Annual Statutory Compliance in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) has certain requirements which must met to be able to run business operations in Singapore. If you fail to comply, your company may incur liabilities such as fines from ACRA and legal penalties in court.

  • Company Registration Number Disclosure

    Upon incorporation, a company registration number also known as the Unique Entity Number (UEN), will be given. This number must be affixed on all documents – including, but not limited to, statements of account, business letters, invoices, etc

  • Business Licenses and Permits

    After company registration, you must still apply to have certain business licenses and permits in order to carry out certain activities and have operations in specific industries. Click here to find out more about the possible licenses that you should apply to.

  • Annual General Meeting (AGM)

    The AGM gathers stockholders and the members of the company management. The first AGM must take place within the first 18 months of official incorporation and thereafter, every subsequent calendar year or within 15 months of the previous one – whichever comes first.

    In the documentation of the meeting, minutes must be taken, directors’ resolutions must be filed, and there must have been a prior notice served of the occurrence of the AGM.

    Should you be unable to hold an AGM, an extension for the requirement may be applied for with the ACRA. This is given that the application meets certain conditions provided by it. The company director or a professional firm acting on behalf of the company may apply for this extension. A fee of S$200 has to be paid during application.

    Companies which are publicly unlisted may apply for extension on BizFile while companies which are listed can do so by writing.

  • Financial Year-End (FYE)

    Following your company’s declared calendar year, you must submit the closure of your accounting period for taxation purposes. The fiscal end date need not conform to the usual December 31 deadline. Directors are free to declare the beginning of their year on any date.

  • Notification of Changes

    Any changes made in shareholders, shares, directors’ appointments, must be made known to ACRA.  These notifications may be filed online via Bizfile+.

    Appointment of Auditors

    If your company fits the following description, you need not appoint an auditor.

    • Has no corporate shareholders
    • Has less than 20 individual shareholders
    • Has annual revenue of less than SGD 5 million

    Suppose your company does not fall within the above categories, at least one auditor must be appointed during the first 3 months, after incorporation

  • Singapore Goods and Services Tax (GST) Registration

    Similar to Value Added Tax in other countries, Singapore’s GST of 7% is required for all businesses who earn an annual taxable revenue upwards of SGD 1 million. The registration for GST must be completed within 30 days after the annual taxable revenue reaches said amount.

    It is possible for your company to apply for GST voluntarily (not as a compliance), however the application is subject to approval. Should the application push through, you will then be required to continue to be registered for the preceding 2 years.

  • Compulsory Pension Fund (CPF) or the Skills Development Fund (SDF) registration

    For Singapore citizens as well as Permanent Residents, a predetermined percentage of both employers’ and employee’s pay is to be contributed to their Compulsory Pension Fund(CPF).

    Employers will have to pay a levy also known as the Skills Development Levy (SDL) for work pass holders and employment pass holders.

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