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Home » Compliance Requirements – Annual Filing For Singapore Companies

Compliance Requirements – Annual Filing For Singapore Companies

What are the Annual Compliance Requirements?

Annual Returns Filing Singapore Companies | Company SecretaryThe most important part of becoming a registered company in Singapore is to comply with all the necessary filings with ACRA and IRAS.

Singapore is known as a great environment for business and makes running a business easy.

It has a set of rules and regulations to follow for legal and professional purposes.

Our company secretarial service team is here to assist you to have your business registered and continue to keep everything up to date while you are in business.

Below is a list of necessary information you need for running your business in Singapore.

1. Registered Business Address in Singapore

A local Singapore registered address is mandatory for all Singapore companies.

This applies to all business entity type, and address cannot be a P.O. Box or residential address.

The office address must be opened to the public for business hours and be used for the purpose of the registered business activities.

2. Qualified Company Secretary 

The company secretary plays a vital role in the business operation of the registered business.

Every registered Singapore company must have a professionally licensed company secretary (also known as an officer of the company) that handles all paperwork in relation to ACRA for your company.

The company secretary has to be someone who resides in Singapore and holds the necessary qualifications to perform the duties expected of them.

3. Directors

A new Singapore company can have as many directors as the company desires, but the directors have to be as least 18 years of age or higher. One local director is mandatory for business registration in Singapore.

The local director cannot have any prior convictions, felonies, or undischarged bankruptcies of any kind.

4. Annual Financial Year End Date

It is necessary for each registered company in Singapore set its financial end date.

If the Singapore Company has a parent company elsewhere, then the Singapore Company should preferably have the same fiscal year end date with its parent company. If no parent company exists, then the Singapore Company is free to select its financial year end date.

The financial year end date is essential, and the company must file annual returns with ACRA and income tax returns with IRAS.

5. Registration of Goods and Service Tax (GST)

Most businesses (for taxable turnover over SGD 1 million) is required to charge goods and services tax (GST). Goods and Services Tax is 7% tax added to consumer goods or services rendered.

In other countries, they refer this tax as the Value Added Tax (VAT).

A business must be registered to collect a GST tax. A GST tax return must be filed with the IRAS on a quarterly basis, 30 days after the end of the previous quarter.

A company that is required to add the GST falls under one of two of these categories.
– The company has a taxable turnover in the business of more than SGD 1 million (retrospective view); or
– The projected taxable turnover of a company is expected to be more than SGD 1 million (prospective view).


6. Appointing Auditor  

Within three months of incorporating, all registered companies except EPC’s are required to appoint an auditor for their company.

The responsibilities of the auditor to follow all business activities.

The only companies that do not need an auditor are those who have shareholders not more than twenty and companies who have less than an SGD 5 million turnover.

The shareholders must be individuals and not companies as per requirement of the law.   

7. Business License

The type of business license you need depends on what business you intend to start. Some businesses do not need a license.

You can check with the registration office to determine whether your type of business needs a license.

8. Director Disclosure

The directors have the right to disclose any information that the director thinks will avoid conflicts of interest.

The director can reveal any personal information that may conflict with the best interest of the company.

9. Record Keeping

For five years, accounting records should be kept.

Adequate accounting records are required to be kept at all times for all business transactions.

The records will show the financial position of the company at end of every financial year.

10. Change Notification

It is necessary that all changes made about the company need to be filed with Singapore’s Registrar of Companies.

A company may get a penalty for not keeping all relevant information up to date with the registrar.

11. UEN Disclosure

Companies in Singapore are required to display their registration number and name on publications, notices, invoices, statements of accounts and more.

Companies have a UEN which is their Unique Entity Number and allows every aspect of business and government in Singapore to identify a business for paying such things as tax returns, filing for permits, and other interactive business issues.

12. Filing Requirements

Annual tax returns need to be filed with the IRAS by 30 November of the year of assessment.

An incorporated company in Singapore also needs to file an Annual Return (AR) with the ACRA.

The beginning process of incorporating in Singapore may be a bit daunting as many little bits of important information, filings, and verification of different positions need to be done.

Some things have longer timelines to ensure that everything can be completed correctly.

We are here to help you with gathering all the information that you need to properly register your company.

We will help you dot your “I”s and cross your “T”’s as incorporating in a foreign country may be new and a bit more challenging.

Singapore is a business-friendly place. Our registrar’s office and Singapore government do everything it can to provide a smooth process for businesses to do business successfully in Singapore.

As long as you fill all the requirement set forth by the different offices, you will see very little problems when registering s business in Singapore and conduct business in Singapore.

Although the process has been made business friendly, it is always better to have someone help you from within the country to clarify any questions you have as well as get you the necessary people that you are required to have.

Our company secretarial service team can help you with the compliance requirements for Singapore companies.