Per limited companies in Singapore, compliance with filing requirements is essential for maintaining good standing with regulatory authorities. Below are the key annual reporting obligations that companies must fulfill.

Key Filing Requirements

1. Prepare Financial Statements
2. Prepare and File Estimated Chargeable Income (ECI)
3. Audit Financial Statements (if required)
4. Hold an Annual General Meeting (AGM)
5. File the Annual Return (AR)
6. File the Annual Tax Return
7. File GST (if applicable)

1. Bilanci

Companies must prepare yearly financial statements in compliance with Singapore Financial Reporting Standards (SFRS). These statements include:

• Statement of Comprehensive Income (Profit and Loss Account)
• Statement of Financial Position (Balance Sheet)
• Cash Flow Statement
• Statement of Changes in Equity

Financial statements must be filed with the Autorità di regolamentazione contabile e societaria (ACRA) e il Autorità fiscale di Singapore (IRAS).

2. Estimated Chargeable Income (ECI)

ECI refers to a company’s taxable income estimate for a given Year of Assessment (YA). Companies must submit their ECI to IRAS within three months from the end of their financial year.

• Even if a company’s ECI is zero, a “Nil” ECI must still be filed.
• Failure to submit ECI may result in penalties, and IRAS may issue an Estimated Notice of Assessment, leading to higher tax liability.

3. Requisiti per l'audit

The requirement for an audit depends on the company’s size, structure, and regulatory criteria outlined by ACRA.

Small Company Exemption

A company qualifies as a small company and is exempt from audit if it meets at least two of the following criteria for the past two consecutive financial years:

• Total annual revenue does not exceed SGD 10 million.
• Total assets do not exceed SGD 10 million.
• Number of full-time employees does not exceed 50.

Other Exemptions & Requirements

• Exempt Private Companies (EPCs): Companies with ≤20 shareholders (none being corporate entities) are exempt from statutory audits.
• Public Companies & Their Subsidiaries: Mandatory audits required.
• Foreign Companies Registered in Singapore: Must prepare bilancio certificato unless exempted by ACRA.

Regulations may change, so businesses should check with ACRA or consult a professional accountant.

4. Assemblea generale annuale (AGM)

Singaporean limited companies must hold their first AGM within 18 months of incorporation and annually thereafter (with a gap of no more than 15 months between meetings).

• Accounts presented at the AGM must be ≤6 months old.
• Private companies can choose to waive the AGM if all shareholders agree.
• Annual Returns must be filed with ACRA within 7 days of the AGM.
• A Director’s Report summarizing company operations and finances is required.

5. Annual Return (AR)

Il Annual Return (AR) is a mandatory filing with ACRA, containing updated company details, come ad esempio:

• Company structure
• Shareholders and directors
• Registered office address
• Share capital details

Key Filing Requirements

• Deadline: Entro 30 giorni from the AGM.
• Penalties: Late submission can result in fines.

6. Filing the Annual Tax Return

All companies must file their annual tax returns with IRAS by November 30 ogni anno.

• Singapore follows a preceding year basis for taxation, meaning the tax return for the current year is based on profits from the previous financial year.
• Company directors are responsible for ensuring compliance.
• Non-compliance can lead to fines and legal penalties.

7. Goods and Services Tax (GST) Filing

Aziende registered for GST must submit GST returns to IRAS regularly, reporting:

• Taxable supplies
• Input tax claims
• Payments/refunds owed to IRAS

Conclusione

Understanding and adhering to annual reporting obligations in Singapore is crucial for business compliance and success. Meeting these deadlines ensures smooth operations and avoids penalties.

Per una guida esperta su corporate compliance, filing, and tax obligations, contact us today to ensure your company remains in full regulatory compliance.