Annual Statutory Compliance in Singapore

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.

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

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.

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.

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.

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 succeeding 2 years.