Record Retention Requirements in Singapore

Businesses are required by law to keep proper accounting records, including invoices, receipts, bank statements, and contracts, for a minimum of 5 years from the end of the financial year to which they relate.

These records can be kept in either physical or digital format, but must be retrievable for inspection when requested by IRAS or ACRA.

Tip: Using a cloud accounting system can make compliance easier and reduce storage needs.

Official Reference: IRAS Record Keeping Guide