 수 있습니다. 이 경우 홍콩 회사 조례에 따라 법인명 변경이 가능하며, 본 글에서는 홍콩 법인명 변경에 대한 전반적인 내용을 안내해 드리도록 하겠습니다.

두바이 MEYDAN 프리존 법인설립 안내문

두바이 MEYDAN 프리존은 가장 최근에 신설된 프리존으로, 여행객들이 많이 집결하는 MEYDAN 호텔 단지 내에 자리 잡고 있습니다. 매년 두바이 월드컵 경마 경기가 이 구역에서 개최되는 등 MEYDAN 호텔은 두바이의 주요 비즈니스 중심지 중 하나입니다. MEYDAN 프리존 법인 설립 비용은 타 프리존 설립과 비교하여 가격 경쟁력이 있어 투자자들에게 매우 매력적인 프리존 구역입니다.

비즈니스 / 컨설팅 문의하기

비즈니스 / 컨설팅 문의하기