With the emergence of innovative industries such as Bitcoin, blockchain, VeChain, and ICO, cryptocurrencies have attracted significant attention worldwide. Singapore’s high level of openness makes it the best choice for registering a company in this sector. Foundations in Singapore are registered as non-profit public companies (*Public Company Limited by Guarantee*), where each member has limited liability according to the agreed guarantee amount. All non-profit organizations in Singapore are registered and supervised by the Accounting and Corporate Regulatory Authority (ACRA), with non-profit foundations classified as Public Company Limited by Guarantee.
Annual Examination and Audit Process in Singapore
- Prepare the auditor appointment letter and arrange for the company director to sign it to appoint the foundation auditor.
- Prepare and submit professional annual financial statements for audit.
- Conducting a background check on the company’s foundation eligibility.
- Conducting a full annual audit (within 6 months after the end of the company’s first fiscal year).
Preparation of Financial Statements
- Profit and Loss Statement.
- Balance Sheet (Statement of Financial Position).
- Statement of Changes in Equity.
- Cash Flow Statement.
- Officially fill out the EP200 form for clients.
- Complete the foundation client survey form as required by the Singapore government.
- Review the foundation client survey form to ensure compliance with Singapore’s Anti-Money Laundering Act, and help the company avoid potential legal risks.
- Avoid penalties or fines from the government.
- Prepare and report professional annual tax returns (within 6-8 months after signing the audit report) and report estimated annual taxable income (within 6 months after the audit report is signed).
- Organize and report the Annual General Meeting (AGM) within 12-18 months after the company’s establishment.