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Singapore Company Annual Filing

The Singapore Company Annual Filing

Filing Annual Returns of a Local Company

 

All locally incorporated companies are required to hold their Annual General Meeting (AGM) and file their annual returns under S175, S197 and S201 of the Companies Act. At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders. The Companies Act does not prescribe the minimum level of qualifications for the person preparing the accounts. However, it will be the responsibility of the directors to appoint individuals with the required level of expertise for preparation of such accounts. When to Hold an AGM and File Annual Return?

 

Here are common asked questions:

Can Singapore company be exempted from audit?

Answer:  An exempt Singapore private company is exempted from audit requirements if the commencing date of its financial year is between 15 May 2003 and 31 May 2004 and its turnover for that financial year does not exceed $2.5 million. For financial years starting 1 Jun 2004, the amount of the turnover has been raised to $5 million. These exempt Singapore companies are still required to maintain proper accounting records.

Singapore dormant company need to submit audited accounts?

Answer: Singapore dormant  company need not submit audited accounts, if your company does not have any accounting transactions for that financial year other than the exceptions set out in section 205B(3) of the Companies Act, eg. maintenance of registered office. If you are not sure whether there was any accounting transaction for your company, please seek professional advice from your Paul Hype Page & Co, ACRA  Certified Public Accounting Firm.

Must a Singapore Company renew company’s registration yearly?

Answer: A  Singapore company’s registration need not renewed yearly as per the business entity rather is required to submit Singapore Company Annual Return on a yearly basis.

What must the Singapore company do after it has held its AGM?

Answer: Singapore company must file its Annual Return with ACRA. The Annual Return must be filed within one month after the date of the AGM. Please seek professional advice from your Paul Hype Page & Co, ACRA  Certified Public Accounting Firm.

Does Exempt Singapore Private Company needs to attach the EPC certificate for audit exemption when filing Annual Returns?

Answer:  With effect from 1 November 2007, we have removed the need to attach the EPC certificate or Statement by EPC for audit exemption for Exempt Private Companies. They are required to confirm on the online declarations before submitting the Annual Returns. Please seek professional advice from your Paul Hype Page & Co, ACRA  Certified Public Accounting Firm.

Do Dormant Singapore Companies need to attach the EPC Certificate Statement by dormant companies for audit exemption when filing Annual Returns?

Answer:  With effect from 1 November 2007, we have removed the need to attach the Statement by Singapore dormant companies for audit exemption for Exempt Private Singapore Companies. They are required to confirm on the online declarations before submitting the Singapore Company’s Annual Returns. Please seek professional advice from your Paul Hype Page & Co, ACRA Certified Public Accounting Firm.

Annual Return for local companies, there is a new selection “have not taken place” under the drop down list to confirm the transfers since the date of the last annual return. What is the difference?

Answer:  The new selection “have not taken place” under the drop down list is added to cater to the scenario where no transfer of shares has taken place since the last annual return. In this case there is no need to register at all. On the other hand, if there is a transfer of shares since the last annual return but the company has not registered such transfer, then the lodger should select “have not been registered”. Please seek professional advice from your Paul Hype Page & Co, ACRA Certified Public Accounting Firm.

Singapore LLP required to submit Annual Returns to ACRA?

Answer:  No but the manager is required to submit an Annual Declaration to ACRA stating whether the LLP is able or unable to pay its debts. Please seek professional advice from your Paul Hype Page & Co, ACRA Certified Public Accounting Firm.

Singapore LLP need to hold AGM? What about minutes and resolutions?

Answer:  Singapore LLP Act does not prescribe requirements to hold Annual General Meetings. You have to refer to the LLP legislation on whether partnership’s resolutions are required to be filed or reported for specific instances (such as winding up). By and large, the LLP Act does not prescribe detailed requirements for different types of resolutions as the LLP is a “business” structure. Please seek professional advice from your Paul Hype Page & Co, ACRA Certified Public Accounting Firm.

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Posted on July 3, 2012 at 4:50 pm
Categories: Company Secretary Service

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