Singapore Annual Filing Services
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Singapore annual filling refers to that every corporation is subject to file an annual return to the tax bureau in Singapore. This guide highlights the annual filing requirements for Singapore private limited companies and apply to both active and inactive companies. For an overview of the overall compliance requirements, see Compliance Requirements for Singapore Companies.
Singapore Annual Filing -- Preparation of Financial Accounts
Based on your company’s financial activities during the accounting year, you must prepare your annual financial accounts in accordance with the Financial Reporting Standards of Singapore. If you have medium to large number of accounting transactions each month, we highly recommend that you perform monthly bookkeeping to keep your ledgers in order. If however, the number of monthly financial transactions is relatively small, you can perform bookkeeping on a quarterly or annual basis. The financial accounts 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.
Singapore Annual Filing-- Filing of Estimated Chargeable Income (ECI)
Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing 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.
Singapore Annual Filing -- Audit of Financial Accounts
Once the financial accounts are ready, your company may be required to have its accounts audited if the company falls under one of the following:
1. Singapore Annual Filing -- 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.
2. Singapore Annual Filing --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 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. A properly structured private limited company is a very tax efficient corporate body; hence, this form is the most common type of business entity registered in Singapore.
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