How to Maintain Compliance After Incorporating in Singapore: A Checklist for Malaysian SMEs

Malaysian SME expansion compliance checklist

Maintain Compliance in Singapore

Expanding into Singapore is a strategic move for many Malaysian SMEs looking to set up a business in Singapore, offering regional growth opportunities and a robust legal framework. However, incorporation is only the first step. Staying compliant with Singapore’s strict regulatory requirements is critical if you want to avoid penalties, build credibility, and unlock growth opportunities.

Here’s a detailed compliance checklist designed for Malaysian entrepreneurs managing newly incorporated companies in Singapore.

Appoint a Corporate Secretary Within 6 Months

Under the Singapore Companies Act, all private limited companies must appoint a corporate secretary within six months of incorporation. This individual must be a local resident and well-versed in corporate regulations.

Many Malaysian business owners overlook this, but your secretary ensures timely filings, accurate records, and smooth communication with ACRA. Learn more about corporate secretary services in Singapore and why it is essential to get this right from the start.

Implement a Reliable Bookkeeping System

Singapore mandates detailed, accurate, and up-to-date financial records for a minimum of five years. This includes:

Receipts and invoices
Bank statements
Ledger entries
Financial reports

For Malaysian SMEs operating in both markets, using cloud accounting tools like Xero or QuickBooks Online is a smart way to centralise and automate record-keeping. Implementing structured workflows, like those used in Acc Pro’s bookkeeping solutions, helps businesses maintain compliant bookkeeping in Singapore and remain audit-ready.

File Your Estimated Chargeable Income (ECI)

You are required to file your Estimated Chargeable Income (ECI) with IRAS within three months from the end of your financial year. This filing is mandatory for most companies, even those that have yet to generate a profit, unless they qualify for an exemption. Filing your ECI on time is a key compliance obligation under Singapore’s corporate tax system.

To stay ahead, it is advisable to prepare preliminary financials well in advance. This gives your finance team enough time to verify figures, make necessary adjustments, and ensure accuracy — reducing the likelihood of rushed submissions, errors, or avoidable penalties. For Malaysian SMEs new to Singapore’s regulatory environment, setting up a timely workflow early on can make a significant difference.

Submit Annual Returns to ACRA

Every Singapore-incorporated company must file an Annual Return with ACRA, which includes company particulars, shareholder information, and financial statements (usually in XBRL format).

While your corporate secretary typically handles this, the accuracy of the submission remains your legal responsibility. Timely filings also support transparency, which is valuable for grant eligibility, partnerships, and future investors.

Register for GST If Revenue Crosses S$1 Million

Once your revenue exceeds S$1 million in a 12-month period, GST registration in Singapore becomes mandatory under IRAS regulations. This includes:

Charging 9% GST (as of 2024) on taxable supplies
Filing quarterly GST returns
Keeping detailed transaction records

If your business crosses the S$1 million threshold, you will need to file quarterly GST returns — a requirement easily managed with tools and processes like those used in Acc Pro’s GST registration and compliance for growing businesses.

GST registration process for foreign SMEs in Singapore

Meet Your Corporate Tax Filing Requirements

Singapore’s tax system is business-friendly, but precision matters. Your company must file:

Form C or C-S
A tax computation
Financial statements

Malaysia-based companies can also benefit from the Double Taxation Agreement (DTA) between Malaysia and Singapore, which avoids double taxation on income. Singapore’s tax system is attractive to businesses, but understanding the filing process and local incentives takes careful planning.

Most companies must submit Form C or C-S, prepare a tax computation, and provide audited financial statements. For smoother compliance, many SMEs work within structured advisory frameworks — like Acc Pro’s tax solutions — to ensure all filings are accurate and timely.

Conduct Regular Financial Reviews

Conducting financial review services in Singapore helps companies assess compliance, identify risk, and improve strategic planning. These reviews can highlight gaps in internal controls, help forecast tax liabilities and strengthen credibility with stakeholders.

Malaysian businesses with Singapore operations often conduct quarterly or semi-annual reviews. Tools and review frameworks, such as those used in Acc Pro’s financial review process, provide a solid foundation for strategic decision-making.

Maintain a Local Business Address

All companies must provide a Singapore registered office address for government correspondence. Even if your team works remotely, this address is legally required. Singapore law requires all registered businesses to maintain a local business address that is accessible during standard business hours. This address is where all legal notices and government correspondence are sent.

For companies without a physical office in Singapore, a virtual office service is a cost-effective alternative — as long as it meets the visibility and accessibility requirements under ACRA guidelines.

Set Up a Compliant Payroll System

If you employ local staff in Singapore, you must comply with regulations set by the Ministry of Manpower (MOM). Key requirements include:

Central Provident Fund (CPF) contributions
Payslip issuance
Statutory leave and working hour rules

Many SMEs operating across Malaysia and Singapore use a cloud-based payroll system that integrates with accounting tools. Platforms like Acc Pro’s payroll and HR solution are designed to simplify compliance while giving business owners better visibility across both jurisdictions.

Outsourcing compliance for SMEs expanding to Singapore

Bonus Tip: Outsource for Cost-Effective Compliance

Managing compliance in a new market can drain your internal resources. Rather than building an in-house finance or HR team in Singapore, many Malaysian businesses choose to outsource core compliance functions.

Outsourcing compliance services in Singapore can reduce overhead, improve accuracy, and support international growth. It also gives you access to grant advisory, accounting software integration, and financial process automation in one place — saving both time and money.

Frequently Asked Questions (FAQ)

Do I still need to file annual returns if my business is dormant or not profitable?

Yes. Even dormant companies must file an Annual Return and submit a tax return declaring their status.

What happens if I miss GST filing deadlines in Singapore?

You may face penalties, enforcement actions, or director disqualification. Repeated offences can lead to stricter audits or legal complications.

Do I need to open a Singapore business bank account?

While not mandatory, it is highly recommended for smooth operations, compliance, and grant eligibility. Many SMEs opt for digital options like Aspire or Airwallex.

Can I use Malaysian accounting practices in my Singapore entity?

No. Singapore has its own set of standards and formats (e.g., XBRL for financials). Using Singapore-compliant systems is essential.

When should I register for GST in Singapore?

You must register once your taxable turnover exceeds S$1 million. However, voluntary registration may benefit companies planning to scale quickly or claim input tax.

Frequently asked compliance questions for SMEs in Singapore

Making the Smart Move to Automation with Acc Pro (Singapore)

Cloud-based tools like Xero, QuickBooks Online, and Dropbox help streamline operations, reduce manual work, and improve compliance across both Singapore and Malaysia.

Acc Pro (Singapore) supports Malaysian SMEs with seamless onboarding, cross-border expertise, and integrated digital systems — powered by our status as a QuickBooks Elite and Xero Gold Champion Partner.

We offer digital solutions that are eligible under Productivity Solutions Grant (PSG), SFEC, and Enterprise Development Grant (EDG) frameworks, helping businesses adopt the right tools at the right time.

Published: 23 April 2025

Jessica Moreno

Jessica Moreno is a Marketing and Partnership Team Lead at Acc Pro (Sinigapore). She works with growing businesses across Southeast Asia and the UK to craft SEO-driven content that fuels digital transformation. Her work focuses on bridging strategy, storytelling, and cloud technology to help brands scale smarter in today’s online economy.