Revised Penalty Framework for Annual Lodgments to take effect from 30 Apr 2021
With effect from 30 Apr 2021, ACRA will implement a revised 2-tier penalty framework for filing of annual return and annual declaration for all Singapore incorporated Companies, Variable Capital Companies and Limited Liability Partnerships. There is no change to the current penalty framework for ad hoc filings. For more information, please click here.
Under the Companies Act, all Singapore-incorporated companies are required to file annual returns with ACRA to ensure that the company’s information on ACRA’s register is up to date. The company must also submit the date of its annual general meeting (AGM) if it has held its AGM, as well as the company’s financial statements (if applicable). Company officers may face enforcement action for failing to file their company’s annual return.