Singapore has earned the reputation of being a business-friendly nation. It is one of the least complex jurisdiction nations in Asia when it comes to accounting and tax. But still, doing business here is not without its challenges and one has to be compliant to the rules and regulations set up by the nation’s authorities.
The 3 common compliance challenges faced by companies in Singapore are:
Starting a Business
If you are not a native of the nation, keeping up with regulatory compliance in Singapore is not easy. All businesses that want to register in Singapore need to follow the procedure given by ACRA (Accounting and Corporate Regulatory Authority). Unless you have local help, there are chances that you might falter or the procedures may take long simply because you are not aware of the exact procedures.
Need a Director Who Resides Within the Country
The Companies Act states that any company that is registered in the country is required to have minimum of one director who resides there itself. It is his or her responsibility to make sure that an annual general meeting is held and also the tax returns are filed with ACRA. Failure to do so might result in summoning the director to the court on the grounds of being non-compliant.
The non-natives of the country who need to work there require a valid working pass. The various labour legislation imposed by the country’s Ministry of Manpower makes it difficult to obtain these visas as they get issued by assessing on a case-to-case basis. The individuals and the companies often find it difficult to get these visas unless they outsource their process to some compliance regulatory agency within the country.
Being compliant in Singapore requires a special skill set. If you rope in the services of a good agency, then you need not worry about it. This is because they are aware of all the existing and also the new rules and regulations coming up.