Annual reports required for businesses in Singapore
Singapore 
Updated on January 23 
Verified by GLA Experts 
Follow GLA on 
Follow GLA on 
Unlike offshore companies (companies exempted from corporate income tax) established in BVI, Belize or Seychelles, all companies in Singapore are required to file annual reports with the competent authorities in Singapore including ACRA (Accounting and Corporate Regulatory Authority of Singapore) and IRAS (Inland Revenue Authority of Singapore).
In fact, many foreign enterprises when establishing a company in Singapore often do not pay attention to the types of Singapore company reports that need to be submitted annually, leading to unfortunate fines. Therefore, enterprises that do not comply with regulations from competent authorities in Singapore will have to pay heavy fines.
To avoid any shortcomings in preparing the required annual reports to be submitted to ACRA and IRAS, businesses should read the following article by GLA.
Under the Singapore Companies Act, every Singapore company is required to submit the necessary reports to the relevant government agencies annually. The mandatory filings include:
Filing with ACRA (Accounting and Corporate Regulatory Authority of Singapore) includes:
- Financial Statement.
- Annual Return.
- Minutes of the annual general meeting (AGM).
Filing to IRAS (Inland Revenue Authority of Singapore) includes:
- Estimated taxable income (ECI).
- Tax return (Form C/CS).
1. Financial Statement
Under the Singapore Companies Act, all companies incorporated in Singapore and Singapore companies with foreign branches are required to prepare and file financial statements in accordance with the Singapore Financial Reporting Standards (SFRS).
The company directors (including Singapore nominee directors) must sign the financial statements and are responsible for their accuracy. In addition, they must ensure that the statements are prepared in accordance with Singapore accounting standards.
A company may be exempted from audit when submitting financial statements if:
- Is a small company and meets 2 of the following 3 conditions:
- Total annual turnover less than SGD 10 million
- Total assets less than SGD 10 million
- Up to 50 employees
- Is a dormant company
2. Annual Return
All companies in Singapore are required to file their annual report (AR) with ACRA within 30 days of holding their annual general meeting (AGM). The annual report (AR) must be filed through BizFile, ACRA's online filing system.
Normally, businesses will need to submit financial statements along with their annual reports, but there are a few exceptions as follows:
Cases where companies are not required to submit accompanying financial statements:
Small companies: are companies that satisfy 2 out of 3 conditions as stated in the conditions for companies to be exempted from audit.
Exempt Private Company (EPC): An EPC is a company that has:
Maximum 20 shareholders;
All shareholders are individuals.
Dormant company: is a company that did not conduct any business activities nor generate any profit in the last financial year.
3. Annual General Meeting (AGM)
The Singapore Companies Act requires companies to hold an annual general meeting (AGM) unless there is a unanimous consent from all shareholders of the company not to hold an AGM. If a company does not hold an AGM, all matters that need to be dealt with at the annual general meeting can be dealt with through written resolutions.
Purpose of holding AGM:
- Make decisions in the management and operation of the company
- Review company related reports
AGM Time:
- Newly established companies must hold an annual general meeting within 18 months of their incorporation.
- Established companies must hold an annual general meeting within 15 months of the previous AGM.
- All businesses must hold an AGM within 6 weeks before the end of the financial year.
View more Penalties for Singapore companies that fail to file or file late AGM and AR
4. Submit Estimated ChargeabIe Income (ECI)
Estimated Chargeable Income or ECI is the estimated taxable income of a business in the last financial year. IRAS requires businesses to file ECI within 3 months after the end of the financial year, however, there are cases where a company does not need to file ECI.
From July 07, the following businesses will not have to submit ECI
Had a turnover of less than $S 5 million in the last Financial Year (FY)
Have an ECI of zero in the last Year Assessment (YA)
View more Penalties for Singapore companies that fail to file or file ECI late
5. Corporate income tax declaration (Form C/CS)
In addition to filing the ECI, companies must then file an annual income tax return using Form C or CS by a date later. Deadlines for filing corporate income tax returns with IRAS:
- Hard copy submission to IRAS headquarters: November 30 every year
- Submit online via IRAS website: December 15 every year
View more Penalties for Singapore companies that fail to submit or submit Form C/CS late
6. Frequently asked questions about annual compliance and annual reporting
1. Which businesses in Singapore are required to file financial statements?
All companies incorporated in Singapore must file financial statements in accordance with SFRS, unless they qualify for audit exemption (small or dormant companies).
2. When does a business need to submit an annual report (Annual Return)?
The annual report must be filed with ACRA within 30 days after the annual general meeting (AGM).
3. Is it mandatory for a company to hold an AGM?
An AGM is mandatory unless all shareholders agree not to hold and resolve issues by resolution or the company falls under an exemption. An example of an exemption is companies that have suspended operations for 1 financial year.
4. When must a business submit ECI?
ECI must be filed within 3 months after the end of the financial year, unless the turnover is less than SGD 5 million or the ECI is zero.
Highlights- Financial statements required under SFRS, may be exempted from audit if small or inactive during the company's financial year
- Singapore companies must file ECI within 3 months after the financial year, annual tax return deadline is 30/11 (hard copy) and 15/12 (online).
- All businesses must hold an AGM within 6 weeks before the end of the financial year.
- GLA will accompany businesses, ensuring that companies comply with financial, tax, and AGM reporting on time, accurately, quickly, and at an affordable and reasonable cost with more than 10 years of experience.
This article was published by GLA on 02/05/2019. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
A-Z corporate support
