Compliance is critical for every business’s operational integrity. Chartered accountant Wee Kong Eng offers insights into Singapore’s regulatory environment.
SINGAPORE – Media OutReach Newswire – 30 April 2024 – Maintaining compliance with regulatory requirements in Singapore is critical for every business’s operational integrity. Chartered accountant Wee Kong Eng shares more about the importance of compliance and offers insights into navigating the regulatory framework.
Singapore’s Regulatory Landscape
Singapore’s regulatory framework prioritises fostering a business-friendly environment. Numerous guidelines are implemented to not only support businesses in achieving sustainable growth, but also protect consumers or the public. However, Singapore also offers various initiatives, such as strategic exemptions that smaller enterprises can leverage for efficiency and flexibility in regulatory compliance. For example, smaller companies do not have to have their financial statements audited for a year if they meet certain criteria. All required submissions to the authorities are also digitised—Singapore’s compliance system is probably one of the most efficient in the world.
Important Guidelines Businesses Must Pay Attention To
There is a long list of laws that businesses have to comply with. Firstly, they must prepare proper accounts and submit income tax returns. Those who are GST-registered (or required to pay GST) will need to submit GST returns. Secondly, all companies in Singapore must prepare financial statements, have the financial statements audited and hold an Annual General Meeting (AGM) unless they are exempt from doing so. Then, an Annual Return must be submitted to the Accounting and Corporate Regulatory Authority (ACRA). There are also other requirements like Central Provident Fund (CPF) contributions and submission of employees’ income to the Inland Revenue Authority of Singapore (IRAS).
Importance of Compliance
All businesses, regardless of their size, must ensure that they fully meet all statutory compliance guidelines as those are legal requirements and there are consequences for not complying with them. Large corporations usually give compliance requirements their due attention, but unfortunately, a good proportion of smaller, locally-owned businesses tend to neglect compliance and may have to suffer the effects of violations or non-compliance. This could stem from resource and cost constraints or a misconception that compliance with statutory requirements are not important.
However, in order to grow and expand, there must be changes to mindset and approach to compliance. And a culture of compliance, combined with a set of proper systems can be helpful for businesses looking for long-term sustainable success. For example, when they wish to sell their business, add new investors or when they exceed the threshold to be exempt from audits, difficulties will begin to rise if the business did not have the foundations for compliance in place.
Tips for Ensuring Compliance
It’s important for businesses, especially smaller entities that aim to grow, to have the right culture and attitude toward compliance. The tone from the top is crucial. Businesses should recognise that compliance with accounting, taxation, GST and other requirements is part of their business requirements. Like any other business costs, there must be costs allocated to meet these compliance needs, and these must be implemented from the get-go so that it becomes part of the business’s DNA. Many businesses grow without the required foundations for compliance in place and only to find that implementing the required policies, procedures and controls cannot be done overnight.
For businesses that are unable to perform all compliance activities themselves to meet these requirements, they can outsource the tasks to appropriately qualified service providers. However, when selecting a service provider or advisor, businesses need to make sure that they’re choosing those with the right expertise and capabilities to deliver the quality required. Many accounting-related services in Singapore are actually unregulated and there are a myriad of different types of service providers in the industry, so it’s wise to stay vigilant.
Hashtag: #KEWeeAssociatesPAC
The issuer is solely responsible for the content of this announcement.
About K E Wee & Associates PAC
K E Wee & Associates PAC (Public Accounting Corporation) is a professional firm of Chartered Accountants of Singapore that provides auditing, assurance, and other accounting services to businesses in Singapore. The team works to assist clients in meeting their compliance requirements, including corporate regulatory, financial reporting, goods and services tax, and company income tax submission guidelines.
Wee Kong Eng is a chartered accountant with over 20 years of experience and a Public Accountant registered with the Accounting and Corporate Regulatory Authority (ACRA). Throughout his career, he has assisted clients in various aspects, including navigating tax, GST, and transfer pricing audits conducted by IRAS, facilitating tax refunds, and guiding businesses through complex compliance issues.
HONG KONG SAR – Media OutReach Newswire – 21 May 2024 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning technology has released the next generation of its trusted ST
NANJING, CHINA – Media OutReach Newswire – 20 May 2024 – The Hudson River in the United States flows southward into the Atlantic Ocean, while China’s Yangtze River courses eastward into the Pacific Ocean. Despite their geographical separation, the flourishing Sino-U.S. trade and cultural exchanges have tightly connected these two
To unveil an exclusive Resort 24 pop-in at Galaxy Promenade store and an exceptional branded Pool takeover at Banyan Tree Macau MACAU SAR – Media OutReach Newswire – 20 May 2024 – In celebration of the exclusive pre-launch of LV By the Pool FW24 women’s collection and the release of
HONG KONG SAR – Media OutReach Newswire – 20 May 2024 – Dorsett Hospitality International is pleased to announce a new partnership between its hotel loyalty programme, Dorsett – Your Rewards, and Cathay. This collaboration will allow Dorsett – Your Rewards members to convert their points into Asia Miles so
PHNOM PENH, CAMBODIA – Media OutReach Newswire – 20 May 2024 – At the Global Climate Action Forum , Canopy Sands Development’s Bay of Lights project is highlighted as a leading example of sustainable urban development in Cambodia. The forum, held at Himawari Hotel Apartments and co-organized by the Ministry
Powered by Backbase Engagement Banking Platform, Bank Muamalat aims to launch a revolutionary Islamic Banking Super App KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 20 May 2024 – In a strategic move towards becoming a leading, next-generation digital Islamic Bank for all, Bank Muamalat Malaysia Berhad has
• Norton Rose Fulbright in Hong Kong will scale the use of DHL’s GoGreen Plus service to cut the carbon emissions of its time-definite international shipments by 50 percent HONG KONG SAR – Media OutReach Newswire – 20 May 2024 – DHL Express, the world’s leading international express service provider,
SINGAPORE – Media OutReach Newswire – 20 May 2024 – ERM, the world’s largest specialist sustainability consultancy, announces the expansion of its Southeast Asia hub in Singapore, further strengthening its ability to advance the green economy and sustainability across Asia. Supported by the Singapore Economic Development Board , ERM’s
Co-winning approach seamlessly integrates advanced features across ASUS IoT and BRESSNER Technology CTOS solutions, fostering synergy SINGAPORE – Media OutReach Newswire – 20 May 2024 – ASUS IoT, the global AIoT solution provider, today announced a strategic partnership with BRESSNER Technology, a leading system service provider based in Groebenzell, Germany,
Hiring AI-skilled talent is a priority for 70% of Hong Kong employers but 73% of them struggle to find the AI talent they need, highlighting a looming AI skills gap in the city HONG KONG SAR – Media OutReach Newswire – 20 May 2024 – Amazon Web Services , an
SINGAPORE – Media OutReach Newswire – 20 May 2024 – Moritz Becker and Colin D’Abreo will spearhead the global Rhenus Project Logistics unit with a dedicated focus on expanding and driving innovation. Becker will lead operations in Europe, the Commonwealth of Independent States , and Southeast Asia and the Pacific
HONG KONG SAR – Media OutReach Newswire – 20 May 2024 – The Guangdong-Hong Kong-Macao Greater Bay Area Arbitration “Going Global” Cooperation and Development Forum, focusing on technological leadership, rule integration, and the annual working conference of the Guangdong-Hong Kong-Macao Greater Bay Area Arbitration Alliance , was successfully concluded on