As we continue with the second article in our New Year Special series, this is the perfect time to shift from reflection to action. This is the perfect opportunity for Singapore SMEs to tidy up compliance matters, refresh internal processes and prepare their business for a smooth, confident start to the year ahead. A little attention now can prevent major administrative headaches later and keeps you from scrambling to catch up in January.

Housekeeping: Check and Note Your Key Deadlines

Before stepping into the new year, ensure that all statutory obligations are fully up to date. Begin by reviewing your company registers and confirming that your director, shareholder and share capital information lodged with ACRA is accurate. Any changes in appointments, resignations or shareholdings must be filed promptly to avoid penalties.

• Confirm your Annual General Meeting timeline. Companies must hold their AGM within six months after their financial year-end, which makes December the ideal time to finalise financial statements, analyse performance and prepare resolutions.

• Finalise financial statements and audits is another key task. Companies that meet the audit threshold should ensure the auditor’s report is completed before the AGM.

• Tax matters should also be reviewed with care. This includes checking your Estimated Chargeable Income (ECI) submission, Form C or Form C-S, and exploring any deductions or reliefs that could help optimise your payable tax.

Employment and labour law compliance should not be overlooked. Review employee records, verify CPF contributions, confirm alignment with the latest Employment Act requirements and reconcile remaining leave balances. You should also conduct a quick audit of your data protection practices to ensure your company remains compliant with the PDPA.

Additional Operational Housekeeping Before the New Year

Beyond statutory compliance, December is the ideal opportunity to strengthen internal operations. Some practical areas to review include:

• Renewing business licences and insurance policies that expire soon
  
  
• Updating supplier and customer contracts to reflect pricing or service changes for the new year
  
  
• Reviewing bank mandates and authorised signatories to ensure they match current responsibilities
  
  
• Checking IT systems, passwords and data backups for security and reliability
  
  

With the full year’s performance data at hand, this is also an ideal moment to refine goals, budgets and marketing strategies so your business enters January with momentum and clarity.

Start the New Year Ready

A bit of year-end diligence can significantly reduce compliance risks, strengthen internal processes and give your business a fresh, organised start to the year. By reviewing your obligations, refreshing your records and preparing your operations, you can step into the new year focused on growth and opportunity instead of administrative backlog. With the right preparation, your business begins the year stronger, clearer and more resilient.

If you need support with year-end compliance or business reviews, our team at Verti is ready to help. Contact us at contactus@verti.sg or +65 6909 5691.