Managing a business in Singapore means staying on top of compliance deadlines, especially for the Annual General Meeting (AGM) and Annual Return (AR). These are mandatory requirements under the Companies Act, not optional formalities. Missing them incurs penalties from ACRA, Singapore’s corporate authority.

Whether due to an oversight, overwhelming workloads, or not knowing the rules, ACRA doesn’t accept excuses. Late filings lead to fines that can escalate quickly if ignored. The good news? You can rectify these breaches. Here’s what late filing means, its financial consequences, and how to get back on track.

What Are the Filing Obligations?

All Singapore companies must hold an AGM and file an Annual Return with ACRA. The AGM is where directors share financial results with shareholders, reviewing key performance metrics. Unless you’re a small exempt private company choosing to forgo the AGM, it’s required within six months of the financial year end.

The Annual Return, filed through ACRA’s BizFile+ system, updates essential company information—shareholders, officers, and financial status. It must be submitted within seven months of the financial year end. Missing either requirement results in immediate fines.

What Happens When You’re Late?

ACRA imposes penalties for every missed deadline, starting modestly but increasing over time. A late Annual Return can cost up to $600 per submission. If multiple years are overdue, the fines add up fast.

Failing to hold the AGM or file the AR breaches the Companies Act, potentially triggering a Notice to Comply, a Summons, or court action. ACRA may not pursue immediately, but they can address non-compliance from past years. Ignoring the problem only worsens the outcome.

Steps to Resolve Breaches

Correcting late filings requires prompt action. Start by verifying missed deadlines. Check your financial year end and review past AGM and AR filings on BizFile+. Gaps will be clear.

Gather overdue documents, including financial statements for previous years. Even inactive companies must submit declarations. File everything via BizFile+, paying the unavoidable late fees as part of the process.

To prevent future errors, consider outsourcing to secretarial services. If in-house management caused the lapse, corporate secretarial professionals can ensure deadlines are met consistently.

Responding to a Summons

A Notice to Attend Court from ACRA demands urgent attention. Before the court date, you can submit overdue documents and pay penalties to potentially have the summons dropped. Delaying risks court fines or a criminal record.

If you’ve already faced court penalties, overdue filings remain outstanding. The court handles the offence, but compliance requirements persist.

Common Causes of Late Filings

Late filings often result from disorganized tracking. Deadlines slip during staff turnover or busy periods. Some assume small or dormant companies are exempt, but all must file ARs. Many Singapore companies use corporate secretarial providers to ensure consistent compliance.

Appealing Penalties

ACRA permits appeals in exceptional cases, like serious illness or sudden business closures. Submit appeals via BizFile+ with supporting documents. However, forgetting deadlines or misunderstanding rules rarely qualifies for relief, as directors are expected to understand their duties.

Dealing with Inactive Companies

Even non-operating companies must comply until formally struck off. This includes filing AGMs and ARs or applying for strike off. Ignoring filings for a dormant company leads to fines, and ACRA may block strike-off applications until compliance is restored. To close a company, ensure all filings are up to date.

Next Steps

If you’ve missed deadlines, don’t delay. Act before ACRA escalates with a summons. Submit overdue filings, settle penalties, and regain compliance. It’s a hassle, but it’s doable. If managing compliance feels overwhelming, corporate secretarial experts can handle secretarial services, freeing you to focus on your business.

Late filings don’t make you a bad business owner, but ignoring them can hurt your company. Fix it today and stay proactive.