In Singapore, all locally-incorporated companies are required to hold their Annual General Meeting (AGM) and file their Annual Returns under the sections 175, 197 and 201 of the country’s Companies Act. And it is the responsibility of the company directors to appoint individuals with the required level of expertise for preparation of such accounts. The appointed officer of the company e.g. director or company secretary shall file the Annual Returns online via BizFile+ using SingPass or CorpPass.
Alternatively, the company can engage the services of a registered filing agent, such as one of Singapore’s leading company registration and business specialist – Singapore Tax Accounting Services, to file the Annual Return on behalf of the company. Using providers with expertise and experience in accounting services will help you fulfil the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
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Accounting and Bookkeeping compliance requirements in Singapore
A company will need to carry out the following accounting and bookkeeping compliance requirements in Singapore:
- general bookkeeping
- maintenance of the general ledger, accounts payable ledger, and fixed assets ledger
- maintenance of accounts receivable
- bank reconciliation
- cash flow/budgeting
- financial statements and monthly reports monthly
- quarterly and annual reviews
- books clean-up
- management reporting and financial analysis
So in a nutshell, a Singapore-registered company needs to take care of the following:
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