Late Lodgement Fee for the Late Filing of Annual Return (AR)

VCCs are required to file their ARs under section 97 of the VCC Act. Late lodgement fee is imposed online based on when the AR is filed:

Requirements Type of Breach Type of Penalty Imposed Against Length of Default Late Lodgement Fee
Section 97 of the VCC Act The AR is lodged late Late lodgement fee for the late filing of AR
  VCC Within 3 months after the due date  $300
Section 97 of the VCC Act The AR is lodged late Late lodgement fee for the late filing of AR  VCC More than 3 months after the due date $600

Applicable for filing due date on or after 14 Jan 2022

Example

Unlimited Wealth VCC’s Financial Year End (FYE) is 31 Dec 2021. It has held its Annual General Meeting (AGM) on 29 Jun 2022 and lodged its AR on 20 Aug 2022. The VCC has breached section 97 of the VCC Act. The late lodgement fee imposed is as follows:    

Requirements AR Due Date AR Lodgement Date Late Lodgement Fee
Section 97 of the VCC Act 31 Jul 2022 (FYE + 7 months) 20 Aug 2022 $300

Composition Sum

ACRA may offer composition to VCCs and/or directors that breach statutory obligations in lieu of prosecution. The composition sums are as follows: 

Requirements Type of Breach Type of Penalty Composition Sum
Section 77 of the VCC Act The AGM is held late Composition
 A minimum composition sum of $500
Section 97 of the VCC Act The AR is lodged late Composition  A minimum composition sum of $500

Example

Unlimited Wealth VCC’s FYE is 31 Dec 2019.  It has held its AGM on 1 Aug 2020 and lodged its AR on 30 Aug 2020. The VCC has breached section 77 and section 197 of the VCC Act. ACRA may offer composition as follows:    

Requirements Due Date AGM Date/Lodgement Date Composition Sum
Section 77 of the VCC Act 30 Jun 2020 (FYE + 6 months) 1 Aug 2020 A minimum composition sum of $500
Section 97 of the VCC Act 31 Jul 2020 (FYE + 7 months) 30 Aug 2020 A minimum composition sum of $500

Late Lodgement Fee (Other than for late lodgement of Annual Return)

The following are the late lodgement fee for other forms of late filings. Filers who access ACRA’s VCC Registration and Filing Portal will also be prompted via the portal on the amount of fee payable:

Type of Breach Type of Penalty Imposed Against Length of Default Late Lodgement Fee
Penalty for late filing or lodgement of any other document according to length of default Late lodgement fee for the late filing of any other document
  VCC Within 3 months after the due date  $50
Penalty for late filing or lodgement of any other document according to length of default Late lodgement fee for the late filing of any other document  VCC More than 3 months after the due date $200

Applicable for filing due date or after 14 Jan 2022

Example 1

Wealth Unlimited VCC has changed its registered office from 123 Yarra Road Singapore 123456 to 987 Aroozoo Lane Singapore 987654 on 15 March 2022. The VCC lodged the prescribed form online via ACRA’s VCC Registration and Filing Portal on 23 May 2022. The VCC has breached section 45 of the VCC Act. This states that when there is a change in the registered office address of any VCC, the VCC must lodge a prescribed form online via ACRA’s VCC Registration and Filing Portal within 14 days after the change. The late lodgement fee imposed on the VCC is as follows:

Requirements Due Date Lodgement Date Period of Default Late Lodgement Fee
Section 45 of the VCC Act 29 March 2022 23 May 2022 30 March 2022 to 23 May 2022 $50

Example 2

Mr David Tan of Wealth Unlimited VCC has resigned as a director on 20 June 2022. The VCC has appointed another director, Mr Justin Lim on the same date. The VCC lodged the prescribed form online via ACRA’s VCC Registration and Filing Portal on 13 December 2022. The VCC has breached section 72 of the VCC Act. This states that the VCC shall lodge with the Registrar within 14 days after a person becomes or ceases to be a director of the VCC. The late lodgement fee imposed on the VCC is as follows:

Requirements Due Date Lodgement Date  Period of Default Late Lodgement Fee
Section 72 of the VCC Act 4 July 2022 13 December 2022
  5 July 2022 to 13 December 2022  $200 for each cessation and appointment of a director
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