Filing Requirements for Limited Companies in Singapore

For limited companies in Singapore, compliance with filing requirements is essential for maintaining good standing with regulatory authorities. Let's delve into the key annual reporting obligations that limited companies in Singapore must fulfil.

• Prepare your financial statements
• Prepare and file Estimated Chargeable Income (ECI)
• Audit your financial statements (if your company needs to)
• Hold an Annual General Meeting (AGM)
• File your annual return
• File your Tax Return
• File your GST (if needed)

 

Financial Statement

You must prepare your yearly financial statements in compliance with Singapore's Financial Reporting Standards based on your company's financial activity during the fiscal year.

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 should be included in the financial statements.

These financial statements follow the Singapore Financial Reporting Standards (SFRS) and must be filed with ACRA and the Inland Revenue Authority of Singapore (IRAS).

Estimated Chargeable Income (ECI)

In Singapore, Estimated Chargeable Income (ECI) refers to an estimate of a company's taxable income for a particular Year of Assessment (YA). Companies are required to submit their ECI to the Inland Revenue Authority of Singapore (IRAS) within three months from the end of their financial year.

Even if the estimated chargeable income for the company is zero, a “Nil” ECI must be filed.

Not filing ECI or filing it late may lead to penalties. Additionally, IRAS may issue an Estimated Notice of Assessment based on its own estimation, which could result in a higher tax liability for the company

Audit Report

In Singapore, the need for a company to undergo an audit is determined by its size, structure, and specific criteria outlined by the Accounting and Corporate Regulatory Authority (ACRA).

• Small Companies Exemption:
  • Small companies, defined as private companies that meet at least two of the following criteria for the immediate past two consecutive financial years, are exempt from audit requirements:
  • Total annual revenue does not exceed SGD 10 million.
  • Total assets do not exceed SGD 10 million.
  • The number of full-time employees does not exceed 50.

    
• Exempt Private Companies (EPCs):
  • Exempt Private Companies (EPCs) are private companies with no more than 20 shareholders and none of them being corporate entities. EPCs are exempt from the statutory audit requirement.

• Audit Exemption for Companies with Annual Revenue Not Exceeding SGD 5 million:
  • Effective for financial years ending on or after July 1, 2015, private companies that meet the criteria for a small company and have annual revenue not exceeding SGD 5 million are exempt from audit requirements.

    
• Public Companies and Subsidiaries of Public Companies:
  • Public companies and their subsidiaries are required to undergo mandatory audits.

    
• Foreign Companies:
  • A foreign company that is registered in Singapore is generally required to prepare audited financial statements unless exempted by ACRA.

    

It's important to note that audit requirements and exemptions may be subject to changes in regulations, and companies are advised to check with ACRA or consult with a professional accountant to ensure compliance with the latest rules and regulations. Additionally, companies should adhere to the specific reporting and compliance requirements outlined by ACRA based on their corporate structure and financial standing.

Annual General Meeting (AGM)

A Singaporean limited company is required to hold its first AGM within 18 months of incorporation and subsequently hold AGMs annually, with no more than 15 months between each meeting. Key points to note:

• Accounts that are presented during the AGM should be no more than 6 months old
• A private company can choose not to have an AGM if all shareholders pass a resolution not to hold it
• Filing of Annual Returns: Annual Returns must be filed with ACRA within 7 days after the AGM.
• Director's Report: A director's report is required for each AGM, presenting details on the company's operations and financial position.

Annual Return (AR)

The Annual Return is a vital document that Singaporean limited companies must file annually with the Accounting and Corporate Regulatory Authority (ACRA). This document provides updated information about the company's structure, shareholders, directors, and registered address. Here are the key details:

• Filing Deadline: The Annual Return must be filed within 30 days from the AGM.
• Required Information: The form includes details about the company's registered office address, details of directors and shareholders, and particulars of share capital.
• Penalties for Late Filing: Late submission of the Annual Return can result in fines, emphasizing the importance of meeting the filing deadline.
  
  

Filing your Annual Tax Return

All Singaporean companies are required by November 30, to file their yearly tax returns with IRAS. Singapore bases its taxes on the year before. The basis for filing the tax return for the current year will be the profits for the fiscal year that ended in the year before.

Keep in mind that the company's directors bear accountability and responsibility for adhering to the annual reporting obligations. It is illegal to violate the statutory compliance standards, and doing so may result in fines or legal action.

Goods and Services Tax (GST) Filing

Companies registered for GST must submit their GST returns to the Inland Revenue Authority of Singapore (IRAS) on a regular basis. This filing includes reporting taxable supplies, input tax, and making payments or claiming refunds.

Conclusion

Navigating the landscape of annual reporting requirements for limited companies in Singapore is crucial for sustained compliance and business success. Understanding these obligations and meeting deadlines ensures a smooth journey through the regulatory landscape.

You don't have to embark on this journey alone. Our team is here to be your reliable partner, guiding you through the intricacies of compliance and reporting. Contact us today to ensure your company remains on course and meets all necessary obligations.