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Key Dates For Compliance Deadlines For All Singapore Businesses
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Compliance for Singapore Companies

After incorporating a company in Singapore, business owners should take note of the annual regulatory compliance requirements that the company has to meet. It may seem to be a hassle for some, but it is good practice for businesses. Here are some advantages of being compliant:

1) Maintaining proper records of changes to and performance of the company;

2) Allowing potential investors or joint venture partners to access information that has been filed with the regulatory e.g. annual returns;

3) Giving assurance that your company is properly run; and

4) Avoiding unnecessary penalties and fines that the company, its directors, and its company secretary may be liable for.

Key Compliance Dates

In general, the two main authorities that Singapore companies need to be concerned with are the Accounting and Corporate Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS).

Companies should pay attention to the following dates and plan for the preparation and filing of such documents:

 

Deadline

Exceptions / Exemptions

Holding of Annual General Meeting (AGM)

First AGM to be held within 18 months from the date of incorporation 

Subsequently, held once every calendar year where the interval between AGMs must not be more than 15 months

Public-listed companies to lay the financial statements within 4 months of the financial year end

Private limited companies to lay the financial statements within 6 months of the financial year end

 

Private limited companies may dispense the holding of the AGM by passing a written shareholders’ resolution, but matters that are dealt with the AGM will still have to be attended.

Laying of audited financial statementsTo be accompanied during the holding of AGM

Small companies which fulfil the following conditions need not have their accounts audited:

1) Private companies in the relevant financial year;

2) Meet at least 2 of 3 of the following criteria for the immediate past two consecutive financial years:

a. Total revenue not exceeding S$ 10 million

b. Total assets not exceeding S$ 10 million

c. No. of employees not more than 50

For financial years commencing from 1 June 2004 and before 1 July 2015, exempt private companies are exempted from audit if the annual turnover does not exceed S$5 million

For a company which is part of a group:

(a) the company must qualify as a small company; and

(b) the entire group must be a “small group” to qualify for the audit exemption.

Filing of Annual Returns with ACRA

Within 1 month from the date of the AGM

Exempt private companies (i.e. companies with 20 members or less and with no corporate shareholder) need not attach accounts, but file an online declaration of solvency instead

Filing of Estimated Chargeable Income (ECI) with IRAS

Within 3 months from financial year end

Administrative concession:

1. Annual revenue of less than S$1 million; and

2. The ECI is NIL

Entities specifically not required to file:

a. Foreign ship owners or charterers for whom the Shipping Return has been or would be submitted by the local shipping agent;

b. Foreign universities;

c. Designated unit trusts and approved CPF unit trusts;

d. Real estate investment trusts that have been granted such tax treatment

Filing of Income Tax Return (Form C or Form C-S) with IRAS

30 November in the year following the financial year end

Extended to 15 December in the year following the financial year end for e-filing

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For a private limited company with a financial year end of 31 December 2015, its compliance timeline would be as follows:

 

Deadline

Activity

31 March 2016

Filing of Estimated Chargeable Income (ECI) with IRAS

31 June 2016*

Holding of Annual General Meeting (AGM)

31 July 2016

Filing of Annual Returns with ACRA

30 November 2016 / 15 December 2016

Filing of Income Tax Return with IRAS / e-Filing of Income Tax Return with IRAS


For a private limited company with a financial year end of 30 June 2016, its compliance timeline would be as follows:

Deadline

Activity 

30 September 2016

Filing of Estimated Chargeable Income (ECI) with IRAS

31 December 2016*

Holding of Annual General Meeting (AGM)

31 January 2017

Filing of Annual Returns with ACRA

30 November 2017 / 15 December 2017

Filing of Income Tax Return with IRAS / e-Filing of Income Tax Return with IRAS


*Note that if the Company is newly incorporated, the date of its first AGM has to be within 18 months from the date of incorporation

Staying Compliant

It is important for companies to put proper procedures in place to ensure that they meet the compliance dates. When a company defaults, its directors may be held liable for fines and penalties, in addition to the late filing fees that are imposed on the company. In view of this, companies should consider hiring a professional to help manage their compliance matters, so that they can focus on running the business and driving business growth.

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