Updating IRAS on Changes in Company's Particulars

Keeping the IRAS informed about changes in your company’s particulars is an important compliance responsibility. Accurate and up-to-date information helps ensure that your business receives timely correspondence and avoids penalties for non-compliance. This guide provides a detailed overview of how to notify IRAS about changes in your company’s particulars, the types of changes that must be reported, and best practices to stay compliant.

Why It’s Important to Update IRAS

Notifying IRAS of changes in your company’s particulars is essential because:

• Ensures Compliance: Helps your business meet statutory obligations.
• Prevents Communication Gaps: Ensures correspondence, such as Notices of Assessment, reaches the correct recipients.
• Avoids Penalties: Late or non-notification may result in fines and compliance risks.

Types of Changes to Report to IRAS

Businesses are required to inform IRAS of the following changes:

Company Details

• Change of company name.
• Change in registered address.
• Change in mailing address.

Shareholding and Ownership

• Changes in shareholders.
• Changes in ownership percentages.

Contact Details

• Update in email addresses or phone numbers.

Key Management Personnel

• Changes in directors or principal officers.
• Appointment or resignation of authorized personnel responsible for tax matters.

Business Activity

• Updates to the primary business activity or changes in the nature of business operations.

GST Registration Details

• Changes to GST registration status, such as applying for GST deregistration.

How to Notify IRAS of Changes

1. Prepare Relevant Information
   • Gather documents supporting the changes, such as:
   • Updated ACRA BizFile+ profile.
   • Resolutions or agreements reflecting changes in shareholding or directors.
   • New contact details or address information.
2. Log in to myTax Portal
   • Access the myTax Portal using your CorpPass credentials.
3. Submit Updates
   • Use the appropriate forms or services within the portal to submit changes. For example:
   • Use the “Update Contact Details” feature for email, phone number, or address updates.
   • Use the “Change in Business Particulars” option for other changes such as company name or business activity.
4. Confirm Submission
   • Ensure you receive an acknowledgment from IRAS for your submission.

Timelines for Updating IRAS

When to Notify IRAS

• Notify IRAS within 14 days of the change to ensure compliance.

Processing Time

• Most updates are processed within 3 to 7 working days, depending on the complexity of the change.

Common Mistakes to Avoid

1. Delayed Notifications: Notify IRAS promptly to avoid penalties or compliance risks.
2. Incomplete Documentation: Ensure all necessary supporting documents are submitted to avoid delays.
3. Failure to Update ACRA Records: Always update your company particulars with ACRA before notifying IRAS.
4. Neglecting to Notify GST-Related Changes: Ensure GST registration or deregistration details are updated promptly.

How Apexia Corporate Advisory Can Help

At Apexia Corporate Advisory, we simplify the process of updating your company’s particulars with IRAS. Our services include:

1. Advisory Services: Provide guidance on which changes must be reported and how to prepare the necessary documentation.
2. myTax Portal Support: Assist with navigating the myTax Portal and submitting updates accurately.
3. Compliance Monitoring: Track deadlines and ensure timely updates to IRAS and other regulatory bodies.
4. Comprehensive Corporate Services: Handle updates to both IRAS and ACRA to ensure consistency across government contacts.

Contact us for expert assistance in keeping your company compliant with IRAS requirements.