Annual Filing Compliances for Singapore Companies
When you think of starting a company in Singapore, one of the key things you need to consider is compliance fulfillment. The governing bodies of the city-state have laid down few strict statutory regulations for the companies so as to maintain the good reputation that country holds for the last few decades. When it comes to annual filing compliances for Singapore companies, there are some requirements that you must fulfill to remain compliant. The Accounting and Corporate Regulatory Authority of Singapore (ACRA) and IRAS (Inland Revenue Authority of Singapore) are the two main governing bodies which administer the compliance issues of the Singapore companies. This blog will provide an overview of annual filing compliances for the corporate organizations.
Filing of Financial Accounts
Filing annual financial account comprising the Balance Sheet, Profit and Loss Statement, Statement of Cash Flow and Changes in Equity is mandatory for all Singapore incorporated companies. As per the guidelines of ACRA, every account must be prepared as per the Singapore Financial Reporting Standard (SFRS).
An independent external auditor must audit the financial accounts of all the Singapore companies before submitting it with ACRA unless the company falls under Exempt Private Companies (EPCs). EPCs are allowed to file compilation of financial statements or accounts.
Holding Annual General Meeting (AGM)
It is mandatory for all locally incorporates companies in Singapore to hold an Annual General Meeting (AGM) once every fiscal year. In AGM, the director presents a true and fair view of the annual financial report of the company to the shareholders. Financial reports or accounts presented at the AGM should be up to date not more than 6 months before the AGM. The first AGM must be held within 18 months of incorporation. Most importantly, the interval between each AGM should not exceeds 15 months.
Filing of Annual Return with ACRA
Under Sections 175, 197 and 201 of the Singapore Companies Act, every company must file an annual return signed by director or secretary with ACRA within one month of its AGM. The return file includes key information about the particulars of the company officers, registered address, and auditors (if applicable), etc. The company is also required to attach its audited/unaudited financial report along with the annual return file. (Inclusion of annual financial report is not applicable for dormant companies).
Singapore ECI (Estimated Chargeable Income)
As per the IRAS’s guidelines, all Singapore companies are required to declare their estimated business revenue and file ECI within the three months of the financial year-end.
Annual Filing with IRAS
Every business registered in Singapore is required to file annual tax return by 30 November of each YA. Singapore corporate income tax is assessed on taxable income of the preceding year.
SBS Consulting can assist you in fulfilling all the above-mentioned compliance requirements. If interested to know more about our services and costs, you can directly call us on +65 6536 0036 or send mail at email@example.com