Guide on Annual Filling Requirement with ACRA
You, as a small business owner in Singapore, need to know about annual filing requirements mandated by ACRA (Accounting & Corporate Regulatory Authority). However, many of the company directors appoint registered filing agent like SBS Consulting for the task. Let’s see on-going statutory requirements your business must discharge within ACRA’s filing due dates.
Company’s Annual General Meeting
As per the Companies Act of Singapore, you must call your company’s Annual General Meeting (AGM) every financial year and table its accounts for the scrutiny of the shareholders.
- The consecutive AGMs should be within 15 months of each other
- A new private limited company need to convey its AGM within 18 months from its registration date
- The shareholders can physically meet anywhere in the world for the AGM
- It can be carried out by way of written resolutions which removes the need for shareholders to meet
The shareholders discuss the following issues in an AGM:
- Validate Directors’ Report
- Validate Audit Report
- Consent to Directors’ fees, remuneration and emolument
- Reappoint a Director, an auditor
- Announce dividends
- To discharge other businesses
Filing Company’s Accounts
Directors are charged with the tabling of annual financial statements of the company for the approval of shareholders. The statements should not be more than 6 months old. These documents are:
- Directors’ Report
- Directors’ Statement
- Audit Report by Independent Auditor
- Statement of Balance Sheet and Profit and Loss
- Statement Changes in Equity and Cashflow
- Notes to Financial Statements
Filing Directors’ Report (Audited Accounts)
You do not have to prepare an audited report for your company if its,
- Sales turnover is below $5 million
- Number of shareholders is 20 or less
- Has no corporate shareholder
For such a company, you are allowed to prepare an unaudited report or directors’ report. Otherwise, you need to prepare the audited report.
If your company is dormant and has no accounting transaction for the period, then you are required to prepare an unaudited report for it.
Annual Return (AR) Filing
Singapore incorporated companies need to file their annual returns within one month of their AGM.
Filing of annual returns include:
- Company name & registration number
- Company’s local registered address
- Company’s principal activities
- Company type during the financial year
- Details of share
- Registered charges
- Details of company officers
- Details of shareholders
- Dates of Annual General Meeting
- Financial statements (in XBRL format, if necessary)
If your company is insolvent and has a corporate shareholder, you will need to file the company’s financial statements using XBRL filing.
Applying for an Extension of Time to File Annual Return
The authorities allow you a one-time extension of time for the preparation of the financial statements, holding AGM, and filing of AR.
Certificate of Compliance
You need to comply with the 3 requirements under sections 175, 197 and 201 of the Company Act; you will be eligible for a Certificate of Compliance.
Failing in Complying with ACRA Filing
Failing to hold AGM and in filing annual reports will incur a penalty and/or court prosecution.
SBS Consulting is a reputed registered filing agent in Singapore. If you need our expert assistance to complete your annual filing requirements with ACRA, contact us on +65-6536 0036 or email us at email@example.com for answers.