Singapore Company Secretarial Compliance: A Step-by-Step Guide to Staying Compliant
Singapore is a popular destination for businesses, with its business-friendly environment, low taxes, and highly developed infrastructure. However, with the ease of setting up a business in Singapore comes the responsibility of ensuring compliance with the country’s company secretarial requirements. Failure to comply with these requirements can result in severe penalties, fines, and even the striking off of a company.
In this article, we will provide a step-by-step guide to help you understand the company secretarial compliance requirements in Singapore and ensure that your company stays compliant.
Step 1: Register with the Accounting and Corporate Regulatory Authority (ACRA)
The first step in ensuring company secretarial compliance is to register your company with the Accounting and Corporate Regulatory Authority (ACRA). This is a mandatory requirement for all companies incorporated in Singapore. You can register your company online through the ACRA website or through a registered filing agent.
During the registration process, you will need to provide the following information:
- Company name and address
- Company directors and shareholders
- Company secretary
- Business activities
Step 2: File Annual Returns with ACRA
Every year, companies incorporated in Singapore are required to file annual returns with ACRA. The annual return is a mandatory requirement that provides ACRA with an update on the company’s directors, shareholders, and business activities.
The annual return must be filed within 30 days of the company’s anniversary date. You can file the annual return online through the ACRA website or through a registered filing agent.
The annual return must include the following information:
- Company directors and shareholders
- Company secretary
- Business activities
- Company’s financial year-end date
Step 3: Hold Annual General Meetings (AGMs)
Companies incorporated in Singapore are required to hold an Annual General Meeting (AGM) within 18 months of the company’s incorporation date. The AGM is a mandatory requirement that provides shareholders with an opportunity to review the company’s financial performance and elect new directors.
The AGM must be held within 15 months of the company’s financial year-end date. You can hold the AGM in person or through a virtual meeting.
The AGM must include the following agenda items:
- Review of the company’s financial statements
- Election of directors
- Appointment of auditors
Step 4: Maintain Accurate Company Records
Companies incorporated in Singapore are required to maintain accurate and up-to-date company records. This includes records of company meetings, resolutions, and financial transactions.
Company records must be kept at the company’s registered office and must be made available for inspection by ACRA or other regulatory bodies.
Step 5: Comply with Tax Requirements
Companies incorporated in Singapore are required to comply with tax requirements, including the filing of tax returns and payment of taxes.
The tax year in Singapore is from 1 January to 31 December. Companies must file their tax returns within 3 months of the tax year-end date.
Conclusion
Company secretarial compliance is a critical requirement for all companies incorporated in Singapore. Failure to comply with these requirements can result in severe penalties, fines, and even the striking off of a company.
In this article, we have provided a step-by-step guide to help you understand the company secretarial compliance requirements in Singapore and ensure that your company stays compliant.
FAQs
Q: What is the penalty for non-compliance with company secretarial requirements in Singapore?
A: The penalty for non-compliance with company secretarial requirements in Singapore can include fines, imprisonment, and even the striking off of a company.
Q: How often must companies file annual returns with ACRA?
A: Companies incorporated in Singapore must file annual returns with ACRA within 30 days of the company’s anniversary date.
Q: What is the purpose of an Annual General Meeting (AGM) in Singapore?
A: The purpose of an AGM in Singapore is to provide shareholders with an opportunity to review the company’s financial performance and elect new directors.
Q: What are the consequences of failing to hold an AGM in Singapore?
A: The consequences of failing to hold an AGM in Singapore can include fines, imprisonment, and even the striking off of a company.
Q: What records must companies maintain in Singapore?
A: Companies incorporated in Singapore must maintain accurate and up-to-date records of company meetings, resolutions, and financial transactions.
Q: How can companies ensure compliance with company secretarial requirements in Singapore?
A: Companies can ensure compliance with company secretarial requirements in Singapore by registering with ACRA, filing annual returns, holding AGMs, maintaining accurate company records, and complying with tax requirements.
