After the Spring Festival, it is time for companies to file their yearly taxes. Incorporating a business is just the first step. To maintain a strong and compliant business, it's crucial to stay on top of important post-incorporation requirements. In this article, New Ark will highlight the three things that each company must do at this period of the year.
1. Annual General Meeting (AGM)
An AGM is a mandatory annual meeting for companies in Singapore where directors present a review of the company's financial performance and future plans to shareholders. Companies must follow steps such as selecting a date, preparing an agenda, and conducting the meeting in accordance with the Companies Act to properly hold an AGM. Private companies will generally host an AGM within 6 months after the financial year end.
2. ACRA annual return filing
ACRA annual return filing is an important requirement for companies incorporated in Singapore. It confirms the continued operation of the company and updates its information on record with ACRA. Failing to file an annual return can result in penalties and even strike off the company from the register. The steps for ACRA annual return filing include verifying the company's details, preparing and submitting the form and necessary documents, and paying the fees. In Singapore, private companies must file their annual return within 7 months after the financial year end.
3. Tax filing
In Singapore, annual tax filing is a legal obligation for companies. Tax filing is not only a requirement by law, but also an effective way to protect a company's interests. Your company’s income earned in a financial year (FY) will be assessed and taxed in the following year. The steps involved in tax filing include gathering all necessary financial and tax documents, determining the company's tax liability, submitting a tax filing application, and paying taxes on time. It is necessary to emphasize here that even if a company is not operational or has no income, it must still file its taxes. Failure to file taxes or pay taxes on time can result in legal penalties and risks to the company's reputation.
Choosing a professional service provider for ACRA annual return filing, AGM, and tax filing services can bring several benefits to a company. It ensures that all filings and submissions are completed accurately and efficiently, reducing the risk of mistakes and delays. A service provider can also provide valuable advice and guidance on compliance with the latest laws and regulations, helping to minimize the risk of legal penalties. A service provider can provide a cost-effective solution by handling all the administrative work, freeing up valuable time and resources for the company to focus on its core business.
New Ark provides one-stop customized services to address our clients’ enquiries on company registration and follow-up maintenance. We provide a full range of consulting and follow-up services such as company registration, accounting and taxation, overseas relocation, etc. Please feel free to contact our professional team via WhatsApp +65 8830 8077 or WeChat NewArkSg for more information.
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