A guide for commodity, import-export and trading businesses using Singapore companies, covering invoicing, GST, bookkeeping, contracts and tax documentation.
A guide for commodity, import-export and trading businesses using Singapore companies, covering invoicing, GST, bookkeeping, contracts and tax documentation.
| Quick point | Practical meaning |
|---|---|
| Best for | Business owners, foreign founders, directors and finance teams who need a clear operational checklist instead of generic definitions. |
| Typical risk | Missing deadlines, inconsistent ACRA/IRAS records, weak supporting documents, or relying on informal instructions instead of signed records. |
| ProSec approach | Start with the company profile, then align statutory records, accounting records, tax timeline and practical business needs. |
GST issues usually become urgent when a company is growing quickly, signing larger contracts, importing/exporting, or when customers start asking whether tax invoices can be issued. For a Singapore company, compliance is not just an annual form. It affects bank account opening, shareholder confidence, tax filing, due diligence, audit readiness and the ability to make future changes smoothly.
Many business owners only discover a problem when a bank asks for updated registers, when ACRA reminders become overdue, when IRAS issues an estimated assessment, or when a shareholder transaction needs urgent documentation. A better approach is to treat compliance as a simple operating rhythm: keep records current, file on time, and document decisions properly.
A business must register for GST if taxable turnover exceeds S$1 million under the retrospective view or is expected to exceed S$1 million in the next 12 months under the prospective view.
GST-registered businesses must keep proper business and accounting records for at least five years to support GST declarations.
Business records should be kept for five years and supported by invoices, receipts, vouchers and other relevant documents.
Singapore companies must file the relevant corporate income tax return by 30 November each year and prepare financial statements, tax computation and supporting schedules before filing.
Identify whether the matter affects ACRA filings, IRAS tax returns, GST, company registers, board approval, shareholder approval or banking records.
Before taking action, compare the business profile, constitution, registers, accounting records and prior filings. Many delays come from inconsistent records.
Collect signed documents, invoices, bank statements, schedules, identification documents and supporting correspondence before filing or advising.
Submit the necessary filing only after the facts and approvals are aligned. For tax matters, prepare working schedules before entering figures.
Store final filed copies, acknowledgements, signed approvals and supporting schedules. Future banks, auditors, tax agents and buyers may request them.
Preparing documents upfront makes professional review much faster. It also reduces the risk of receiving generic advice because the adviser cannot see the underlying facts.
Assume a small Singapore private company has a foreign shareholder, one local resident director, a December financial year end, and irregular bookkeeping. The owner wants to change secretary, update the registered office and prepare tax filing. The fastest route is not to file each item separately without review. The better route is to check the business profile, confirm the FYE and overdue status, review registers and resolutions, clean the accounting records, then sequence ACRA and IRAS work. This avoids a situation where the annual return is filed with outdated information or the tax return is filed without supporting schedules.
You should seek help when the matter involves foreign shareholders, nominee director arrangements, overdue filings, tax estimates, GST threshold review, share changes, director changes, strike off, or inconsistent historical records. ProSec can review the company profile and recommend a practical route. For related services, see our service page.
Some filings can be made by authorised company officers, but directors remain responsible for accuracy. For matters involving shares, officers, tax or strike off, professional review reduces the risk of inconsistent records.
A current ACRA business profile, latest financial year end, shareholder/director structure, filing history and a short description of the issue are usually enough for an initial review.
Yes. ProSec regularly supports foreign founders and overseas shareholders with incorporation, nominee director, secretary, registered office, accounting, tax filing and cross-border coordination.
This article is general information. The correct treatment depends on your company’s facts, documents, transactions and filing history.
Message us with your UEN, business activity, shareholder/director profile and filing concern. We will point you to the right next step.
