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This rule applies to private companies with FYE after 31-Aug-2018.
Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs if they send their financial statements to members within 5 months of the financial year end (FYE).
The company can file its Annual Return (AR) once the Financial Statements has been sent to all of the members of the company within 5 months of the financial year end (FYE).
- What would happen if any member or Auditor requests to hold AGM after filing AR?
- The company’s director must arrange for AGM within 14 days upon request by any member or Auditor.
- Then the company must notify the Registrar of the Notification of AGM Date within 14 days from the AGM date.
- In case company requires more time to prepare for AGM then can apply with the Registrar for extension of timing for holding AGM which is subject to fees and approval.
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Yes. Financial analysis helps businesses identify unnecessary expenses and improve efficiency.
Yes. Professional accounting ensures transparent financial statements for investors and stakeholders.
Yes, Achibiz provides corporate tax filing services.
Yes, Achibiz provides professional bookkeeping and accounting services.
Yes, companies can apply for voluntary GST registration.
Yes. You can change according to your requirements when applicable however you are required to notify the relevant authorities.
| FORM C-S | * Incorporated in Singapore * Annual Revenue of S$5 million or below * Only derives income taxable of the prevailing corporate tax rate of 17% * Not claiming any of the following in the YA: Carry back of Current Year Capital Allowances / Losses, Group Relief, Investment Allowance, Foreign Tax Credit and Tax Deducted at Source |
| FORM C-S (LITE) | * Annual Revenue of S$200,000 or below * Meets criteria to file using Form C-S * Simplified version of Form C-S * For small companies with straightforward tax matters |
| FORM C | * Annual Revenue of more than S$5 million * Does not meet criteria to file using Form C-S or Form C-S (Lite) |
Yes. GST registration is subject to meet out the criteria and if the LLP meets the criteria then it is allowed on the basis of combined turnover of all partnership businesses with the same composition (structure) of partners.
Cancellation of GST registration in Singapore / Applying for GST Cancellation: The person authorised to access myTax Portal to submit GST returns can log in to myTax Portal to apply for cancellation of GST registration online. IRAS usually takes 1 to 10 working days to process the online applications. ACHI BIZ can assist you for seamless cancellation of GST registration with IRAS.
Tax rate for companies in Singapore? Corporate tax for companies in Singapore? Singapore company tax rates? With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
The Corporate Income Tax rate in Singapore is a flat 17% on chargeable income.
This rate is administered by the Inland Revenue Authority of Singapore (IRAS). However, most companies do not pay the full 17% due to various tax exemptions and incentives.
New start-up companies may enjoy the Start-Up Tax Exemption (SUTE), while all qualifying companies can benefit from the Partial Tax Exemption (PTE) scheme, which reduces the effective tax rate—especially for SMEs.
In practice, the effective tax rate is often significantly lower than 17%, depending on the company’s profits and eligibility for exemptions.
1) Tax Exemption Scheme for New Start-Up Companies: |
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| Under the scheme, qualifying new companies are given the following tax exemption for the first three consecutive YAs (Year of Assessment) where the YA falls in | |
| Year of Assessment (YA) | Exemption on normal chargeable income |
| YA 2020 onwards | 75% exemption on the first $100,000 |
| YA 2010 to 2019 | Full exemption on the first $100,000 |
| A further 50% exemption on the next $200,000 | |
2) Partial Tax Exemption for all companies: |
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| All companies including companies limited by guarantee can enjoy the following tax exemption: | |
| Year of Assessment (YA) | Exemption on normal chargeable income |
| YA 2020 onwards | 75% exemption on the first $10,000 |
| A further 50% exemption on the next $190,000 | |
| YA 2010 to 2019 | 75% tax exemption on the first $10,000 |
| A further 50% exemption on the next $290,000 | |
Corporate income tax rebate in Singapore is given to all companies to ease business costs and support restructuring by companies and is applicable for YA (Year of Assessment) 2013 to YA 2019.
All companies will receive a corporate income tax rebate of the following:
| 20% corporate income tax rebate, capped at $10,000 for YA 2019; |
| 40% corporate income tax rebate, capped at $15,000 for YA 2018; |
| 50% corporate income tax rebate, capped at $25,000 for YA 2017; |
| 50% corporate income tax rebate, capped at $20,000 for YA 2016; and |
| 30% corporate income tax rebate, capped at $30,000 per YA for YA 2013 to YA 2015. |
| Note: Corporate income tax rebate is computed on the tax payable after deducting tax set-offs (e.g. foreign tax credit). |
No. You may wish to keep digitalised records including scanned copies.
Yes, qualifying startups enjoy tax exemption schemes.
Yes, all companies must maintain proper accounting records.
No. It is not a tax avoidance tool. Amount returned to shareholders may have tax implications depending on the structure. Professional tax advice is recommended where capital distribution is involved.
They prepare supporting documents and ensure tax filings are properly justified.
Accountants organise financial data and prepare profit and loss statements, balance sheets, and financial reports.
They help prepare GST filings, maintain transaction records, and ensure accurate tax reporting.
They provide financial forecasts and budgeting insights.
Financial reports help owners evaluate profitability, manage expenses, and plan growth strategies.
Achibiz offers bookkeeping, corporate secretarial services, tax filing, un-audited financial reporting, and regulatory compliance support.
Every company must always keep accounting as well as other records essential to explain their transactions as well as their financial position and to allow for a profit and loss account before preparing a balance sheet. These accounting records need to be kept for five years after completion of the essential operations or transactions.
Accounting records in Singapore must be kept for at least 5 years from the end of the financial year to which they relate.
This requirement applies to all companies, whether active or dormant, and the records can be kept in physical or electronic form.
Proper record retention is important for compliance with ACRA and IRAS, and for audit or tax purposes.
Keeping Records / Duration for Records and Accounts Keeping: GST-registered businesses must keep proper business and accounting records for a period of five years to support GST declarations.