Starting a new company in Singapore is exciting — but once the incorporation is complete, many founders realize there’s still an entire compliance calendar ahead.

From the first appointment of a company secretary to filing your first Annual Return, every step matters for staying compliant with ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore).

This guide walks you through a month-by-month compliance timeline for your first financial year, so you know exactly what to do and when.

1. Day 1: Incorporation Milestone

Congratulations — your company is officially registered with ACRA!
You’ll receive:

• Certificate of Incorporation
• Business Profile (BizFile Extract)
• Unique Entity Number (UEN)

At this stage, you should also:

• Open a corporate bank account
• Decide your Financial Year End (FYE) — most SMEs choose 31 December or 31 March for convenience
• Appoint a Company Secretary within 6 months of incorporation (a statutory requirement under the Companies Act)
• If applicable, appoint at least one local director who is ordinarily resident in Singapore

💡 Tip: Keep your BizFile and constitution documents organized from day one — they’ll be required for future filings, audits, and bank or investor checks.

2. Month 1–3: Laying the Financial Foundation

Bookkeeping Setup

Even if your company is still early in operations, you’re legally required to maintain proper accounting records.
This includes:

• Invoices, receipts, and payment records
• Expense claims and reimbursements
• Bank statements and payroll records

Using AI-enabled accounting tools like ccMonet helps automate this process — simply upload or snap documents, and ccMonet’s system organizes and reconciles them automatically.

IRAS Registration Checks

If your projected annual revenue exceeds S$1 million, you must register for GST (Goods and Services Tax).
Early tracking ensures you don’t miss registration deadlines or under-declare taxable income later.

3. Month 3–6: Corporate Housekeeping and First Filings

Company Secretary Duties

Your appointed secretary ensures:

• Statutory registers (directors, shareholders, share capital) are up to date
• Any change in company officers or address is filed with ACRA within 14 days
• Corporate resolutions are documented correctly

Accounting System Review

Before half the year passes, conduct a light financial review:

• Check bank reconciliations
• Verify expense claims and receipts
• Ensure all invoices are recorded

This early check saves significant time during year-end reporting.

4. Month 6–9: Preparing for Year-End

Estimate Chargeable Income (ECI)

Within 3 months after your FYE, IRAS requires all companies to submit an ECI (Estimated Chargeable Income).
Even if your company made no profit or is dormant, you must file a Nil ECI unless formally exempted.

Financial Statements

Start preparing your financial statements early:

• Profit & Loss
• Balance Sheet
• Cash Flow Statement
• Notes and Directors’ Report

If you’re a small exempt private company (EPC) with revenue ≤ S$10 million and no corporate shareholders, you may be exempted from audit requirements — but not from preparing financial statements.

✅ With ccMonet, your books stay accurate all year long, allowing instant access to ready-to-file financial summaries when FYE arrives.

5. Month 9–12: AGM and Annual Return Filing

Annual General Meeting (AGM)

Unless your company has formally dispensed with AGMs, you must hold one within 6 months after your FYE.
At the AGM, directors present:

• Financial statements
• Directors’ and auditors’ reports (if applicable)
• Shareholder resolutions (e.g., dividend declaration, reappointment of directors)

Private companies may choose to skip AGMs if shareholders agree and all resolutions are passed via written consent.

Annual Return (AR)

After the AGM, file your Annual Return within 7 months after FYE through ACRA’s BizFile+ portal.
This filing confirms your company’s:

• Registered office address
• Principal activities
• Officers’ particulars
• Financial statements (in XBRL format, if required)

⏰ Late AR filings incur penalties starting from S$300 — keep reminders automated through your compliance software or corporate secretary.

6. Tax Filing Season

IRAS requires all companies to file their corporate income tax return (Form C-S or Form C) by:

• 30 November (paper submission), or
• 15 December (e-filing) of the following year.

The information must align with your ACRA financial statements and ECI submissions.

With ccMonet’s real-time bookkeeping and expert review system, you’ll always have accurate, compliant data ready for tax preparation — no manual reconciliation needed.

7. Beyond Year One: Staying Consistently Compliant

As your company grows, your compliance obligations evolve.
Ongoing tasks include:

• Maintaining updated statutory registers
• Filing timely notifications for director or shareholder changes
• Renewing business licenses (if applicable)
• Keeping financial records for at least 5 years, as required by law

Automated accounting and compliance tracking tools like ccMonet make this simple — giving SME owners real-time oversight without hiring a full back-office team.

8. Quick Recap: Your First-Year Compliance Timeline

Immediately after incorporation: Appoint a company secretary and open a bank account.
Within 3 months: Set up bookkeeping, monitor GST registration needs.
Within 6 months: Prepare internal accounts and ensure records are accurate.
Within 3 months after FYE: File ECI with IRAS.
Within 6 months after FYE: Hold AGM.
Within 7 months after FYE: File Annual Return (AR) with ACRA.
By December (next year): File corporate tax return.

Final Thoughts

Compliance may sound complex, but it’s simply a matter of timing and organization.
With the right structure — and the right digital tools — your company can stay compliant effortlessly from day one.

👉 Simplify your first-year compliance journey with ccMonet — AI-powered bookkeeping and compliance automation built for Singapore’s growing SMEs.

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