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Q1. What is an exempt private company?
 
It is a private company:

which has not more than 20 shareholders and none of them is a corporation; or
that is wholly owned by the Government, which the Minister, in the national interest, declares    by notification in the Gazette to be an exempt private company.

Such a company can choose to file a Certificate of an Exempt Private Company instead of its accounts at the time of filing its annual return.
 
Q2. Will my company be required to charge Goods and Services Tax?
 
If your annual turnover is expected to exceed S$1 million, you may be liable to be registered for GST.
 
 
 
 
 
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