user guide on submission of audited statement of … · user guide on submission of audited...

USER GUIDE ON

SUBMISSION OF AUDITED STATEMENT OF

ACCOUNTS AND FULFILMENT OF NET VALUE

User Guide on Submission of Audited Statement of Accounts and Fulfilment of Net Value

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TRAVEL AGENT LICENSING AND REGULATORY REVIEW – VER 4.0 (AS OF 28 DECEMBER 2017)

Contents

Contents .............................................................................................................................................................. 2

Important information that you need to know ................................................................................................... 3

Section 1 - Submission of Audited Statement of Accounts ................................................................................. 4

1.1 How to check if Audited Statement of Accounts is outstanding on TRUST ........................................ 5

1.2 How to submit Audited Statement of Accounts.................................................................................. 6

Section 2 – Rectification of Net Value Shortfall .................................................................................................. 7

2.1 How to check if rectification of net value shortfall or increase in paid-up capital is outstanding on

TRUST…………………………………………………………………………………………………………………………………………………………8

2.2 How to submit rectification of net value shortfall or increase in paid-up capital ............................... 9

Section 3 – Change of Financial Year End (FYE) date for submission of Audited Accounts .............................. 10

Section 4 – Audited Accounts with Qualifications of Audit Opinion ................................................................. 10

Section 5 – Submission of Audited Accounts from foreign-registered companies with Singapore branches .. 11

Section 6 – Audited Accounts Requirement for Dormant Companies .............................................................. 11

Section 7 – Payment of Outstanding Penalties / Composition Sum (if any) ..................................................... 11

7.1 How to check if there are outstanding penalties/composition sums and make payment on TRUST 11

Annex A ............................................................................................................................................................. 15


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Important information that you need to know

Logging into Travel Related Users’ System (TRUST)

All Travel Agents have a Travel Related Users’ System (TRUST) account. (https://trust.yoursingapore.com/)

To verify if you have any outstanding requirements for your licence, please log into the TRUST website with

your User ID and password.

Forgotten/misplaced your TRUST UserID and/or password?

Please utilise the password reset function on the TRUST website to reset your password under the “Forgot

Password” link. Your TRUST password will expire every 90 days for security reasons.

The Password reset will be sent to the Key Executive email registered in TRUST.

The Password reset is only valid for 15 minutes.

Please ensure the Key Executive email registered in TRUST is valid.

For further assistance on password reset

You may contact the TRUST Helpdesk at:

Email: [email protected]

Tel: 6778 1845

The operating hours of the TRUST Helpdesk are Monday to Friday, 9am to 6pm.

Correspondence on licensing matters will be via email

Singapore Tourism Board (STB) will be sending out correspondence regarding licensing matters via email.

Hence, it is important to ensure that the licensee’s email address and contact details are updated with STB.

Useful Contacts

Subject of Inquiry Contact Email Address Telephone

No.

Travel Agent Licensing STB [email protected] 6736 6622

TRUST Technical Helpdesk

- For inquiries relating to TRUST password

reset, TRUST technical issues

TRUST

Helpdesk

[email protected].

sg

6778 1845


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Section 1 - Submission of Audited Statement of Accounts

- All licensees must submit a copy of the Audited Statement of Accounts within 6 months after the

close of the firm or company’s financial year.

- Submission of Audited Statement of Accounts is to allow for verification of applicants’ and licensees’

net value and financial health to ensure that they have sufficient capital to operate and not pose a

risk to the travelling public.

- This requirement is legislated under the Travel Agents Regulations, Regulation 14(1)(b):

Every licensee shall submit the following information to the Board a copy of the audited statement of

accounts within 6 months after the close of the financial year.

EXAMPLE

- ABC Travel’s Financial Year (FY) End = 31 March 2018

- ABC Travel should submit Audited Accounts for the FY ended 31 March 2018 by 30 September

2018.


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1.1 How to check if Audited Statement of Accounts is outstanding on TRUST

- Log on to TRUST.

- At the home page, move your cursor to the “Financial Details” tab.

- A drop-down list will appear as shown in Figure 1.

