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Annual Compliance with ACRA Singapore

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Annual Compliance with ACRA Singapore

Every Singapore private limited company is required to comply with ACRA’s and IRAS’s annual filing requirements. If ACRA and IRAS do not receive what ought to be filed, the company at fault will be suitably punished.

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:

  • Company’s full name and registration number
  • Registered address
  • Principal activities
  • Company type (i.e. private company, public company, small exempt private company)
  • Summary of issued and paid-up share capital
  • Registered charges
  • Information of directors, company secretary, auditors, and shareholders
  • Date of AGM and the financial period to which the audited accounts have been made up
  • Financial statements, if applicable
AGM and Annual Filings

Financial Statements

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

Thinking of incorporating in Singapore? Let’s get started.

E A S I E R • F A S T E R • B E T T E R

Topics relating to Singapore Accounting

Documents Required

Please furnish us with the company’s bank statements for the entire financial period/year.

  • In the bank statements, the nature of the transactions must be stated. This allows us to identify the type of transactions and how to account for them in the best way possible. 
  • Refer to the attached bank statements (sample Bank statements with remarks)to understand how this is to be done. 
  • Alternatively, you can also tabulate the data in an Excel worksheet
    (Copy of Compilation of bank statements transactions) . 
  • For sales transactions, state the sales invoice number so that we can trace the status of invoices and also figure out the trade receivables balance. 
  • Additionally, you can also state the following in your email to us: 
  • Any significant transactions not reflected in the bank statements (e.g. large sales invoices for which payments have not yet been received, unpaid purchase invoices) 
  • Unusual/non-routine transactions 
  • Transactions happening between the directors/shareholders of the company (e.g. drawing, additional capital injected into the company, loans to the company) 
  • Any other transactions affecting the company of which you are aware 

Corporate Tax Filing

Timespan: ~1 week

Our corporate specialist will follow up on the work of corporate tax filing after the compilation of financial statements is signed and agreed by the company. A company is taxed on the income earned in the preceding financial year.

Corporate Tax Rate

With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.See Singapore personal tax rates.

Tax Forms to be Submitted Yearly 

All companies need to submit two corporate income tax forms to IRAS every year: 

  • Estimated Chargeable Income (ECI) form within three months from the company’s financial year end except for (a) companies that fulfill the conditions under the Administrative Concession; and (b) certain entities that are not required to file ECI. 
  • Corporate Income Tax Returns, commonly known as Form C-S or Form C, by November 30 of each year, except for dormant companies for which IRAS has waived the requirement to file. 

Stay on top of Regulatory Compliance Requirements in Singapore

Paul Hype Page & Co corporate specialists are able to ensure your company fulfills its regulatory compliance requirements related to Singapore’s company laws and regulations.

By complying with regulations, your company avoids not only penalties or legal repercussions, but also unnecessary damage to your brand name.

Annual Compliance with ACRA Singapore FAQs

What is the information that I need to provide when I file the annual return?2020-11-17T17:18:13+08:00

You need to provide the following information when you file the annual return:

  • Company details
  • Shares
  • Financial Statements
  • Date of Annual General Meeting (if applicable)
Which companies are required to file an annual return with ACRA?2020-11-17T17:17:36+08:00

All companies that are incorporated in Singapore are required to file annual returns with ACRA as per the Companies Act. 

How many company officers needed to sign off on the documents submitted with the annual returns?2020-11-17T17:17:50+08:00

It depends on the size of your company. If your company has only 1 director, then this director is the only person who needs to acknowledge on documents submitted with the annual returns; if your company has more than 1 director, your company will need at least 2 directors to acknowledge on documents submitted with the annual returns 

What happens if I file the annual returns after the deadline?2020-11-17T17:18:23+08:00

Your company will be fined for S$300 late lodgement fee should you submit the annual returns after the deadline. 

2020-12-01T12:41:53+08:00October 25th, 2017|0 Comments

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