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Under the Companies Act, all Singapore-incorporated companies are required to file annual returns with ACRA to ensure that the company’s information on ACRA’s register is up to date. The company must also submit the date of its annual general meeting (AGM) if it has held its AGM, as well as the company’s financial statements (if applicable). Company officers may face enforcement action for failing to file their company’s annual return.
As someone who may not have an in-depth knowledge of legal, regulatory, and compliance issues, understanding these topics on your own can be a challenging and time-consuming task. To tackle this issue, you could engage the services of a professional corporate service provider like SBCS. In a partnership with us, our compliance professionals have comprehensive knowledge of the corporate compliance requirements across jurisdictions in the region. Non-compliance does not only attract fines but may also lead to imprisonment, therefore, having access to accurate and timely information is important. The compliance horizon in the Asian jurisdictions is quite dynamic because most of the economies are in transition.
As such, laws and regulations can be revised at any moment. In response to this, SBCS experts have a wealth of experience and constantly keep themselves abreast on the latest regulatory changes. In turn, they will relay their knowledge to you and keep you updated on the latest in compliance-related topics in your business’s region(s). With SBCS team on your side, you and your business will not have to constantly worry about the aforementioned penalties.