• Under the Income Tax Act and the GST Act, businesses liable to pay Income Tax and GST are required to keep their records for at least five years for accounting periods ending on or after 01 Jan 2007.
• A company is required to hold its first AGM within 18 months after its incorporation and file the AR (Annual Return) by company secretary within 30 days after the AGM.
• Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.

Documents required for filing:

• Audited Reports or Unaudited Financial Statements
• Minute of AGM (Annual General Meeting)

Personal Income Tax 

Sole proprietor and partnership should submit their account under personal income tax (Form B & P).

Corporate Income Tax

• A company is required to file its Estimated Chargeable Income (ECI) 3 months from each financial year end.
• File the income tax form C-S/C by 30^th November each tax assessment year with their Audited Reports or unaudited Financial Statements.
  A company can be exempted from statutory audit if it is qualified as a small company:
  (a) it is a private company in the financial year; and
  (b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
  (i) total annual revenue ≤ $10m;
  (ii) total assets ≤ $10m;
  (iii) no. of employees ≤ 50.

Goods and Services Tax (GST)

Registration for GST is compulsory if:
a) turnover is more than $1 million for the past 12 months; or
b) you are currently making sales and you can reasonably expect the turnover to be more than $1 million for the next 12 months.

1. CPF Act

If you hire employees, you will need to make CPF contributions for them. This will help your employees meet their retirement, housing and healthcare needs. CPF Contribution must be made 14 days after the end of the month.

2. Employment Act:

• Employer must pay the exact salary of their employees within 7 days after the end of salary period. For overtime work, salary must be paid within 14 days after the end of the salary period.
• Itemise Payslip to be issued to employees

3. Inland Revenue Authority of Singapore (IRAS) – Auto-Inclusion Scheme (AIS)

From Year of Assessment (YA) 2018, participation in AIS is compulsory for employers with 9 or more employees or who have received the Notice to File Employment Income of Employees Electronically under the AIS

1. Personalised Employment Pass (PEP)

Foreign professional last 6 months fixed overseas monthly salary not less than $18,000 or an Employment Pass holder earning a fixed monthly salary of at least $12,000 eligible to apply.

The pass holder can stay in Singapore for a continuous period of up to 6 months without a job to search for new employment.

However PEP holder is not allowed to conduct any form of entrepreneurial activity.

Pass holder is eligible for Dependant’s Pass for their spouse and children under 21 years of age and Long Term Visit Pass for Parents.

2. Employment Pass/Employment Pass Under Sponsorship

From 1st September 2023, New Employment Pass candidates need to pass a 2-stage eligibility framework.

• Stage 1 – meet the Employment Pass qualify salary.  The Employment Pass allows foreign professionals, managers and executives to work in Singapore. Candidates need to earn at least $5,000 a month (increase progressively with age, up to $10,500 for candidate in mid-40s) or $5,500 a month in financial services sectors (increase progressively with age up to $11,500 for candidate in mid-40s)  and have acceptable qualifications with effect from 1st September 2022.
• Stage 2 – pass the Points-Based COMPASS.  With the implementation of COMPASS new verification proof is required.
• As part of the Fair Consideration Framework, Employer may be required to advertise your job opening on the Mycareersfuture web portal before you can submit an Employment Pass application. The advertisement must be open to Singaporeans and run for at least 14 consecutive days.
• From 1 January 2018, pass holders will need to meet a minimum salary criteria of $6,000 to eligible for a Dependant’s Pass for their spouse and children under 21 years of age, $12,000 to eligible for Long Term Visit Pass for Parents.

3. S Pass

• The S Pass allows mid-level skilled staff to work in Singapore. Candidates need to earn at least 3,000 a month (increase progressively with age, up to $4,500 for candidate in mid-40s) or $3,500 in financial sectors (increase progressively with age, up to $5,500 for candidate in mid-40s)  and have the relevant qualifications and work experience with effect from 1st September 2022.
• Employers are subject to a quota and levy for S Pass employees
• Employers must provide medical insurance for S Pass holders.
• As part of the Fair Consideration Framework, Employer may be required to advertise your job opening on the Mycareersfuture web portal before you can submit a SPass application. The advertisement must be open to Singaporeans and run for at least 14 consecutive days.
• From 1 January 2018, pass holders will need to meet a minimum salary criteria of $6,000 to eligible for a Dependant’s pass for their spouse and children under 21 years of age.

4. Letter of Consent

The Letter of Consent allows Long Term Visit Pass holders to work in Singapore.

5. Tax clearance for Foreign & SPR Employees (IR21)

When your non-Singapore Citizen employee (i.e. foreign or Singapore Permanent Resident employee) ceases employment with you in Singapore, goes on an overseas posting or plans to leave Singapore for more than three months, employer are required to seek tax clearance on behalf of employee. As an employer, you have the responsibility to file the Form IR21 and withhold all monies due to the employee for tax clearance purpose. This applies to all work pass holders including Personalised Employment Pass (PEP) holders.