Local Resident Director
All companies require at least 1 local resident director who can be a Singapore citizen, a Singapore Permanent Resident or a person who holds an Employment Pass or EntrePass.
All companies require to appoint a Singapore Resident as their Company Secretary within 6 months from incorporation to manage the Company’s statutory matters such as maintaining of statutory register, constitution documents and filing of Company’s annual accounts.
Annual General Meeting (“AGM”)
All newly incorporated companies are required to hold its AGM 18 months from the date of its incorporation.
Thereafter, a Company should hold its AGM either once every calendar year or 15 months from the date of its last AGM, whichever is earliest.
All companies are required to file its Annual Returns to ACRA within 1 month from the date of AGM.
XBRL Financial Statements Submission
All companies, except for Solvent Exempt Private Companies) are required to prepare and submit to ACRA its financial statements in full XBRL (eXtensible business reporting language) format.
All companies are required to appoint a Company Auditor within 3 months from the date of its incorporation, unless it is qualifies as small Company and exempted from audit requirements.
Small Company Concept
A Company is regarded as a small Company if they are a private Company and fulfil 2 out of 3 criteria for immediate past 2 consecutive financial years:
- Total annual revenue is not more than $10m
- Total assets is not more than $10m
- No. of employees is not more than 50