According to the Singapore Companies Act, all Singapore private limited companies must comply with the annual filing requirements to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).
*Annual filings are mandatory for both active and dormant Singapore companies.
**Failing to regularly meet ACRA ongoing compliance requirements in a timely manner can have consequences.
Filing requirements fulfill for Annual Compliance with ACRA Singapore
Annual General Meeting and Annual Filing
Time req.~3 weeks
Every company should hold an Annual General Meeting (“AGM”) either once every calendar year, or 15 months from the date of its last AGM, whichever is earliest. However, companies that have been newly incorporated are allowed to hold their first AGM within 18 months from the date of incorporation.
Once an AGM is held, the Annual Return of the company should be filed with the ACRA within one month from the date of AGM. The Annual Return 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 that the audited accounts have been made up to
- Financial statements, if applicable
Time req.~2 weeks
Filing Financial Statements in XBRL
The company would be required to file their financial statements in XBRL format during the filing of Annual return, if your company is:
- insolvent (Total Assets – Total Liabilities = Negative Value)
- has a corporate shareholder for the financial year
For compilation of financial statements services, our corporate specialist can assist you once you fill up the financial statements form contained in this online link below:
Annual financial statements compilation
Accounting and Bookkeeping
Time req.~By Annual / 2 to 3 weeks
Our accounting and bookkeeping services can ensure that your company is in compliance 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 can ensure good accounting practices that ensure comparability and quality of financial information of business units or firms within a business group.
- Set up the accounting system
- Prepare the 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
Document Required from you:
Please furnish us with the company’s bank statements for the entire financial period/year.
- In the bank statements, kindly state the nature of the transactions. The purpose is for us to be able to identify the type of transactions and how to account for them in the best way possible.
- Kindly refer to the attached bank statements : sample Bank statements with remarks for your reference how to do this.
- Alternatively you can also tabulate the data in an excel worksheet : Copy of Compilation of bank statements transactions .
For sales transactions, kindly state the sales invoice number so that we can trace and the status of invoice and also work out the trade receivables balance.
Additionally, you can also state the following in your email to us:
- Any significant transaction not reflected in the bank statements (for eg: large sales invoices which payments are not received yet, purchases invoices which are not paid yet)
- Unusual/non-routine transactions that are difficult to account for
- Transactions happening between the directors/shareholders with the company (for eg: drawing, additional capital injected into the company, loan to the company)
- Any other transactions affecting the company that you are aware of
Corporate Tax Filing
Time req.~1 weeks
*Our corporate specialist will follow up on the work on 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. This means that income earned in the financial year 2016 will be taxed in 2017.
- You should file your first Income Tax Return when you have closed your first set of accounts.
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.
Tax Forms That Companies Must Submit 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 fulfil the conditions under the Administrative Concession; and (b) certain entities that are not required to file ECI; and
- Corporate Income Tax Returns commonly known as Form C-S or Form C by 30 Nov of each year except dormant companies for which IRAS has waived the requirement to file.