Why Accounting Compliance Is Crucial in Singapore

Singapore is known for its transparent and well-regulated business environment. To uphold this reputation, the government requires all companies — whether local or foreign-owned — to maintain proper accounting records and submit timely financial reports.

Failing to comply can result in fines, disqualification of directors, or even legal action. That’s why understanding and fulfilling your accounting compliance obligations is essential for every business.

Who Needs to Comply With Accounting Regulations?

All companies registered with the Accounting and Corporate Regulatory Authority (ACRA), including:

  • Private limited companies (Pte Ltd)

  • Foreign-owned companies

  • Dormant companies (with reduced obligations, but still some reporting)

  • Exempt private companies (subject to specific thresholds)

Key Accounting Compliance Requirements

  1. Proper Bookkeeping
    Maintain accurate records of all financial transactions including invoices, receipts, bank statements, and payroll.

  2. Preparation of Financial Statements
    Prepare financial statements in accordance with the Singapore Financial Reporting Standards (SFRS).

  3. XBRL Filing (for non-exempt companies)
    Submit financial statements in XBRL format via ACRA’s BizFinx portal unless exempted.

  4. Annual General Meeting (AGM)
    Must be held within 6 months after the financial year end, unless exempted.

  5. Annual Return Filing
    File an annual return with ACRA within 7 months of financial year end, together with financial statements (if required).

  6. Corporate Tax Filing
    File Estimated Chargeable Income (ECI) within 3 months of financial year end, and Form C/C-S by 30 Nov (paper) or 15 Dec (e-filing) each year with IRAS.

  7. Retention of Records
    Accounting records must be kept for at least 5 years.

Accounting Exemptions for Small Companies

A private company is exempt from audit requirements if it qualifies as a small company, meaning it meets at least two of the following three criteria:

  • Total annual revenue not more than S$10 million

  • Total assets not more than S$10 million

  • No more than 50 employees

Even exempt companies must still maintain proper accounts and prepare unaudited financial statements for submission.

Common Compliance Mistakes

  • Late filing of annual returns or corporate tax

  • Incomplete or inaccurate bookkeeping

  • Failure to comply with XBRL filing requirements

  • Missing AGM deadlines

  • Using non-compliant accounting software or formats

These issues may result in penalties, reputational damage, and director liability.

How Excellence Singapore Supports Your Accounting Compliance

We provide full-service accounting and reporting support tailored to your business size and industry. Our services include:

  • Monthly or quarterly bookkeeping

  • Financial statement preparation (audited and unaudited)

  • XBRL filing

  • Payroll and CPF calculation

  • ECI and corporate tax filing with IRAS

  • GST submission and reconciliation

  • Compliance advisory for startups and foreign companies

Whether you’re a new business or an established SME, our experts ensure your accounts are accurate, timely, and fully compliant with Singapore’s regulations.

Integrated Business Support

Our accounting compliance services are often paired with:

  • Corporate secretarial services

  • Tax advisory and filing

  • Xero and QuickBooks Online setup

  • Business license applications

  • Work pass and employment advisory

By consolidating your compliance functions under one provider, you reduce administrative burden and ensure consistency.

Conclusion: Stay Compliant, Stay Focused on Growth

Accounting compliance is not just about ticking boxes — it’s about safeguarding your company, directors, and long-term success. With our support, you meet every deadline, avoid penalties, and have a clear financial view of your business.

Contact us to ensure your accounting practices meet local requirements or learn more about our full compliance and reporting services.