This monthly roundup covers the key regulatory updates and official announcements from March 2026, prepared for entrepreneurs, founders, and directors of Singapore-incorporated companies. This month brought several notable developments across employment policy, corporate compliance, and government support programmes.
Company Law
Corporate & Accounting Laws (Amendment) Act 2025: Commencement from April 2026
Passed by Parliament in November 2025, the Corporate & Accounting Laws (Amendment) Act 2025 is targeted to take effect from April 2026, introducing a broad set of changes relevant to SME founders, directors, and corporate service providers. Key amendments include:
- Tighter rules to prevent misuse of companies for unlawful purposes
- A new two-tier shareholder approval process for selective off-market share buybacks
- An increase in the maximum fine for breach of directors’ duties under section 157 of the Companies Act from S$5,000 to S$20,000, with imprisonment of up to 12 months
- Removal of mandatory minimum opening hours for registered offices, replaced by a two-hour availability window on reasonable notice
- A requirement for the individual auditor responsible for an engagement to be named in the audit report
Companies and their advisors should review governance frameworks and record-keeping practices ahead of commencement.
ACRA Launches Consultation to Raise Audit Exemption Thresholds for Small Companies
ACRA announced in late February 2026 that it is reviewing Singapore’s audit exemption framework, with targeted industry consultations running from March 2026 and a public feedback survey open until 17 April 2026. The review considers whether the current revenue and total assets thresholds (both set at S$10 million and unchanged since 2015) should be raised to reflect business growth and align with standards in comparable jurisdictions, and whether subsidiaries should be able to qualify for audit exemption independently even if their wider group does not meet the consolidated thresholds. Shareholders holding at least 5% of issued shares will retain the right to require an audit regardless of any changes.
Simplified Free Business Profile Delivery via BizFile+
Effective 27 March 2026, ACRA has streamlined how businesses receive their free Business Profile following a successful filing. The profile is now automatically delivered as an attachment to the filer’s BizFile+ inbox within 15 minutes of filing, removing the need to navigate additional pages. Downloads are available for 60 days from notification and apply after Annual Returns, Annual Declarations, renewals, and new registrations. This is a practical improvement for CSPs and founders who regularly need the Business Profile for banking, licensing, or counterparty onboarding.
Source: https://www.acra.gov.sg/news-events/news-announcements/simplified-free-business-profile-download/
Tax & Accounting Law
Tax Season 2026: Partnership Income Tax Filing Deadline is 18 April 2026
IRAS opened income tax filing for Year of Assessment 2026 on 1 March 2026, with a deadline of 18 April 2026. For businesses operating as partnerships, this is a firm compliance deadline. Partnerships are required to file their income tax return regardless of whether partners are under the Auto-Inclusion Scheme. Partners should also ensure that their individual returns accurately reflect their share of partnership income. IRAS has cautioned that over S$5 million in penalties were collected from nearly 37,000 late-paying taxpayers for YA 2025, and encourages the use of GIRO for interest-free instalment payments beginning in May.
About 1 Million Taxpayers to Receive Tax Bills Directly from Mid-March 2026
As part of IRAS’s expansion of the Direct Notice of Assessment initiative, approximately 1 million individual taxpayers began receiving automatically computed tax bills from mid-March 2026 without needing to file a return, with over 2 million expected to benefit from the No-Filing Service this year. While this initiative applies to individual income tax rather than corporate tax, it is directly relevant to founders and directors who have personal income tax obligations alongside their corporate ones, including those with self-employment income, rental income, or other non-pre-filled income sources. Taxpayers who receive a D-NOA should check their bill carefully and use the Amend Tax Bill service at myTax Portal within 30 days if there are any inaccuracies. Those with additional income sources not pre-filled by employers or platforms are still required to file by 18 April 2026.
Singapore-Cambodia Double Taxation Agreement Updated with Anti-Abuse Provisions
A Second Protocol amending the Singapore-Cambodia Avoidance of Double Taxation Agreement entered into force on 6 March 2026. Signed in November 2023, the Protocol amends the preamble of the DTA and introduces a new Article 28 on Entitlement to Benefits, incorporating internationally agreed BEPS (Base Erosion and Profit Shifting) standards to counter treaty abuse. This is relevant to Singapore-incorporated companies with operations, employees, or income flows involving Cambodia, as the updated treaty strengthens the conditions under which DTA benefits can be claimed. Companies should review their cross-border arrangements to ensure they continue to meet the entitlement requirements under the revised agreement.
Progressive Wage Credit Scheme Payout in March 2026
Employers who have been co-funding wage increases for lower-wage workers under the Progressive Wage Credit Scheme received a payout in March 2026, credited via GIRO or PayNow Corporate from 31 March 2026. Companies must have an active GIRO arrangement with IRAS or be registered for PayNow Corporate by 26 March 2026 to receive payment in this cycle. For qualifying years 2027 and 2028, the minimum qualifying wage increase threshold will also be raised from S$100 to S$200 per employee. SMEs with eligible lower-wage employees should ensure their banking details are up to date with IRAS and review payroll records to confirm eligibility.
