Corporate Secretarial Services in Singapore include the appointing of a company secretary that handle all secretarial matters such as setting up a business in singapore
Financial Year reporting
Under the law, business owners have to prepare statement of accounts so that their business income and expenses can be readily determined.
Whether your business is making a profit or a loss you are to report your income in the tax return easily during tax filing period if you have prepared your statement of accounts at the end of your accounting year.
Under sections 201(2) and 201(5) of the Companies Act (the “Act”), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:
- comply with Accounting Standards1 issued by the Accounting Standards Council; and
- give a true and fair view of the financial position and performance of the company.
In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Act, respectively.
Singapore Companies Act states that every company is required to appoint a Company Secretary within 6 months of incorporating Singapore Pte Limited Company. The Company Secretary who performs the legal requirement for Singapore registered companies must be an ordinary Singapore resident.
With effect from 3 March 2014, companies will file their financial statements in XBRL in accordance with the revised XBRL filing requirements. In tandem with the revision, ACRA has implemented the BizFinx filing system, which includes a preparation tool. T