Singapore Offshore Company Compliance Checklist

Navigating the regulatory landscape is critical for offshore companies establishing operations in Singapore. By comprehending and adhering to local regulations from the outset, businesses can ensure lawful operations and uphold exemplary corporate governance and integrity standards.

To support your professional endeavours in meeting these standards, we have outlined a comprehensive company compliance checklist. This guide will assist you in facilitating a successful and compliant business incorporation in Singapore.

Establishing a Compliant Business Framework

Establish a solid foundation to meet all offshore company compliance requirements for your business operations in Singapore.

1. Company registration and unique entity number (UEN)

Register your company with the Accounting and Corporate Regulatory Authority (ACRA) to obtain a Unique Entity Number (UEN). This identifier is mandatory for all business entities in Singapore and is necessary for legal recognition, official communications, and conducting business transactions. Foreigners without a Singpass will need to hire a registered filing agent in Singapore to handle the submission of their company name and incorporation applications to ACRA.

2. Securing a registered local address for business operations

All companies operating in Singapore, including those managed offshore must have a local physical address as their registered office that is open and available to the public for a minimum of three hours during regular business hours on each weekday (a business day excludes Saturdays, Sundays, and public holidays), not a P.O. box. This requirement ensures companies comply with regulatory demands and maintain transparent and accountable legal and official communications channels.

3. Nominating a resident director

To comply with local laws and regulations, offshore companies must have at least one director who is ordinarily a resident of Singapore. Offshore firms may consider professional nominee director services to fulfil this requirement and ensure business compliance.

4. Appointment of a company secretary

A qualified resident company secretary must be appointed within six months of incorporation to ensure compliance. This role is essential for managing legal documentation and adhering to statutory requirements, thereby maintaining the company’s regulatory standing. Engage a corporate secretary provider in Singapore to help streamline this process.

5. Maintenance of proper records

Detailed financial records and statutory registers, such as the Register of Directors and Shareholders, are essential for transparency. They facilitate audits, ensure accurate reporting, and support regulation compliance by providing a clear overview of the company’s financial and operational status.

6. Annual general meeting (AGM) and Filing of annual returns

For listed companies, an AGM must be held within four months after the financial year-end, with the annual return filed within five months. For non-listed companies, the AGM must be held within six months after the financial year-end, and the annual return must be filed within seven months. These meetings are necessary to review the company’s financial statements and operational policies and ensure transparent decision-making.

7. Goods and services tax (GST) registration and compliance

All companies in Singapore must register for GST if their annual taxable turnover from goods and services consumers within the country exceeds S$1 million. This registration ensures compliance with tax regulations, mandating that companies charge and remit GST accurately, maintain detailed financial records, and file timely returns.

Simplify Your Offshore Company’s Compliance with Segovia

Secure your offshore company’s compliance in Singapore’s rigorous regulatory environment with the help of Segovia’s professional incorporation services. From nominee director services to corporate secretary provisions, Segovia ensures thorough compliance management and streamlined administrative support.

Let us help you establish and maintain a compliant, efficient, and successful offshore business operation in Singapore. Contact us today.