Stay Compliant with Singapore’s Company Secretarial Regime: A Timeline of Important Dates and Deadlines
Singapore is a popular destination for businesses, with its favorable business environment, attractive tax incentives, and world-class infrastructure. However, with the benefits of setting up a company in Singapore comes the responsibility of complying with the country’s company secretarial regime. Failure to comply can result in penalties, fines, and even deregistration of the company. In this article, we will provide a timeline of important dates and deadlines for companies to stay compliant with Singapore’s company secretarial regime.
Pre-Incorporation Compliance
Before incorporating a company in Singapore, it is essential to ensure that the company name is unique and available. The Singapore Companies Act requires that company names be unique and not identical or similar to an existing company name. The Singapore Company Registration Office (ACRA) provides a company name search facility to check the availability of a company name.
Within 60 days of incorporating a company, the company must file its first annual return with ACRA. The first annual return must include the company’s registered address, registered capital, and authorized share capital. The company must also file its first annual financial statements within 150 days of the end of its first financial year.
Annual Compliance
Every year, companies in Singapore must file their annual return and annual financial statements with ACRA. The annual return must be filed within 150 days of the end of the company’s financial year, while the annual financial statements must be filed within 300 days of the end of the company’s financial year.
Companies are also required to hold an annual general meeting (AGM) within 18 months of the company’s financial year-end. At the AGM, the company must present its annual financial statements and report on its activities. The AGM must be attended by at least 50% of the company’s shareholders in person or by proxy.
Other Compliance Requirements
Companies in Singapore must also comply with other requirements, including:
- Filing of changes in company particulars, such as changes to the company’s registered address or registered capital, with ACRA within 60 days of the change.
- Filing of changes in the company’s share capital structure, such as changes to the authorized share capital, with ACRA within 60 days of the change.
- Filing of changes in the company’s directors or secretaries with ACRA within 60 days of the change.
- Filing of annual tax returns with the Inland Revenue Authority of Singapore (IRAS) and payment of taxes owed.
Consequences of Non-Compliance
Failure to comply with Singapore’s company secretarial regime can result in severe consequences, including:
- Penalties and fines imposed by ACRA or the IRAS.
- Directors’ liability for the company’s debts and obligations.
- Directors’ personal liability for any breach of the company’s obligation to file returns or pay taxes.
- Striking off the company’s name from the register and deregistration of the company.
Conclusion
In conclusion, staying compliant with Singapore’s company secretarial regime is crucial for companies operating in Singapore. Failure to comply can result in severe consequences, including penalties, fines, and even deregistration of the company. By understanding the timeline of important dates and deadlines, companies can ensure that they are compliant with the regime and avoid any potential penalties and fines.
FAQs
Q: How do I check the availability of a company name in Singapore?
A: You can check the availability of a company name in Singapore through the Singapore Company Registration Office’s (ACRA) company name search facility.
Q: How long do I have to file my first annual return with ACRA?
A: You have 60 days to file your first annual return with ACRA after incorporating a company in Singapore.
Q: What are the consequences of non-compliance with Singapore’s company secretarial regime?
A: Failure to comply with Singapore’s company secretarial regime can result in penalties, fines, and even deregistration of the company. Directors may also be held liable for the company’s debts and obligations.
Q: How often do I need to hold an annual general meeting (AGM)?
A: You must hold an AGM within 18 months of the company’s financial year-end.
Q: What are the filing deadlines for annual financial statements?
A: You must file your annual financial statements with ACRA within 300 days of the end of the company’s financial year.
