Annual Filing Requirements for Singapore Companies

After successful incorporation, it is essential to be aware of the annual filing requirements for Singapore companies. With a systematic approach, Tetra Consultants assists our international clients to start preparing for annual filing as early as possible so we can timely complete the same.

Annual Filing Requirements for Singapore Companies

Tetra Consultants assists our international clients to timely meet annual filing requirements for Singapore companies. Regardless of whether your Singapore company is dormant or active throughout the financial year, it is mandatory to comply with annual filing requirements set by the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS).

Tetra Consultants recommends our international clients to start preparing for annual filing as early as possible. Late filing or rushed filling close to deadlines might result in your Singapore Company and its Directors being subject to fines, penalties and scrutiny by the Singapore government for lack of effective management.

Assuming the financial year end (FYE) of your Singapore incorporated company is on 30 June 2020, you are required to complete your company’s Annual Return Filling (with the completed sets of financial statements) by 31 December 2020 and complete your income tax return by 30 November 2021.

Tetra Consultants has experience working with all types and sizes of business. If you are considering whether to outsource the accounting function of your Singapore company, please contact us to find out more and our team of experts will revert within the next 24 hours.

To keep it simple, we have summarised our workflow into 5 simple steps.

5 steps to complete your Singapore company annual filing

Scenario: Singapore company with financial year-end (FYE) on 30 June 2020. As mentioned above, the deadline for Annual Return Filling is 31 December 2020 and Income Tax Return is 30 November 2021.

Singapore annual filing requirements

On average, Tetra Consultants will complete your Singapore Company annual return filing and annual tax filing within 1 month upon receiving the required documents.  For Tetra Consultants to do so, our firm must be appointed as the company secretary of your Singapore entity.

It is essential to ensure your local director and local company secretary are resident in Singapore at least 183 days per calendar year.

  • Step 1: Before 1 September 2020, Tetra Consultants will explain the annual filing process in detail to our international clients including the documents required and the upcoming process. Some documents requested by our accounting team are supporting bank statements, accounting documents and all other applicable documents for the financial period from 1 July 2019 to 30 June 2020.
  • Step 2: Once received, Tetra Consultants Chartered Accountants will immediately prepare draft management accounts, financial statements and preliminary tax computation for our clients’ review and confirmation. Our accountants will also provide you with additional useful information such as whether there are any tax incentives, grants or other benefits that your Singapore Company may qualify for.
  • Step 3: Upon receiving confirmation from our client, our accountants will forward the final sets of documents for signature. As our international clients are located in every part of the world, Tetra Consultants will usually only require e-signature to keep the process simple.
  • Step 4: Before 31 October 2020, Tetra Consultants will proceed with the filing of the Annual return with ACRA and Tax filling with IRAS. While the deadlines are no earlier than 31 December 2020, Tetra Consultants recommends our international clients to complete their annual reporting requirements as soon as possible. Consequently, your company rating will be deemed higher by local authorities.
  • Step 5: Within a week of submission, Tetra Consultant will forward letters of acknowledgment from the Singapore Government to our client as evidence that all filings are completed. Tetra Consultants will also provide our client instructions to complete corporate tax payments (if applicable).

Compliance Calendar for your Singapore Company

To further simply Singapore annual filing requirements, your Singapore company annual return deadline is 6 months from the end of the financial year-end.

Your Singapore company Tax Filing deadline will be 30 November of the preceding financial year end of your company.

Financial Year End Annual Return Deadline Tax Filing Deadline
31 December 2020 30 June 2021 30 November 2021
30 June 2020 31 December 2020 30 November 2021
30 April 2020 30 October 2020 30 November 2021

Penalties for late filing

When a company or a director commits a breach, ACRA may take enforcement action and exercise discretion to compound the breach if the offender pays a composition sum. Companies could be fined up to $ 350 for late lodgement and directors could be blacklisted from acting as director for recurring late/non lodgement.

Definition of common accounting terms

Tetra Consultants ensures our international clients are crystal clear on the accounting and tax obligations of their Singapore companies. To do so, we have compiled a glossary of common accounting terms to ensure we are all on the same page. By doing so, Tetra Consultants will be able to accurately complete annual filing and secure letters of acknowledgement from Singapore government within the stipulated deadline.

Bookkeeping

Based on the financial documents supplied to Tetra Consultants, our accountants will review and complete the data recordings in our book-keeping software designated for our international clients.

Unaudited Financial statements:

Based on the trial balance supplied to our accountants, our accountants will draft financial statements as per Singapore Government model financial statements format. If you have already engaged Tetra Consultants for bookkeeping, no action will be required from your side.

Audited Financial statements:

For companies that do not qualify for audit exemptions below, it is mandatory to obtain an audited financial statement from a Singapore registered auditor. Tetra Consultants will complete the audit and supply the audited financial statements for our client’s signature upon completion.

ACRA does not require small private companies to submit audited financial statements if they meet two of the three following criteria:

  • Total annual revenue from the past fiscal year is less than S$10 million
  • Total assets from the past fiscal year are less than S$10 million
  • Total employees in the past fiscal year are fewer than 50

Annual tax return filing:

IRAS requires a company to file its income tax return (calculation of tax payable). Tetra Consultants will complete the tax computation and supply you with the forms for signature.

Estimated Chargeable Income Filing:

IRAS requires all company to file its estimated chargeable income within 3 months from the financial year end. However, a company with annual revenue not exceeding S$ 1million is exempted from the same.

If you require assistance with the filling of your annual return, contact us now and our team of experts will revert within the next 24 hours.

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