1. Preparation of the FRS report for Form C filing.

2. Preparation and submission of the tax computation and schedules.

3. Preparation and submission of Form C.

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

Your workflow for incorporating a Company in Singapore.

FIRST PHASE

1. Engage a professional firm to assist you in the following matters:

a. Company name registration with ACRA
b. Registration of shareholders (100% foreign ownership is allowed)
c. Appointment of at least 1 resident director
d. Appointment of foreign director/s.
e. Appointment of a local resident Corporate secretary
f. Issue paid up share capital (minimum S$1)
g. Register a registered address in Singapore.
h. Lodge the M&A (Memorandum and articles of association) with ACRA.

2. If you plan to relocate to Singapore or relocate your management staff, you would need to apply for work visas.

3. Open a corporate bank account.

2ND Phase

1. If your company has shareholders who are not individuals, an Auditor must be appointed.

2. If the shareholders are individuals and total annual revenue is less than S$5M/-, there is no need for an appointment of an auditor.

3. You would need a tax agent and a professional to compile and file the FRS annual report/Form C/ECI to the IRAS.

4. If you plan to import and export goods to / from Singapore, you may require GST registration. (Goods & services tax – 7%)

3RD Phase

1. You may need to appoint accountants/bookkeepers familiar with local tax/accounting laws to prepare your accounts.

2. You may need to engage a service provider to perform administration services.

4TH Phase

Annual reporting for ACRA and IRAS
- Audited/Unaudited financial reports (According to FRS standards)
- Corporate tax – Estimated chargeable income (3 months from year end)
- Corporate tax (Due on 30 Nov every year)
a. The FRS
b. Form C
c. Corporate tax computation and schedules

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

Setting up a Representative Office (RO) in Singapore is a good way for foreign businesses to explore business opportunities in Singapore or the region.

To set up, you need to register with International Enterprise (IE) Singapore.

The Rep office can only carry out the following activities:

market research
feasibility studies
liaison work on behalf of parent company

The rep office must not conduct any of the following activities (directly or on behalf of the parent company):

trade in goods/services (including import or export)
lease warehousing facilities
lease office(s) to other establishments for a fee
enter into business contracts
issue invoices/receipts
open/receive letters of credit
provide services for fees

If you wish to ship, tranship or store goods in Singapore, you should get your parent company to appoint a local agent or distributor. You cannot use your representative office to carry out these activities.

If you wish to carry on operations in Singapore, you should register a branch office or incorporate a company with ACRA.

Why Register a Representative Office?

Singapore has today established itself as a reputable financial and regional trading centre. It is the world’s busiest port and a top location for investments in the Asia Pacific region. Factors such as strategic location, a competitive workforce, pro-business environment and forward looking economic policies have enabled Singapore to be the world’s gateway to Asia.

Foreign companies that are keen on exploring the viability of doing business in Singapore, or are interested in using Singapore as a launch pad into the Asia Pacific, may wish to set up a Representative Office (RO). An RO has the benefit of allowing a foreign company to test out the business environment in Singapore before committing to any investment decisions.

Taxation
A representative office which is set up in Singapore is not taxable if it has been granted approval from IE Singapore (previously known as TDB). If the representative office have not been granted approval, please furnish the following information if you have not previously provided.

a detailed description of the activities carried on by the Singapore office

b date on which the company commenced its activities in Singapore

c name, address and designation of each employee of the Singapore office and the description of the duties performed by each of them

d audited accounts of the Singapore operations for each year from the date of commencement .

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

You will need to hire a professional firm to register on your behalf.

An extract from the Authorities:

Is there any requirement to register a Foreign Company?
The Companies Act requires a foreign company to appoint two local agents from Singapore to act on behalf of the company.

The agents must be “ordinarily resident” (the usual place of stay of a person) in Singapore.

For ACRA’s purposes, if a person can provide a local residential address and prove that he is staying in Singapore on a long-term arrangement (i.e. legally remain in Singapore for a long period), ACRA may accept that he is an ordinarily resident here.

Registration fees
Name Approval Fee S$15
Registration Fee for Foreign Company with share capital S$300
Registration Fee for Foreign Company without share capital S$1,200

Processing Time
A foreign company is usually incorporated within 15 minutes after the registration fee is paid.

However, it may take between 14 days to 2 months if the application needs to be referred to other authorities for approval or review.

For example, if the intention of the foreign company is to carry out activities involving the setting up of a private school, the application will be referred to the Ministry of Education.

Further Requirements
The name must match that of the parent company.

It must appoint two staff members who can be Singapore residents or foreign individuals, to act as agents to support the business administration of the Branch Office.

It is an extension of the foreign parent company; therefore it does not have a separate legal identity.

The foreign parent company is liable for the acts, losses and debts of its branch office.

