Company Compliance Requirement

Ready to incorporate a company in Singapore? Excellent choice! Even better because AI Accountant is here and ready to guide you through the company compliance requirements which you would need to be aware of before embarking on your Singaporean business journey.

Companies registered in Singapore will be required to keep accounting records which will be able to sufficiently explain its business transactions and the financial position of the company. All records will need to be kept for a minimum of 5 years, even after the transactions have been completed.

A Timeline of
Your Company Compliance Requirements

  • Appointment of Auditor – Within 3 months from incorporation date (unless exempted from audit requirements).
  • Appointment of First Company Secretary Within 6 months from the date of incorporation.
  • Lodging Annual Returns Information with ACRA – Within 7 months after financial year end date.
  • Change of Director’s Particulars – Within 14 days from date of change.
  • Stamping of Transfer Share Agreement – Within 14 days of signing the document(s).

When Would I Need to Hold the First and Subsequent Annual General Meeting (AGM)?

The first AGM would need to be held within 6 months from its financial year end date.

Financial Year End

To prevent companies from arbitrarily changing their Financial Year End (FYE), companies must comply with the following ACRA regulations:
(a) companies must notify ACRA of their FYE upon company incorporation and of any subsequent change;
(b) companies must apply to ACRA for approval to change their FYE:
– if the change in FYE will result in a financial year longer than 18 months; or
– if the FYE was changed within the last 5 years; and
(c) unless otherwise approved by ACRA, the duration of a company’s financial year must not be more than 18 months in the year of incorporation.
(d) only FYE of the current and immediate previous financial year may be changed (with the condition that statutory deadlines for the AGM and annual return filing have not passed).

Financial Statements Compliance and Requirements

The company will be required to prepare its financial statements, and it must be no more than 6 months old from the date of the AGM. A company which is dormant would be exempted from this requirement.

A company would only qualify for audit exemption if it is a private company which meets at last 2 or 3 of the following criteria for the last two immediate consecutive financial years:

  • There are less than 50 employees in the company
  • The total assets of the business do not amount to more than $10 million
  • The annual revenue of the company is less than $10 million

The financial statements would need to be submitted to ACRA in XBRL format, and they must be submitted together with the Annual Returns. This is a requirement for companies which have a corporate shareholder, companies active for the financial period, or if a company is insolvent.

Submission of Estimated Chargeable Income (ECI)

ECI would need to be submitted to IRAS within 3 months from its financial year end date.

Submission of Form C or Form C-S

Form C or Form C-S would need to be submitted to IRAS on the 30th of November in the year following the financial year.

GST Compliance Requirements

It is compulsory for companies to register for the Goods and Services Tax (GST) registration if:

  • The company has had a taxable turnover which exceeds $1 million in the past 12 months.
  • The company expects the taxable turnover in the next 12 months to be more than $1 million.

This must be done within 30 days. Voluntary registration is also allowed, but the company must remain registered for at least 2 years.

Company CPF Requirements

Companies will be required to register with Singapore Central Provident Fund upon hiring of the first employee.

Corppass Activation

CorpPass has replaced SingPass and EASY as the ONLY login mechanism for business transactions with government digital services.

For more information, please see User Guide on Activation of Corppass.

Company Compliance Requirement

Need More Information?

Do you have more questions regarding company compliance requirements? AI Accountant can guide you through the process and make it much easier for you. Contact us today, we can easily be reached via our website.

contact us