Filing of a company’s annual returns in Singapore
Singapore Companies are required to hold an Annual General Meeting (AGM) as well as file their company’s annual returns as part of their corporate compliance in Singapore.
Process of Filing Annual Returns
- Company holds an Annual General Meeting
- The Directors Report and the Auditors Report (if needed) are presented and approved at the Annual General Meeting. Other matters that are discussed in an Annual General Meeting are approving of directors’ fees, remuneration, reelection of directors (if required), reappointment of auditors, declaration of dividends etc.
- The Company’s Annual Returns must be filed within 1 month of the Annual General Meeting
- Accounts presented must not be more than 6 months old at the time of the Annual General Meeting
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Singapore Company Annual Return Filing
Filing an Annual Return in Singapore
Singapore company requirements for filing an annual return
All Singapore companies are required to file an annual return every year. To do so, a company is required to hold an Annual General Meeting presenting the accounts. Accounts are to be prepared no more than 6 months prior to the annual general meeting. After approval of the accounts the company secretary or a service bureau has to submit either a XBRL file or a declaration document to the Accounting and Corporate Regulatory Authority in Singapore.
Financial Account Preparation
Preparing of a Singapore company’s financial records
All Singapore companies are required to prepare their accounting records. For companies that have a large number of transactions per month it is recommended that the companies do their bookkeeping on a monthly basis. For companies with relatively few monthly transactions, the companies can do their bookkeeping on a quarterly or even annual basis. The financial records comprises the Profit and Loss Statement (also referred to as a Statement of Comprehensive Income), Balance Sheet (also known as a Statement of Financial Position), Cash Flow Statement, and Statement of Changes in Equity (also known as the Shareholders Ledger).
Estimated Chargeable Income
Filing of estimated chargeable income (ECI)
Companies in Singapore are required to include both the company’s total revenue and the company’s Estimated Chargeable Income when filing an ECI form with Inland Revenue Authority of Singapore (IRAS). The company is required to file this report within 3 months following the end of their Financial Year (FY) as declared by the company. ECI must be filed even in the event that the company’s estimated chargeable income is zero where the company will file as “Nil” on their ECI form.
Financial Audit of Accounts
Audit of the company’s financial accounts
In most cases a company will not be required to hold an official audit of the company’s accounts. However, if the Singapore company has business entity as a shareholder or has an annual revenue of over S$5 million the company is required to have an audit.
Annual General Meeting
Holding of a company’s Annual General Meeting
Each financial year a Singapore company is required to hold an Annual General Meeting. Within 1 month following this meeting the Annual Return must be submitted to the Accounting and Corporate Regulatory Authority of Singapore. Apart from the financial information, the Annual Return contains details regarding the company’s officers, registered address, and the auditor (if any).
Filing with the Internal Revenue Service of Singapore
Submitting of the Annual Tax Return with the IRAS
All Singapore companies are required to file an annual tax return with IRAS by November 30th for the preceding year for corporate tax calculation. The rate of taxation on the company will be decided based on the profits from the preceding year. It is the legal responsibility of the company’s directors to ensure the annual return filing requirements are properly adhered to. If the company fails to file the return the directors can be held accountable for non-compliance.