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Corporate Compliance Requirement in Singapore

Singapore attracts plenty of foreign investors each year who are ready and eager to establish a base of business in this thriving business hub. It is very important for these investors to understand and know the corporate compliance regulations and requirements in Singapore during both the pre-incorporation and post-incorporate process of setting up a business.

All Singapore companies  investors must comply with the requirements in each of the following areas listed below within the stipulated timeline as follows:

No. Description Timeline
1 Appointment of First Company Secretary within six months from the date of incorporation
2 Appointment of Auditor within three months of the date of incorporation unless it is exempted from audit requirements
3 Change of Company’s and Officers’ Particulars within 14 days from the date of change
4 Stamping of transfer share agreement Within 14 days after signing the document
5 Financial Year End Companies incorporated before 31 August 2018 will have their financial year end (“FYE”) deemed by law to be the anniversary of the date previously notified to the Registrar as their FYE date. In the absence of such notification before 31 August 2018, the anniversary of the date of incorporation will be deemed by law to be their FYE. Companies can change their FYE by notifying ACRA before or after 31 August 2018. Company is incorporated on or after 31 August 2018 must notify the Registrar of its FYE upon incorporation
6 Lodging of Annual Return with ACRA For Companies with financial year end (“FYE”) ending before 31 Aug 2018, within 30 days from the AGM date.
For Companies with FYE ending on or after 31 Aug 2018, within 7 months after FYE
7 Hold the first annual general meeting (AGM) For Companies with FYE ending before 31 Aug 2018, within 18 months from the date of incorporation or 6 months from FYE date, whichever earlier.
For Companies with FYE ending on or after 31 Aug 2018, within 6 months from FYE
8 Hold subsequent annual general meeting (AGM) For Companies FYE ending before 31 Aug 2018, within 6 months from its FYE or within 15 months from the last AGM, whichever earlier and once in every calendar year.
For Companies with FYE ending on or after 31 Aug 2018, within 6 months from FYE.
9 Preparation of Financial Statements

* A company qualifies for audit exemption if it is a private company and meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

  • Total Annual Revenue of the company is less than $10 million
  • The number of employees in that company is less than 50
  • The Total Assets of the business are not amounting to more than $10 million

** A dormant company is exempt from preparation of financial statement

must not be more than six months old from the date of the AGM
10 Filing Financial Statements in XBRL format with ACRA

* Required if a company has a corporate shareholder and is active for the financial period or if a company is insolvent

Submit together with Annual Return to ACRA
11 Estimated Chargeable Income (ECI) submission to IRAS Within 3 months from its financial year end date
12 Form C or Form C-S submission to IRAS 30 November in the year following the financial year
13 Goods and Services Tax (GST) Registration

Compulsory registration is required when

  • Past 12 months of taxable turnover exceeded $1 million
  • Expect your taxable turnover in the next 12 months to be more than $1 million

Voluntary Registration is allowable but must remain registered for at least 2 years.

Within 30 days
14 Registration with Singapore Central Provident Fund When you hire the first employee

 

Corporate Compliance Requirement

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