Yes. Once incorporated, a Singapore company has ongoing statutory obligations to both ACRA and IRAS that continue every year, whether or not it is actively trading. The main recurring requirements are:
- Corporate secretary: appoint a company secretary within six months of incorporation, and maintain one at all times.
- Financial statements: prepare annual financial statements in line with Singapore Financial Reporting Standards, and have them audited unless the company qualifies as a 'small company' exempt from audit.
- Annual General Meeting (AGM): hold an AGM (private companies may dispense with it under certain conditions) within the statutory timelines.
- Annual Return: file the Annual Return with ACRA within the required period after the financial year-end or AGM.
- Tax filings: file Estimated Chargeable Income (ECI) within three months of the financial year-end, and the Corporate Income Tax Return (Form C-S/C-S (Lite)/C) with IRAS by 30 November.
- Registers and records: keep statutory registers (including the register of registrable controllers) and proper accounting records up to date.
Missing these deadlines can lead to penalties for the company and its directors. Apexia provides company secretarial, accounting and tax services to keep all of your annual obligations on track.