There are certain filing requirements and obligations that all companies in Singapore must comply with every year, regardless of their activity level, size, or business structure. As you read on, you will see filing requirements and how you can prepare them.
Filing Requirements For Companies
Preparing Financial Statements
If your company carries out many transactions every month, it’s advisable to keep a record of all your transactions from time to time in order to keep your finances in order. However, if your company carries out only a few transactions every month, you can do your bookkeeping once a month or once every four months. The financial statement comprises the following:
- Financial Position (Balance Sheet)
- Comprehensive Income/Profit-and-Loss
- Equity Changes
- Cash Flow
Kindly note the financial statement must be ready at the end of a financial year.
Filing ECI (Estimate of Chargeable Income)
All incorporated companies in Singapore are expected to declare their revenue and Estimated Chargeable Income (ECI) with IRAS even if their ECI is zero. However, companies whose annual revenue is not greater than $5 million for a specific financial year can waive ECI filing. Hence, the ECI for such a year of assessment is ‘nil’.
A company is expected to file its ECI within three months of the end of the financial year.
Auditing Your Financial Statements
Once you have prepared the financial statements, you should verify whether your Singapore company meets at least two of the three conditions below. Your company will be audited if it meets any two of these conditions:
- Generates total yearly revenue of at least S$10 million
- Has total assets of at least S$10 million
- Has at least 50 employees
Also, your Singapore company will be audited based on the financial standing of the entire group and not on the individual company if your company is part of a group.
Kindly note that you are to file your financial statements with ACRA if it is required.
Holding an Annual General Meeting (AGM)
- The first AGM of the company must be held within the first 18 months of incorporation
- The interval between subsequent AGMs of the company should not be more than 15 months
- All accounts presented during the AGM shouldn’t be older than six months
- A private company can decide not to have an AGM if every shareholder passes a resolution that AGM shouldn’t be held.
You don’t necessarily have to hold an AGM if you prepare and send your financial statements to your secretary within five months of your FYE. This means your company secretary can file financial statements with your annual returns. However, if you fail to send your financial records to your secretary within five months of your FYE, you must hold an AGM and submit it. Also certain companies are exempted from holding an AGM provided they meet the creteria set by ACRA.
Filing Your Annual Return
Here is the list of information contained in the annual return:
- Your financial statements
- Details of company officers
- Any/all registered addresses
- The financial report of the company or declaration of solvency for exempt companies
- Auditors if applicable
Kindly note that you are to file your annual return with ACRA within one month of your AGM
Filing Your Annual Tax Return (Form C or Form C-S)
In Singapore, taxation is based on the previous year. The foundation for filling the tax return for the current year is the profit for the last fiscal year. Kindly note that the director of the company must be held responsible and accountable for maintaining total compliance with all the requirements for annual filings.
Please note that the 30th of November is the appropriate time to file your annual tax return with IRAS or the 15th of December if e-filing.
Filing Your GST
It’s compulsory to file your GST return if you have registered for GST. You must report every figure in SGD. You can check the guideline provided by IRAS to fully understand how you are to file if you made some transactions in foreign currency.
You are still expected to file a nil return even if you didn’t transact at all during that quarter. To file a nil return, all you have to do is fill ‘0’ for every box.
Kindly note that you have to file with IRAS every quarter.
Streamlining Your Annual Filing Process
Every company incorporated in Singapore need to comply with the filing requirements within the specified timelines. The filing requirements for Singapore are easy to comply with. However, in recent years, the requirements were amended to allow SMEs to set up their business more efficiently and run well in Singapore.
Feel free to contact HeySara if you want to file even more easily and stay fully compliant. We will give you practical advice and help you manage all your vital documents online.