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SINGAPORE'S ANNUAL FILING REQUIREMENTS

Relin Consultants has summarized below the annual requirements of a Singapore Company (Pte Ltd). Singapore offers one of the easiest compliance requirements.

As per the Singapore Companies Act, all Singapore company companies must adhere to the following requirements annually.

SINGAPORE’S ANNUAL COMPLIANCE COMPANY FILING

Annual Return (AR) Filing with ACRA

As per the Singapore Companies act, all companies must file an Annual Return within 30 days of holding the Annual General Meeting. Based on the Act, A company has to keep its AGM within 6 months from the end of the financial year. However, if the company has chosen not to hold AGMs by passing a Shareholder resolution, it may approve the account via passing written resolutions.

Example

Financial Year End AGM Deadline Annual Return Deadline
31 December 2021 30 June 2022 31 July 2022

Annual General Meeting (AGM)

All Singapore companies are required to hold an annual general meeting (AGM) unless all the shareholders have chosen not to hold “AGM”. The objective of the AGM is to consider and approve the company’s financial statements. In addition, shareholders also get the opportunity to raise questions and approve any other matters. Companies that don’t hold AGM are allowed to adopt the issues by passing written resolutions. 

A Singapore-listed company must hold the AGM within 4 months after the financial year-end. All other companies must maintain the AGM within 6 months from the financial year-end. 

Annual Financial Statements

It is also mandatory to submit the company financial statements during the annual return submission. The financial statements must comply with the Singapore Financial Reporting Standards (SFRS). Qualifying small and dormant companies that meet the criteria can choose to prepare unaudited financial statements.

Audit Exemption

A company must qualify as a small company to be exempted from statutory audits.

For a company that is part of a group:

(a) the company must qualify as a small company; and

(b) the entire group must be a “small group”

A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and

(b) it meets at least 2 of 3 following criteria for the immediate past two consecutive financial years:

  1. total annual revenue ≤ $10m;
  2. total assets ≤ $10m;
  3. no. of employees ≤ 50.

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the past two consecutive financial years.

Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:

(a) it ceases to be a private company at any time during a financial year; or

(b) it does not meet at least 2 of the 3 quantitative criteria for the immediate past two consecutive financial years.

Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 quantitative criteria for the immediate past two consecutive financial years.

Annual Tax Return Filing with IRAS

All Singapore Company is required to file annual corporate tax returns to IRAS (Inland Revenue Authority of Singapore). There are two types of annual requirements.

Filing Estimated Chargeable Income (ECI)

All companies are required to file an estimate of the company’s income tax for the latest financial year ended. The deadline to file the ECI is within 3 months after the financial year’s end. IRAS will usually send out reminders to the companies to file ECI in the last month of the company’s financial year-end.

Tax Filing

A Singapore company must file its annual tax return using the IRAS portal (e-filing) by 30 November in the preceding financial year. A dormant company is still required to file a corporate tax return.

Example:

Financial Year End Tax Filing Deadline
31 December 2021 30 November 2022
30 June 2021 30 November 2022
Depending on the company’s revenue structure a company will have to file form c or form C-S. Form C-S is a simplified version of the Corporate tax return designed for companies meeting the following requirements:

  • Incorporate in Singapore
  • Revenue less than S$ 5 million.
  • The company is not claiming any of the following;
    1. Carry back of current year capital allowance/losses
    2. Group relief
    3. Investment allowance
    4. Foreign tax credit and tax deducted at the source

FAQs

What Are The Documents Required For Annual Return Filing?

Depending on your company’s status and financial results, a Singapore company must at least have the following information and documents during the annual return filing. 

  • Financial statements and XBRL filing 

All companies registered in Singapore, except those exempted, must submit financial statements to ACRA during the annual return submission. In addition, certain companies must prepare and file an XBRL (full/partial XBRL) version during the filing.

You can refer to the XBRL filing for additional information on the requirements. 

A sole proprietorship, partnership, limited liability partnership, or limited partnership does not have to file the financial statements with ACRA.

  • AGM documents and updated company and officer information

Before filing the annual returns. The company must also ensure that the financial statements are presented in the AGM and approved unanimously. The company must retain the written resolutions of approval of accounts.

Where To File Annual Return?

A company can file the annual return at BizFile under the section local company annual return filing. If you require assistance with annual return filing, Relin Consultant’s secretarial team can assist you with the same.

Who Need To File Annual Return?

Under the Companies Act, all Singapore-incorporated companies are required to file annual returns. 

Is Annual Filing Singapore Compulsory?

Yes, annual filing of the annual returns with accompanying financial statements is compulsory. 

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