- Click on “View Financial Details” and you will see a page similar to the one shown in Figure 2.

Figure 1


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Figure 2

- You will be able to check if you have submitted your Audited Statement of Accounts for the

previous financial years.

“Y” means you have fulfilled the submission for that Reference Year.

“N” means you have not fulfilled the submission for that Reference Year.

1.2 How to submit Audited Statement of Accounts

- Submission of Audited Statement of Accounts to STB can be done via email with the subject

header: Submission of Audited Accounts [Reference Year] for [TA no. & Name] email to:

[email protected]

- Alternatively, you may also submit the hard copies of the Audited Statement of Accounts to STB

via registered mail.

Attention to:

Travel Agent Licensing & Regulatory Review Department

Singapore Tourism Board

Tourism Court

1 Orchard Spring Lane

Singapore 247729


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Section 2 – Rectification of Net Value Shortfall

- All licensees must always maintain a minimum paid-up capital and net value of $100,000 for general

travel agent licensees and $50,000 for niche travel agent licensees.

- Rectification of net value shortfall or increase in paid up capital is to ensure that licensees meet the

minimal financial requirement to ensure that companies have sufficient capital to conduct their

travel agent business and that they do not pose a risk to the travelling public.

- This requirement is legislated under the Travel Agents Regulations, Regulation 9 (1) for general

travel agent licensees and Regulation 9 (1A) for niche travel agent licensees.

Travel Agents Regulations, Regulation 9 (1):

(1) A licensee shall ensure that any time –

(a) where the licensee is a sole proprietor or partnership, or an unincorporated association, the

licensee’s net value is not less than $100,000; or

(b) where the licensee is a company, limited liability partnership or other body corporate, the

licensee’s issued and paid-up capital is not less than $100,000 and the licensee’s net value is not less

than $100,000.

Travel Agents Regulations, Regulation 9 (1A):

(1A) A licensee issued a niche licence must, at all times during the currency of the licensee’s licence,

ensure that –

(a) where the licensee is a sole proprietor, partnership or an unincorporated association, the

licensee’s net value is not less than $50,000; or

(b) where the licensee is a company, limited liability partnership or other body corporate, the

licensee’s issued and paid-up capital is not less than $50,000 and the licensee’s net value is not less

than $50,000.

- If there is any shortfall in net value, the travel agency can increase the net value by:

(i) Increasing its paid-up capital, and submitting an updated business profile from Accounting

and Corporate Regulatory Authority reflecting an increase in paid-up capital.

- To note: If the paid-up capital and net value is less than the minimum amount of $100,000 for

general travel agent licensees or $50,000 for niche travel agent licensees

Should a rectification of net value shortfall or increase in paid-up capital be required, STB will notify

you of this requirement and its deadline. Penalties for late rectification of net value shortfall or

increase in paid-up capital may be applicable.


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2.1 How to check if rectification of net value shortfall or increase in paid-up capital is

outstanding on TRUST

- Log on to TRUST.

- At the home page, move your cursor to the “Financial Details” tab.

- A drop-down list will appear as shown in Figure 3.

- Click on “View Financial Details” and you will see a page similar to the one shown in Figure 4.

Figure 3


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Figure 4

- You will be able to check if you are required to submit a rectification of net value shortfall / increase

paid-up capital.

“Y” means you have submitted the rectification of net value shortfall / increased paid-up

capital for that Reference Year.

“N” means you have not submitted the rectification of net value shortfall / increased paid-

up capital for that Reference Year.

“N/A” means that you do not need to submit a rectification of net value shortfall / increase

paid-up capital for that Reference Year.

2.2 How to submit rectification of net value shortfall or increase in paid-up capital

- To increase in paid-up capital, please submit a soft copy of the updated business profile from

Accounting and Corporate Regulatory Authority reflecting the increase in paid-up capital, to

[email protected] with the subject header: Submission of Net Value Rectification [Reference Year]

for [TA no. & Name].


