Singapore continues to be a top destination for businesses with its strong regulatory framework and commitment to transparency. The ACRA (Accounting and Corporate Regulatory Authority) is the prime governing body that defines the integrity of this system. This authority ensures that public accountants, businesses, and corporate service providers comply with legal obligations.
Naturally, successful organizations reach out to experts for compliance advisory services. Failing to meet the requirements set by ACRA can lead to legal consequences and financial penalties. The last thing any business would want is reputational damage, right?
We have compiled this essential checklist to help businesses stay compliant in 2025.
- Your 2025 ACRA Compliance Roadmap
- The Yearly Obligation of the Annual General Meeting (AGM)
- Businesses Must File Their Annual Return (AR) With ACRA
- Keeping ACRA Updated on Changes in Business
- Updating Information on Shareholders
- Lodging the Register of Registrable Controllers (RORC)
- Responsibilities of Directors in Financial Reporting
- Additional Compliance Responsibilities
- Professional Compliance Advisory Services from Experts
Your 2025 ACRA Compliance Roadmap
Once a company is officially registered with ACRA, it needs to complete the post-incorporation formalities. After this, ongoing compliance becomes essential. Here’s a breakdown of the critical requirements.
- Annual General Meeting (AGM)
- Situational or circumstantial updates
Let’s break down the key compliance requirements that every company based in Singapore must follow.
The Yearly Obligation of the Annual General Meeting (AGM)
AGM Exemptions for Private Companies
- Send financial statements to members within five months after the financial year-end.
- Are dormant private companies that do not need to prepare financial statements.
When an AGM is Required?
Despite these exemptions, the law provides safeguards to protect shareholders’ rights:
1. Member Requests:
2. Director's Role:
- Arrange the meeting within six months after the financial year-end.
- Request more time from ACRA if needed.
3. Financial Statement Review Requests:
- The company must hold a general meeting within 14 days of the request.
- Directors must ensure this meeting is arranged within the same period.
Why it matters?
Businesses Must File Their Annual Return (AR) With ACRA
- Listed companies must file Annual Returns (AR) within five months after the financial year-end (FYE).
- All other companies must file Annual Returns (AR) within seven months after the financial year-end (FYE).
For companies with an FYE before 31st August 2018, the older rule applies. They need to file within 30 days of the AGM.
Financial reporting: The financial statements of your business must comply with Singapore Financial Reporting Standards (SFRS). You need to submit it as a part of the Annual Return.Keeping ACRA Updated on Changes in Business
It’s essential for businesses to update ACRA regarding any significant changes within the prescribed timelines. This includes:
- Change in business names: It’s essential to obtain prior approval from members and file the same with ACRA
- Changes in company details: If there’s any change in business activities, registered address, the organization must report the same within 14 days to ACRA..
- Changes in directors and secretaries: In case there’s a change in appointments, resignations, or details of directors or secretaries, it must be updated promptly with ACRA.
Updating Information on Shareholders
Lodging the Register of Registrable Controllers (RORC)
- Setting up the RORC within 30 days of incorporation.
- Filing RORC updates with ACRA within two business days after any changes.
Penalties for non-compliance: In case a business fails to maintain the RORC or update any vital information, it can result in hefty fines or legal action.
Responsibilities of Directors in Financial Reporting
- Preparing accurate financial statements as per SFRS
- Making sure that statements provide a true and fair view of the financial health of the company
- Filing the audited or unaudited financial statements in XBRL format unless there’s an exemption
Legal action may be initiated against directors who neglect these duties under the Financial Reporting Surveillance Programme (FRSP). That’s why, leading companies seek compliance advisory services from established professionals.
Additional Compliance Responsibilities
Besides statutory filings, businesses must also comply with other operational regulations. These include:
- Keeping track of changes in ACRA regulations to stay ahead of updates on compliance
- Documenting board resolutions and minutes of meeting
- Maintaining clear and accurate accounting records
- Filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS)
- Submitting periodic GST returns, if applicable
- Ensuring valid employment contracts under the Employment Act
- Bringing into light any conflicts of interest by directors
- Contributing to the Central Provident Fund (CPF) for eligible employees
- Acquiring business licenses specific to industries, like those for F&B, retail, or finance
- Holding valid employment passes for foreign workers
- Renewing business licenses on time to prevent penalties
- Maintaining statutory registers of shareholders, Nominee Director, directors, RORC and secretaries
- Adhering to the Personal Data Protection Act (PDPA) to protect the information of customers
Professional Compliance Advisory Services from Experts
Businesses in Singapore often find it challenging to understand its corporate compliance environment. However, adhering to the established regulations is something non-negotiable. That’s why, most organizations eyeing success reach out to reputed professionals at the IMC Group for compliance advisory services. These experts will help you understand how to file annual returns for your business. This ensures that enterprises can remain compliant and prevent penalties, thereby maintaining credibility and smooth operations.
