Compliance Requirements for Newly Incorporated Companies

Compliance Requirements for Newly Incorporated Companies

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Compliance Requirements for Newly Incorporated Companies

After incorporating your company, you must comply with the ongoing compliance requirements to avoid penalties and legal issues. Here are the Singapore compliance requirements for newly incorporated companies:

  1. Annual General Meeting (AGM): Every company must hold an AGM once a year. The company's financial statements are presented to the shareholders during the AGM for approval.
    If your company’s financial year ends on or after 31 August 2018:
    • If you are a listed company, you must hold an AGM within four months after your company’s financial year-end and file the annual return within five months after your company’s financial year-end.
    • If you are not a listed company, you must hold an AGM within six months after your company’s financial year-end and file the annual return within seven months after your company’s financial year-end.
  2. Filing of Annual Returns: According to Section 197 of the Act, listed companies must submit their Annual Returns (AR) within five months after the end of their fiscal year. On the other hand, companies that are not listed are given a deadline of seven months to file their AR. However, for companies with a share capital and maintaining a branch registry outside of Singapore, the Annual Return must be submitted within six months after FYE for listed companies and eight months after FYE for non-listed companies.
  3. Financial Statements: Every company must prepare financial statements that comply with the Singapore Financial Reporting Standards. However, Audit exemption is applicable to companies that meet the small company/group exemptions. To check if your company qualifies for exemption, you can check out ACRA for more details.
  4. Tax Compliance: Every company must comply with the tax regulations in Singapore; This includes registering for Goods and Services Tax (GST) if your annual turnover exceeds S$1 million and filing Corporate Income Tax returns with the Inland Revenue Authority of Singapore (IRAS) timely.
  5. Work Pass Applications: If you plan to hire foreign employees, apply for work passes with the Ministry of Manpower (MOM).