Annual Compliance

Complete Guide to Annual Compliance Requirements for Singapore Private Limited Companies

Navigate through all mandatory annual filings, deadlines, and compliance requirements to keep your Singapore company in good standing with ACRA, IRAS, and other regulatory authorities.

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Annual Compliance Overview

9
Key Deadlines
4
Authorities
6
Major Filings
365
Year-round Coverage
Compliance Overview

Understanding Annual Compliance

Annual compliance for Singapore private limited companies involves multiple regulatory filings and obligations throughout the year. Proper compliance ensures your company maintains good standing and avoids penalties.

5 Key Deadlines

Major compliance deadlines throughout the year

Multiple Filings

ACRA, IRAS, CPF, and GST submissions required

Good Standing

Maintain corporate status and avoid penalties

Tax Optimization

Maximize deductions and minimize tax liability

Annual Timeline

Compliance Timeline

Key deadlines and filing requirements throughout the year

Based on Financial Year End: 31 December
Jan
15
Monthly

CPF Contribution

Employee CPF contributions for December

CPF Board
Late payment interest of 1.5% per month
Jan
31
Quarterly

GST Return (Quarterly)

Q4 GST return submission for Oct-Dec period

IRAS
$200 composition fine + 5% additional tax
Mar
31
Annual

ECI Filing

Estimated Chargeable Income filing within 3 months of FYE (31 Dec)

IRAS
IRAS may estimate tax based on their metrics
Jun
30
Annual

AGM Deadline

Annual General Meeting must be held within 6 months of FYE (31 Dec)

ACRA
$300 composition fine
Jul
31
Annual

Annual Return

Annual Return filing within 1 month of AGM (latest July 31 if AGM by June 30)

ACRA
$300 composition fine
Nov
30
Annual

Form C/CS Filing (Next Year)

Corporate Income Tax Return filing for previous year (FYE 31 Dec)

IRAS
Composition fine up to $5,000 + potential court action
Annual
Quarterly
Monthly

Important Notes

1

Monthly and quarterly filings should be filed every month and quarter respectively. This timeline shows sample dates for demonstration - actual filing frequency may be higher.

2

GST filings are based on your actual chosen filing period with IRAS and only apply if GST registered. Filing periods may be monthly, quarterly, or annually.

Key Compliance Requirements

Detailed breakdown of each major compliance obligation

Annual General Meeting (AGM)

Within 6 months of financial year-endACRA

Summary

Mandatory meeting for shareholders to review company performance, approve financial statements, and make key decisions. Must be held annually unless exempted.

Requirements

  • Notice to shareholders at least 14 days before meeting
  • Approval of financial statements and director's report
  • Declaration of dividends (if applicable)
  • Appointment/re-appointment of directors
  • Appointment of auditors (if required)
  • Meeting minutes must be recorded and kept

Exemptions

  • Private companies with single shareholder (can pass written resolutions)
  • Dormant companies may be exempted from AGM requirements

Penalties

$300 composition fine for late compliance

Annual Return

Within 1 month of AGMACRA

Summary

Annual filing with ACRA containing updated company information, shareholding details, and confirmation of registered office address. Must be filed within 1 month of holding the AGM.

Requirements

  • Updated particulars of directors and company secretary
  • Current shareholding structure and changes
  • Registered office address confirmation
  • Principal business activities
  • Annual filing fee payment ($60 for private companies)
  • Declaration signed by director or company secretary

Exemptions

  • No exemptions - all companies must file regardless of activity level

Penalties

$300 composition fine

Estimated Chargeable Income (ECI)

Within 3 months of Financial Year EndIRAS

Summary

Estimation of company's chargeable income for the current Year of Assessment, used by IRAS for tax assessment purposes. Must be filed within 3 months from the company's financial year end.

Requirements

  • Estimate gross income for current year
  • Deduct allowable business expenses
  • Account for capital allowances and deductions
  • Consider carry-forward losses from previous years
  • File through IRAS Bizfile+ portal
  • NIL return if no chargeable income expected

Exemptions

  • Dormant companies with no income
  • Companies with estimated chargeable income of zero

Penalties

No direct penalty - but non-filing may result in IRAS making tax estimation based on their own metrics

Form C/CS Tax Filing

By 30 November (Form C) / 15 December (Form CS)IRAS

Summary

Corporate Income Tax Return filing based on actual financial results. Form C for companies without audit exemption, Form CS for audit-exempted companies.

Requirements

  • Audited financial statements (Form C) or unaudited accounts (Form CS)
  • Detailed profit and loss computation
  • Balance sheet and supporting schedules
  • Capital allowances and depreciation schedules
  • Related party transactions disclosure
  • Tax computation and payment of assessed tax

Exemptions

  • Dormant companies may file simplified returns
  • Small companies may qualify for Form CS filing

Penalties

Composition fine up to $5,000 per offence and late penalty of 5% the tax assessed. Potential court action for persistent non-compliance.

