As a small business owner in Singapore, ensuring compliance with ACRA’s regulations is crucial for your company’s legal standing and company incorporation. As we approach 2025, it’s essential to understand the latest compliance requirements set by the Accounting and Corporate Regulatory Authority (ACRA). Adhering to these rules will help your business avoid penalties and maintain smooth operations in a competitive market.”
All companies in Singapore are required to meet ACRA’s annual filing obligations. These include:
Failure to meet these filing deadlines can result in penalties or strikes. If a company accumulates three strikes, ACRA’s compliance requirements may result in dissolution, ending the business’s legal existence.
ACRA’s compliance requirements also state that businesses must report any changes in their company details within 14 days. These include changes to directors, shareholders, or the company’s registered address. Such updates must be submitted via official government channels, ensuring your business’s information remains accurate and up to date.
Key changes to report are:
For example, a business that changes its principal business activity must notify ACRA of this change within the 14-day period. Failure to do so could result in penalties.
By keeping ACRA’s compliance requirements in mind, you ensure that your business stays in good standing and avoids legal complications.
Since 2020, businesses in Singapore are required to maintain a register of their Ultimate Beneficial Owners (UBOs), which helps ensure transparency and combat money laundering. As of 2025, this requirement remains in force.
Companies must ensure that their UBO register is accurate and up to date. The information must be kept confidential and shared only with relevant government agencies when necessary. Companies are required to update their UBO records within 14 days of any changes in ownership.
Example: If a company’s ownership structure changes, where more than 25% of the shares are transferred, the UBO register must be updated promptly. Failing to do so may attract penalties from ACRA.
This regulation aligns with global efforts to increase corporate transparency and reduce money laundering risks, emphasising ACRA’s commitment to a clean and transparent business environment.
ACRA’s compliance requirements for financial record-keeping and audits continue to be stringent. As of 2025, businesses must be aware of the following:
Ensuring that financial records comply with ACRA’s compliance requirements is essential for the continued success and legal standing of your business.
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Starting from 2025, all companies in Singapore are required to submit their financial statements in XBRL (eXtensible Business Reporting Language) format. This new filing system allows ACRA to process data more efficiently and improves consistency across all companies. XBRL filing helps ACRA review financial reports faster and with greater accuracy.
Businesses need to familiarise themselves with ACRA’s compliance requirements for the XBRL filing format to ensure smooth reporting and avoid any delays or non-compliance issues. Companies can refer to ACRA’s online guidelines for step-by-step instructions on how to file in XBRL format.
ACRA has strengthened its enforcement of compliance requirements in recent years. As of 2025, businesses must adhere strictly to the regulations to avoid significant fines or penalties:
Example: A small business that misses its annual return filing deadline might face a fine and even risk facing dissolution if the failure is not corrected within the prescribed time. Timely filing is key to avoiding such penalties.
By staying compliant with ACRA’s requirements and ensuring timely filings, you protect your business from penalties and maintain good standing.
In 2025, ACRA’s compliance requirements continue to place a significant burden on company directors. Directors are responsible for ensuring the company meets all necessary filing obligations and maintains proper financial records.
Directors can be held personally liable for breaches of corporate law. If a company is found to be trading while insolvent, or if directors fail to comply with ACRA’s regulations, they may face personal liability. For example, if a director knowingly allows the company to default on tax obligations, they may face personal sanctions from ACRA.
Directors must also ensure that the company operates solvently, meaning it can meet its financial obligations, which is a key part of ACRA’s compliance requirements.
In 2025, ACRA continues to digitise its services to simplify business compliance. Through official government portals, business owners can easily submit their annual returns, update company details, and file other essential documents.
ACRA encourages companies to use digital tools for record-keeping and financial management to streamline the filing process and stay compliant with the latest regulations. These tools make it easier for businesses to manage compliance efficiently and reduce administrative burden.
As we approach 2025, understanding ACRA’s compliance requirements is crucial for every business owner in Singapore. Ensuring timely filing of annual returns, maintaining accurate financial records, and updating company details will help you avoid penalties and stay in good legal standing.
By keeping ACRA’s compliance requirements in mind, you can ensure that your business remains transparent, efficient, and legally sound. The evolving regulatory landscape makes it essential for small business owners to stay updated on these requirements and work towards maintaining compliance with the latest regulations.
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email [email protected], or use our contact form to get started.
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