What are the annual filing requirements of a Singapore company?
- Every company in Singapore is required to file its annual returns (AR) within one month from the date of its Annual General Meeting (AGM).
- Similarly, every company must file its tax returns to IRAS by November 30, of the assessment year for income earned in the preceding accounting year. Right now, e-Filing is being made compulsory in Singapore in a phased manner, starting with YA 2018.
What are a Singapore private limited company’s annual filing requirements with respect to ACRA?
- A Singapore private limited company must hold its AGM every calendar year, tabling its financial statements for shareholders’ approval. The AGM must be held within 6 months from its financial year-end
- All companies – whether active or dormant – must file their annual returns with ACRA within 7 months from its financial year-end.
What happens if my company fails to comply with ACRA requirements?
Failure for non-compliance with the requirements for holding of AGM and filing of AR will incur penalty and/or court prosecution, and it will be dependent on the length and nature of default. ACRA will particularly look at sections 175 and 197 of the Singapore Companies Act, to assess what all provisions your company has breached.
But if you are employing our company incorporation and corporate services, you have to never worry about any of this.
Is there a prescribed format to file my company’s financial statements?
Yes, in XBRL format if your company have a corporate shareholder and/or in insolvent status.
Since November 1, 2007, companies required to file financial statements with ACRA, are filing financial statements in XBRL. On March 3, 2014, XBRL filing requirements were revised.
What are a Singapore company’s annual filing requirements with respect to IRAS?
Similar to the returns filing with ACRA, a Singapore company must file its tax returns annually with the Inland Revenue Authority of Singapore (IRAS).
In this, we can assist you and take care of all your company’s statutory tax filings.
What happens if my company fails to comply with IRAS requirements?
Non-compliance with the above requirements will incur penalty and/or court prosecution.
But if you are employing our company incorporation and corporate services, you have to never worry about any of this.
But if you are employing our company incorporation and corporate services, you have to never worry about any of this.
You take care of business. We’ll take care of your accounting and taxation needs.
We are constantly kept abreast of Singapore’s regulatory compliance requirements. Talk to our specialists today.