Belaws Singapore
  • singapore
  • Juridique
    • Juridiques
      • Tous les services juridiques
      • Urgent. Conseil le jour même
      • Consultation juridique immédiate
      • Revue de Document
      • Prepare a legal document
      • Draft
    • Our expertise
      • Droit du travail
      • Fusions & acquisitions
      • Banque & finance
      • Immobilier
      • Contrats & accords
      • Blockchain
      • Propriétés Intellectuelles
      • Expertise fiscale
      • Contentieux civil, médiation & arbitrage
      • Transactions commerciales
      • Droit numérique
      • Due Diligence & Investigation
      • Autres expertises
      • Veuillez noter que ce #Ebook ne constitue pas un avis juridique et ne doit être utilisé qu'à des fins d'information.
  • Sociétes
  • Incorporation
    • Création d'entreprise
      • Tous les services d'incorporation
      • Entrée sur le marché
      • Vérification de la faisabilité de l'entreprise
      • Étude de marché
      • Stratégie d'entrée
    • Type d'entreprise
      • BOI Company
      • Société Privée À Responsabilité Limitée
      • Representative Office
      • U.S Treaty of Amity company
      • Branch Office
      • International Business Center
    • Business Licenses
      • Foreign Business License
      • E-commerce License
      • Factory License
      • Important License
  • Comptabilité & Administratif
    • Comptabilité & Administratif
      • Tous les services de comptabilité & Administratif
      • Urgent. Conseil le jour même
      • Consultation Immédiate
      • Revue de Document
    • Corporate
      • Secrétaire général de la société
      • Ouverture d'un compte bancaire
      • Rédaction de procès-verbal
      • Changement de dirigeant
      • Transfert d'actions
      • Changement d'adresse
      • Augmentation du capital
      • Assemblée Générale Ordinaire (AGO)
      • Assemblée Générale Extraordinaire (AGE)
      • Cessation d'activité
      • Notarisation & Traductions
      • Notarisation & légalisation
      • Translation documents
    • Comptabilité
      • Comptabilité et Déclarations Fiscales
      • Audit Annuel
      • Paie
      • Externalisation de la paie
      • Impôts
      • Immatriculation à la TVA
      • Impôt sur le Revenu des sociétés
      • Impôt sur le Revenu des personnes physiques
  • Visas
    • Visas
      • Tous les services de visas
      • Urgent. Conseil le jour même
      • Consultation Immédiate
      • Revue de Document
    • Travailler à Singapour
      • Visa & Carte d'emploi
      • Retirement Visa
      • Visa de Mariage
      • Modifier le type de visa
      • Voir toutes les options de visa
    • work in thailand
      • PEO Services
      • Non Immigrant B Visa
      • Work Permit
      • BOI Visa & Work Permit
      • Modifier le type de visa
  • blog
  • S'inscrire
  • CONNEXION
    • fr_FRFrançais
    • en_USEnglish
  • Menu Menu
  • Belaws – Home
  • Belaws – Thailand
  • Belaws – Hong-Kong
  • Belaws – Cambodia
  • Belaws – Vietnam
  • S'inscrire
  • CONNEXION
  •  
  • Juridiques
  • Création d'entreprise
  • Comptabilité et Administratif
  • Visas
  •  
  • Consultation Immédiate
  •  
  • Blog
  •  
  • CONTACT
Belaws Home ›› Singapour ›› Blog ›› Understanding Corporate Compliance in Singapore: A Guide for Businesses to Meet Standards and Avoid Mistakes

Understanding Corporate Compliance in Singapore: A Guide for Businesses to Meet Standards and Avoid Mistakes

23/01/2023

Companies incorporated in Singapore are subject to many corporate compliance requirements and deadlines; failure to meet these deadlines could result in penalties and surcharges being imposed on the company.

In this article, we will explore some of the statutory and corporate compliance requirements for companies in Singapore.

Companies Act requirements

Singapore’s Companies Act infers the following compliance requirements for Singapore companies.

Registered office

A Singapore company must have a registered office address to which all communications and notices may be directed. This must be a physical location within Singapore and shall be open and accessible to the public for not less than three hours during ordinary business hours on each business day.

Company Secretary

A company in Singapore must have at least one company secretary, who must be a resident of Singapore. 

The role of the company secretary is to ensure that the company complies with reporting and regulatory requirements in Singapore. The company secretary role can be occupied for up to six months at any given time.

A director can also serve as the company secretary if they are not the company’s sole director.

Resident director

A Singapore-based company must appoint at least one director who is a citizen or permanent resident of Singapore. 

In some instances, a foreign individual holding a valid Employment Pass for employment with the company may serve as a resident director. 

Additionally, the director must be:

  • at least 18 years old, 
  • not currently bankrupt, and 
  • not barred from acting as a director by Singapore’s authorities.

Data protection and data protection officer

According to the Singapore Personal Data Protection Act (PDPA), organizations must have a data protection policy and appoint a data protection officer (DPO). The DPO does not have to reside in Singapore, and the role can be outsourced to a third party. 

