As a business owner, complying with Singapore company annual filings is non-negotiable. It’s a legal obligation and a reflection of your company’s commitment to transparency and good governance.
But let’s face it, the process can be complex and time-consuming.
The stakes are high when it comes to your annual filing requirements. We’re talking about penalties if you miss deadlines and unavoidable headaches down the line. Almost all businesses have been there too; staring at forms and trying to make sense of it all while running the business itself. That’s why we’ve created this essential guide, breaking down the ins and outs of Singapore company annual filings to make the process as smooth as possible for you.
This guide will help business users like you understand everything to know about Singapore company annual filings; when they’re due, and how to do them efficiently.
Requirements for Singapore company annual filings
Every Singapore company must file certain reports each year to stay compliant. It’s the law. These annual filing requirements include submitting an annual return to ACRA via ACRA’s online filing portal, holding an Annual General Meeting (AGM), and filing corporate income tax returns with IRAS.
Types of annual filings
The main types of annual filings for Singapore companies are:
- Annual returns
- Financial statements
- Income tax returns
These filings give the government a snapshot of your company’s status and financials for the year. They’re mandatory – there’s no getting around them.
Deadlines for annual filings
Mark your calendar. For Singapore companies, the deadlines are:
- Hold AGM within 6 months after financial year end (FYE)
- File annual return within 7 months after FYE
- File corporate income tax return by Nov 30.
You can view the latest dates at all times on the Singapore Government Agency website.
Consequences of late or non-filing
What happens if you miss a deadline or forget to file altogether? Well, nothing good. The late filing penalty is S$300 for submissions made within three months of the deadline, but increases to S$600 if filed more than three months after. Continued non-compliance can lead to fines and even prosecution of com directors. Non-filing of tax returns is considered an offense. You may face fines, penalties, and legal action.
Preparing and submitting Singapore Company filings
Your company’s annual return is a key compliance requirement. It’s a yearly statement that gives ACRA important info about your company’s details and status.
Information required in annual returns
Annual returns cover the core details of your company, including:
- Company name and registration number
- Registered address of the office
- Principal business activities
- Summary of share capital and shareholders
- Details of company officers (directors, secretaries, auditors)
Make sure all this info is accurate and up-to-date when you file. Inconsistencies or outdated details will raise red flags.
Filing annual returns through BizFile
Singapore companies are required to file annual returns through ACRA’s online filing portal BizFile, ACRA’s web portal. No more paper forms. Just log in, fill in the required fields, attach supporting documents, and submit. The system is intuitive. But let’s be honest – the first time doing it yourself can be intimidating. If you’re unsure, consider getting help from a registered filing agent, just like Sleek’s expert team for corporate tax filing.
Engaging a registered filing agent
A registered filing agent is a professional, often a corporate secretarial firm, that is authorized to prepare and file an annual return, companies use them to do this yearly. They know the deadlines, requirements, and procedures inside out. They’ll ensure your filing is complete, correct and on time. Using a filing agent takes the stress and hassle out of the process. It frees you up to focus on running your business.
Financial statements and audit requirements
Besides annual returns, Singapore companies must also prepare and file financial statements audited. But the exact requirements depend on your company’s size and structure.
Criteria for audit exemption
Some companies required may qualify for audit exemption. To be exempt, you must be a private company that meets at least 2 of these 3 criteria:
|
Criteria |
Conditions |
|
Small Company |
Must meet at least 2 out of the 3 following criteria for the immediate past two consecutive financial years: |
|
– Total annual revenue ≤ S$10 million |
|
|
– Total assets exceeding ≤ S$10 million |
|
|
– Number of full-time employees ≤ 50 |
|
|
Dormant Company |
– Has been dormant since incorporation OR |
|
– Has been dormant for the entire financial year |
|
|
Exempt Private Company (prior to amendment in 2014) |
– Has less than 20 shareholders and no corporate shareholder details |
|
– Total annual revenue exceeding ≤ S$5 million |
If you fall within those thresholds, you can prepare unaudited financial statements. If not, an external audit of financial documents is required.
