What reports should a Singapore company file?

In this article, we will consider what reports a company must file in Singapore.

In order to comply with Singapore law, a company must submit reports to the following agencies:

1. ACRA (Accounting and Corporate Regulatory Authority);
2. IRAS (Inland Revenue Authority of Singapore).

Reports to ACRA

All companies must file the following reports to ACRA:

• Annual return

Deadline: within one month of the general meeting of shareholders.

Displays: – company name; – activities; – registered address; – information about authorized employees of the company; – information about shareholders.

Signed by the director or company secretary. Please note: A general meeting of shareholders is a mandatory requirement under Singapore law and must be held within 18 months of the incorporation of the company in Singapore.

Thereafter, the maximum period between the general meetings of shareholders can be 15 months. The GMS can be held outside Singapore. However, the company may not hold an GMS if all shareholders of the company have signed a resolution to skip the GMS.

May not file: there are no exceptions

• Annual financial statement

Deadline: to be filed with the Annual Return.

Displays (consists of):

– A statement of financial position;

– A statement of comprehensive income;

– A statement of changes in equity;

– A statement of cash flow.

Please note: If the company is considered to be in accordance with the indicators established by ACRA a “large” annual report on financial results must obtain an auditor’s report. If the company is “small,” then an auditor’s report is not necessary.

A company is considered “small” if two of the following three criteria are met:

– total annual income is fewer than 10 million SGD over the last fiscal year;

– total assets of the company are fewer than 10 million SGD over the last fiscal year;

– total number of employees less than 50 over the last fiscal year.

Annual financial statement must be converted to XBRL format for submitting to ACRA. May not file: Only companies that did not operate in the relevant fiscal year may not file an annual financial statement.

Reports to IRAS

• ECI (Estimate of Company’s Income).

Deadline: within 3 months of the end of the fiscal year.

May not be filed: companies with no taxable income or companies whose income has not exceeded 1 million SGD

• Income tax return

Deadline: November 30 (if filed on paper) or December 15 (if filed electronically).

May not file: Companies not in business may request an exemption from IRAS, if their request for an exemption is granted, they may not file a profit report.

If you are interested in registering a company in Singapore or want to find out the advantages of Singapore jurisdictions over others, you can contact us directly on chat or go to the page on company registration in Singapore by link.