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The corporate governance bodies in Singapore are Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). We would like to outline the annual filing requirements for a Singapore private limited company:
Submission of Annual Return All Singapore companies are required to file an Annual Return with ACRA within one month of the Annual General Meeting (AGM). The AR consists of statutory information of the company AND its financial accounts reports.
As a general guideline, AGM has to be held within 18 months of the incorporation and subsequent AGMs will be held once every calendar year but no more than 15 months.
Financial Year End Each Singapore company must determine its Financial Year End (FYE). The FYE is the basis for financial statements are prepared.
Preparation of Financial Statements Every company is required to maintain the accounting records in compliance with the Singapore Companies Act and Singapore Financial Reporting Standards which includes the following :
1. Comprehensive Income Statement 2. Balance Sheet Statement 3. Cash Flow Statement
Submission of Estimated Chargeable Income Estimated Chargeable Income (ECI) is an estimate of a company’s chargeable income for a Year of Assessment (YA). An ECI has to be submitted the Year of Assessment within three months after the financial year ends. It is mandatory to file an ECI. If a company with a zero income will file a ‘NIL’ ECI.
What are the Benefits of Early Submission of an ECI? IRAS allows the benefit of tax payment by installments. To take advantage of this, the tax payer needs to file your taxes as per stipulated deadlines:
e-File by the 26th of the month immediately after your accounting year-ends: 10 instalments e-File by the 26th of the second month after your accounting year-ends: 8 instalments e-File by the 26th of the third month after your accounting year-ends: 6 instalments
Submission of Income Tax Return The deadline for submitting corporate income tax return is end of November every year whilst the statutory tax year is called Year of Assessment (YA). The tax computation for the current YA is based on gross revenue from the preceding year. Documents that need to be submitted are:
1. Director's Report 2. Tax computation 3. Form C
Directors’ Report (SFRS) The Director report consists of unaudited financial statements such as balance sheet and income statements, supporting notes and disclosure of significant accounting policies applied by the company, disclosure of company’s operations, and shareholders and directors’ interests.
Form CThe Form C has to be submitted within three months after the end of its accounting period or by end of November every year for the preceding FYE.
Audited or Unaudited Accounts? Singapore companies are required to file audited or unaudited accounts.
If you are an exempt private company with less than S$5 million of turnover, an unaudited accounts are acceptable.
If the company has a revenue of more than S$5 million, audited accounts have to be filed together with the Annual Return.
Form a Singapore Company If you want to form a company in Singapore, please do not hesitate to contact us at info@intershores.hk or by whatsapp at (852) 6499 4686.
Disclaimer: Whilst reasonable care has been taken in sourcing the details above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions or offshore vehicles or offshore investments. |
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