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:
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
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.
* 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
When a company is incorporated in Singapore, the company is obligated to comply with the statutory requirements which have been stipulated in the Singapore Companies Act. Companies will be required to adhere to the annual filing requirements set forth by ACRA and the IRAS. Read more
IRAS Tax Compliance
As part of the statutory compliance, all companies which are legally registered in Singapore will be required to submit an ECI along with Form C as part of their annual tax returns to IRAS. An ECI is an estimate of the company’s chargeable income for the Year of Assessment. Read more
ACRA Compliance
ACRA compliance is a requirement for companies, limited liability partnerships and foreign companies. These companies are required to maintain beneficial ownership information in the form of a Register of Registrable Controllers. This information must be available to the public agencies upon request. Read more
Dormant Company Filing Requirement
A dormant company is one that does not have any revenue or income coming in during the given financial period, and this company will be considered dormant by IRAS. Companies need to note that there is some difference between what IRAS and ACRA define as dormant, and a company which is considered dormant by IRAS may be considered active by ACRA. Read more
Singapore Financial Reporting Standards
Companies would need to comply with the financial reporting standards so they will be able to enjoy public confidence while setting up an accounting standards process which is based on a strong and reliable foundation. Read more
CorpPass Registration and Third Party Authorisation
CorpPass is utilised by businesses and other entities such as associations or non-profit organisations as a digital business identity. This identity helps them complete transactions with Government agencies which are done online. CorpPass is a requirement for all local entities who bear a Unique Entity Number (UEN) and any foreign company who wants to access the Government-to-Business digital services in Singapore. Read more
Data Protection Obligations of the PDPA
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Audit Exemption for Singapore Small Companies Concept
Under this concept, companies which qualify as small companies will be able to reduce their regulatory costs since they would have fewer audit requirements to comply with. However, they will still be required to provide unaudited reports for assessment. Read more
Company Secretary and Its Role and Responsibility in Singapore
It is mandated by the Singapore Company Law that a Company Secretary must be appointed in every company as the compliance officer for that said company. Read more
AGM and Annual Return for a Singapore Private Limited Company
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How to Transfer Business Ownership to Singapore
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Determining the Financial Year End
Each company in Singapore has to determine its own Financial Year End (FYE). The FYE is the completion of an accounting period. A company’s financial year-end does not necessarily need to fall on 31 December and can actually fall on any day within the year. Read more
A Guide on Register of Registrable Controllers
From 31 March 2017, companies, foreign companies and limited liability partnerships in Singapore are required to maintain a register of registrable controllers unless otherwise exempted. Read more
Guide on Register of Nominee Directors
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The Fake News Law in Singapore
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A Guide to Share Certificates
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Home Office Scheme in Singapore with HDB and URA
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Amendments to the Personal Data Protection Act and Spam Control Act
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