At Entrust Public Accounting Corporation, we understand how challenging it is for small and medium-sized enterprises (SMEs) in Singapore to stay compliant with statutory and regulatory requirements. Since 2007, we’ve served clients across diverse industries and have seen firsthand how compliance lapses, whether due to inexperience or limited resources can lead to avoidable penalties, reputational damage, or even business closure. That’s why we offer trusted corporate secretarial services in Singapore, along with expert advice to help businesses remain compliant and confident.
In this article, we highlight the top 10 compliance mistakes SMEs commonly make and share practical solutions, many of which we already provide to our clients through our corporate secretarial services.
1. Missed Filing Deadline
The most frequent compliance mistakes are non-compliance with submission deadlines for financial statements, AGM filings, or annual returns. These are seemingly slight mistakes but draw penalties or even initiate compliance audits.
How we help:
We proactively manage statutory time limits using automated reminders and timetables for filing within our company secretarial services so things don’t slip through.
2. Failure to Maintain Statutory Registers
Having up-to-date records such as Register of Members, Directors, and Controllers is not an option—it’s a requirement. Most SMEs ignore this, especially when internal administration is strained.
Our approach:
We maintain and update all statutory records as part of our secretarial services Singapore, so that your documents are ready for inspection at all times.
3. Incorrectly Issuance or Allotment of Shares
Insufficient allotment of shares without documentation or approval by the board can attract controversy and regulatory scrutiny.
What we do:
We assist with allotments and transfer of shares based on the requirements of ACRA and Companies Act, such as proper preparation of resolutions and issue records.
4. Ignoring Changes in Company Information
There is to be notice to ACRA of any company address, officers, or shareholder changes within given time frames. Delay will result in penalties.
Our solution:
As part of our corporate secretarial services, we ensure that all statutory changes are filed on time and correctly.
5. Lack of Board Resolutions
Some SMEs have no written solutions for key decisions such as the opening of bank accounts or payment of dividends that may leave compliance gaps.
Our support:
We draft and submit all board and shareholder resolutions required to provide legal certainty and audit-readiness to your corporate decisions.
6. Unsound Financial Record-keeping
Improper record-keeping can impact both compliance and financial reporting accuracy. It is most likely to occur in SMEs who are employing untrained personnel or old systems.
Our competencies:
Outside company secretarial support, we deliver outsourced account and bookkeeping services to be responsible for reporting and accounts management.
7. Violation of Labour Laws
Recruitment of employees without adherence to CPF contributions, contracts, or leave arrangements can subject SMEs to vast legal exposures.
Our business advisory team:
We offer HR practice advisory services and payroll services as part of our general business process outsourcing so that clients are able to meet MOM regulations.
8. Ignoring Beneficial Ownership Reporting
From 2020, organizations must have a Register of Registrable Controllers (RORC). Missing beneficial owners is a typical mistake.
How we do it:
We locate and document beneficial owners as part of our Singapore secretarial services according to current regulations.
9. Non-Compliance with Licensing and Permitting Requirements
Certain businesses require additional licenses or permits, and failure to renew or apply properly results in business suspension.
Our advisory function:
We advise SMEs on which licenses apply to their line of business and help with the application or renewal so that there is no business disruption.
10. Dependent on Outdated Company Constitution
Many SMEs still maintain outdated M&AA arrangements that fail to reflect the Companies Act 2014 amendments, potentially leading to governance problems.
Our advice:
We examine and help you update your company constitution in line with the relevant legal framework under our corporate secretarial services.
Why Entrust?
With more than a decade of experience under our belt, Entrust Public Accounting Corporation has established itself as more than mere compliance experts. We are strategic allies who accompany our clients every step of the way in their business, from registration to expansion on a regional level. Our complete package of services includes:
- Company registration & compliance
- Corporate secretarial services
- Audit and assurance Taxation services
- Business consultancy
- Outsourced accounting and payroll
We also proudly serve Singapore as a member of the international INAA Group, which allows us to serve cross-border clients while still having local expertise.
Stay Compliant, Stay Confident
Compliance is more than ticking a box. It’s creating foundations for long-term growth and trust with stakeholders. At Entrust, we apply order, certainty, and tranquility to your operations. Regardless of whether you’re a founding startup or expanding SME, we’re here to keep your company compliant—so you can continue to grow it. Get in touch with us today and allow our experienced specialists to handle your compliance so that you can take charge with certainty.