Preparing financial statements
Financial statements must be prepared in accordance with Singapore Financial Reporting Standards. They should include:
- Company directors’ statement
- Auditor’s report (where applicable)
- Statement of comprehensive income
- Balance sheet
- Statement of changes in equity
- Statements audited of cash flows
- Notes to the financial statements
The financial statements must give a true and fair view of the company’s financial position and performance. No cutting corners.
Filing financial statements in XBRL format
(Photo credits: XBRL.org)
Companies must file financial statements with ACRA in XBRL format. XBRL stands for eXtensible Business Reporting Language is originally an XML-based format. It’s a standardized way of reporting financial info digitally. To file in XBRL, you’ll need:
- XBRL preparation tool or software
- BizFinx preparation tool (provided by ACRA)
- ACRA Taxonomy files
Once prepared, log in to BizFile and submit the XBRL files along with your annual return. XBRL preparation can be complex and tedious, especially for first-timers.
Annual General Meetings (AGM)
A mandatory annual meeting is a gathering where directors present the company’s financial statements to shareholders for approval. It’s also a forum for shareholders to ask questions and make decisions.
Requirement to hold AGMs
By default, Singapore companies must hold AGMs every calendar year. The first AGM should be within 18 months of incorporation. Subsequently, AGMs must be held once every 15 months. But there are some exemptions. Private companies can dispense with AGMs if all shareholders agree in writing once discussing the company details.
Specific rules apply, so check with ACRA.
Timeline for conducting AGMs
The timeline for AGMs is:
- Financial year end (FYE)
- Prepare financial statements within 6 months of FYE
- Hold AGM within 6 months of FYE
- File annual return within 7 months of FYE
Matters discussed at AGMs
Typical AGM agenda items include:
- Approval of previous AGM minutes
- Adoption of financial statements and directors’ statement
- Approval of final dividends (if any)
- Appointment/re-appointment of directors
- Appointment/re-appointment of auditors
- Other special business
Proper notice must be given to all shareholders, with the agenda and relevant documents provided in advance. The meeting must be properly conducted and recorded. A well-organized and transparent AGM boosts shareholder confidence. It shows that the company’s principal activities are being run responsibly and professionally.
Key Takeaway:
Stay compliant by meeting yearly filing requirements: submit returns to ACRA, hold AGMs, and file taxes with IRAS. Missing deadlines can lead to hefty fines and legal trouble. Use BizFile for submissions or hire a registered agent if unsure. Prepare accurate financial statements in XBRL format.
Conclusion
Singapore company annual filings are vitally important for business owners to understand, or for their tax experts to handle in a timely manner on their behalf. Remember that on-time submissions not only keep penalties at bay but also contribute positively towards your company’s reputation.
Your compliance journey doesn’t end here, though. Stay updated on any changes in regulations by frequently visiting ACRA’s BizFile portal or consulting trusted professionals if needed. Now go ahead confidently manage those filings!
FAQs in relation to Singapore company annual filings
When is Singapore company annual filings due?
Yearly filings for Singapore companies are due within 7 months of the end of your financial year according to the government agency handling taxes. So if your financial year ends on December 31st, your annual filing deadline would be July 31st of the following year.
What do I need to file?
The main documents you need to file annually are:
- Annual Return
- Financial Statements
- Tax Return (Form C or Form C-S)
The exact requirements can vary based on your company type and size. Small exempt private companies have fewer filing obligations compared to larger companies.
Can I file the annual returns myself?
Yes, directors can file the annual returns themselves via BizFile, ACRA’s online declaration or filing portal. But many business owners and individual users choose to have a corporate service provider handle this to make sure all the documents are prepared correctly and filed on time. Naturally, if you want help with a Singapore company annual filings, it’s something the friendly team at Sleek can help with.
What happens if I miss the filing deadline?
Late filing will result in penalties that increase the longer you delay the Singapore company annual filings. If you are more than 3 months late, ACRA can take steps to strike off your company. So it’s important to get your yearly filings done on time each year to stay compliant and avoid unnecessary costs and stress when it comes to your Singapore company filings
450,000
businesses worldwide.
from 4,100+ reviews.
satisfaction rate from
16,000 surveyed clients.
