Annual Reporting Requirements for Singapore Companies

According to Singapore Company Law, companies must adhere to strict annual reporting and tax filing requirements. Failure to comply within the prescribed timeframes can result in fines of up to SGD 900 and potential court charges for late or omitted tax reports.

Key Annual Requirements:

1. Preparation of Financial Statements:

   Companies must prepare comprehensive financial statements in accordance with Singapore Financial Reporting Standards. These statements include:

   Comprehensive Income Statement (Profit and Loss Statement): Detailing the company's income and expenses.

   Financial Position Statement (Balance Sheet): Summarizing the company’s assets, liabilities, and equity.

   Cash Flow Statement: Tracking the cash inflows and outflows over the financial period.

   Equity Change Statement: Reflecting changes in shareholders' equity.

2. Submit Estimated Chargeable Income (ECI):

   Within three months after the financial year-end, companies must submit an ECI report, estimating the taxable income. This is required even if the estimated chargeable income is zero.

3. Annual General Meeting (AGM):

   Companies are required to hold an AGM annually. A newly established company must hold its first AGM within 18 months of incorporation. Subsequent AGMs must occur within 15 months of the previous one. The AGM is led by the company secretary, and all resolutions must be voted on and signed by all directors.

4. Submit Annual Return to ACRA:

   Within one month after the AGM, companies must file an Annual Return (AR) with the Accounting and Corporate Regulatory Authority (ACRA). The AR should include details of the company’s officers, registered address, and auditors (if any).

5. Financial Statement Audit:

   Companies that meet any two of the following three criteria must have their financial statements audited:

   Annual total income exceeding SGD 10 million.

   Total assets exceeding SGD 10 million.

   More than 50 employees.

Choosing Move2SG

Move2SG provides comprehensive support throughout the Singapore Company Annual Filing process. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient filing process.

For personalized support and expert advice, please contact us.