An Overview Of Singapore Compliance Matters

By Author: Selena Cole
Total Articles: 1
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As Singapore encourages foreign investment and has made incorporation of companies so attractive with low tax rates, they have also striven to make the registration process clear and straightforward.

The strategic direction of ACRA is to promote voluntary compliance by developing the competence of stakeholders and creating awareness on due compliance of the law. This is achieved through timely updates of information on compliance matters, and enforcement will only be used as a last resort.

According to ACRA the three requirements of holding AGMs, preparing financial statements and filing annual returns are the most common compliance breaches by Singapore companies.

The three measures include:

Color-coded Compliance Rating and Certificate of Compliance:
Companies that possess a good record for holding timely AGMs, tabling and filing up-to-date financial statements, and filing annual returns will be green ticked as having a positive compliance rating by ACRA, while companies that are non-compliant will be negatively rated with a red cross marked against them. Furthermore, green ticked companies ...
... are eligible for a Certificate of Compliance issued by ACRA. This rating will be reflected on ACRA's free online Directory of Registered Entities that is available for inspection by the public.

End of Financial Year (FY) Reminder Letters:
Effective May 2010, ACRA will issue alert letters to private and non-listed public companies prior to the financial year-end as a reminder to take necessary action to meet their regulatory requirements.

Shorter Extension of Time:
Currently, companies can apply for extension of time of up to three months to hold their AGM. Effective July 2010, ACRA would allow an extension of up to two months only. This move is to ensure that financial statements lodged are not outdated.

Most companies are focused on growing their business and may either be unaware of their compliance requirements or may tend to pay insufficient attention to the ongoing compliance requirements for Singapore companies. We at Asiabizservices offer ongoing administration services and would be happy to help you build your governance framework by ensuring that your company complies with all the regulatory requirements.

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Asiabizservices is the leading Singapore Company Incorporation Services Specialists. It has successfully helped thousands of foreign entrepreneurs when it comes to Singapore Compliance Matters. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Asiabizservices kindly email us at sales@asiabizservices.com or give us a call at +6563034614.