Additionally, organizations must make the DPO’s business contact information (such as phone number or email) publicly available and ensure the DPO is reachable when contacted by individuals in Singapore to meet PDPA requirements.

Displaying the company name and unique entity number (UEN)

Upon incorporation, the Accounting and Corporate Regulatory Authority (ACRA) issues a Unique Entity Number (UEN) to a company for identification and government transactions such as tax filing. 

Singapore companies must display their name and UEN on all company documents, including letters, invoices, statements of account, official notices, and publications.

A company seal is optional, but if a company chooses to have one, it must display its name.

Upkeep of company registers and records

A Singapore company is obligated to maintain specific company registers, some of which are to be kept with the Accounting and Corporate Regulatory Authority (ACRA) and others at the company’s registered office. 

The company must register and regularly update details of its directors, CEOs, secretaries, and auditors with ACRA, as well as any resolutions binding a class of shareholders and charges on the company’s assets.

Additionally, the company must keep the following registers at its registered office: 

  • Register of substantial shareholders, 
  • Register of registrable controllers (any person or entity that controls 25% or more of the company), 
  • Register of Nominee Directors (a director who is expected or obligated to act per the directions or wishes of another person). 

Private companies (those with no more than 50 members) must keep an up-to-date register of members (shareholders) with ACRA, created at the time of incorporation. In contrast, public companies must maintain their register of members either at their registered office or another office as long as ACRA is notified of its location.

Annual general meeting (AGM)

A private company is obligated to conduct its annual general meeting (AGM) within six months after the end of its financial year, while a publicly listed company must hold its AGM within four months after the close of its fiscal year.

Some private companies may be exempt from holding an AGM, such as when the company is inactive, or the members vote to waive the requirement. 

However, most companies are required to hold an AGM.

Filing annual returns with ACRA

For private companies, the annual return must be filed within seven months of the end of the company’s financial year and within five months for public companies. 

Exempt private companies (EPCs) that do not have their annual financial statements audited can file a simplified annual return without submitting financial statements, as long as the company has at most 20 shareholders and none of them are corporations. 

For all other companies, the annual return must include the company’s financial statements, which must be submitted in eXtensible Business Reporting Language (XBRL) format. This is usually done by the company’s financial accountants or auditors.

Accounting requirements

Date of financial year-end

When applying for incorporation with the ACRA, a company must select a date for its financial year-end. The standard year-end in Singapore is December 31st, so many companies choose that date. However, a company can also select a date to align with the parent company’s balance date. 

Companies can opt for their first financial year to be greater than 12 months, up to 18 months. For example, a company incorporated in October could choose to have its first financial year-end on December 31st of the following year, making the first accounting period 15 months. This can save time and money by avoiding the need to prepare financial statements for a short period of only three months (if the first-period end was December 31st in the year of incorporation).

Safekeeping of accounts and records

All companies are mandated to maintain accounting and other records that clearly explain the transactions and financial position of the company and allow for the preparation of accurate and fair financial statements. These records must be kept for five years after the end of the fiscal year to which they pertain. 

Company directors must present the financial statements for the previous financial year at the annual general meeting. These accounts must conform to accounting standards and provide an accurate and fair representation of the company’s financial position and performance for the year.

Appointment of auditor

Within three months of incorporation, the directors of a company must appoint an auditor unless the company qualifies as a small company and is exempt. The auditor is reappointed at every annual general meeting of the company. 

A small company is a private company that meets two out of three criteria in the two preceding financial years: 

  • the company’s revenue does not exceed S$10 million per fiscal year, 
  • the company’s total assets do not exceed S$10 million at the end of each financial year, and 
  • the company does not have more than 50 employees at the end of each fiscal year. 

If a Singapore company is part of a larger corporate group, the tests above are applied to the group as a whole instead of just the Singapore company. This means that even if a company has limited operations in Singapore, it may still be required to have an audit due to the functions of the rest of the group.

Tax requirements

Corporate income tax return

All foreign companies and branches must submit an annual income tax return. 

The deadlines for filing are:

  • Eleven months after the end of the company’s financial year (for paper returns)
  • The 15th day of the 12th month after the end of the company’s financial year (for online filing)

GST registration and quarterly returns

The Goods and Services Tax (GST) is a consumption tax applied to most goods and services sold in Singapore.

A company must register for GST with the Inland Revenue Authority of Singapore (IRAS) if its annual taxable turnover exceeds SGD one million. However, under certain conditions, companies with lower turnover may still register.

After registration, the company must charge GST to its customers and file a quarterly GST return to the government, accounting for the GST collected from customers minus GST paid on inputs.

Employment law requirements

The Employment Act in Singapore outlines the rights and responsibilities of employers and employees and must be adhered to in all matters about the company’s employees. 

