Introduction
Companies in Singapore must understand the requirements for keeping accounting and statutory records. The Companies Act and related IRAS and ACRA guidance set out minimum retention periods and record types — this article, Requirements for Keeping Accounting and Statutory Records in Singapore and How Long, explains those obligations and practical steps to comply.
Good record-keeping helps meet ACRA filing obligations, supports tax audits by IRAS, and ensures accurate payroll and CPF reporting. Below we outline who the rules apply to, the key legal requirements, a step-by-step approach, common mistakes to avoid and practical examples.
Who this applies to
This guidance applies to all companies and entities incorporated or carrying on business in Singapore, including:
- Private and public companies limited by shares
- Companies limited by guarantee
- Branch offices of foreign companies carrying on business in Singapore
- Sole proprietorships and partnerships (subject to specific record requirements under other statutes)
Directors, company secretaries and those responsible for finance, payroll and compliance should be familiar with these rules. Raffles Corporate Services can assist businesses with corporate secretarial, accounting, tax and payroll support.
Key rules and requirements in Singapore
The primary statutory and regulatory sources are the Companies Act, ACRA guidance, and IRAS tax rules. Other laws such as the GST Act, Employment Act and CPF regulations impose additional record-keeping obligations.
Companies Act and ACRA
- Companies must keep proper accounting records that explain the company’s transactions and financial position. Records should enable true and fair financial statements to be prepared in accordance with applicable accounting standards.
- ACRA expects companies to retain minutes of board and general meetings, registers (members, directors, secretaries), share certificates (if issued), and other statutory records for the period specified by law or as reasonably necessary.
- Companies file certain documents via the ACRA BizFile+ portal — accurate records support timely and correct filings such as annual returns and notification of changes to directors or share capital.
IRAS — tax records
- For tax purposes, IRAS requires companies to retain all records that substantiate income, expenses, and tax computations. Generally, commercial records should be kept for at least five years after the relevant year of assessment.
- Where GST applies, businesses must keep GST records (tax invoices, payment receipts, import/export documents) generally for five years from the end of the accounting period to which the records relate.
Employment and CPF records
- Employment Act and CPF regulations require employers to maintain payroll records, CPF contribution records and employment contracts. CPF contribution records should generally be kept for at least five years.
- Records should document salaries, overtime, leave, CPF contributions and other employment-related payments, and be available for inspection if requested by MOM or CPF Board.
How long to keep different records
- General accounting and tax records: minimum five years (IRAS standard), measured from the end of the relevant year of assessment.
- GST records: five years from the end of the accounting period to which they relate.
- Statutory corporate records (minutes, registers): recommended to keep permanently while the company exists; retain for a period after dissolution as guided by legal counsel.
- Payroll and CPF records: at least five years, in line with CPF Board and IRAS requirements.
- Contracts and legal documents: retain while active and for a period afterwards depending on limitation periods and potential disputes (seek advice for specific categories).
Step-by-step process
Follow these practical steps to implement compliant record-keeping:
- Identify required records: list statutory registers, accounting ledgers, invoices, bank statements, payroll and CPF records, contracts, tax computations and GST records.
- Create a retention schedule: map each record type to the applicable retention period (e.g. five years for tax records, indefinite for key statutory registers).
- Implement storage policies: decide between secure physical storage and electronic storage. Electronic records should be backed up and accessible when required for audits or inspections.
- Ensure accessibility and integrity: maintain readable, retrievable records and log access. Ensure electronic records comply with evidence and authenticity requirements.
- Plan for disposal: when records reach the end of retention, dispose securely (shredding physical documents, secure deletion for digital files) and update the retention schedule.
Common mistakes to avoid
- Poor classification: failing to distinguish statutory records from routine accounting records leads to incorrect retention and disposal.
- Inadequate backups: not maintaining reliable electronic backups increases risk of data loss and non-compliance.
- Relying on verbal practices: absence of documented retention policies and procedures weakens control and audit readiness.
- Ignoring GDPR/PDPA considerations: ensure personal data in records is protected in accordance with PDPA requirements.
- Failure to update registers: directors, secretaries and share registers must be current for ACRA filings via BizFile+.
Practical examples
Example 1 — A small trading company:
- Retain sales invoices, purchase invoices and bank statements for five years to satisfy IRAS. Keep statutory registers and board minutes for the life of the company.
Example 2 — A company with GST registration:
- Keep GST tax invoices, import permits and related documents for at least five years from the end of the accounting period involved to support GST returns filed via IRAS and for potential GST audits.
Example 3 — Payroll and CPF:
- Maintain payroll records and CPF contribution files for at least five years and be able to produce them if CPF Board or MOM requests verification.
How a corporate secretary can help
A corporate secretary or corporate services provider can support compliance and reduce administrative burden. Typical assistance includes:
- Maintaining statutory registers and minutes, and preparing filings via ACRA BizFile+.
- Advising on retention schedules and document classification under the Companies Act and IRAS rules.
- Supporting accounting, tax and payroll processes to ensure records meet IRAS and CPF requirements.
- Implementing secure electronic storage and backup solutions and assisting with secure disposal.
Raffles Corporate Services can assist with filings, compliance, accounting, tax and payroll support to help ensure your records meet relevant statutory requirements.
Frequently Asked Questions
How long should a company keep its accounting records for IRAS?
IRAS generally requires businesses to retain accounting and tax records for at least five years from the end of the relevant year of assessment. Some records, such as those linked to ongoing disputes, should be retained longer.
Do I need to keep physical copies or are electronic records acceptable?
Electronic records are acceptable provided they are complete, accurate, readable and retrievable. Maintain reliable backups and ensure electronic records meet evidentiary requirements for audits or inspections.
What statutory registers must a company maintain?
Companies must keep registers including members, directors, secretaries, and any charges or debentures, together with minutes of board and general meetings. These are important for ACRA compliance and shareholder transparency.
Can I destroy records after five years?
Only destroy records when the retention period for that category has passed and there are no ongoing disputes, audits or other reasons to retain them. For statutory registers and certain corporate records, indefinite retention while the company exists is often advisable.
Key takeaways
- Keep accounting and tax records for at least five years to meet IRAS and GST requirements.
- Maintain statutory registers and minutes for the life of the company and ensure ACRA filings via BizFile+ are supported by accurate records.
- Retain payroll and CPF records for at least five years and comply with Employment Act and CPF Board obligations.
- Use documented retention schedules, secure storage and reliable backups for electronic records.
- Engage a corporate secretary or corporate services provider to help with compliance, filings, accounting and payroll processing.
Requirements may change, so always check the latest guidance from ACRA, IRAS or MOM, or consult a professional adviser.
If you would like to find out more about how Raffles Corporate Services can assist with your company’s compliance and corporate secretarial requirements, please get in touch with the team at [email protected].
Yours sincerely,
The editorial team at Raffles Corporate Services
Disclaimer: This does not constitute legal advice. If you require legal advice, please contact a lawyer.