Compliance of ACRA and IRAS rules and regulations
Maintenance of Statutory Registers and Records
A company must update ARCA, statutory register, and records in a timely manner if there are changes to the company’s information :
- changes in company name, business activity, registered office
- Changes in particulars of company officers, shareholders and auditors
- Changes in the company constitution
- Registering a charge
- Maintenance of statutory registers and records, Register of Registrable Controllers, and Register of Nominee Directors
Annual General Meeting and ACRA Annual Return
Unless the company is exempted or dispensed with the holding of AGM, a private company must hold AGM within six months from the company’s financial year end
Companies are required to file annual returns with ACRA to ensure that the company’s information on ACRA’s register is up to date. A private company has to file the annual return within 7 months from the company’s financial year end.
A full set of financial statements in XBRL format, if applicable, must be prepared and validated before filing the annual return.
Submit Income Tax Return
Except for qualified companies which meet the criteria for ECI waiver, companies are required to submit their estimated chargeable income within 3 months from their financial year end
Companies has to prepare tax computation and supporting tax schedules as well as submit tax return to IRAS.
Accounting and Financial Statement
Companies are required to keep proper records and accounts of business transactions. The financial statements must comply with the Singapore Financial Reporting Standards (FRS) and Companies Act. Cap. 50
A full set of statutory financial statement comprise of:
- Director’s Statement
- Statement of Financial Position
- Statement of Profit or Loss and other Comprehensive Income
- Statement of Changes in Equity
- Cash Flow Statement
- Notes to the Financial Statements
This requirement applies even if the company is exempt from having its financial statements audited, exempt from filling accounts, exempt from or dispense with holding Annual General Meeting, or have sought exemption to submit income tax returns.
Audited financial statements are required as part of the company financial reporting and compliance process for companies that are not qualified as a “small company”.