Source: https://atc.sg/what-we-do-singapore-government-business-sme-grants-support-assistance.php
Immigration Law
New ONE Pass (AI and Tech) Track to Replace Tech.Pass from January 2027
At the MOM Committee of Supply Debate on 3 March 2026, the Minister for Manpower announced a new Overseas Networks and Expertise Pass (AI and Tech) track that will replace the existing Tech.Pass from January 2027. The new track targets leading talent in AI, quantum computing, and advanced technologies. Unlike the current Tech.Pass, applicants will be able to meet the overall S$30,000 ONE Pass monthly salary threshold through a combination of fixed pay of at least S$22,500 and vested equity components such as ESOPs and ESOWs, reflecting how top tech professionals are typically remunerated. The pass carries an initial five-year validity with renewable five-year periods. Companies seeking to recruit or retain frontier tech talent should begin assessing eligibility under the new criteria ahead of the January 2027 launch.
Employment Pass Minimum Salary to Increase to S$6,000 from January 2027
Also announced at the MOM Committee of Supply on 3 March 2026, the minimum qualifying salary for new Employment Pass applications will rise from S$5,600 to S$6,000 per month from 1 January 2027, and from S$6,200 to S$6,600 for the financial services sector. Renewals will be subject to the new thresholds from 1 January 2028, giving employers time to adjust compensation structures. SMEs that are planning to hire or renew EPs for roles currently budgeted close to the existing threshold should begin reviewing affected positions now. The S Pass minimum qualifying salary will similarly rise from S$3,300 to S$3,600.
Local Qualifying Salary for Foreign Hiring Quota to Rise from July 2026
From 1 July 2026, the Local Qualifying Salary (the minimum wage a local employee must earn to count towards an employer’s S Pass or Work Permit quota) will increase from S$1,600 to S$1,800 per month for full-time employees. SMEs that currently employ local workers earning between S$1,600 and S$1,800 should review whether those employees need a salary adjustment to continue counting towards the company’s foreign hiring quota. Failure to account for this change could inadvertently reduce the number of foreign hires a company is entitled to retain or recruit.
Source: https://www.mom.gov.sg/employment-practices/progressive-wage-model/local-qualifying-salary
Licensing & Regulatory Compliance
MAS Publishes AI Risk Management Toolkit Following Project MindForge Phase 2
On 20 March 2026, MAS announced the completion of Project MindForge phase two, releasing a practical AI Risk Management Toolkit developed with a consortium of 24 financial institutions. The toolkit includes an Operationalisation Handbook covering governance frameworks, risk assessment, and lifecycle controls for traditional AI, generative AI, and agentic AI technologies, supported by real-world case studies from participating institutions. MAS is currently reviewing responses to its public consultation on proposed AI Risk Management Guidelines, which closed in January 2026, with formal supervisory expectations to follow. Fintech founders and financial services SMEs operating under MAS licences should treat the toolkit as an early indicator of the compliance standards MAS intends to formalise.
Government Grants, Incentives & Support Schemes
Job Redesign+ Grant Launched in March 2026
The SkillsFuture Workforce Development Grant (Job Redesign+) launched in March 2026, offering enterprises up to 70% funding support capped at S$150,000 per company for projects covering job redesign, reskilling, and AI adoption. To qualify, companies must be registered and operating in Singapore and have at least three local employees. The grant provides practical tools and resources to help businesses restructure roles around new technologies, making it particularly useful for SMEs navigating workforce transformation without large internal HR or training budgets.
EDGE Scheme to Consolidate MRA, PSG and EDG into a Single Grant
Enterprise Singapore announced that a new EDGE scheme will consolidate the Market Readiness Assistance grant, Productivity Solutions Grant, and Enterprise Development Grant into a single streamlined programme accessible to all Singapore businesses including non-SMEs. Until EDGE launches, businesses can continue applying for the three existing grants via the Business Grants Portal. Alongside this, the MRA grant is being enhanced from 1 April 2026, with support for SMEs raised to 70% and the S$100,000 cap extended. From the second half of 2026, companies will also be able to use MRA funding to deepen activities in existing overseas markets, not just enter new ones.
Source: https://www.enterprisesg.gov.sg/campaigns/budget-2026
Enterprise Financing Scheme Enhanced from 1 April 2026
From 1 April 2026, the Enterprise Financing Scheme will be enhanced with the overall borrower group cap raised to S$50 million across all EFS facilities. The scheme covers seven financing areas including working capital, trade, fixed assets, venture debt, green loans, and merger and acquisition loans, with the government sharing default risk with participating financial institutions. SMEs seeking to fund expansion, equipment purchases, or overseas growth should review their eligibility under the updated scheme parameters.
Source: https://www.enterprisesg.gov.sg/campaigns/budget-2026
Startup SG Equity Receives S$1 Billion Top-Up to Cover Growth-Stage Companies
As announced at Budget 2026 and confirmed at the MTI Committee of Supply Debate in March 2026, S$1 billion has been set aside to top up the Startup SG Equity scheme. The enhancement expands the scheme beyond early-stage deep tech startups to also support growth-stage companies, addressing funding gaps for businesses seeking to scale internationally. The scheme is co-administered by Enterprise Singapore and the Singapore Economic Development Board, and co-invests alongside qualified private sector investors including venture capital firms.
SkillsFuture Enterprise Credit to Be Redesigned from Late 2026
The current SkillsFuture Enterprise Credit, which provides eligible employers with a one-off S$10,000 credit to defray workforce transformation costs, will continue operating until November 2026 before being redesigned. The revamped scheme will allow companies to immediately offset out-of-pocket expenses for enterprise and workforce transformation programmes, replacing the current credit model. SMEs with remaining SFEC balances should plan their training and transformation expenditure ahead of the November 2026 deadline to avoid losing unused credits.