Singapore’s reputation as a global business hub is underpinned by a transparent and well-regulated corporate environment. However, maintaining good standing as a Singapore-incorporated company requires strict adherence to regulatory compliance obligations. These requirements are primarily governed by the Companies Act, enforced by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).
This article outlines the key corporate compliance requirements under the Companies Act and related regulations, including annual filings, financial reporting, Annual General Meetings, statutory registers, and the latest developments under the Corporate Service Providers Act 2024.
1. Annual General Meeting (AGM)
An AGM is a mandatory yearly meeting where shareholders review the company’s financial performance, approve dividends, and make key decisions such as appointing directors or auditors.
Key AGM Requirements
- Timing: Companies must hold their AGM within six months after the end of their financial year.
- Notice Period: A written notice must be sent to shareholders 14 to 21 days before the meeting, depending on the company’s constitution.
- Mode of Conduct: Virtual and hybrid AGMs are permitted, provided they meet legal and technical standards.
- Exemptions: Private companies can be exempted from holding AGMs if they circulate financial statements within five months of the financial year-end, or obtain unanimous shareholder consent. Dormant relevant companies may also be exempt if they meet specific conditions.
Failure to hold an AGM on time may result in penalties and enforcement actions by ACRA.
2. Annual Return (AR) Filing with ACRA
The Annual Return is a statutory filing that provides ACRA with updated information about the company’s structure and operations.
What Must Be Filed
- Company name and registration number
- Principal business activities
- Registered office address
- Details of directors, company secretary, and shareholders
- Share capital and financial statements
- Date of Annual General Meeting
Filing Deadline
The Annual Return must be filed within seven months after the end of their financial year, for non-listed companies.
Failure to file an Annual Return on time may result in penalties and enforcement actions by ACRA.
Financial Statements Preparation and Filing
All Singapore-incorporated companies are required to prepare financial statements, except for dormant relevant companies (a private dormant company, which is not listed nor is a subsidiary of a listed company and has total assets less than or equal to $500,000 (consolidated value if it is an ultimate parent)).
Key points
- Small companies – defined as private companies meeting at least two of the following: annual revenue < S$10 million, total assets < S$10 million, < 50 employees. These companies are required to prepare financial statements but can be exempt from audit requirements.
- Dormant companies - companies with no business activity or accounting transactions during the financial year, are required to prepare financial statements but can be exempt from audit requirements.
- Filing Format - financial statements must be filed in XBRL format. However, exemptions apply to solvent Exempt Private Companies (EPCs) with fewer than 20 shareholders and no corporate shareholders.
3. Corporate Income Tax Filing with IRAS
All companies must file their Estimated Chargeable Income (ECI) and Corporate Income Tax Return with IRAS. Corporate Income Tax is assessed on a preceding year basis, and the current Corporate Income Tax rate is 17%.
Key Tax Filings
- ECI Filing: Must be submitted within three months of the financial year-end, unless the company qualifies for a waiver.
- Form C-S/C: Due by 30 November each year. Companies with annual revenue of S$5 million or less may file the simplified Form C-S.
Late or incorrect filings can lead to fines, interest charges, or even enforcement actions.
4. Statutory Registers
Singapore companies are required to maintain accurate and up-to-date statutory registers at their registered office or with their corporate service provider. These include:
- Register of Members (shareholders)
- Register of Directors and Secretaries
- Register of Charges
- Register of Registrable Controllers (beneficial ownership)
- Register of Nominee Directors
- Register of Nominee Shareholders
These registers must be available for inspection by regulatory authorities upon request.
5. Common Compliance Pitfalls
Failure to meet statutory obligations may result in reputational harm, penalties, or legal repercussions. Common issues include:
- Missing Deadlines for AGMs or filings
- Inaccurate or incomplete financial reporting
- Neglecting statutory registers
- Overlooking regulatory changes
6. The Corporate Service Providers Act 2024 (CSP Act)
Effective 9 June 2025, the CSP Act 2024 and accompanying CSP Regulations 2025 introduce a new regulatory regime for all entities and individuals providing corporate services in Singapore.
Key Provisions
- Mandatory Registration: All Corporate Service Providers (CSPs) and their Qualified Individuals (QIs) must register with ACRA.
- AML/CFT/PF Requirements: CSPs must implement and maintain robust Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (PF) controls.
- Nominee Disclosure Obligations: Stricter disclosure and due diligence requirements apply to nominee arrangements to prevent misuse of corporate structures.
- Training & Competency: QIs must meet new training and proficiency standards, including passing a regulatory exam.
- Enhanced Client Due Diligence: CSPs must maintain a verified and updated list of clients and beneficial owners, and report suspicious transactions.
Implications for Businesses
Companies engaging CSPs must ensure their appointed service providers are registered and compliant under the new regime to mitigate regulatory risk and uphold governance standards.
How Trident Trust Can Help
The evolving regulatory environment in Singapore, particularly under the CSP Act 2024, demands a proactive and informed compliance strategy. From ensuring timely filings to maintaining accurate registers and aligning with AML/CFT expectations, the importance of rigorous corporate governance has never been higher.
Trident Trust is fully registered under the CSP Act and operates in full compliance with its provisions. We act as Qualified Company Secretary for a broad range of Singapore entities, providing practical guidance and hands-on support to help businesses stay compliant and well-positioned for growth.
To learn more about how we support Singapore-based companies, read our latest insight ‘Corporate Secretarial Services in Singapore: A Strategic Pillar for Business Compliance and Growth’ or visit our Singapore webpage where you can watch our Singapore Corporate 101 video and explore our detailed Singapore Companies Key Facts. You can also reach out to Rachel Ooi, Director - Head of Corporate Services, to discuss how we can support your business.