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Annual Return Filing For Singapore Companies

Annual Return Filing at $180/year

All Singapore private limited companies, active and dormant companies are required to file Annual Returns to the Authorities.  Every company needs to do the complete the following activities in this sequence.

1. Preparation of Monthly Financial Accounts

You must prepare your financial accounts in accordance with the Singapore Financial Reporting Standards. It is important and beneficial for you to keep your business transactions each month. We recommend that even StartUps companies perform monthly bookkeeping.  You may decide to prepare quarterly or annual basis if the number of financial transactions is small. Financial accounts consist of Income Statement (or Profit and Loss Account), Balance Sheet , Cash Flow Statement, and  Changes in Equity Statement.

2. Filing of Estimated Chargeable Income (ECI)

Singapore Inland Revenue Authority (IRAS) requires all Singapore Companies to submit the ECI form declaring the revenue amount and Estimated Chargeable Income (ECI) within 3 months of the Financial Year End for the company. A “Nil” ECI return is required even if the company estimates its chargeable income as zero or negative.

3. Non-Audit of Financial Accounts

Once the financial accounts are ready, your company may be exempted for statutory audit if the company does not fall under one of the following:

  • Entity is a Singapore company with corporate shareholding; or
  • Entity is a Singapore company with annual revenue exceeding S$5 million.

However, the company needs to prepare a Compilation of Accounts consisting of Directors’ Reports and Financial Statements, Notes to the Financial Statements.

4. Audit of Financial Accounts

Once the financial accounts are ready, your company may be required to have its accounts audited if the company has corporate shareholding or  annual revenue exceeding S$5 million.

5. Holding an Annual General Meeting (AGM)

The date an Annual General Meeting is held is once each calendar year. .

  • The first AGM must be held within 18 months of its incorporation.  This is not recommended as it may interfere with tax planning for Companies incorporated within 3 years.
  • The time between subsequent AGMs is limited to 15 months.
  • Financial Accounts to be presented at the AGM must  made up to a date  more than 6 months before the AGM
  • Private companies can dispense with AGMs if a resolution to that effect is passed by all members with voting rights.

 6. Documents required at Annual General Meeting

These are the necessary documents starting with an AGM Agenda, Attendance Sheet, and Shorter Notice; AGM minutes will be sent to shareholders. After the AGM or paper meeting, the company secretary will prepare and send a board resolution for your directors to view; this will allow them to approve the financial company reports.

 7. Filing of Annual Return with ACRA

Singapore Company is required to submit an Annual Return (AR) with 1 month of its AGM to the Authority. The AR consists of the company officers particulars, registered address, and capital structure. The attachment of company’s accounts is governed by www.acra.gov.sg

 8. Filing of Annual Tax Return with IRAS

Singapore Company is required to submit its annual Corporate Tax return to Income Tax Authority by 30 November of each year. Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year.

9. Why use Value Added System?

We here at Value Added Systems Pte Ltd  are in the business of Annual Filing to Authorities when the statement is due. We welcome any question, and have quick easy answers to most issues and FAQs.

10. Facts to Remember

Value Added Systems can take care of all your Annual Filing needs legally when they are due, and handle any other issues you may have.

Let Us Help You With Annual Return Filing Now!

Fill in the form with your details and we will get in touch with you within the next 12 hours. Alternatively, you may give us a call at (+65) 6741 2728 for more enquiries.

It is the responsibility of the directors the company to comply with the annual filing requirements. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.

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