Goods and Services Tax (GST)

By last day of month following quarter-endIRAS

Summary

Quarterly GST return filing for registered businesses with annual turnover exceeding S$1 million. Current GST rate is 9% (effective 1 Jan 2024).

Requirements

  • Registration required if annual turnover > S$1 million
  • Quarterly returns due by end of following month
  • Input tax claims with proper tax invoices
  • Output tax collection and remittance
  • Maintain proper GST records and tax invoices
  • Payment of net GST due

Exemptions

  • Businesses with turnover below S$1 million (voluntary registration available)
  • Certain exempt supplies (financial services, residential property)

Penalties

$200 composition fine + 5% additional tax + interest charges

Central Provident Fund (CPF)

By 15th of following monthCPF Board

Summary

Monthly CPF contributions for employees' retirement, healthcare, and housing needs. Employers and employees contribute based on salary levels.

Requirements

  • Register as employer upon hiring first employee
  • Monthly contributions by 15th of following month
  • Employer contribution: 17% of employee's salary
  • Employee contribution: 20% deducted from salary
  • CPF submission through online portal
  • Maintain proper payroll records

Exemptions

  • Foreign employees on work permits (partial exemption)
  • Employees above 65 years (reduced rates)
  • Self-employed persons (voluntary scheme)

Penalties

Late payment interest of 1.5% per month + administrative penalties

Compliance Best Practices

Tips to ensure smooth and timely compliance

Set Up Reminder Systems

Create calendar reminders 2-4 weeks before each deadline to allow adequate preparation time.

Maintain Organized Records

Keep all financial records, receipts, and supporting documents properly organized and easily accessible.

Engage Professional Help

Consider hiring qualified accountants or corporate service providers for complex filings and tax optimization.

Regular Financial Reviews

Conduct quarterly financial reviews to identify issues early and ensure accurate reporting.

Compliance Monitoring

Regularly check for regulatory updates and changes in filing requirements or deadlines.

Set Aside Tax Provisions

Maintain separate reserves for tax payments to avoid cash flow issues during filing periods.

Penalties and Consequences

Understanding the cost of non-compliance

ACRA

Late Annual Return

$300
Potential striking off from register

Late AGM

$300 composition fine
Director disqualification risk

Failure to maintain registers

Up to $5,000 fine
Legal proceedings

IRAS

Late ECI Filing

IRAS may estimate tax based on their metrics
Higher tax assessment

Late Corporate Tax Filing

$200 + 5% additional tax
Interest charges on unpaid tax

Late GST Return

$200 + 5% additional tax
GST registration cancellation risk

CPF Board

Late CPF Contributions

1.5% interest per month
Legal action for recovery

Under-contribution

Interest + administrative penalty
Employee benefit shortfall

Frequently Asked Questions

When must the Annual General Meeting be held?
The first AGM must be held within 18 months of incorporation. Subsequent AGMs must be held once every calendar year, and no later than 15 months after the previous AGM.
What is the deadline for filing the Annual Return?
The Annual Return must be filed within 7 months after your company’s financial year end (FYE)
What happens if I miss the Annual Return deadline?
A late filing penalty of $300 applies if the Annual Return is filed within 3 months after the deadline, and $600 if it is filed more than 3 months after the deadline. ACRA may also issue a composition fine of $1000 for the offence. Persistent non-compliance may result in additional composition fines or the company being struck off the register.
Can I file Form CS instead of Form C to save costs?
Form CS is only available for small companies that qualify for audit exemption. Companies must meet specific criteria including revenue below $10 million, assets below $10 million, and fewer than 50 employees.
Is GST registration mandatory for all companies?
GST registration is mandatory when taxable turnover exceeds $1 million. However, businesses can voluntarily register for GST, subject to several conditions.
What if my company has no business activity?
Dormant companies still need to file Annual Returns with ACRA and may need to file NIL returns for tax purposes. Some AGM requirements may be waived for dormant companies.
Can I extend filing deadlines?
ACRA may grant up to 60 days’ extension for holding the AGM and filing the AR, subject to approval. The application must be submitted to ACRA at least 14 days before the filing deadline.
What records must I maintain for compliance?
Companies must maintain accounting records, board resolutions, share registers, director registers, and all supporting documents for at least 5 years. Proper documentation is essential for all filings.
How do I calculate CPF contributions for foreign employees?
Foreign employees on work permits have different CPF rates. Generally, only employer contributions are required, with rates varying based on the type of work pass and employee's age.

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