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Yearly Compliance Regulations for Singapore Companies

This article serves as a complete guide to the annual compliance requirements have to be met for Singapore Private Limited Companies both active and non-active.

Financial Accounts Preparation

Your annual financial accounts must comply with the Financial Reporting Standards of Singapore and should be determined by the financial activity of your company during the financial year. It is advisable to maintain the company’s ledger through monthly bookkeeping when you have medium to large number of transactions each month. On the other hand, if you have low volume of transactions each month, you can maintain bookkeeping once every quarter or once a year. The financial accounts should include the statement of financial positions (also known as the balance sheet) which reports the company’s asset, liabilities and owner’s equity; a statement of comprehensive income ( also known as the income statement) which reports the company’s income, expenses and profits; and also a statement of cash flow which reports the operating, investing and financing activities of the company.

Audit of Financial Accounts

After the the company’s financial accounts are prepared, you will need to get them audited; unless your company has less has no corporate shareholding and the annual revenue is less than S$5 million.

Annual General Meeting (AGM)

Each calendar year, Private Limited Companies in Singapore are expected to hold an Annual General Meeting (AGM). The AGM must observe following rules.

  • A company must hold its first AGM within 18 months of its official registration;
  • The interval between the subsequent AGMs should not be more than 15 months;
  • Accounts submitted during the AGM must be dated not more than 6 months prior to the AGM date.
  • AGMs can be dispensed with AGMs if the decisions are agreed with all the members with voting rights in the company.

Annual Filing Requirements for Singapore Companies

Filing of Estimated Chargeable Income (ECI)

Singapore Private Limited Companies need to convey the Estimated Chargeable Income (ECI) and the revenue amount to the Inland Revenue Authority of Singapore (IRAS) via an ECI form. This needs to be done within 3 months of the company’s Financial Year End. The company needs to file a ‘Nil” on the ECI form if its chargeable income is zero.

Filing Annual Return with ACRA

Within one month AGM, each Private Limited Company in Singapore is expected to lodge an Annual Return with the ACRA which have to include the details of the company officers, the registered address of the company and the auditors.

Filing Annual Tax Return with IRAS

By November 30th, each company in Singapore is expected to submit its annual tax returns with the Singapore tax authority IRAS. The preceding year basis is used for taxation purposes in Singapore. In other words, profit amassed in the Financial Year ending in the preceding year offers the basis for lodging the income tax return in the present year.

Note it is the director’s responsibility to stay compliance with the annual filing requirements. And it is an offence for not complying with the statutory compliance and may cause different ways of penalty.