It’s a common question – How long should we retain my company's business records? Inland Revenue Authority of Singapore ("IRAS") states that companies are required to keep proper records and accounts of business transactions.

IRAS has recently come out with a well-prepared video clip on the importance of record-keeping for self-employed persons such as insurance agent and real estate agent.

Although the Singapore Financial Reporting Standard for Small Entities has been available as a framework for the preparation and presentation of general purpose financial statements since 2011, its adoption by small entities has been negligible.

From 1 July 2015 onwards, the Companies Act (amendments) 2014 has eliminated the concept of exempt private company and the concept of small company is introduced for audit exemption. A company is defined as a small company if:

When registering a business with Accounting and Corporate Regulatory Authority (“ACRA”), business owners must provide a Singapore business address which is not a P.O. Box address.

An extraordinary general meeting (EGM) refers to any shareholder meeting called by a company other than it's scheduled annual meeting.

Under the Singapore Income Tax Act, a Singapore entity or individual making payment(s) of a specified nature to a non-resident company or individual (known as payee) is required to withhold a percentage of that payment.

As per the Singapore Company Act, a company incorporated in Singapore is required to have at least one resident director.