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Section 3 – Change of Financial Year End (FYE) date for submission of Audited

Accounts

Licensees are required to send latest ACRA Bizfile and Notification for Change of Financial Year (see sample

at Annex A), Directors Resolution (printed on company’s letter head and signed by more than 50% of all

directors if the company has 2 or more directors, with a valid company stamp) advising on the date of new

FYE date and reasons for the change to STB via email to [email protected], prior to the change of FYE date.

The board will process the application after receiving the required documents and advise licensees on any

fines arising from late submission of audited accounts if the new FYE date is backdated.

Newly incorporated company (less than 18 months from company incorporation date)

New FYE date must be within 18 months from company incorporation date.

Company incorporated for more than 18 months

If the new FYE date results in an extended financial period, the said period must be less than 24 months from

the last audited accounts.

Where the change of FYE date is an extension of financial period, the licensee is required to ensure that

there is no gap in the extended financial period when the audited accounts is submitted.

Example:

Travel agent’s existing FYE date: 31/12/2017

Travel agent requested to extend FYE date by 3 months; new FYE date: 31/3/2018

Audited accounts to be submitted for financial period (15 months): 1/1/2017 to 31/3/2018

Section 4 – Audited Accounts with Qualifications of Audit Opinion

- Licensees are required to extend their full co-operation to auditors to ensure audited accounts

submitted do not contain any qualifications of opinions (i.e. Disclaimer/ Adverse/ Emphasis of

Matter etc).

- The auditor’s opinion from audited accounts expresses his view on the quality of the financial report

audited. In cases where the auditor has serious reservations (i.e. whether the report was conducted

in accordance with accepted auditing standards or whether the company is still a going concern for

the foreseeable future), the auditor issues an adverse opinion or a disclaimer of opinion.

- STB will impose additional licensing conditions as necessary if submitted audited accounts contain

qualifications of audit opinion.

mailto:[email protected]


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Section 5 – Submission of Audited Accounts from foreign-registered companies

with Singapore branches

- Where a licensee is a Singapore branch of its foreign-registered company, it may submit

consolidated audited accounts of its foreign-registered company provided they are the same legal

entity. Please submit ACRA Bizfile as supporting documents.

Section 6 – Audited Accounts Requirement for Dormant Companies

- Dormant companies are also required to submit audited accounts for verification of their companies’

net value even if there are no business activities in their financial year.

Section 7 – Payment of Outstanding Penalties / Composition Sum (if any)

- Licensees will incur admin financial penalties for any late submission of Audited Statement of

Accounts, Rectification of Net Value Shortfall, Annual Business Profile Returns. As such, it is in the

licensees’ best interests to fulfil the said licensing requirements on time.

- Payment of Outstanding penalties / composition sum(s) is to be made through TRUST.

(https://trust.yoursingapore.com/)

- Payment can only be made after the relevant documents have been submitted.

7.1 How to check if there are outstanding penalties/composition sums and make payment for

fines on TRUST

- Log on to TRUST.

- At the home page, move your cursor to the “Payment” tab.

- Click on “View Penalties/Fee(s) and make payments” as shown in Figure 5.

- You will see the list of outstanding fines and amount that you have incurred.

- Check on the box beside the outstanding fines that you wish to pay and proceed to click on “make

payment” as shown in Figure 6.

- You will be directed to the payment confirmation page below as shown in Figure 7.

- Please check for any errors/discrepancies before proceeding to click on the “Confirm Payment”

button.


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- You will be re-directed to the online payment portal as shown in Figure 8.

- Fill in the required contact information on the payment page and click on “Continue”.

- After payment is done, you are advised to print out a copy of the receipt for reference.

Figure 5

Figure 6


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Figure 7


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Figure 8

- If you are unable to make the payment online, you may send a crossed cheque with the stipulated

fine amount payable to “SINGAPORE TOURISM BOARD”. Write the fine description (example:

“Penalty for Late submission of Audited Accounts 2018”) and the [TA no. & Name] on the reverse

side of the cheque.

Attention to:

Finance Department

Singapore Tourism Board

Tourism Court

1 Orchard Spring Lane

Singapore 247729


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Annex A

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