Do allow me to share with you the requirements to be a GST registered company in
Singapore, and do note that it is only compulsory if you had hit the threshold. The threshold depends on the value of your taxable turnover;
this refers to the value of goods and services you supply, which are taxable supplies for GST purposes. With that, you must register for GST
if:
Retrospective View
Your taxable turnover at the end of any calendar year on or after 1 Jan 2019 is more than $1 million.
For periods on or after 1 Jan 2019, taxable turnover is computed on a calendar year basis
to determine registration liability. You have to monitor at the end of every calendar year (i.e. 31 Dec) and register for GST if your
annual taxable turnover exceeds $1 million.
Prospective View
If at any time, you can reasonably expect your taxable turnover in the next 12 months to be more than $1 million.
You will have to register for GST when it is certain that your taxable turnover will
exceed $1 million in the next 12 months. You must have supporting documents to support your forecast value of $1million. For example:
- Signed contracts or agreements
- Quotations accepted by customers
- Confirmed purchase orders received from customers
- Invoices to customers with a fixed monthly fee charged
- Income statements showing that the past 12-month period was already close to $1 million and that annual
turnover is on an increasing trend
On the other hand, you are not required to register for GST if there is no certainty that your taxable turnover will exceed $1 million
in the next 12 months. For example, you made a forecast based on market assessment, business plans or sales
targets.
However, if you are not liable for GST registration, you may still apply for registration
voluntarily if the business satisfies any of
the following:
-
The business makes taxable supplies;
-
The business makes only out-of-scope supplies.
Out-of-scope supplies mainly refer to sales of goods that did not enter Singapore and goods in transit; or
-
The business makes exempt supplies of financial services that
are also international.
As for the registration of GST, we would be glad to assist you on this matter.