KJ ADVISORY PTE LTD
We are an accounting firm company
providing dormant company package services
KJ Advisory is one of the leading accounting firms in Singapore. We are a team of professionals offering a wide range of accounting and tax support to small and medium enterprises. Dormant Company Package to let you have a peace of mind. This package will provide advisory for your dormancy eligibility and works on the Preparation of management account for Annual Return filing. This package is as low as $500/year.
There are situations when company decides to slow the business down during its downtime and wishes to sustain the company at its minimal cost, giving company the option to recommence businesses whenever ready.
Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) each has its own definition for Dormancy.
IRAS’ definition as a Dormant Company
A dormant company is one that does not carry on business and had no income for the whole of the basis period even though may have expenses booked. For example, if a company did not carry on business and had no income for the whole of the basis period ending in year 2019, it will be regarded as a dormant company for Year of Assessment (YA) 2020. Dormant companies may have incurred expenses.
A dormant company must submit its Income Tax Return unless the company has been granted waiver of Income Tax Return submission.
ACRA’s definition as a Dormant company
In accordance to the Companies Act, a company is regarded as dormant when there is no accounting transaction during that financial year. The Companies Act also states the transactions which will are to be disregarded when determining dormancy:
the taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum;
the appointment of a secretary of the company;
the appointment of an auditor; the maintenance of a registered office;
the keeping of registers and books;
the payment of any fee and charges payable under written law;
the payment of any composition amount payable under written law;
A dormant company may still be required to submit its financial statements to the Accounting and Corporate Regulatory Authority (ACRA) for its annual return filing.
Why should you pay more? KJ Advisory has tailor made a Dormant Company Package to let you have a peace of mind. This package will provide advisory for your dormancy eligibility and works on the Preparation of management account for Annual Return filing. This package is as low as $500/year. Let’s keep cost to its minimal and recommence business when it’s time!
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Our professional team specialized in Incorporation, Accounting, Tax, Secretarial and other Business services in Singapore. We are ready to answer your questions about incorporating or managing your business in Singapore. Please feel free to contact us if you have any queries. We aim to provide the best service in town. Talk to us today to work out a system that meets your business needs!
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