Regulatory and Compliance Guide

Operating a business in Singapore involves adhering to various regulatory and compliance requirements. For overseas companies, understanding and meeting these annual compliance obligations is crucial to ensure smooth operations and avoid legal issues. This guide outlines the key annual compliance requirements for overseas companies operating in Singapore and how Move2SG can assist in managing these responsibilities.

Key Compliance Requirements

1. Annual General Meeting (AGM)

All Singapore-incorporated companies are required to hold an Annual General Meeting (AGM) within six months after the end of their financial year. During the AGM, the company's financial statements are presented to shareholders for approval.

2. Filing of Annual Returns

Companies must file their annual returns with the Accounting and Corporate Regulatory Authority (ACRA) within seven months after the end of their financial year. The annual return includes information about the company's financial statements, shareholders, and directors.

3. Preparation and Filing of Financial Statements

Companies must prepare financial statements in compliance with the Singapore Financial Reporting Standards (SFRS). These financial statements must be audited by a qualified auditor unless the company qualifies for audit exemption (e.g., small companies meeting certain criteria). The audited financial statements are presented at the AGM and filed with ACRA.

4. Corporate Tax Filing

All companies in Singapore must file their corporate tax returns with the Inland Revenue Authority of Singapore (IRAS). The deadline for filing the corporate tax return (Form C-S/C) is November 30 for paper filing and December 15 for e-filing. Companies must also submit Estimated Chargeable Income (ECI) within three months after the end of their financial year.

5. Goods and Services Tax (GST) Filing

If your company is registered for GST, you must file GST returns quarterly or monthly, depending on the prescribed accounting period. The GST return (Form F5) must be filed within one month after the end of the accounting period, and any GST payable must be paid by the same deadline.

6. Holding Board Meetings

Regular board meetings should be held to discuss and approve significant business decisions. While there is no specific requirement for the frequency of board meetings, it is good corporate governance practice to hold them regularly and keep detailed minutes.

7. Updating ACRA on Changes

Any changes to the company's registered office address, directors, shareholders, or company secretary must be reported to ACRA within a specified period (usually 14 days). Keeping ACRA updated ensures that the company’s records are accurate and up to date.

8. Maintaining Statutory Registers

Companies are required to maintain various statutory registers, including registers of members, directors, secretaries, and charges. These registers must be kept up-to-date and made available for inspection when required.

How Move2SG Can Assist

• AGM and Annual Return Filing: We assist in organizing and conducting AGMs, preparing necessary documents, and filing annual returns with ACRA.

• Financial Statement Preparation: Our team helps in preparing and reviewing financial statements in compliance with SFRS and coordinating with auditors if required.

• Corporate Tax Compliance: We assist in preparing and filing corporate tax returns, ECI, and other related tax documents with IRAS.

• GST Filing: We provide support in preparing and filing GST returns, ensuring timely submission and payment.

• Regulatory Updates: We keep you informed about any changes in compliance requirements and assist in updating ACRA on changes to company details.

• Statutory Registers Maintenance: We help maintain and update statutory registers, ensuring they are accurate and compliant with regulations.

Meeting annual compliance requirements is essential for overseas companies operating in Singapore to ensure legal compliance and smooth business operations. By understanding these obligations and leveraging the support of Move2SG, companies can efficiently manage their compliance responsibilities. Let Move2SG assist you in navigating Singapore's regulatory landscape, allowing you to focus on growing your business.

For personalized support and expert advice, please contact us.