Regulations on the period of storage of books and documents for Singaporean enterprises (2026)

Record keeping is fundamental to running a successful business in Singapore. 

Proper record keeping helps businesses maintain transparency, manage their financial health and prepare for potential audits from tax authority IRAS.

The following article from GLA will provide detailed guidance on record keeping requirements, types of records and documents that need to be kept, and notes from the tax accountant of GLA to keep records properly and effectively, avoiding penalties from IRAS and ACRA. 

1. What is record keeping under Singapore company law?

As defined by the tax authority IRASRecord keeping is the process of storing records, documents, vouchers, financial reports, invoices, contracts (events and transactions in the accounting system). 

This is an important requirement because complete and accurate records are the foundation of accounting, accurate reporting of information and audits from independent auditing agencies.

2. Why do Singapore businesses need to keep records?

Good record keeping is important not only for companies but also for Singapore government agencies. 

Effective record keeping helps businesses accurately track business operations, ensure financial commitments, make effective decisions, and also helps government agencies monitor whether company operations are within legal standards.

1.1. Compliance with the law 

Record keeping is a mandatory requirement when operating a company in Singapore. Businesses that do not comply with the law face heavy penalties from government agencies if caught. 

Penalties may include imprisonment for 6 months or a fine of up to SGD 5000 depending on the severity of the offence.

1.2. Limit financial errors

Financial errors can always occur in accounting, keeping complete records helps to comprehensively check the accurate cash flow, minimize incorrect tax declarations, and prepare accurate financial statements during the audit season. 

Theft and fraud can happen, but you can prevent them by keeping good business records. Maintaining comprehensive records of your company's expenses and transactions can help you better understand your cash flow, thus preventing fraud. Furthermore, this information will allow you to prepare accurate financial reports during audit season.

1.3. Cash flow management and cost savings

Record keeping is important, allowing a company to understand where its money is coming in and going out, allowing for an accurate assessment of its financial health. For SMEs, understanding where their money is coming from is crucial to making informed, data-driven business decisions.

In addition, when Singapore tax season comes, the company does not have to spend too much time and money on hiring staff to help organize and search for documents, while still ensuring that financial reports are completed on time and accurately.

2. Rules and regulations for storing records and documents of Singapore companies

In Singapore, the tax authority IRAS is the regulatory authority that sets the financial record keeping compliance requirements that companies must adhere to.

2.1. Record retention period

IRAS requires that companies retain accounting records and supporting documents for a minimum period of 5 years from the relevant Year of Assessment (YA).

For example, a Singapore trading company's financial year ends in December each year. Records for 12 must be retained until at least 2019 December 31.

2.2. Location for storing records and documents

The business records of a Singapore company must be kept at the registered office or address or at a place deemed proper by the company directors. 

GLA will maintain its corporate records at its registered office address in Singapore.

Additionally, Singapore companies can also store records and documents on the cloud for easy synchronization and strong security. 

These business records must be readily available for inspection by company directors and accounting auditors anytime, anywhere, at any time.

2.3. Types of records and documents that need to be stored

As per IRAS regulations, companies must keep the following types of documents 

Accounting books, journals, and schedules reflect your company's income and expenses, assets and liabilities, and profits and losses;

Source documents detailing all business transactions, such as receipts, bank statements, invoices, vouchers and other relevant documents issued to or received from customers;

Any other written, contractual evidence of transactions relating to the business 

Note:

Record keeping requirements of GST registered companies There will be a difference with a company that is not registered for GST in Singapore.

GST registered companies are required to maintain GST-taxable invoices and documents issued for revenue purposes and records of business goods disposal. 

3. How to store records and documents for Singapore companies

A company's business records may be kept physically or electronically, as long as they are complete, accurate and auditable.

3.1. Electronic method

In this digital age, the most efficient way to keep your business records is to store them digitally or as part of your company's accounting software program like QuickBooks Online, Xero, etc. 

Businesses should take security measures to ensure that corporate records are tamper-proof and kept safe. Since these records are stored electronically, Singapore companies do not need to keep physical copies of source documents when tax season comes.

3.2. Physical document method

In addition, if the Company prefers the traditional accounting method of keeping paper records, the Company should ensure that the documents and records have backup copies to prevent loss.

The business records of a Singapore company should be kept at your registered office or at a location deemed suitable by the company directors.

4. What are the consequences of not complying with record keeping regulations?

Non-compliance is a serious matter that can lead to serious consequences. 

Violations in record keeping include:

• Accounting records and related documents are not kept and/or.
• Accounting records and related documents are not retained for a minimum period of five years.
• Your accounting records and related documents are not kept in a proper manner or location.

If your accounting records are not kept properly, the company could face up to 12 months in prison or a fine of up to $5.000 – in addition to the default fine under the Corporations Act.

Furthermore, improper record keeping is considered an income tax offence that can result in IRAS disallowing a company to deduct expenses and capital, resulting in a significantly higher tax bill.

Under the Income Tax Act, those guilty of improperly keeping business records can also face up to six months in jail for late payments or a fine of up to S$1.000.

5. How does GLA support businesses in storing financial and accounting records effectively?

GLA with its knowledge, experience and practice in supporting companies in Singapore, will support businesses

• Ensure documents meet ACRA and IRAS requirements, 0% legal risk.
• Provides QuickBooks Online accounting software solution for secure, easy-to-retrieve record storage and management.
• Support automated transaction recording and expense classification, saving time.
• Implement security measures to protect sensitive data and maintain confidentiality.
• In addition, GLA also supports
• Consulting on suitable company types, helping businesses optimize business operations.
• Assist Singapore companies in complying with laws and annual requirements in a legal, accurate and efficient manner.
• Support in preparing and declaring annual reports accurately and legally to avoid penalties.
• Tax and accounting services and financial reporting according to Singapore accounting standards accurately and quickly
• Register to open and verify a bank account with high credibility in Singapore

6. Frequently asked questions about record keeping for Singapore companies

Highlights

• Singapore companies must keep relevant financial documents and records for at least 5 years of that fiscal year.
• It is legal for a company to store documents in the cloud or physically store them on paper.
• Companies are liable to a fine of up to SGD 5000 or imprisonment for breach of compliance.
• GST companies have more record keeping requirements than non-GST registered companies.