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Annual Filings

Introduction

According to the statutory requirements stipulated in the S175, S197 and S201 of the Singapore Companies Act, all companies incorporated in Singapore are required to hold their Annual General Meeting (AGM) and file their respective returns to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). These statements must be prepared according to the Singapore Financial Reporting Standards (SFRS).

Filing Annual Return to ACRA

The followings are the steps to ensure compliance with the statutory requirements in terms of filing of Annual Return:

1. Preparation of Financial Accounts

• The set of financial statements a company needs to prepare includes
  • Statement of Comprehensive Income (Profit & Loss Statement)
  • Statement of Financial Position (Balance Sheet)
  • Statement of Cash Flows
  • Statement of Changes in Equity
• It is the responsibility of the directors to appoint individuals with the required level of expertise for preparation of such accounts. However, companies can also appoint professional corporate services providers to maintain their ledgers and bookkeeping, and prepare the necessary statements.
• Unless your company is a Small Entity, the set of accounts needs to be audited by a certified auditor.

2. Annual General Meeting (AGM)

• A company must 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.
• Accounts presented at the AGM must be prepared not more than six months before the AGM.
• Private companies need not hold a AGM if a resolution is passed by all members with voting rights at general meeting of the company.

3. Filing of Annual Return via BizFile

• The Annual Return must be filed with the Registrar within 30 days after the AGM
• The appointed officer of the company e.g. director or company secretary can file the Annual Return online via BizFile. Alternatively, the company can engage the services of a registered filing agent to file the Annual Return on behalf of the company.

IRAS Annual Filing

Companies are also required to file the following to IRAS:

1. Filing of Estimated Chargeable Income (ECI)

• Singapore companies are required to declare their revenue amount and ECI by filing ECI form with Inland Revenue Authority of Singapore (IRAS) within three months of the Financial Year End for the company.
• The ECI is the estimated taxable income of the company. However, a company can qualify for an exemption if its annual revenue is less than SGD1 million or is nil.

2. Filing of Tax Return

• Subsequent to the filing of ECI, they are also required to submit its annual Income Tax Return with IRAS by November 30