INLAND REVENUE AUTHORITY OF SINGAPORE

SINGAPORE COMPANIES ACT

Directors to Comply with Singapore Companies Act

posted 14 July 2016

  • (Section 205B/205C) Every company shall appoint an auditor within 3 months from the date of its incorporation, unless it is exempted from audit requirements.

  • (Section 171 under the Companies Act) Every company must appoint a Company Secretary within 6 months from the date of incorporation.

  • (Section 175 under the Companies Act) The Directors of a newly incorporated company must hold its first Annual General Meeting within 18 months from date of incorporation.

  • (Section 201 under the Companies Act) Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.

  • (Section 197 under the Companies Act) The Directors of the company are to ensure Annual Returns must be filed with the Registrar within 1 month after AGM

  Important Note:

 

  • Inactive/Dormant Companies are still required to submit the Annual Return filing. Director who breaches his statutory duties under the Companies Act commits an offence and may suffer a penalty of up to S$700 per director

  • Penalties for other Late Lodgments of up to S$350

MINISTRY OF MANPOWER

Amendments to the Employment Act

(posted 1 April 2016)

From 1 April 2016, all employers will be required to issue itemised payslips and key employment terms (KETs) to employees covered under the Employment Act. There will also be a new framework to treat less severe breaches of the Employment Act Read more...