Singaporean company annual renewal in 2024

Since 2003, Healy Consultants assists multi-national Clients’ to timely, accurately, and completely discharge their Singaporean annual legal, accounting, audit and tax obligations.

Our in-house Accounting and Tax Department help our Clients’ i) to legally minimise corporation tax and ii) preparing financial statements and and iii) securing exemptions from independent statutory annual audit and iv) communicating with with IRAS and ACRA including project managing tax audit and v) e-filing of the legal annual return and corporation tax return vi) quarterly book-keeping support and vii) company secretary and legal registered office address services and viii) company deregistration (if required)

• Singaporean offshore company renewal

  Annually, Healy Consultants Group assists our multi-national Clients’ with:

  • Communicating with IRAS to secure exemption from Singaporean corporation and withholding tax;
  • Communicating with ACRA to secure exemption from Annual General Meeting (AGM) statutory obligations;
  • Securing exemption from independent statutory annual audit;
  • Securing exemption from GST registration and quarterly reporting;
  • E-filing of the legal annual return and corporation tax return;
  • Monthly and quarterly and annual book-keeping, to minimize inconvenience to our Client;
  • Online filing of quality financial statements and corporation tax return;
  • Close down a company (if required);

• Singaporean tax resident company renewal

  Annually for Singaporean onshore companies, Healy Consultants Group assists our multi-national Clients’ with:

  • To prepare and submit an Estimated Chargeable Income statutory report with IRAS;
  • Our accounting team will assist you with government reporting obligations including GST and payroll;
  • Application for Government incentives;
  • Communicating with IRAS to legally minimise Singaporean corporation tax, including tax exemptions;
  • Communicating with ACRA to secure exemption from AGM statutory obligation;
  • Securing exemption from independent statutory annual audit;
  • Monthly and quarterly and annual book-keeping, to minimize inconvenience to our Client;
  • Online filing of quality financial statements and corporation tax return;
  • Supervise the timely completion of an independent statutory annual audit (if required);
  • Access to double tax treaty benefits and legally minimising withholding tax;
  • International transfer pricing;

• The annual renewal process

  To keep Singaporean annual accounting and tax obligations simple, we encourage our multi-national Clients’ to choose an accounting year end of 31 December. Annually thereafter:

  • Each January, our Staff ask our Client for an accurate and complete trial balance and general ledger. To help with this task, some of our Clients’ ask Healy Consultants Group to complete book-keeping on their behalf;
  • Following receipt of a trial balance, our in-house Accounting and Tax Department will prepare draft financial statements for our Client review and approval;
  • Our Client and Staff work together to ensure the financial statements comprise transparent notes that explain the business activity of the Singaporean LLC, especially relating to annual corporation tax. IRAS and ACRA appreciate the receipt of quality financial statements, thus minimizing the probability of a tax audit;
  • Each February and for tax resident companies only, our in-house Accounting and Tax Department must submit to IRAS the Estimated Chargeable Income (ECI) report;
  • By 1 march of each year, our Client signs the financial statements and corporation tax return;
  • Within a month thereafter, our in-house Accounting and Tax Department submit the legal annual return (click link) to ACRA;
  • Before 30 August each year, Healy Consultants Group our in-house Accounting and Tax Department submits the corporation tax return to IRAS;

• Other relevant information

  1. Your company does not need to file ECI in any Year of Assessment (YA) when both the following criteria are met:
     • Annual revenue is SG$5 million or below for the financial year; and
     • ECI is nil for the YA. The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies;
  2. Your company is taxed on the income earned in the preceding financial year. This means that income earned in the financial year 2020 will be taxed in 2021. In tax terms, 2021 is the Year of Assessment (YA), as it is the year in which your company’s income is assessed to tax.
  3. To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the ‘basis period’. The basis period is generally a 12-month period preceding the YA.
  4. Dormant and small companies are exempt from an independent statutory annual audit if they fulfil the following conditions:
     • They are private company (owned by 50 members or less) for the financial year.
     • They meet at least two of the following three quantitative criteria for the immediate past two financial years:
       • Total revenue not more than SG$10 million;
       • Total assets not more than SG$10 million;
       • Total number of employees not more than 50.
  5. Late filing penalty for a Singapore company is SG$300. For the subsequent 3 months, the late penalty doubles to SG$600;

• Estimate of annual renewal fees

  To help our multi-national Clients’ budget annual company renewal fees for both active and dormant Singaporean companies, Healy Consultants Group fees include:

  Some annual professional services required	Fees (US$)
  Active company accounting and tax	2,700
  Dormant Company accounting and tax	950
  Company secretary and legal registered office	1,200
  Singapore company renewal fees	600
  Accounting and tax and audit	7,950
  Singaporean company deregistration	1,450
  Singaporean tax audit services	3,450
  Singaporean resident director fees	3,900
  Singaporean virtual office services	1,200

• Conclusion

  To timely accurately and completely discharge your Singaporean company legal, accounting, audit and tax obligations, communicate with Healy Consultants Group through the contact details below.