Business management and maintenance
Wellstead Corporate Solutions offers a professional and experienced service that covers all areas of business management and maintenance.
No matter the size of your enterprise, our experts are perfectly placed to guide you through the intricacies of the regulatory, licensing and compliance protocols necessary for business activities in Singapore.
Business license services
Due to stringent regulations, many businesses may require a license or permit before commencing commercial activities in Singapore. Although the process of application has been significantly streamlined over the last few years, many businesses find it beneficial to outsource the process to a specialist organisation.
Wellstead Corporate Solutions offers such services, acting as an effective extension to your existing team in order to identify and obtain the requisite licenses and permits necessary for your business to begin trading. Indeed, our experts have the knowledge and experience to guide you through the process of registration, application and approval in an efficient and timely fashion.
Company Compliance requirements
There are a number of statutory requirements necessary to comply with business regulations in Singapore, these include:
- Registering a business address and setting appropriate opening hours
- Obtaining all relevant business licenses and permits
- Appointing an eligible local resident director
- Appointing auditors within the required time period
- The appointment of an appropriate company secretary
- Fixing a Financial Year End (FYE) to coincide, where appropriate, with any holding company’s FYE
- Goods and Services Tax (GST) registration and submission
- Implementing accounting processes and statutory record keeping protocols
- Undertaking director’s disclosures
- Timely notification of specified changes
- Compliance with all areas of the Singapore Companies Act
Wellstead Corporate Solutions offers all those services necessary to ensure that your business is fully compliant. Indeed, our team of experts are well-versed in the logistics of implementing compliance protocols in any and all areas relevant to your business activities.
Annual filing requirements
There are a number of annual filing requirements in Singapore, these include:
- Preparation and submission of financial accounts in compliance with the Financial Reporting Standards of Singapore
- Filing of Estimated Chargeable Income (ECI) through the timely submission of the relevant forms to the Inland Revenue Authority of Singapore (IRAS)
- Audit of financial accounts
- Undertaking an Annual General Meeting (AGM)
- Filing of Annual Returns with the Accounting and Corporate Regulatory Authority (ACRA) as well as all additional documentation
- Filing of Annual Tax Returns with IRAS
In Singapore, non-compliance is an offence that may result in fines and prosecution. Wellstead Corporate Solutions therefore offers all of the services necessary to ensure that all annual filing requirements are met in a timely and efficient manner.
Company secretary requirements
Every company in Singapore must appoint an appropriate company secretary within a strict time period. They are responsible for all company compliance, shareholder communication and registration, the payment of all dividends and the maintenance of all annual accounts.
Wellstead Corporate Solutions offers services that assist in determining the eligibility of any individual suggested for the position of company secretary, as well as any other area of nomination and registration in order that business compliance is maintained.