ACRA Compliance Requirements for Private Limited Companies in Singapore Running a private limited company in Singapore comes with responsibilities beyond day - to - day operations. The Accounting and Corporate Regulatory Authority (ACRA) sets compliance rules for every company, regardless of size. These rules are not suggestions. They are legal obligations, and failing to meet them has consequences — financial penalties, reputational damage, or even your company being struck off. For business owners, especially those new to the system, ACRA’s requirements can feel overwhelming. But they’re manageable once you know the essentials and put the right support in place. Why Compliance Is Central to Doing Business Compliance with ACRA is not just about “ticking boxes.” It’s about maintaining the integrity of Singapore’s business environment. Investors, banks, and partners rely on accurate company information when making decisions. Outdated or inaccurate filings unde rmine trust. Singapore is known as one of the easiest places in the world to do business. A big part of that reputation comes from strong but transparent rules. Everyone plays by the same standards, whether you’re running a two - person startup or a regional headquarters with hundreds of staff. Non - compliance, on the other hand, can spiral quickly. Late filings mean fines. Repeated lapses can trigger audits or investigations. In extreme cases, ACRA has the power to disqualify directors or strike off companies. That’s why many businesses bring in corporate secretarial services — to stay compliant without losing focus on growth. Core Compliance Requirements for Private Limited Companies 1. Appointment of a Company Secretary By law, every company must appoint a secretary within six months of incorporation. This role cannot be filled by the sole director. The secretary must be a Singapore resident, which includes citizens, permanent residents, or holders of certain work passes. The company secretary is the key link between the company and ACRA. They prepare statutory documents, lodge changes in company structure, and make sure deadlines are met. In practice, a good secretary also helps directors interpret the Companies Act and av oid mistakes. 2. Statutory Registers and Records Every company must keep statutory registers. These include registers of shareholders, directors, company secretaries, and auditors. You also need to maintain records of share allotments, transfers, and charges over company assets. These registers don’t just sit in a drawer. They must be accurate and available for inspection. For example, if a shareholder sells shares, the change must be recorded promptly. If it isn’t, your official records will no longer reflect reality — something th at could create disputes down the line. 3. Annual General Meetings (AGMs) Private companies are required to hold AGMs unless exempt. The first AGM must be held within 18 months of incorporation, and after that, once every calendar year. During the meeting, directors present financial statements to shareholders, who then approve or question them. Small private companies may be exempt if they send financial statements to shareholders within five months after the financial year end. Even with exemption, companies must document the decision not to hold an AGM. 4. Filing Annual Returns Once the AGM is done, or financial statements have been circulated in exempt cases, companies must file their annual return with ACRA. This filing includes company particulars — address, officers, share capital — and confirms that financial statements were pre pared. The deadline for filing is tied to the company’s financial year end. Private companies must file within seven months after the close of the financial year. Public companies have five months. Late submissions result in automatic fines starting at $300 and i ncreasing with time. 5. Proper Accounting Records Every transaction must be documented. Invoices, receipts, contracts, and bank statements are all part of the picture. These records must be kept for at least five years. The purpose is twofold: to prepare accurate financial statements and to comply with tax obligations under the Inland Revenue Authority of Singapore (IRAS). If IRAS conducts an audit, missing or sloppy records can cause problems even if your company was oth erwise compliant with ACRA. Timely Updates to ACRA Any change to company officers, share capital, or registered address must be lodged with ACRA within specific deadlines. The window is usually 14 days from the effective date of the change. For example, if a director resigns, that update must be filed. If the company moves to a new office, the registered address must be updated. Overlooking these obligations is one of the most common compliance mistakes, often because companies think changes can wait until the annual return. They can’t. How Corporate Secretarial Services Fit In Directors remain legally responsible for compliance. That doesn’t mean they have to handle the filings themselves. Many appoint professional firms offering corporate secretarial services These service providers act as outsourced company secretaries. They maintain registers, prepare resolutions, track deadlines, and file documents on time. They also provide reminders when AGMs or filings are due. For smaller companies without in - house compl iance staff, outsourcing is often the most practical approach. It’s important to note that while services handle the work, liability remains with directors. If something is missed, directors are still accountable. That makes choosing a reliable corporate secretarial firm crucial. Common Pitfalls Companies Face Even well - meaning directors fall into traps. Some of the most common include: • Forgetting to file annual returns on time, especially in the first year when timelines feel confusing. • Not appointing a company secretary within six months of incorporation. • Neglecting to update ACRA when directors or shareholders change. • Thinking exemptions (like skipping AGMs) happen automatically, without formally documenting them. • Poor record - keeping, which becomes an issue during audits or disputes. These mistakes usually stem from underestimating how strict ACRA’s deadlines are. Once a deadline is missed, catching up is costly. Building Good Compliance Habits Compliance works best when it becomes routine. A few practical habits help: • Review statutory registers at least quarterly to ensure they’re up to date. • Schedule AGMs or resolutions well in advance of deadlines. • Keep financial records organized monthly, not just at year end. • Set digital reminders for filing deadlines. • Hold regular check - ins with your company secretary to catch issues early. The earlier you embed these habits, the smoother your operations will be. Instead of scrambling once a year, compliance becomes part of normal business rhythm. The Bigger Picture For entrepreneurs, compliance may seem like an administrative burden. But in Singapore, it’s part of what keeps the business environment strong. Transparent records, timely filings, and proper governance make companies more trustworthy. They also make it e asier to raise funding, attract investors, and build long - term partnerships. The reality is simple: companies that ignore compliance often pay more in fines and stress later. Those that take it seriously spend less time firefighting and more time growing. Final Thoughts ACRA compliance is not something private limited companies in Singapore can afford to overlook. From appointing a secretary to filing annual returns, the obligations are clear and enforceable. While the rules may seem rigid, they protect both the company a nd its stakeholders. For directors, the path forward is straightforward. Understand the requirements, maintain proper records, and get professional support if needed. Corporate secretarial services can lighten the load, but directors must stay engaged. Compliance may not be glamorous, but it’s the foundation of a stable and credible business. In Singapore’s competitive landscape, that credibility is often the difference between short - term survival and long - term success.