Company & Annual Compliances

Annual compliances to Accounting & Corporate Regulatory Authority (ACRA)

It is a mandate for every Singapore company to adhere to ACRA's compliance rules and regulations. There are many such statutory requirements which company has to fulfill and submit Annual return to ACRA with all the evidences supporting the same, the Annual filings are mandatory for both active and dormant Singapore companies. Failing to regularly meet ACRA ongoing compliance requirements on time can have serious consequences.

ACRA then provides a compliance rating based on the stats if the company has complied with its requirement of holding Annual General Meeting, filing of Annual Return and various other clauses applicable to the company.

In view of the above, companies should consider hiring a professional to help manage their compliance matters, so that they can focus on running the business and driving business growth.

As a director of a Singapore incorporated company, you are required to comply with annual filing requirements according to the Singapore Financial Reporting Standards.

In accordance with Section 175, Section 197 and Section 201 of the Companies Act, all Singapore incorporated companies are required to hold their Annual General Meeting (AGM), file their annual returns and present their audited accounts.

  • An annual general meeting (AGM) is a way for your company to present its financial statements (accounts) to shareholders (members). Shareholders can then ask questions about the health of your business. An AGM is, therefore an important opportunity to address their concerns.
  • All companies in Singapore are required to hold AGMs.
  • A company is required to hold its first AGM within 18 months after its incorporation. Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.

Estimated Due Date: Within 6 months after FYE.

Filing Annual Return (AR)

  • Annual return (AR) is an electronic form lodged with ACRA and contains important particulars of the company such as the name of the directors, secretary, its members, and the date to which the financial statements of the company are made up to. The annual return provides critical information that helps the company's stakeholders to make informed decisions.
  • The Annual Return must be filed with the Registrar within 30 days after the AGM has been filed.

Under certain circumstance it becomes a very viable choice to opt for a Non-Audit Service. Instead of having their annual accounts audited by an independent auditor (which can cost up toS$10,000 and take 2-3 months depending on the complexity) many SMEs are choosing to go the route of a Compilation Report, which covers all of the compliance requirements, but is less intrusive, costs between S$300 and S$800, and can take as little as 3 days to compile.

It is a complete set of financial statements that is prepared in compliance with the Singapore Financial Reporting Standards (SFRS) and includes the following:

  • Directors' Statements
  • Statement of Comprehensive Income
  • Statement of Financial Position
  • Statement of Changes in Equity
  • Accounting Policies
  • Notes to Financial Statements
  • Detailed Income Statement

A compilation report produced by our team will be compiled by specialists, to professional standards. It will conform fully to all SFRS requirements, and is perfect for income tax andannual return filing purposes.

Estimated Due Date: Typically should be completed within 6 months after FYE, to prepare for AGM & AR submission.

  • It is necessary to prepare and submit annual return along with all the other relevant forms in XBRL format. ACRA prefers to receive in XBRL format as it allows them to carry out their certain checks and encrypt the information which protects it from any loss in transmission.
  • XBRL is a global standard for exchanging business information and is dependent upon digital platform. Our services help in easing out the filing of annual report for you.

Estimated Due Date: Within 6 months after FYE, before AGM & AR submissions.

Annual Compliances to Inland Revenue Authority of Singapore (IRAS)

Estimated Chargeable Income (ECI) Filing

ECI, also known as Estimated Chargeable Income, is an estimate of a company's chargeable income for a Year of Assessment (YA).

Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company meet the waivers from filing ECI for a particular YA:

  • Annual revenue is not more than $5 million for the financial year; and
  • ECI is NIL for the YA.

Estimated Due Date: Within 3 months after FYE.

Form C or Form C-S Filing

There are two types of Income Tax Return, Form C-S and Form C.

  • Form C-S/ C is a declaration form for companies to declare their actual income.
  • Companies must ensure that the form is correctly completed and gives a full and true account of the company's income.
  • For filing of Form C / C-S it has to be done annually on 30 Nov (paper), or 15 Dec (electronic) of the subsequent year following FYE.
  • First- year filing should be done 1 year after the first FYE

Estimated Due Date: By 30 Nov (paper); or 15 Dec (electronic) of the subsequent year after FYE.

Let us Help you Today with our Services:

  • Company Secretary (Preparation of Annual General Meeting and Annual Returns)
  • Preparation of Unaudited Report
  • Preparation of Tax Computation and Submission (Form C / C-S & ECI)

Need To Talk To Us? +65 6969-9622

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