Board Meetings and Board Resolutions
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新加坡福智霖提供的法定秘书和商务秘书服务内容是什么呢？
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Board Meetings and Board Resolutions
2020-03-20
新加坡福智霖提供的法定秘书和商务秘书服务内容是什么呢？
What is a business secretary？
2020-03-20

If a Singapore company decides to cease its business, it can apply to the Singapore Accounting and Enterprise Regulatory Authority (ACRA) to remove the company name from the company registration list, a process known as “Striking off.” Let ’s take a look at the whole process with Sister Zhilin!

First, the company should pay unpaid taxes;

To successfully apply to ACRA for the cancellation of a company, the company must not owe any tax taxes and liabilities to the Singapore Inland Revenue Department. Otherwise, the Inland Revenue Department will object to the company’s cancellation application. Therefore, the company must ensure that all outstanding tax obligations and liabilities have been settled or resolved before it can apply to ACRA to cancel the company.

Second, companies should ensure:

1. All outstanding income tax returns (Form CS or Form C) have been submitted. If the company needs to submit Form C, it must also submit financial accounts and tax calculations together;
2. All financial accounts and tax calculations submitted before the operation deadline;
3. All arrears or unpaid taxes have been resolved through the Inland Revenue Department; and4. Cancellation of GST registration and no GST payment in arrears.

Before applying to ACRA to write off the company, the company must submit arrears of income tax returns, financial accounts and tax calculations, along with a letter stating its decision to apply for cancellation of the company. For companies submitting Form CS, financial accounts and tax calculations need not be submitted with Form CS. However, the company should still prepare these documents and submit them at the request of the tax office.

 

The Singapore Revenue Authority (SRA) will usually endeavour to complete all assessments within one month after receiving the complete information. However, if the SRA requires companies with complex matters to provide further information or submit incomplete information, it may take up to 6 months to review the assessment.

How to check outstanding filing and tax liabilities?

Companies can check to see if there are any outstanding taxes and other tax issues: · The tax office website myTax Portal24-hour toll-free self-service
If the company has been dormant since the date of incorporation or since the submission of the final income tax return (Form CS or Form C), and the company has received unfinished income tax returns during its dormant time. In this case, the company can complete the application for exemption from filing income tax as a dormant company.

 

Before applying to ACRA to write off the company, all forms must be submitted to ACRA along with a letter stating the company’s decision to apply for cancellation. If the application for exemption from income tax is successful, the company does not need to submit an uncompleted income tax return.

 

For dormant companies

Companies need to note that the tax bureau will not show any tax clearance letter for the company applying for cancellation.

Companies can rely on the following documents from the Inland Revenue Department to determine that there are no outstanding or uncompleted tax matters and tax liabilities: · tax matters-the latest assessment notice; and· Tax liability-the latest statement of accounts.
Foreign company cancels Singapore company
As required by the Companies Act (Cap. 377 (1)), the Singapore branch of a foreign company is required to submit a notification to ACRA within 7 days of its suspension of operations. The Singapore branch should also notify the Singapore Taxation Office in writing at the same time as the ACRA in order to resolve the tax affairs and tax liabilities of the Singapore branch.Written notice to tax office includes

⊙Theme title is “Stop Business in Singapore”

Date of closure in Singapore

the name and contact information of the person in charge of the tax bureau who will contact the company on tax matters; and

All unfiled income tax returns, financial statements and tax calculations until the last day of business.

In general, the Singapore Revenue Authority (SRA) is committed to completing all assessments within one month of receiving the complete information. However, if the SRA needs further information from a branch that has a complex business or has not submitted complete information, it may take up to 6 months to review the assessment.

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Singapore FOZL Group Pte. Ltd.
, Singapore Accounting and Corporate Regulatory Authority licensed corporate advisory firm
registered Singapore company examined taxation
trademark registered corporate advisory services Offices
6 Raffles Quay, # 14-02, # 14-06, Singapore S04858