Based on Section 197 of the Companies Act, all companies are required to file their annual returns on time. If the annual returns are filed late, a $300 late lodgement fee will be imposed by the registrar against the company for annual returns filed after the deadline. This $300 late lodgement fee will be imposed when the company files the annual return and will need to be paid at the payment page of the transaction.
Do note that this is just for late annual return filing. If the Annual General Meeting is held late, the company will also be in breach of Section 175 of the Companies Act and will also be liable for another penalty fee.
ACRA may also offer composition to companies and/ or directors in lieu of prosecution. The minimum composition amount for breaches of Section 175 and Section 197 of the Companies Act are both SGD$500 each.
In the event that a company continually breaches these requirements, the registrar has the authority to strike off the company from the register. Do note that the directors can be disqualified to act as a director of a company or companies if he or she has three or more companies that were struck off by ACRA within a 5-year period. (Section 155A of the Companies Act)
If you are unsure of the filing requirements of companies, you may refer to this article:
Here is a video about the Important Compliance Requirements for Singapore Companies:
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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