|
As a company registered in Singapore, you are required to comply with various regulatory requirements and statutory obligations to maintain the good standing of your business. In this article, we will provide a comprehensive guide to help you navigate the complex world of company secretarial obligations and best practices in Singapore.
|
What is Company Secretarial Compliance?Company secretarial compliance refers to the process of ensuring that a company complies with all relevant laws, regulations, and rules governing its operations. This includes filing and maintaining accurate records, submitting required documents, and adhering to statutory obligations.
|
Filing ObligationsAs a company registered in Singapore, you are required to file various documents with the Singapore companies registry, including:
Failure to file these documents on time can result in late filing penalties and potential deregistration of the company.
|
Statutory ObligationsIn addition to filing obligations, your company is also required to comply with various statutory obligations, including:
Failure to comply with these obligations can result in fines, penalties, and even criminal prosecution.
|
Best Practices for ComplianceTo ensure compliance with regulatory requirements and maintain the good standing of your business, it is essential to adopt best practices, including:
By adopting these best practices, you can ensure compliance with regulatory requirements, avoid penalties and fines, and maintain the confidence of stakeholders.
|
ConclusionIn conclusion, company secretarial compliance is a critical aspect of doing business in Singapore. By understanding the various filing obligations and statutory requirements, and implementing best practices, you can ensure the smooth operation of your business and maintain a good reputation.
|
FAQs
Q: What are the consequences of non-compliance with company secretarial obligations?
A: Non-compliance with company secretarial obligations can result in late filing penalties, fines, and even criminal prosecution.
Q: How often must I file my company’s annual return?
A: You must file your company’s annual return (Form C7) within 28 days after the anniversary of the company’s incorporation.
Q: What are the penalties for late filing of annual returns?
A: Late filing of annual returns can result in penalties ranging from SGD 200 to SGD 2,000, depending on the late period.
Q: Can I file my company’s annual return online?
A: Yes, you can file your company’s annual return online through the Singapore companies registry’s online filing system.
Q: Who is responsible for ensuring company secretarial compliance?
A: The company director and/or company secretary are responsible for ensuring company secretarial compliance.
Q: What is the role of a company secretary?
A: A company secretary is responsible for ensuring the company complies with all applicable laws and regulations, and for maintaining accurate records and filing required documents.
