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
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
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
As one of the leading professional corporate services provider in Singapore, VOPlus
is able to assist you in Filing Your Annual Returns to ACRA and IRAS. With our
automated reminder system, you will never overlook your filing dates and subject
your company to penalties anymore!
Contact us today for a consultation!
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