Singapore annual filling refers to that every corporation is subject to file an annual return to the tax bureau in Singapore. An annual return is a summary of certain company information at the made-up date. Normally the made-up-date is the last date of any calendar month, such as 31 December 2014. It is a separate document from a company’s annual accounts.
An annual return must contain the following information:
- The name of the company
- The company registration number
- Company type example limited / exempt / private
- To select solvent or insolvent
- The two main principal activities of the company
- The registered office address of the company
- The address where the company keeps certain company records if not at the registered office, and those records held there
- The particular details of the company secretaries, company directors, managers and auditors
- The shareholders’ particulars and number of shares held
- List of Registered Charges, if any
- The summary of share capital and shares and number of shares paid in cash or otherwise in cash, forfeited shares, treasury shares, calls per shares of the company
- Filing financial statements in pdf and list of mandatory information which must be answered
- Declaration to be done when doing e-submission of annual return to ACRA
Preparation of Financial Accounts
Based on your company’s financial activities during the accounting year, you must prepare your annual financial accounts in accordance with the Financial Reporting Standards of Singapore. If you have a large volume of accounting transactions each month, you can outsource monthly bookkeeping to keep your ledgers in order or in quarterly / annually if the monthly transaction is small.
Audit of Financial Accounts
Once the financial accounts are ready, your company may be required to have its accounts audited if the company falls under one of the following:
- Entity is a Singapore company with corporate shareholding; or
- Entity is a Singapore company with annual revenue exceeding S$5 million.
Filing of Estimated Chargeable Income (ECI)
Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing ECI form with Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.
Annual General Meeting (AGM)
Each Singapore Company must hold an Annual General Meeting (AGM) once every calendar year. The following general rules apply to AGMs:
- The first AGM must be held within 18 months of its incorporation;
- No more than 15 months may elapse between subsequent AGMs;
- Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;
- Private companies are allowed to dispense with AGMs if at a general meeting of the company a resolution to that effect is passed by all members with voting rights.
Filing of Annual Return with ACRA
Each Singapore Company must lodge an Annual Return (AR) with ACRA within 1 month of its AGM. The particular as state in the above must be included while submit of AR. The attachment of company’s accounts is governed by the applicable rules here.
Filing of Annual Tax Return with IRAS
Each Singapore Company must file its annual tax return with IRAS. Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year. Note that the directors the companies are responsible and accountable for complying with the annual filing requirements. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.
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