Regarding tax, the company is not required to make any income tax deductions from employee salaries. Still, each is required to submit a statement of earnings to the Inland Revenue Authority of Singapore (IRAS) for each employee at the end of the calendar year. 

Additionally, if the company employs Singapore citizens or permanent residents, the employer must contribute to the Central Provident Fund at the designated contribution rate for those employees.

How can Belaws help?

If you have a question about company compliance requirements for companies in Singapore, speak to one of our experts directly.

Talk to an expert

You can also view our Singapore incorporation services here.

Please note that this article is for information purposes only and does not constitute legal advice.

Our consultations last for a period of 1 hour and are conducted by our expert lawyers who are fluent in English, French and Thai.

Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our Blockchain experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.

Jusqu'à 1 heure

Web conferencing details provided upon confirmation

$150 USD

Book now

Related Articles

Guide to Filing Corporate Tax Returns in Singapore: What You Need to Know

31/05/2023
This blog post will provide a comprehensive guide to filing corporate tax returns in Singapore.
mai 31, 2023/par jonathan

Understanding the Process of Setting Up a Representative Office in Singapore

26/05/2023
If you are an entrepreneur considering expanding your business in Singapore, setting up a representative office may be a suitable option.
mai 26, 2023/par jonathan

Maximizing Your Business Potential: A Guide to Tax Incentives for Companies in Singapore

24/05/2023
One of the key advantages of doing business in Singapore is the range of tax incentives available to businesses.
mai 24, 2023/par jonathan

  • Visa

Exploring the Benefits of the ONE Pass in Singapore

By jonathan / juin 7, 2023
07/06/2023 ingapore has introduced the Overseas Networks & Expertise Pass (ONE Pass) further to enhance its position as a global...
Read More
  • Corporates

Guide to Filing Corporate Tax Returns in Singapore: What You Need to Know

By jonathan / mai 31, 2023
31/05/2023 This blog post will provide a comprehensive guide to filing corporate tax returns in Singapore.
Read More
  • Corporates

Understanding the Process of Setting Up a Representative Office in Singapore

By jonathan / mai 26, 2023
26/05/2023 If you are an entrepreneur considering expanding your business in Singapore, setting up a representative office may be a...
Read More
  • Corporates

Maximizing Your Business Potential: A Guide to Tax Incentives for Companies in Singapore

By jonathan / mai 24, 2023
24/05/2023 One of the key advantages of doing business in Singapore is the range of tax incentives available to businesses.
Read More
  • Corporates

Top Reasons to Start a Company in Singapore in 2023: Opportunities and Advantages

By jonathan / mai 2, 2023
02/05/2023 In this blog post, we'll explore why you should start a company in Singapore in 2023.
Read More
  • Corporates

Registered Capital Requirements in Singapore: A Comprehensive Guide

By jonathan / avril 26, 2023
26/04/2023 If you're planning to start a business in Singapore, one of the key requirements you'll need to fulfill is...
Read More
  • Corporates
  • Impôts

Complete Guide to GST Registration in Singapore for Foreign Businesses

By jonathan / avril 18, 2023
18/04/2023 Complete Guide to GST Registration in Singapore for Foreign Businesses
Read More
  • Visa

The Singapore Entrepreneur Pass (EntrePass): Your Comprehensive Guide to Eligibility and Application Process

By jonathan / avril 11, 2023
11/04/2023 The Entrepreneur Pass (EntrePass) – is a work visa designed for foreign entrepreneurs who want to start a business...
Read More
  • Corporates

Understanding the Three Types of Shareholder Meetings Held in Singapore Companies

By jonathan / avril 10, 2023
10/04/2023 When running a business in Singapore, holding shareholder meetings is an essential part of the process.
Read More
  • Corporates

Get Your Guide to Applying for an Employment Pass (EP) in Singapore

By jonathan / février 28, 2023
28/02/2023 Learn how to apply for an Employment Pass (EP) in Singapore with this comprehensive guide. Get step-by-step instructions and...
Read More
+66 (0) 92 990 1046

Ouvert du Lundi au Vendredi
9h - 18h (Heure de Paris + 6h)

ÉCRIVEZ-NOUS

SERVICES

Juridiques

Création d'entreprise

Comptabilité et Administratif

Visas

Consultation ImmédiateNouveau

A propos

Qui sommes-nous

Nous rejoindre

Presse et médias

Conditions d'utilisation

Politique de confidentialité

Ressources

Blog Belaws Singapour

Our Offices

Thailand

Singapour

Hong Kong

Cambodia

Vietnam

Belaws 2017 - 2023 | Belaws se limite à fournir des informations et un logiciel. Belaws n'est pas un "service de mise en relation avec des avocats" et ne fournit pas de services juridiques ni ne participe à aucune représentation juridique. Belaws n'est pas un cabinet d'avocats ou un substitut à un avocat ou à un cabinet d'avocats. L'utilisation de Belaws est soumis à ses Conditions d'utilisation.

Shareholder agreements in Singapore Winding up a company in Singapore
Faire défiler vers le haut