Renewal completed for active Singapore company
Since 2003, Healy Consultants Group assists Clients with the annual renewal of their Singapore companies, including i) renewal of company secretary and legal registered office services ii) renewal of nominee resident director services and iii) accounting and tax obligations. In this case, our Client engaged us for annual renewal of their Singapore company, and settled the renewal fees in April 2021.
- Once the Client had settled the renewal fees, our Group Financial Controller Ms. Sharon emailed our Client with an updated paid invoice as proof that the renewal fees had been paid, and confirmation that our in-house Accounting and Tax Department (ATD) had started the engagement.
- I was assigned to assist our Client to complete their Singapore entity’s renewal and accounting and tax obligations. I sent my Client an initial e-mail with i) an overview of the engagement project plan ii) key milestones for the renewal engagement and iii) important government deadlines related to company renewal and iv) accounting and tax obligations for the financial year ended 31 May 2021 as below:
Filings Due dates Annual General Meeting 30 November 2021 Annual Returns 31 December 2021 Corporate Tax Returns 30 November 2022 Estimated Chargeable Income 31 August 2021
- To enable me to prepare the financial report and tax computation, I asked the Client to provide us with the i) trial balance ii) bank statements and iii) supporting documents such as invoices and service agreements.
Accounting and tax obligations
- Upon receiving the deliverables from our Client, I prepared and sent the draft financial report and tax computation for our Client’s review and approval after both had been approved by our Accounting and Tax Department Director Mr. Nik and our Business Owner Mr. Aidan.
- After securing approval and the Client’s signature on the financial report, I submitted the legal annual return filings with the Accounting and Corporate Regulatory Authority ACRA) in Singapore.
- I informed the Client that we could submit the corporate tax return to the Inland Revenue Authority of Singapore (IRAS) tax portal in April 2022.
- Thereafter, our Client reverted to us with a request for an amendment on the financial report due to outstanding invoices which had been incorrectly summed during the financial year. This resulted in overstatement of the i) revenue, ii) receivables, and iii) cost of sales amount on the previous financial report.
- Healy Consultants Group charged our Client an additional service fee to prepare a revised financial statement and to submit a Notice of Error to ACRA.
- Once our Client had settled our additional fees, I engaged a third-party auditor to assist us with i) the preparation of the revised financial statements ii) filed the financial statements in XBRL format and iii) the submission of the Notice of Error to ACRA to rectify the errors contains on the previously submitted report.
- Upon completion of the above, I sent our Client a confirmation of engagement completion together with a summary of obligations, which includes proof of statutory filings for our Client’s records.
- Healy Consultant’s Business Website Department then requested a professional reference from our Client.