Staying on top of annual filing obligations can feel like a tedious task for business owners. But trust us—it’s essential. Compliance isn’t just about avoiding penalties; it’s about maintaining credibility and showing stakeholders that your company is efficient and trustworthy. Every company in Singapore must adhere to these annual filing requirements to stay in good standing with the relevant authorities.
Whether you’re new to the business world or a seasoned entrepreneur, understanding these obligations will save you time, stress, and unexpected costs. So, let’s break it down step-by-step.
The annual return is the cornerstone of every Singapore company’s compliance duties. All companies are required to submit their annual returns electronically through the ACRA BizFile+ portal.
The annual return contains crucial company information, including:
Filing your annual return keeps ACRA in the loop about the status of your company. A timely and accurate submission prevents unnecessary follow-ups and inspections by the authorities.
The deadline for submitting an annual return depends on your company’s financial year-end. Companies are usually expected to submit their return:
Failure to meet these deadlines can result in fines. This is why it pays to stay organised and familiarise yourself with these timelines.
Every company must include financial statements as part of their annual return. These statements provide a snapshot of a company’s financial performance and standing for the financial year.
The requirement for financial statement audits depends on your company's size and annual revenue. Generally speaking:
The ACRA and IRAS (Inland Revenue Authority of Singapore) closely scrutinise financial statements to ensure transparency. Ensure your figures are accurate, complete, and timely.
Typically, your financial statements should cover:
Failure to include proper financials could compromise your compliance status. It is better to engage an Accounting Services Provider to ensure accurate filing.
Beyond submitting your annual return, companies must also submit corporate income tax returns to the Inland Revenue Authority of Singapore (IRAS).
These returns show the Estimated Chargeable Income (ECI) and other key financial insights to IRAS. Companies must file these returns within a stipulated timeframe after their financial year-end.
The deadlines typically are:
Stay proactive with these returns. The earlier you file, the better you can manage potential liabilities.
Singapore companies must hold an Annual General Meeting (AGM) every year. This meeting ensures transparency by allowing shareholders to review key financial decisions and developments.
The AGM serves as a critical governance tool. At these meetings, companies typically discuss:
The Companies Act requires companies to hold AGMs annually. The first AGM should be held within 6 months after incorporation. Thereafter, companies must host one AGM each year, with no more than 15 months between two AGMs.
Compliance isn’t just about ticking boxes. Annual filings keep your business transparent, credible, and efficient.
Not submitting annual returns, corporate tax returns, or financial statements on time can result in hefty penalties. Legal action could follow, depending on the severity of non-compliance.
Up-to-date information reassures investors, clients, and partners that your company operates with integrity. Investors rely on transparent and timely financial reporting to make informed decisions.
By filing on time, your company retains its status as a legally compliant entity. This status is crucial when securing partnerships, business opportunities, or even contracts with government entities.
Every annual filing has core pieces of information that must be accurate and up-to-date. Missing any of these could raise red flags.
Here’s what you need to include:
Stay thorough and double-check each entry. If you’re unsure, consult with a Corporate Secretarial Services Provider or Accounting Services Provider to ensure everything is accurate.
Navigating all these requirements can be daunting. That’s where professionals come into play. Hiring an Accounting Services Provider or Corporate Secretarial Services Provider can simplify the process for your company.
Working with experts allows you to focus on growing your business while they handle the technicalities.
Let’s face it—annual filings aren’t something you want to DIY unless you’re experienced. Avoid stress, penalties, and mistakes by partnering with Simplified Asia.
We specialise in helping Singapore companies manage their compliance needs efficiently. Whether you need help with annual returns, financial statements, corporate tax returns, or AGMs, we’ve got you covered.
Let Simplified Asia take the guesswork out of compliance so you can concentrate on what you do best: running your business.