Foreign staff relocating to Singapore to be the agents must obtain an Employment Pass.

The constitution of the company and its activities are directed by the foreign parent company’s Memorandum and Articles of Association.

Must have a registered office address in Singapore

Documents for filing:
A certified copy of its certificate of incorporation in the foreign country;

A certified copy of the instrument defining its constitution;

A list of directors with their particulars;

If any of the directors are resident in Singapore and are members of the local board of directors, a memorandum stating the powers of the local directors;

A memorandum of appointment or power of attorney of two or more local agents authorised to accept notices served on the branch on its behalf. The local agents must be natural persons resident in (not necessarily citizens of) Singapore;

A statutory declaration in prescribed form made by the agent confirming particulars of the branch; and

A notice of location of its registered office in Singapore.

If the original documents of the foreign corporation are not in English, certified translated copies in English must be filed with the ROC.

Taxation
A branch is liable to tax in Singapore at the prevailing corporate tax rate in respect of the gains or profits attributable to that part of its operations carried on in Singapore.

A Singapore Branch Office is considered a non-resident company for tax purposes. Non-resident companies are not eligible for tax incentives for new start up or resident companies; and therefore most foreign companies prefer to set up a Subsidiary Company rather than a Branch Office.

Pros of setting up a branch office
Establish the Company’s brand name in Singapore

Establish direct contact with local agents and distributors

Cons of setting up a branch office
Almost zero tax advantage as it is considered a non-tax resident

It is NOT a separate legal entity from its parent and therefore, the parent is liable for everything.

The foreign parent company is required to submit annual report and audited accounts within two months of the Branch Office’s annual general meeting.

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

You can set up the following:

Branch office

Representative office

Company

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

CEO: Dr. Jaya Anand
Contact: 6252 3972
Email: info@laurus.com.sg

Specialises in: International Standards – ISO9001:2000 / 14000 / 17025 / HACCP

Laurus Management Pte Ltd has an impressive list of clients, you know your ISO requirements are well taken care of by Dr. Jaya and his team.

Clients

International Safety Management (ISM) for Shipping Companies and Ships

* KS Oil Trading Pte Ltd
* MV Sammi Frontier
* KS Oil Ltd Seoul, Korea
* MV Leopard I
* Land Oil Trading Pte Ltd
* MT Bonvoy 3 & 8
* MT Doha Sun
* Sea Sources Pte Ltd
* MT Endurance I
* Marine & Environmental Services Pte Ltd
* MT Pacifica I
* Meridian Bunkering & Petroleum Services Pte Ltd
* MT Adolphus
* HBM Group Ltd, Doha, Qatar

ISO (International Organization for Standardization) 9002:1994

* KS Oil Trading Pte Ltd (Shipping)
* Land-Oil Trading Pte Ltd (Shipping)
* Sea Sources Pte Ltd (Shipping)
* Global Link Shipping Ltd, Hong Kong (Shipping)
* Marine & Environmental Services Pte Ltd (Shipping)
* SM Petroleum Pte Ltd (Shipping)
* HBM Group Ltd Doha, Qatar (Shipping)
* T.A. Asia Logistics Pte Ltd (Chemical Tank Cleaning)
* Chemic Industries Pte Ltd (Industrial Chemical Cleaning)
* Aquatechnic Pte Ltd (Aquarium Design and Custom Build)
* Singapore Recycle Centre Pte Ltd (Paper Recycling)
* Prosec Services Pte Ltd (Security Services)

ISO (International Organization for Standardization) 9001:2000

* Scaffold Master Pte Ltd (Scaffolding)
* CCZ International Pte Ltd (Supply of Architectural Hardware)
* Tai Hing Pte Ltd (Paper Recycling)
* ST Music World Pte Ltd (Audio Product Sales and Export)
* Bugis Street Development Pte Ltd (Property Management)
* Chen Brothers Engineering Pte Ltd (Marine Engineering)
* PMC School of Logistics Pte Ltd (Education)
* Global Infotech Pte Ltd (IT Manpower Supply)
* Simha Security & Management Services Pte Ltd (Security Agency)
* Westpoint Protective Security & Investigation Pte Ltd (Security Agency)
* LTC Coating (S) Pte Ltd (Construction)
* Swissteo Music International Pte Ltd (CD Production)
* Winzone International Private Limited (Construction)
* Bestzone Marketing & Enterprise Private Limited (Distribution of Building Prods.)
* Triple _S?Protection Pte Ltd (Security Agency)
* DG Consulting Engineer
* PTS Technologies Pte Ltd
* Esco Micro Pte Ltd
* Austrich (S) Pte Ltd
* Civic Engineering Pte Ltd
* Aware Security Consultants (Security Agency)
* Vigilantech Security Management Pte Ltd (Security Agency)

