Many business owners ask: What exactly must I do to keep my Singapore company compliant? This Singapore Company Compliance Checklist: ACRA, IRAS, CPF, Employment Act and Corporate Secretary Duties explains the core statutory requirements every company must meet in Singapore and outlines practical steps to stay compliant year-round. The guidance below is general in nature; for tailored assistance, speak with Raffles Corporate Services.
This checklist applies to:
– Private limited companies incorporated in Singapore under the Companies Act;
– Foreign companies with a branch or place of business in Singapore;
– Directors, company secretaries and company officers responsible for statutory compliance; and
– Business owners and finance teams overseeing tax, payroll and HR obligations.
If you operate sole proprietorships or partnerships, many obligations (for example, CPF and GST) still apply, but company-specific rules (ACRA annual returns, Companies Act duties) do not.
Key rules and requirements in Singapore
Below are the principal statutory areas you must monitor and comply with.
ACRA and Companies Act
– Incorporation and BizFile+ registration: maintain accurate company particulars on the ACRA BizFile+ portal. Notify ACRA of changes to directors, company secretary, registered address or share capital within the statutory timelines.
– Annual Return: file an annual return on ACRA after the annual general meeting (AGM) or within the prescribed period if AGM is exempted.
– Company secretary: appoint a qualified company secretary within six months of incorporation (Companies Act requirement).
– Directors’ duties: comply with duties under the Companies Act, including proper accounting records and preventing insolvent trading.
IRAS and corporate tax
– Estimated Chargeable Income (ECI): most companies must file ECI within three months from the end of the financial year if taxable.
– Corporate tax return (Form C/C-S): file by 30 November (paper) or 15 December (e-filing) the year following the financial year end, or file Form C-S if eligible for simplified filing.
– Withholding tax & transfer pricing: observe withholding obligations on certain payments to non-residents and maintain contemporaneous transfer pricing documentation where relevant.
– GST (if applicable): register for GST when your taxable turnover exceeds SGD 1 million or if you expect it to exceed this threshold; file quarterly GST returns via IRAS myTax Portal.
CPF and payroll
– CPF contributions: calculate and remit employer and employee CPF contributions on time (via CPF e-Submission or corporate bank GIRO). Employers must follow the rates set by the CPF Board and report contributions accurately.
– Payroll records: keep payroll records and payslips for at least two years; ensure CPF contribution statements reconcile with payroll.
Employment Act and MOM work passes
– Employment Act compliance: adhere to rules on working hours, rest days, overtime, public holiday pay and itemised payslips where the Act applies.
– Work passes: ensure valid Employment Pass, S Pass or Work Permit for non-citizen employees and comply with MOM reporting requirements and levy payments.
PDPA and recordkeeping
– Data protection: comply with the Personal Data Protection Act (PDPA) when collecting, using or disclosing personal data of employees, customers or suppliers.
– Retention: retain statutory records (minutes, financial statements, accounting records) in line with statutory periods.
Step-by-step process
1. Incorporation and initial appointments
– Incorporate via ACRA BizFile+ and appoint directors and the company secretary within six months.
2. Set your financial year-end
– Determine a standard Financial Year End and ensure accounting records align to prepare timely financial statements.
3. Establish payroll and CPF processes
– Implement payroll software, set up a CPF employer account, and schedule monthly contributions.
4. Register for GST if required
– Monitor turnover and register with IRAS when the SGD 1 million threshold is met or expected to be met.
5. Annual compliance calendar
– Maintain a calendar for AGMs, annual returns, tax deadlines (ECI and Form C), GST returns and payroll remittances.
6. Ongoing reporting and recordkeeping
– File changes on ACRA BizFile+, submit tax returns via IRAS myTax Portal, and hold minutes, statutory registers and financial records securely.
Common mistakes to avoid
– Missing timelines: late ACRA filings or tax returns attract penalties and can impair directors’ reputations.
– Incorrect CPF calculations: underpaying CPF or late remittance leads to fines and possible prosecution.
– Ignoring GST registration thresholds: failure to register when required can result in backdated liabilities and penalties.
– Weak recordkeeping: incomplete accounting records hinder audit readiness and tax compliance.
– Using non-compliant employment contracts: contracts must reflect Employment Act minimums and work pass conditions.
Practical examples
Example 1 — Newly incorporated company
A private limited company incorporated in March chooses 31 December as its Financial Year End. It must appoint a company secretary by September (six months), prepare accounting records for the period, and file its first set of annual returns and tax filings in the following year. If it hires staff, it must register with CPF and set up payroll promptly.
Example 2 — GST threshold breach
A trading company’s taxable turnover exceeded SGD 1 million in the prior 12 months. The company must register for GST and begin charging GST on taxable supplies from the effective date. It should also adjust accounting systems for GST invoicing and filing.
How a corporate secretary can help
A qualified corporate secretary in Singapore supports compliance by:
– Preparing and filing ACRA returns via BizFile+ and keeping statutory registers up to date;
– Advising on Companies Act duties and board/ shareholder meeting procedures;
– Coordinating AGM documentation, minutes and annual returns;
– Liaising with external auditors, tax advisers and regulators where necessary.
Raffles Corporate Services can assist discreetly with filings, compliance, accounting, tax and payroll support to help you meet statutory deadlines and reduce administrative burden. This is general information and should not be taken as personalised legal or tax advice.
FAQ
Q: When must a Singapore company hold its first AGM?
A: Generally, a company must hold an AGM within 18 months of incorporation and subsequently within six months after the financial year end, unless exempted under Companies (Amendment) Act provisions. Check ACRA guidance for exemptions.
Q: How often do I file corporate tax with IRAS?
A: Companies file an annual corporate tax return (Form C or C-S) for each Year of Assessment. Most companies also submit ECI within three months after the financial year end if taxable.
Q: When must I register for GST?
A: You must register for GST when your taxable turnover exceeds SGD 1 million in the past 12 months or when you reasonably expect it to exceed SGD 1 million in the next 12 months.
Q: What are employer CPF obligations?
A: Employers must calculate and remit employer and employee CPF contributions monthly at prescribed rates, make timely payments and provide employees with payslips. Rates vary by employee age and residency status.
Q: Can Raffles Corporate Services manage my compliance calendar?
A: Yes. Raffles Corporate Services offers corporate secretarial and compliance services, including filing reminders, statutory filings and support with payroll and tax administration. Contact us for tailored service options.
Key takeaways
– Appoint a company secretary within six months and keep ACRA records up to date via BizFile+.
– Maintain proper accounting records, file ECI and corporate tax returns with IRAS on time, and register for GST when required.
– Implement robust payroll processes to ensure CPF contributions and Employment Act obligations are met.
– Use a compliance calendar to avoid late filings and penalties.
– Engage a corporate secretary or professional firm like Raffles Corporate Services for practical help with filings, compliance, accounting, tax and payroll support.
If you like to find out more, please contact the Raffles Corporate Services team at [email protected]
Yours sincerely,
The editorial team at Raffles Corporate Services