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Company Yearly Compliance Guide

As with other countries, there are compliance regulations which need to be followed by companies in Singapore – whether active or dormant. Singapore companies need to be especially mindful of requirements that they need to meet every year especially pertaining to taxation matters.

Failure to meet with any of the regulations could lead to dire consequences and heavy fines. Most of the time, companies are faced with penalties not because they willfully ignore regulations but because they are not aware of their responsibilities and the conditions that they need to fulfill. In order to ensure that you are not given a hefty fine because you were not aware of certain compliance issues, this guide will give you a clearer understanding of the yearly compliance that companies in Singapore need to be aware of.

Basically, Singapore companies need to stay compliant with two authorities; namely the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) . 
Company Yearly Compliance Guide


ACRA Yearly Filing

All Singapore companies must meet with compliance regulations as determined by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.

One of the requirements includes the fact that a company Annual General Meeting (AGM) needs to be held at least once a year. During the AGM, financial statements for the accounting year need to be tabled for shareholder’s approval. The only exception to this requirement would be newly incorporated companies which are given up to eighteen months from the date of incorporation to hold an AGM.

Singapore companies should also note that AGMs can be held anywhere in the world as long as a majority of shareholders are present during the time of the meeting. During the AGM, there are a few important matters to be discussed by the shareholders including the company’s annual financial statement.

Additionally, an important document to be tabled during the AGM would be the independent auditor’s report. However, this only needs to be prepared if the company has a corporate shareholder, more than 20 shareholders and enjoys sales turnover of more than SGD5 million a year.

Additionally, a company’s annual returns need to be submitted within one month of the AGM. Failure to comply with this requirement will result in penalties. However, companies generally can request for a deferment of submission of annual returns.

ACRA would normally award a one-time deferment of either the AGM or submission of annual returns. The time line given would be additional one or two months. Companies who comply with all ACRA requirements will be awarded a Certificate of Compliance.

Singapore Tax Filing

Tax filing for corporations must be done by 30 November of any given year.

In Singapore, yearly tax assessments are done for transactions occurring in the accounting cycle preceding years. For example, taxable profits for the period between 1 July 2011 to 30 June 2012 will have to be submitted by 30 November 2012.

Another document that must be filed is the Estimated Chargeable Income, which is the estimate of income which can be charged under taxation requirements. This should be submitted to the IRAS three months after the end of the financial year for each company.

Companies should take note that all accounting records must be kept up to 5 years before they can be destroyed. Accounting records should include Profit and Loss Account, Balance Sheet, Cash Flow Statement and Equity Statement. All these accounting books should follow the requirements set by the Singapore Financial Reporting Standard (SFRS).

While filing their tax returns for each year of assessment, Singapore companies need to be mindful to submit the appropriate forms and documents. As with compliance under ACRA, the IRAS imposes penalties such as fines on companies who do not follow the timeline for submission of ECIs and yearly assessments.

Most of the time, companies’ failure to submit the required documents and financial reports is due to lack of understanding of compliance regulations. Companies who incur penalties for such shortcomings face potential embarrassment because they are not able to meet the requirements of the relevant authorities.

Any Singapore company should take care not to fall into the trap of failing to meet the relevant requirements. It is always good to seek for more information.

There are websites and forums which is always a good avenue for companies who need help with compliance regulations.

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We provide the following services:

  1. Instant online company registration in Singapore
  2. International tax planning and advice
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Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.

To further aid you, we have provided here a resource area with industry specific information and other industry resources to help you successfully start and run your business.

  1. Singapore Business Opportunities 
  2. Singapore Business Licences
  3. Singapore Tax Planning
  4. Singapore Company Incorporation
  5. Singapore Company Yearly Statutory Requirements
  6. Singapore Working Visa Guide

By Eric Eio
Managing Partner of Paul Hype Page & Co.

Eric was awarded an ACCA graduate in 2000 and also graduated from University of Sydney with a Bachelor degree in Computer Science & Accounting. Since graduation, he had worked in Big 4 as an auditor , including a one year overseas stint with Ernst & Young, Shanghai in 2005. He left his last appointment as an Audit Managerial position with PricewaterhouseCoopers, Singapore in 2008 before setting up his own Certified Public Accountant Practice – Paul Hype Page & Co. His firm is being selected to be one of the advisory panel for Singapore top 500 SME.