• What is the definition of a Dormant Company?

  The company is considered as dormant as long as the company meets all the criteria below. Dormant company according to IRAS A company that does not have any revenue or income during a given financial period is considered Dormant by IRAS even though it may have booked or incurred expenses. Dormant company according to ACRA ACRA defines a company as dormant during a period in which no accounting transaction occurs. Transactions that will not affect the dormant status of theFew readers

• What are the Annual Compliance Obligations to ACRA & IRAS

  • Estimated Chargeable Income (ECI) – within 3 months from finanical year end • Annual General Meeting (AGM) – by the 6th month from finanical year end • Submission of Annual Return (AR) – by the 7th month from finanical year end • Corporate Income Tax Return (Form C-S/ C) – by 30th November of the preceding yearFew readers

• What needs to be prepared to meet the statutory requirements from ACRA & IRAS

  The following needs to be prepared: Preparation of Management Accounts Trial Balance Balance Sheet Profit & Loss Detailed General Ledger Listing Filing of Estimated Chargeable Income (ECI) Preparation of Tax Computation Preparation of Financial Statements in accordance to the Singapore Financial Reporting Standards Annual General Meeting (AGM) FilinFew readers