It is a mandate for every Singapore company to adhere to ACRA's compliance rules and regulations. There are many such statutory requirements which company has to fulfill and submit Annual return to ACRA with all the evidences supporting the same, the Annual filings are mandatory for both active and dormant Singapore companies. Failing to regularly meet ACRA ongoing compliance requirements on time can have serious consequences.
ACRA then provides a compliance rating based on the stats if the company has complied with its requirement of holding Annual General Meeting, filing of Annual Return and various other clauses applicable to the company.
In view of the above, companies should consider hiring a professional to help manage their compliance matters, so that they can focus on running the business and driving business growth.
As a director of a Singapore incorporated company, you are required to comply with annual filing requirements according to the Singapore Financial Reporting Standards.
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In accordance with Section 175, Section 197 and Section 201 of the Companies Act, all Singapore incorporated companies are required to hold their Annual General Meeting (AGM), file their annual returns and present their audited accounts.
Estimated Due Date: Within 6 months after FYE.
Filing Annual Return (AR)
Under certain circumstance it becomes a very viable choice to opt for a Non-Audit Service. Instead of having their annual accounts audited by an independent auditor (which can cost up toS$10,000 and take 2-3 months depending on the complexity) many SMEs are choosing to go the route of a Compilation Report, which covers all of the compliance requirements, but is less intrusive, costs between S$300 and S$800, and can take as little as 3 days to compile.
It is a complete set of financial statements that is prepared in compliance with the Singapore Financial Reporting Standards (SFRS) and includes the following:
A compilation report produced by our team will be compiled by specialists, to professional standards. It will conform fully to all SFRS requirements, and is perfect for income tax andannual return filing purposes.
Estimated Due Date: Typically should be completed within 6 months after FYE, to prepare for AGM & AR submission.
Estimated Due Date: Within 6 months after FYE, before AGM & AR submissions.
ECI, also known as Estimated Chargeable Income, is an estimate of a company's chargeable income for a Year of Assessment (YA).
Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company meet the waivers from filing ECI for a particular YA:
Estimated Due Date: Within 3 months after FYE.
There are two types of Income Tax Return, Form C-S and Form C.
Estimated Due Date: By 30 Nov (paper)or 15 Dec (electronic) of the subsequent year after FYE.