Common penalties for companies in Singapore
According to the Singapore Companies Act, each company must comply with the annual filing requirements to the Accounting and Corporate Regulatory Authority (ACRA).
Here is a summary table of common penalties for companies in Singapore:
Type of breach | Penalties amount (SGD) |
The AGM is held late | Composition sum of $300 |
The AR is lodged late | Late lodgement fee of $300 (if filed within 3 months of the deadline) Late lodgement fee of $600 (if filed 3 months or more after the deadline) |
Late lodgement fees
Businesses have to comply with several statutory obligations under the Companies Act 1967. Some of these requirements stipulate that companies or their board of directors have to lodge documents with ACRA on change of registered business address or resignation of directors.
When a business fails to meet the requirements, ACRA may take enforcement action and exercise discretion to compound the breach if the offender pays a composition sum.
If the breach comes in the form of not filing a statutory required document, the chances are that it will not be possible to pay a composition sum to resolve the issue. If the documents are presented later, a late lodgement fee shall be incurred.
Bear in mind that a composition sum is not identical to a late lodgement fee! These two terms have different meanings.
To learn more about composition sums and late lodgement fees, take a look here.
Late Lodgement Fees | Penalties amount (SGD) |
No more than 30 days | $50 |
Between 31 to 60 days | $75 |
Between 61 to 90 days | $100 |
Between 91 days to 180 days | $150 |
Between 181 days and 365 days | $200 |
Between 366 and 730 days | $250 |
Between 731 days and 1095 days | $300 |
More than 1096 days | $350 |
