Annual Filing Requirements for Singapore Companies
Complying with the annual filing requirements by any company can help to avoid fines, legal notices and non-compliance penalties. Singapore has a simple yet well-structured filing system. Below is a guide listing all the important filing requirements by companies in Singapore.
Financial Statements Preparation
Every company in Singapore is required to prepare its annual financial statements detailing all its financial acti11vities during the respective accounting year. The Financial Reporting Standards of Singapore are required to be followed for the financial statements preparation. Keeping proper and orderly ledgers and books can assist in the process. The following pattern can be followed depending upon the size and activities of your company:
a) Large or medium sized company with numerous transactions each month: Monthly book-keeping
b) Small sized company with minimal or relatively less number of transactions: Quarterly or annual book-keeping
In both of the scenarios, Accounting as as Service is the most suitable option. The complete set of Financial Statements required to be prepared by a company is:
- Statement of Comprehensive Income (Profit and Loss Account),
- Statement of Financial Position (Balance Sheet),
- Cash Flow Statement,
- Statement of Changes in Equity.
Financial Statements Audit
After the preparation of the Financial Statements, a company is required to get those Financial Statements audited by an accredited audit firm in Singapore IF the company meets any two (2) of the below listed three (3) conditions:
- The total assets of the company are exceeding S$10 million; or
- The total annual revenue of the company is exceeding S$10 million; or
- The number of employees of the company exceeds 50.
Companies that are part of a Group are assessed on a ‘Group Consolidation Basis’.
Estimated Chargeable Income (ECI) Filing
Every Singapore Company is required to declare its revenue and Estimated Chargeable Income (ECI) by complying with the following:
- Fill an ECI Form,
- File with the Inland Revenue Authority of Singapore (IRAS),
- File within three (3) months of a company’s financial year end,
- In case of a zero (0) estimated chargeable income a NIL return (ECI) needs to be filed.
Compulsory E – Filing Groups:
|Year of Assessment (YA)||Target Group for Compulsory E – Filing|
|2018 onwards||Companies with revenue more than S$10 Million in YA 2017|
|2019 onwards||Companies with revenue more than S$1 Million in YA 2018|
|2020 onwards||All companies|
Annual Return Filing with ACRA
Companies in Singapore must file an Annual Return (AR) within the below described filing dates. This is required to be filed with ACRA by any appointed officer in the Organization (e.g. a director or company secretary) through online portal BizFile+. The Annual Return (AR) must include particulars of the following:
- Company’s officers,
- Company’s members,
- Period ending date mentioned in the Financial Statements,
- Registered address,
- Company’s auditors (if applicable).
Annual Return (AR) filing requirements and dates based on financial year end:
|Companies with financial year ended
before 31 August 2018
|Companies with financial year ended
on or after 31 August 2018
Annual Tax Return Filing with IRAS
While filing of annual tax return with the IRAS following requirements need to be met:
- Required to be filed by each Singapore company,
- Filed annually by 30th November,
- Filed on a preceding year basis of taxation (previous year profits become basis for filing of tax in the current year),
- The directors of the company are responsible to comply with the annual tax filing requirements,
- The requirements are applied to both active and inactive companies.
Failure to comply with the above requirements is an offence against the law and could result in heavy fines and penalties.
Read More: Singapore Corporate Tax Guide
Annual General Meeting Requirements
It is required by every Company in Singapore to hold an annual general meeting (AGM) once every calendar year end. For holding an AGM, the company is required to comply with the following requirements:
- Within eighteen months (18) of its incorporation, hold its first (1st) AGM,
- Between subsequent AGMs, not more than fifteen months (15) must elapse,
- Financial accounts presented at an AGM, must not be older than six months (6) before the AGM,
- For Private companies if a resolution is passed by ALL the members with voting rights at a general meeting, the company is allowed to dispense with the AGM.