Frequently Asked Questions : Annual Compliance

What compliance requirements do the Inland Revenue Authority of Singapore (IRAS) have?

These are the requirements you need to meet to comply with the Inland Revenue Authority of Singapore (IRAS): The Estimated Chargeable Income (ECI)

Non-compliance with Inland Revenue Authority of Singapore (IRAS) requirements will incur a penalty and/or court prosecution.

Number of Directors The minimum number of directors required to incorporate a company in Singapore is one. Maximum number of directors is normally

You will need to declare the company's estimated turnover and this excludes items like capital gains on disposal of fixed assets, in your company's

If you were to close your Financial period within 12 months, you will enjoy the full S$100,000 tax exemption for exempt companies.

The directors' duties, responsibilities, and liabilities specified in the Act as well as under the common law where applicable include the following

Directors have a fiduciary duty to their company whereby they must be loyal to the company and must act honestly and in good faith when exercising

A director who is subject to an automatic disqualification or a disqualification order under sections 34, 35, or 36 of the Limited Liability

Any person(s) who are willing to act as a director and provide advice on behalf of a company in Singapore, are obliged to abide by Singapore's

Section 145 (2) of the Singapore Company's Act (Cap. 50) states that any person above the age of 18 years may be appointed as a director. However,

We have provided an indicative list below. For further details, please feel free to contact us. For running an establishment like a club or

There are 3 main types of licenses that are applicable for a Singapore company: Compulsory Licences Certain businesses require licenses