Singapore

Singapore: File your Annual Lodgments on time

Penalty for late filing beyond 3 months increases to SGD600 from 14 Jan 2022 Under the new 2-tier penalty framework, the penalty for late filing of the annual lodgments will be SG300 within the first 3 months after the due date or SGD600 if the lodgment is filed more than three months after the filing due date.  The new 2-tier penalty framework applies to annual lodgments (see below), and for ad hoc filings by Variable Capital Companies (VCCs). So which entities must file annual lodgments? The following types of entities have annual statutory lodgment obligations:  Annual Returns by local companies under s197 of the Companies Act Annual Filing of Financial statement by foreign companies under s373 of the Companies Act Annual Declaration by Limited Liability Partnerships (LLP) under s24 of the LLP Act Annual Returns by Variable Capital Companies (VCC) under s97 of the VCC Act. Clients are reminded to pay attention to their annual filing deadlines and related reminders from their Company Secretary. Should you have any queries about the new penalty framework or your ongoing obligations, please contact your usual Marbury adviser or info@marburys.com.

Singapore update: BizFile+ filing extensions and filing penalty waivers

The Singapore Accounting and Corporate Regulatory Authority (ACRA) has extended filing deadlines and is waiving late filing penalties for a period following system slowness and intermittent disruption issues with its business filing portal, Bizfile+.

In response to the concerns of Corporate Service Providers (CSPs) who had experienced difficulties filing annual returns and other transactions, ACRA has announced relief measures.

Implementation of a Central Register of Controllers

Singapore – With effect from 30 July 2020, all companies, foreign companies and limited liability partnerships (LLPs), unless exempted, are required to lodge with the Accounting and Corporate Regulatory Authority (ACRA) the same information that they presently continue to maintain in their Register of Registrable Controllers (RORC). This is part of ACRA’s on-going efforts to uphold Singapore’s reputation as a trusted financial hub, and to further enhance the transparency of ownership and control of corporate entities.

New ACRA requirement for Register of Registrable Controllers (RORC)

SINGAPORE – The Accounting and Corporate Regulatory Authority (ACRA) has said that, as 1 May 2020, all companies, foreign companies and limited liability partnerships incorporated or registered in Singapore must ensure to lodge information on their RORCs with ACRA via the ACRA’s business filing portal, Bizfile. The maximum penalty for non-compliance of the…