The requirements for filing such a review are as follows – The company must show information regarding their returns eighteen months after they are incorporated

Steps to Filing Annual Returns of a Local Company in Singapore

Singapore is a lovely country to both live and do business in. But unlike other parts of the world creating business in Singapore is not as easy as going online and filling out some forms. In fact it is a huge process of jumping through hoops that one will have to go through.  One of these hoops that one will need to jump through is filing an annual return for a local company. In Singapore all companies are required by law to file their annual returns under S175, S196 and S201 of the Singapore Companies Act.  Shareholders require this annual review of their returns and expect that all businesses provide a true and fair view of their company’s accounts.

The requirements for filing such a review are as follows – The company must show information regarding their returns eighteen months after they are incorporated.  This falls under section 175 of the companies act.  From here each year the company must file every year not exceeding fifteen months.  This also falls under section 175 of the companies act. Under section 197 of the companies act states that the annual return must be files with no acceptations one month, thirty days after the AGM is conducted.  Failure to do so will result in stiff fines and penalties. The return must be files online at BizFile.  Bizfile will then check all of the submitted information for accuracy.

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The first step in this process is when you are on the web site you will want to select the transaction titled Annual Filing.  This can be found under transaction group and Local Company. From here you will want to select the transaction titled Application for filing annual returns without AGM.  At this point you will need to make some decisions on what you want to do.  You have two choices.

The first choice is if you want to send the return to AGM yourself or if you wish to hold an AGM yourself.  Your decision will determine the next course of action. If you decide that you want to hold an AGM you will need to make sure that everyone involved is notified of this and must be contacted of the time and place of the AGM so that they can attend if so desired. If the individual associated with the company is deceased then the opportunity for the next of kin to appear is made available. The information to notify the next of kin or the person associated with the company must be keyed into bizfile. At this point in time in the application you must rectify up to three prior offences by filing up to three ARs with three sets of accounts. If there are more than three, which does happen in exceptional rare cases, a separate application must be created for the other offenses. If the company is newly incorporated you will be required to update the company’s financial year end via BizFile which is located under Notification of Change of Financial year. This is required before you can continue with the application. The fee for the application is going to be $30.00 which will be paid at the end of the application.  If the thirty dollar fee is not paid then the application cannot be processed. After filing, the applicant will be able to find out the outcome of their return in one of two ways.  The first way is via email.  This option is only available when an email address is provided to the ACRA.

The second way to find out the status is by doing a status enquiry.  You will be able to access the status enquiry for your application by using BizFile which is free of charge. When filing you will get a response within fourteen working days or no later than one month. Those who can apply are company officers such as directors or the company secretary, professional firm on the behalf of the company and service bureau’s on the behalf of the company.  It is recommend that you seek professional advice if you are not sure about what is needed or required in regards to filing your returns.