In Singapore, every company must have at least one resident director who is either a Singapore citizen, permanent resident, or an EntrePass or Employment Pass holder. This director must also not be disqualified from serving in the role.

If you're a foreigner without someone to act as your resident director, we offer a nominee director service.

After receiving the necessary documents, our team will promptly prepare the incorporation paperwork. The company will be officially registered within 1 to 2 business days.

No, physical presence is not required. All documentation can be signed digitally at your convenience.

A shareholder owns part of the company through shares, while a director manages daily operations and makes decisions within the guidelines of the Singapore Companies' Act and the company's Constitution.

Shareholders may appoint themselves as directors, but directors are not required to be shareholders.

Yes, Singapore allows 100% foreign shareholding for companies.

For Singapore citizens and permanent residents, provide a copy of your NRIC.

For EntrePass and Employment Pass holders, submit a copy of your pass and residential address proof from the last 3 months.

For foreigners, provide a copy of your passport and residential address proof from the last 3 months.

In Singapore, every company is required to have a local registered office address that is a physical location, not a Post Office Box (PO Box). The office must be open and accessible to the public for at least three hours during ordinary business hours on each business day.

If you lack a local address, Margin Wheeler offers a registered address service that includes mail receipt, notification of incoming mail, and mail opening and scanning.

Companies must appoint a Company Secretary within 6 months from the date of Incorporation. Failing to fill this role within the given timeframe can result in penalties of up to $1,000 for the Directors.

A Company Secretary oversees a company's administrative functions and ensures directors and shareholders are aware of their statutory obligations, including filing annual returns.

Responsibilities of a Company Secretary may vary based on the company's requirements and can include:

• Maintaining and updating the company's registers and minutes books

• Organizing and documenting directors' and shareholders' meetings

• Keeping directors informed of deadlines for annual returns and other ACRA filings

• Manage all corporate actions, such as changing a director or shareholder, transferring shares, and updating company details

• Notifying directors and shareholders about changes in corporate regulations

Most businesses in Singapore don't require a full-time company secretary. Outsourcing the role can help you save costs while ensuring that your secretarial duties are managed by experienced professionals. These experts assist with compliance and offer practical solutions to keep your business running smoothly.

Changing your company secretary is fast, simple, and hassle-free. We handle all paperwork and submissions to ACRA on your behalf and coordinate with your previous service provider to transfer secretarial records. No actions would be required on your end.

In Singapore, a nominee director is a resident director appointed to fulfill legal requirements for company incorporation. While they serve as the company's local representative, they do not take part in its operations or decision-making processes.

A nominee director in Singapore faces legal risks if the company or its other directors break the law. It's essential for the nominee director to closely monitor the company's activities to ensure compliance with regulatory requirements. Due to these liabilities, Margin Wheeler conducts a thorough KYC review before entering into a nominee director service agreement with clients.

A nominee director can serve as the sole director of a company. However, Margin Wheeler does not currently offer nominee director services to companies without an additional foreign or local director.

Company directors are legally responsible for complying with the Singapore Companies Act. Failure to meet statutory compliance requirements can lead to legal offences and potential prosecution.

A nominee director cannot manage or participate in company operations. They will not serve as a bank signatory for the corporate account or take an active role in the business. The nominee director's role is limited to being a named director to meet statutory requirements.

Singapore operates a single-tier, territorial-based corporate income tax system with a flat rate of 17% on chargeable income. Corporate income tax is assessed on a preceding-year basis. Chargeable income is the company's taxable income after deducting allowable expenses for a specific Year of Assessment (YA).

There are two mandatory corporate tax filings to IRAS each year:

Submission of Estimated Chargeable Income (ECI): This must be submitted to IRAS within three months of the company's financial year-end.

Submission of Form C/C-S: This should be completed by 30 November each year.

*Waivers for ECI and/or Form C/C-S submission may apply if specific qualifying conditions are met.

Estimated Chargeable Income (ECI) is the company's estimated taxable income for an accounting period, excluding tax-allowable expenses for the Year of Assessment (YA).

New start-up companies and established businesses can benefit from tax relief options that can significantly lower tax bills.

For qualifying new start-ups, there are tax exemptions available for the first 3 consecutive years of assessment (YA):

• 75% tax exemption on the first SGD $100,000 of normal chargeable income

• 50% tax exemption on the next SGD $100,000 of normal chargeable income

Your company is eligible for the tax exemption scheme for new companies for its first 3 consecutive YAs if it meets all the qualifying criteria.

Singapore has its accounting standards known as Singapore Financial Reporting Standards (SFRS), closely aligned with International Financial Reporting Standards (IFRS). SFRS is based on accrual accounting, which records transactions when they occur rather than when payments are made.

If you use outsourced accounting services in Singapore, they must adhere to SFRS requirements. This ensures accurate and compliant financial reporting for your business. Let us know if you need any help with accounting services that meet these standards.

The frequency of preparing your company's accounts depends on your preference and specific business needs. The company’s accounts can be done on a monthly, quarterly or annual basis.

However, if the company is GST-registered, the company’s accounts would have to be prepared minimally every quarter.

When you work with us, an experienced accountant will be dedicated to your company. Here's what they will do:

• Analyze Financial Records: Our accountant will review your company's financial data to ensure accuracy and compliance.

• Track Filing Deadlines: Stay on top of important dates with our support, ensuring you never miss a filing deadline.

• Propose Tax Exemptions: We identify possible tax exemptions and deductions to help you maximize savings.

• Generate Clear Reports: Get a comprehensive view of your tax status through detailed reports prepared by your accountant.

Our accounting services provide the insights and support you need for effective tax planning and financial management.

To produce accurate accounting statements, you need to stay current with the latest changes in Singapore's accounting laws. If you have the necessary skills and time, you may do so.

However, it's often better to leave accounting and auditing tasks to the experts. This allows you to focus on your business's core functions.

At Margin Wheeler, our team of professional accountants stays up to date with changing regulations. This commitment ensures your accounts meet all necessary standards and requirements.

Let us handle your accounting so you can focus on growing your business. Contact us to learn more about our services.

• Bank Statements with transaction details

• Sales Invoices (including unpaid) or Sales Reports (with details)

• Supplier Invoices (including unpaid) or Expenses Report (with details)

• Expenses & Receipts

• Cheque Stubs & Cash Deposit bank-in slips

• Payment & Petty Cash Vouchers

• Salary Vouchers and/or Payroll Summary (including casual labour & part-timers)

• CPF Statement / Foreign Worker Levy (If applicable)

• Hire Purchase Agreement / Tenancy Agreement (If Applicable)

• Subcontractor Listing / Commission Paid