Compliance Requirements | IRAS | ACRA

ACRA compliance requirements 

The Companies Act (Cap. 50) had been amended and the current yearly proceedings of holding an Annual General Meeting, preparation of Financial Statements (FS) and filing  of Annual Returns (AR) are as follows:

• Company must inform ACRA of FYE upon incorporation

• AGM to be held within 6 months after every FYE 

• FS to be laid at each AGM

• AR to be filed within 7 months after every FYE

• Changes in FYE must be approved by ACRA if

  • It results in a financial year of more than 18 months​

  • A change of FYE took place within the last 5 years

Note: It is important for companies to be well aware of the statutory deadlines as failing to comply will result in penalties levied by ACRA.

The illustration below shows the compliance timeline of a typical company (based on new 2018 regulations)

Previous revisions to the regulations require companies to keep a register of nominee directors and register of controllers. Beneficial ownership of each company must also be obtained. 

Visit this link for more information relating to the Companies (Amendment) Act 2017, or this link for more details on the procedures required in running a company.

Tax compliance (IRAS)

Tax is assessed on a company's profit at a fixed rate of 17%, after tax exemptions and allowable deductions

To find out more about Singapore's corporate tax filing requirements, important dates and schemes, click here to view the information on IRAS website. We will also be available to consultation on tax matters and planning to ensure compliance while maximising your tax benefits.

Tax is assessed on a basis period, being the financial year of the company. Tax is assessed in the year following the basis period, I.E. for companies with FYE in 2022, it is assessed under year of assessment (YA) 2023 for tax. Apportionment of profits will be required should the financial year of a Company exceed 12 months (for newly incorporated companies) or a YA (for existing companies changing their FYE).

New companies may enjoy benefits such as further tax exemptions, although proper planning is required to implement the first financial period for the Company to suit its operations while ensuring a practical approach in accounting and tax obligations. 

Useful links

ACRA - Find out more about company related information. Click here.

IRAS - Find out more about corporate taxes, GST registration and requirements. Click here.

MOM - Find out more about employment guidelines and the processes involved. Click here.

CPF - Find out more about paying CPF contributions as employers, or medisave contributions for self-employed individuals. Click here.