Renewal of Singaporean subsidiary licence by commodities trading Client

Background

Healy Consultants Group was engaged by an existing client to assist them with their Singaporean subsidiary annual renewal process (click link). The client settled the 2021 renewal fee by way of an instalment plan. The final instalment was settled in May 2021.

This renewal fee includes the services for i) annual nominee director service, ii) annual return filing on ACRA, iii) annual company secretary service and iv) annual corporate income tax filing with IRAS.

Engagement planning

• Healy Consultants Group emailed our client an engagement summary, outlining i) documents required to move forward, ii) the weekly and monthly deliverables and iii) timeline to complete the engagement.
• A Singaporean subsidiary is required to file i) Estimated Chargeable Income (click link) and ii) Form C/C-S (click link) with IRAS and iii) Annual Return (click link) with ACRA.
• The engagement summary helps our Client to plan and prepare the necessary documents to complete the annual filings in a timely manner.
• The financial year-end of the Singaporean subsidiary is 31 December. Therefore, the company has to meet the following deadlines:
  

  Filings	Due date
  Estimated Chargeable Income	31 March
  Hold Annual General Meeting	30 June
  Annual Return	31 July
  Form C/C-s	30 November

Accounting and tax obligations

• Once Healy Consultants Group receives the signed financial statement, our team start preparing the draft Estimated Chargeable Income (ECI) for management review.
• The ECI was prepared based on the financial statements supplied by the client.
• Immediately after securing management’s approval, our team lodged the ECI with IRAS.
• Thereafter, our team prepared the i) annual general meeting minutes and ii) director’s resolution for client’s review and signature
• After securing the client’s signature, our team completed the annual return filings with ACRA.
• Following that, our team prepared the draft Form C/C-s based on the financial statements sent by the client.
• To file an accurate return, our team have requested the client to supply more clarification on the expenses and a number of other transactions.
• The subsidiary receives income within Singapore, therefore all the income is taxable.
• Our team sent the draft Form C-s to the client for their review and approval.
• Once the client approves the filing, our team lodged the same with IRAS.
• Thereafter Healy Consultants Group sent the acknowledgement of the filing to the client for their reference.
• After a few weeks, IRAS issued the Notice of Assessment for the YA 2021.
• Immediately, our team forwarded the NOA and payment details and advised the client to settle the tax payables to IRAS before the deadline.
• Our team sent a reminder to the client on the tax payables to ensure payment was made within the timeframe.

Engagement completion

• Once all of the above was completed, Healy Consultants accounting team sent a summary of obligation to the client, including the i) financial statements, ii) signed AGM documents, iii) acknowledgement of annual return and Form C-s filing, iv) NOA and v) renewal paid invoice.
• Thereafter, our IT department collected a professional reference from the client.