From Filing to Compliance: A Timeline of Singapore Company Secretarial Requirements and Deadlines
Singapore is a popular destination for businesses, with its business-friendly environment, low taxes, and highly developed infrastructure. However, with the benefits of doing business in Singapore come certain requirements and deadlines that companies must adhere to. In this article, we will provide a comprehensive timeline of Singapore company secretarial requirements and deadlines, from filing to compliance.
Pre-Incorporation
Before incorporating a company in Singapore, there are several steps that must be taken:
- Reservation of Company Name: The company name must be reserved with the Accounting and Corporate Regulatory Authority (ACRA) at least 2 days before incorporation. The reservation is valid for 60 days.
- Preparation of Memorandum and Articles of Association: The Memorandum and Articles of Association must be prepared and signed by the subscribers to the company.
- Preparation of Board Resolution: The Board of Directors must pass a resolution approving the incorporation of the company.
- Preparation of Share Certificate: The share certificate must be prepared and signed by the subscribers to the company.
Incorporation
Once the pre-incorporation steps are complete, the company can be incorporated:
- Submission of Incorporation Documents: The incorporation documents, including the Memorandum and Articles of Association, Board Resolution, and Share Certificate, must be submitted to ACRA.
- Payment of Registration Fee: The registration fee must be paid to ACRA.
- Issuance of Certificate of Incorporation: ACRA will issue a Certificate of Incorporation once the company has been successfully incorporated.
Post-Incorporation
After incorporation, the company must comply with various requirements and deadlines:
- Annual General Meeting (AGM): The company must hold an AGM within 18 months of incorporation and every subsequent year within 15 months of the previous AGM.
- Annual Return (AR): The company must file an AR with ACRA within 30 days of the AGM.
- Financial Statements: The company must prepare and file financial statements with ACRA within 6 months of the AGM.
- Tax Filing: The company must file its tax return with the Inland Revenue Authority of Singapore (IRAS) within 3 months of the financial year end.
Compliance
Companies must also comply with various compliance requirements:
- Change of Directors or Secretary: The company must notify ACRA within 14 days of any change in directors or secretary.
- Change of Share Capital: The company must notify ACRA within 14 days of any change in share capital.
- Change of Registered Office: The company must notify ACRA within 14 days of any change in registered office.
Conclusion
In conclusion, incorporating a company in Singapore requires careful planning and attention to detail. From filing to compliance, there are various requirements and deadlines that must be met. It is essential for companies to stay up-to-date with the latest requirements and deadlines to avoid any penalties or fines. By understanding the timeline of Singapore company secretarial requirements and deadlines, companies can ensure compliance and avoid any potential issues.
FAQs
Q: What is the deadline for filing the Annual Return (AR) with ACRA?
A: The deadline for filing the AR with ACRA is within 30 days of the AGM.
Q: What is the deadline for filing financial statements with ACRA?
A: The deadline for filing financial statements with ACRA is within 6 months of the AGM.
Q: What is the deadline for filing tax returns with IRAS?
A: The deadline for filing tax returns with IRAS is within 3 months of the financial year end.
Q: What is the penalty for late filing of annual returns with ACRA?
A: The penalty for late filing of annual returns with ACRA is SGD 300.
Q: What is the penalty for late filing of financial statements with ACRA?
A: The penalty for late filing of financial statements with ACRA is SGD 300.
Q: What is the penalty for late filing of tax returns with IRAS?
A: The penalty for late filing of tax returns with IRAS is SGD 1,000.
Q: Can I file my company’s annual return and financial statements online?
A: Yes, companies can file their annual return and financial statements online through the ACRA website.
Q: Can I file my company’s tax return online?
A: Yes, companies can file their tax return online through the IRAS website.
Q: Who is responsible for ensuring compliance with company secretarial requirements?
A: The company secretary is responsible for ensuring compliance with company secretarial requirements.
Q: What are the consequences of non-compliance with company secretarial requirements?
A: The consequences of non-compliance with company secretarial requirements can include fines, penalties, and even deregistration of the company.
