Every company must appoint at least 1 secretary within 6 months after incorporation.
The Secretary must be a Singapore resident and cannot be the same person who is also the sole director of the Company.
The Secretary may be held liable for failure to comply with the law in certain situations.
Check out the roles and responsibilities of Corporate Secretary here
Keep proper accounting records.
“Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business. “– IRAS (Inland Revenue Authority of Singapore)
“Every company shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair financial statements and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited”- Companies Act Chapter 50 Section 199(1)
Recurring Annual Government Statutory Compliance
ACRA compliance
Companies must maintain statutory records and file annual returns. AGMs are generally due within four months after financial year-end for listed companies and six months for other companies, unless an applicable exemption or dispensation applies. Private companies may qualify for AGM exemptions, subject to the statutory conditions and member rights.
IRAS compliance
ECI is generally due within three months after financial year-end unless the company qualifies for a waiver or exemption. The annual corporate income tax return, using the appropriate Form C-S, Form C-S (Lite) or Form C, is generally due by 30 November. Prepare the required computations and records; submission requirements depend on the form and circumstances.
Failure to comply will result in hefty penalties imposed by the authorities and may even face prosecution in court!
Annual returns and ACRA enforcement
Annual returns are generally due within five months after financial year-end for listed companies and seven months for other companies. Companies with an overseas branch register have different statutory deadlines. Check the rules for your company and apply for an extension before the deadline where eligible.
Late filing and failure to meet AGM requirements can lead to penalties and enforcement action. Do not rely on historic examples of composition sums or court fines as a current fixed schedule.
IRAS late or missing filings
IRAS may issue an estimated assessment and take enforcement action when required returns are missing. Review notices promptly, pay amounts due by the stated deadline and submit the outstanding information. Penalties depend on the facts and the applicable law.
How BTA helps
BTA supports corporate secretarial and tax compliance within an agreed service scope. We help identify deadlines, prepare documents and manage authorised filings. Directors remain responsible for company obligations, decisions and timely provision of records and approvals.
