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Tel：+86 400 118 5939Due to its stable economic growth rate, favorable tax policies, and top-notch talent, Singapore has become the most popular international city for investors from around the world. More and more Chinese people are registering companies in Singapore as a powerful springboard for domestic enterprises to go global. After the establishment of a Singapore company, maintenance is necessary to maintain the normal operation of the company, which includes an annual company audit. Many companies in Chinese Mainland do not know much about the provisions of the annual review of Singapore companies. Today, let's take a look at the process of the annual review of Singapore companies and the possible costs involved.
According to the Singapore Companies Act, the first general meeting of shareholders must be held within 18 months after the company is registered, and a general meeting of shareholders must be held in each subsequent calendar year, not exceeding 15 months. Within one month after the shareholders' meeting, an annual application, i.e. annual review, must be submitted to the Commercial Registration Bureau. Overall, the annual audit process for Singaporean companies includes the following aspects:
1. Preparation of company accounting documents and issuance of financial reports
The specific documents required for the annual audit of a Singapore company are as follows:
(1) One copy of the company's establishment document;
(2) Company expense statement;
(3) Company income statement;
(4) Cash statement;
(5) Bank monthly statement;
(6) Annual statement of employee salary.
2. The annual shareholders' meeting of the company is held
The shareholders' meeting of the company shall review and confirm the materials compiled above.
3. Report to the Business Registration Bureau within one month of the company's shareholders' meeting
Submit the annual audit documents confirmed by the company's shareholders' meeting to the Singapore Business Registry.
Because the annual audit of Singaporean companies has a certain level of professionalism, if Singaporean companies are not familiar with the relevant process regulations, it is easy to make mistakes and cause unnecessary trouble. Therefore, many Singaporean company annual audits are handled by secretarial agencies, which will also incur certain costs. The cost of this part is determined by the workload. If a Singaporean company operates on a large scale and involves a large amount of expenditure documents and bank statements, the fees will naturally be higher. Specific details need to be communicated and clarified with the secretarial service company.
Finally, it is important to recognize that Singaporean companies may face fines if they fail to undergo annual audits on time. In severe cases, the board of directors may receive legal subpoenas, be sued, or blacklisted, which can have a serious impact on personal reputation and prevent them from continuing their duties as directors in Singapore. Therefore, do not ignore the annual audit of Singaporean companies. If you accidentally exceed the deadline, be sure to make up for it in a timely manner to avoid any negative impact on the company.
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