According to the Singapore Companies Act, all Singapore private limited companies must comply with the annual filing requirements of two of Singapore’s government agencies: the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). ACRA is the national regulator of business entities, public accountants, and corporate service providers in Singapore. It includes the Registrar of Companies (ROC). Annual filings with ACRA are mandatory for both active and dormant Singapore companies alike; failure to meet ACRA’s compliance requirements will cause legal consequences to be imposed against the offending company. ACRA also runs Bizfile. Bizfile is ACRA’s online filing system. IRAS is the statutory board which oversees all tax matters in Singapore. Both serve Singapore citizens, permanent residents, and foreigners living in Singapore.
Filing Requirements for the Fulfillment of Annual Compliance with ACRA
Annual General Meetings and Annual Filings
Timespan: ~3 weeks
Every company must hold an Annual General Meeting (AGM) either once every calendar year or 15 months from the date of its last AGM, whichever is earlier. However, companies that have been newly incorporated are allowed to hold their first AGM within 18 months from the date of incorporation. AGMs may be held in any location as long as a majority of the shareholders of the company will be present during it. Should the company in question have a corporate shareholder, more than 20 shareholders, and sales turnover of at least S$5 million per year, an independent auditor’s report will also be required to be submitted.
Once an AGM is held, the annual returns of the company must be filed with the ACRA within one month from the date of the AGM. The sections of Singapore’s Companies Act which specify how and when annual returns are to be filed are Sections 175, 197, and 201. The Companies Act makes no mention of the minimum level of qualifications to be possessed by the person who prepares the accounts; it is the directors’ duty to ensure that a suitable person does so. If you choose to work with us for this purpose, he annual returns of your company will be submitted by our corporate specialist and the following information of the company will be verified during the process:
Timespan: .~2 weeks
Filing Financial Statements in XBRL Format
A company is required to file its financial statements in XBRL format during the filing of annual returns, if the company either:
- is insolvent (has more total liabilities than total assets)
- has a corporate shareholder for the financial year
For compilation of financial statements services, our corporate specialists can be of assistance once the necessary financial statement form is filed.
Accounting and Bookkeeping
Timespan: ~2 to 3 weeks
Our accounting and bookkeeping services can ensure that your company is compliant with the reporting and statutory requirements of various jurisdictions of the region. Our professional corporate specialists can embed process and control systems to capture and report transactions accurately and transparently. We ensure good accounting practices that promote quality of financial information of business units or firms within a business group. We do so by adhering to the necessary degree of preparation with regard to such practices.
We can do the following for you:
- Set up an accounting system
- Prepare a chart of accounts
- Prepare monthly cash and bank reconciliation statements
- Prepare monthly/quarterly/annual management financial reports and monthly/quarterly GST returns
- Compile statutory financial statements in accordance with financial reporting standards
- Prepare financial statements in XBRL format for ACRA filing