Annual Financial Reporting & Filing From S$360

As a director of a Singapore incorporated company, you are required to comply with annual filing requirements according to the Singapore Financial Reporting Standards.

In accordance with Section 175, Section 197 and Section 201 of the Companies Act, all Singapore incorporated companies are required to hold their Annual General Meeting (AGM), file their annual returns and present their audited accounts.

Due dates for corporate filings and tax submission are determined on the company’s Financial Year End (FYE) – the completion of a fiscal accounting period, which is usually 12 months. Eg. Common choices by companies include 31 March, 30 June, 30 September or 31 December.

Annual Filings are required to filed to the following 2 local government authorities:

Accounting & Corporate Regulatory Authority (ACRA)

Annual General Meeting (AGM)

  • An annual general meeting (AGM) is a way for your company to present its financial statements (accounts) to shareholders (members). Shareholders can then ask questions about the health of your business. An AGM is therefore an important opportunity to address their concerns.
  • All companies in Singapore are required to hold AGMs.
  • A company is required to hold its first AGM within 18 months after its incorporation.
    Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.

Estimated Due Date: Within 6 months after FYE.

More information here

Filing Annual Return (AR)

  • Annual return (AR) is an electronic form lodged with ACRA and contains important particulars of the company such as the name of the directors, secretary, its members, and the date to which the financial statements of the company are made up to. The annual return provides critical information that helps the company’s stakeholders to make informed decisions.
  • The Annual Return must be filed with the Registrar within 30 days after the AGM has been filed.

Estimated Due Date: Within 7 months after FYE.

More information here

Companies Act Requirements

Under sections 201(2) and 201(5) of the Companies Act (the “Act”), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:

  • comply with Accounting Standards1 issued by the Accounting Standards Council; and
  • give a true and fair view of the financial position and performance of the company.

In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Act, respectively.

Estimated Due Date: Typically should be completed within 6 months after FYE, to prepare for AGM & AR submission.

More information here.

Since 1 November 2007, companies required to file financial statements with ACRA are required to file financial statements in XBRL. To find out if your company is required to file financial statements, click here.

What is ACRA Taxonomy? 

Taxonomy is the dictionary which the XBRL language uses. In Singapore, the ACRA Taxonomy is created based on disclosure requirements for financial statements from the Singapore Financial Reporting Standards (SFRS), SFRS for Small Entities, Singapore Companies Act as well as the Singapore Exchange Listing Manual.

Estimated Due Date: Within 6 months after FYE, before AGM & AR submissions.

More information here.

Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.

However, not all companies are required to have accounts audited.

Estimated Due Date: Within 6 months after FYE, before AGM & AR submissions.

More information on Audit Exemption can be found here

Inland Revenue Authority of Singapore (IRAS)

Filing of Corporate Tax
ECI
, also known as Estimated Chargeable Income, is an estimate of a company’s chargeable income for a Year of Assessment (YA).

  • Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company does not need to submit ECI.
  • For filing of Form C / C-S it has to be done annually on 30 Nov; or 15 Dec.

Estimated Due Date: Within 3 months after FYE.

Filing of Corporate Tax
There are two types of Income Tax Return, Form C-S and Form C.

  • The Form C-SC is a declaration form for companies to declare their actual income.
  • Companies must ensure that the form is correctly completed and gives a full and true account of the company’s income.
  • For filing of Form C / C-S it has to be done annually on 30 Nov (paper); or 15 Dec (electronic) of the subsequent year following FYE.
  • First year filing should be done 1 year after the first FYE.

Estimated Due Date: By 30 Nov (paper); or 15 Dec (electronic) of the subsequent year after FYE.

ARE YOU READY TO:

  • Hold your company’s Annual General Meeting and declare your accounts to shareholders?
  • File your company’s Annual Returns in accordance with the Singapore Financial Reporting Standards (SFRS)?
  • Compile your revenue and file your corporate taxes (Form C/C-S & Estimated Chargeable Income)?

Let us help you today with Our Services:

Frequently Asked Questions

Annual General Meeting (AGM)
A company is required to hold its first AGM within 18 months after its incorporation. Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.

Filing Annual Return (AR)
The Annual Return must be filed with the Registrar within one month after the AGM.

Audited Accounts
Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.

Filing of Corporate Tax
Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company does not need to submit ECI. For filing of Form C / C-S it has to be done annually on 30 Nov; or 15 Dec.

Private Limited Companies (Non-Exempt)Audit of Company AccountsFile Accounts with ACRADeclaration of Solvency
Active and SolventNot Required
Dormant and SolventNot RequiredNot Required
Active and InsolventNot Required
Dormant and InsolventNot RequiredNot Required

The common things passed at an AGM are as follows;

  • Adoption of Accounts Laid at Meeting
  • Approval of Dividends Declared
  • Approval of Directors’ Fees
  • The re-election of Director(s)

The documents required are as follows;

  • Profit and Loss Statement
  • Balance Sheet
  • General Ledger

These documents have to supplied according to Singapore Financial Reporting Standards, if you have trouble with this, do feel free to contact us for help as well.

These are the steps to file your Annual General Meeting and Annual Returns;

  • Onboard a qualified Company Secretary
  • Supply them with your updated business profile and constitution
  • Unaudited/audited financial statements

Onboard us as your company secretary today or make an inquiry here!

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. These accounts need to be prepared in accordance with Accounting Standards which basically refers to the Singapore Financial Reporting Standards which sets forth accounting standards in Singapore.

VentureHaven is everything you need for your Corporate Compliance and Accounting needs!

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