What Are the Compulsory Services for a Private Limited (Pte Ltd) Company in Singapore?

Setting up a Private Limited (Pte Ltd) company in Singapore is a popular choice among local entrepreneurs and foreign investors due to the country’s robust legal system, pro-business policies, and attractive tax regime. However, forming a company is just the beginning. To stay compliant with Singapore’s legal and regulatory framework, Pte Ltd companies must engage in several compulsory corporate services.

In this comprehensive article, we outline the mandatory services and responsibilities that a Singapore-incorporated Pte Ltd company must fulfill, including statutory obligations under the Accounting and Corporate Regulatory Authority (ACRA), the Inland Revenue Authority of Singapore (IRAS), and other governing bodies.

1. Company Secretary Services

Legal Requirement:

Under the Singapore Companies Act, every Pte Ltd company must appoint a qualified company secretary within 6 months from the date of incorporation.

Role of the Company Secretary:

• Ensures compliance with the Companies Act

• Maintains statutory registers and company records

• Prepares board resolutions, AGM/EGM minutes, and director/shareholder communications

• Files annual returns and changes with ACRA

• Advises directors on their legal responsibilities

For most SMEs, especially those without an in-house legal or compliance team, engaging outsourced corporate secretarial services is both common and essential.

2. Registered Office Address

Legal Requirement:

All Pte Ltd companies must have a local registered office address in Singapore where official communications and notices can be sent.

Purpose:

• The address must be operational and accessible to the public during normal office hours.

• It is used for receiving letters from ACRA, IRAS, and other government agencies.

Many startups and SMEs use virtual office services or the address of their appointed service providers if they do not have a physical office.

3. Appointment of Directors and Shareholders

While not a service per se, all Pte Ltd companies must:

• Have at least one local resident director (Singapore Citizen, PR, or Employment Pass holder)

• Maintain a register of shareholders and directors

If foreign entrepreneurs have no local director, they often engage nominee director services to fulfill this requirement legally and temporarily.

4. Accounting and Bookkeeping Services

Legal Requirement:

Every Pte Ltd company must:

• Maintain proper accounting records

• Prepare financial statements in accordance with the Singapore Financial Reporting Standards (SFRS)

• Keep records for at least 5 years

SMEs typically outsource this function to professional accounting firms. Regular monthly, quarterly, or yearly bookkeeping ensures that records are in order for tax filing, audits, and management purposes.

5. Annual Return Filing with ACRA

Legal Requirement:

Companies must file an Annual Return with ACRA within 7 months after the end of the financial year.

The Annual Return includes:

• Financial statements (if applicable)

• Company particulars

• Share capital and shareholder information

• Details of directors and company secretary

This service is often provided by the company secretary or corporate service provider.

6. Annual General Meeting (AGM)

Legal Requirement:

Unless exempted (e.g., private companies with solvency statements), companies must hold an Annual General Meeting (AGM) and present their financial statements to shareholders.

Deadlines:

• AGM must be held within 6 months after the financial year-end

• The Annual Return must be filed within 7 months after financial year-end

A company secretary typically handles the preparation of AGM notices, minutes, and shareholder communications.

7. Corporate Tax Filing with IRAS

Legal Requirement:

All companies must submit their tax returns to IRAS annually, consisting of:

1. Estimated Chargeable Income (ECI) – to be filed within 3 months after the financial year-end.

2. Form C-S/C – annual corporate tax return submitted by 30 November (paper) or 15 December (e-filed).

These tax returns must be prepared even if the company is dormant or made no income. SMEs typically hire tax advisors or accountants to ensure accurate and compliant filing.

8. Goods and Services Tax (GST) Compliance

Legal Requirement:

Mandatory registration applies when taxable turnover exceeds S$1 million per year. Once registered, the company must:

• Charge and collect GST on taxable goods and services

• File GST returns (usually quarterly)

• Maintain detailed records for GST audit

Many SMEs voluntarily register for GST to claim input tax. Professional accountants handle GST compliance to avoid penalties and submission errors.

9. Payroll and CPF Contributions

Legal Requirement:

If a company hires employees (Singaporean or PR), it must:

• Register with the Central Provident Fund (CPF) Board

• Make monthly CPF contributions

• Provide itemized payslips

• Comply with Singapore’s Employment Act

For foreign employees, Work Passes (e.g., EP, S Pass, Work Permit) must be applied for and managed under the Ministry of Manpower (MOM).

To handle this, many SMEs subscribe to payroll outsourcing services that automate salary processing, CPF submission, and leave tracking.

10. Financial Statement Preparation

Legal Requirement:

Private limited companies must prepare unaudited financial statements annually. However, if the company meets any 2 of the 3 criteria, it must undergo a statutory audit:

• Annual revenue ≥ S$10 million

• Total assets ≥ S$10 million

• ≥ 50 employees

Unaudited or audited, these statements must comply with SFRS. Most businesses rely on external accounting firms or audit firms for this function.

11. Audit Services (If Required)

Legal Requirement:

Companies classified as non-exempt private companies must appoint a qualified auditor within 3 months of incorporation.

Audit is compulsory if:

• The company is part of a group that exceeds small company thresholds

• It is listed or regulated

Audit firms in Singapore help companies:

• Conduct statutory audits

• Comply with Singapore Standards on Auditing (SSA)

• Detect fraud and strengthen internal controls

Even exempt companies may undergo voluntary audits to boost credibility for grants, loans, or tenders.

12. Data Protection Obligations (PDPA Compliance)

Legal Requirement:

Under the Personal Data Protection Act (PDPA), all companies must:

• Appoint a Data Protection Officer (DPO)

• Implement data protection policies and processes

• Notify the Personal Data Protection Commission (PDPC) of data breaches

Engaging DPO-as-a-Service providers helps SMEs manage compliance without hiring in-house.

13. Business Licenses and Permits (Where Applicable)

Some industries require specific permits to operate, including:

• F&B: SFA food shop license

• Retail: Tobacco license (if applicable)

• Education: Private School Registration

• Finance: MAS licenses

Companies must engage consultants or apply via GoBusiness Licensing Portal to obtain and renew these licenses.

14. Maintaining Registers and Records

Under Singapore law, companies must maintain updated statutory registers, such as:

• Register of Members

• Register of Directors

• Register of Charges

• Register of Controllers (RFA, UEN)

This is typically managed by the corporate secretary, who ensures updates are filed with ACRA when changes occur.

15. Bank Account and Annual Account Review

Although not legally compulsory, opening a corporate bank account is essential for:

• Separating business and personal transactions

• Receiving payments and paying vendors

• Preparing reconciliations for tax and audit

Many companies conduct internal monthly or quarterly financial reviews with their accountant to stay financially healthy.

Conclusion

Running a Private Limited Company in Singapore comes with clear regulatory obligations, and non-compliance can lead to financial penalties, legal issues, and reputational damage.

To summarize, the compulsory services required by a Pte Ltd company in Singapore include:

• Company Secretary

• Registered Office

• Annual Return Filing

• Financial Statements

• Corporate Tax Filing

• Accounting and Bookkeeping

• CPF and Payroll Administration

• GST Compliance (where applicable)

• Data Protection (PDPA)

• Statutory Audit (if required)

• Employment-related Compliance

• Industry-Specific Licensing (where relevant)
  

While this may seem overwhelming, Singapore’s vibrant ecosystem of corporate service providers, accountants, and auditors makes it easy for SMEs to delegate these tasks professionally and affordably.

For Pte Ltd owners, engaging a trusted one-stop provider to manage these core services is not just about staying compliant—it’s about freeing up time and energy to grow your business with confidence.