Annual Filings for Singapore Companies
This guide highlights the annual filing requirements for Singapore private limited companies and apply to both active and inactive companies.
Preparation of Financial Statements
Based on your company’s financial activities during the accounting year, you must prepare your annual financial statements in accordance with the Financial Reporting Standards of Singapore. If you have a medium to large number of accounting transactions each month, we highly recommend that you perform monthly bookkeeping to keep your ledgers in order. However, if the number of monthly financial transactions is relatively small, you can perform bookkeeping on a quarterly or annual basis. The financial statements should consist of Statement of Comprehensive Income (i.e. Profit and Loss Account), Statement of Financial Position (i.e. Balance Sheet), Cash Flow Statement, and Statement of Changes in Equity.
Filing of Estimated Chargeable Income (ECI)
Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing the ECI form with Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.
|YA||Target group for compulsory E- filing|
|2018 onwards||Companies with revenue more than $10 million in YA 2017|
|2019 onwards||Companies with revenue more than $1 million in YA 2018|
|2020 onwards||All companies|
Audit of Financial Statements
Once the financial statements are ready, your company may be required to have its financial statements audited if the company meets any 2 of the following 3 conditions:
- Total annual revenue exceeding S$10 million;
- Total assets exceeding S$10 million; or
- Has more than 50 employees
If the company is part of a group, the company will be assessed on a group consolidated basis.
Annual General Meeting (AGM)
Each Singapore company must hold an Annual General Meeting (AGM) once every calendar year. The following general rules apply to AGMs:
- The first AGM must be held within 18 months of its incorporation;
- No more than 15 months may elapse between subsequent AGMs;
- Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;
- Private companies are allowed to dispense with AGMs if at a general meeting of the company a resolution to that effect is passed by all members with voting rights.
Filing of Annual Return with ACRA
Each Singapore company must lodge an Annual Return (AR) with ACRA within 1 month of its AGM. Particulars of the company officers, registered address, and auditors (if applicable) must be included in the AR. The attachment of company’s accounts is governed by the applicable rules here.
Filing of Annual Tax Return with IRAS
Each Singapore company must file its annual tax return with IRAS by November 30. 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.
Note that the directors of the company are responsible and accountable for complying with the annual filing requirements. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.