ISO 14001

* Adcomat (S) Pte Ltd (incl. ISO 9001:2000)
* Chee Teck Paper Industry (incl. ISO 9001:2000)
* Heleflo Products Pte Ltd

ISO 17025:1999

* Pile Dynamics Testing Pte Ltd
* Poh Cheong Concrete Product Pte Ltd
* E-cube Pte Ltd

HACCP

* TopChoice Food Industries (S) Pte Ltd (incl. ISO 9001:2000)
* Jia Jia Wang Trading (incl. ISO 9001:2000)
* Wang Foong Foodstuff Suppliers Pte Ltd
* Champion Beanfood Manufacturer (S) Pte Ltd (incl. ISO 9001:2000)
* Singapore Dairy Products Pte Ltd
* Palmaju Edible Oil Sdn. Bhd.
* Awee Aik Food Manufactory.
* Eng Huat Foodstuffs Manufacturer (incl. ISO 9001:2000)

Cost of Quality

* Aquatechnic Pte Ltd
* Chem-Solv Technology Pte Ltd
* Scaffold Master Pte Ltd
* CCZ International Pte Ltd
* Singapore Recycle Centre Pte Ltd
* Tai Hing Pte Ltd
* Prosec Services Pte Ltd
* ST Music World Pte Ltd

Business Planning

* Omnix International Pte Ltd (Food & Beverage)
* The Spice Route Pte Ltd (Food & Beverage)
* Meritus Designs & Innovations Pte Ltd (Interior Design)
* D’Emil Interiors Pte Ltd (Interior Design)
* Clini7 Pte Ltd (Skincare)
* ST Music World (CD Distribution)

QMBS

* Ignition Point Pte Ltd (incl. ISO 9001:2000)
* Sinanju Marine Services Pte Ltd
* Sirius Marine Pte Ltd (inc. ISO 9001:2000)
* Pegasus Maritime (Singapore) Pte Ltd (ISO 9001:2000, QMBS)
* Marubeni International Petroleum (S) Pte Ltd (QMBS)
* Bomin Bunker Oil Pte Ltd (QMBS)
* Wired Bunkering Pte Ltd (QMBS)
* Chemoil Interntional Pte Ltd (QMBS)
* Lungshan Petroleum (S) Pte Ltd (ISO 9001:2000, QMBS)
* Northwest Resources Pte Ltd (ISO 9001:2000, QMBS)
* Costank (S) Pte Ltd (ISO 9001:2000, QMBS)
* Fratelli Cosulich Bunkers(S) Pte Ltd (QMBS)
* The Barrel Oil Pte Ltd (QMBS)
* Cathay Marine Fuel Oil Trading Pte Ltd (QMBS)
* Eng Hua Company Pte Ltd (QMBS)
* Golden Lights HS Bunkering Pte Ltd (ISO 9001:2000, QMBS)
* Lukoil Asia Pacific Pte Ltd (QMBS)

You are a Private Exempt Company (“EPC”), which means there are no corporate shareholder in the company and the number of shareholders in the company is not more than 20.

Your company’s annual revenue does not exceed $5 million for financial years starting on and after 1 June 2004

No request for audit by shareholders who represent 5% or more of a company’s ordinary shares, or

No request for audit by banks or other creditors/financial Companies

A Company that is exempt from audit and filing requirement is still required to prepare a full set of financial statements including explanatory notes and must accompanied by the Directors’ Report and the Statement by Directors, and must be prepared in compliance with the Financial Reporting Standards (“FRS”).

It is a must to include the FRS report with your Form C filing.

Our fees start from S$150*

* See our fee structure

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

Our S$515 start-up bundle includes the following:
• ACRA incorporation fee S$315
• Memorandum & Articles of Association (2 copies)
• Share Certificates
• Minutes and Share Register File (Company Kit)
• secretary of your company

Call us today at 62561788

It is by law that all private limited companies are required to file an AGM with ACRA each year even if they don’t really have one.

We provide a low cost secretarial service package to handle the necessary basic secretarial matter as follows:

* consultation on company secretarial matter
* prepare director resolution to approve accounts
* Prepare shareholders’ resolution for AGM
* Maintain statutory book of the company
* Maintain company registers
* Striking off company and liquidation

For a fixed fee of $300/year, we will help you file the following documents with ACRA every year.

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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services

Affordable pricing, timely reporting and knowledgeable staff doing your accounting work!

We provide a full range of accounting services.

Full sets of accounts
- Monthly
- Quarterly
- Half yearly
- Yearly

DIY Accounting
Checking of your YOUR accounts prepared by your own bookkeepers or yourself

GST reporting
We provide GST reporting based on your submission schedule
- Monthly
- Quarterly
- Half yearly

Payroll services
We will tabulate the salaries, CPF and other payments to your staff.