Annual Filing

Annual General Meeting The Singapore Companies Act requires companies to hold an annual general meeting (AGM) unless the company elects not to hold an AGM by passing a shareholders’ resolution. If the company chooses not to hold an AGM, all matters to be transacted at the AGM can be resolved by way of a written resolution. What is an AGM The Annual General Meeting of Shareholders is a meeting of shareholders held at specified intervals during each calendar year. This meeting gives the company’s shareholders the right to participate in certain decisions that require the company’s approval. One of the […]

XBRL Filing XBRL (eXtensible Business Reporting Language) is an XML-based markup language for defining and exchanging business and financial information. After you’ve done your accounting, you need to convert your existing financial reports into XBRL format according to XBRL’s formatting and classification requirements. During the conversion process, the XBRL software also compares and validates the data in the company’s financial reports. Since 2014, the Singapore government has required companies to file their financial statements in Extensible Business Reporting Language (XBRL). XBRL is an XML-based format for business documents for exchanging financial information for financial documents. The format is open source […]

Annual Return Documents Companies doing annual audits need to prepare the relevant documents in advance, which include but are not limited to: Financial Report Directors’ reports and directors’ statements Independent auditor’s report (if applicable) Consolidated income statement (profit and loss account) Statement of financial position (balance sheet) Cash flow statement Statement of shareholders’ equity Corresponding notes to the financial statements Director’s Statement. Exempt Company Statement (if applicable). Solvency Statement. Adoption of financial statements resolution. Waiver of audit resolution (if applicable). Consent of company members. Other relevant documents.   All of the above documents need to be signed by the relevant […]

Annual Return Timeline In accordance with the relevant provisions of the Singapore Companies Act Cap 175, 197, 201, a company whose financial year ends after 31 August 2018 is required to file its annual return on time. For newly registered companies, the first financial year must end within 18 months. The financial year of a company in Singapore is calculated on the basis of 12 natural months. After the end of the company’s financial year: Listed companies : Must hold a general meeting of shareholders of the company within 4 months. The annual return must be submitted within 5 months. […]

Annual Return Process Under the Singapore Companies Act, every Singapore company is required to file an annual return filing with the relevant government agency every year. These annual return requirements are mandatory and include the following: Preparation of accounts, completing the company’s accounts for the previous financial year in accordance with Singapore Accounting Standards. Prepare the company’s financial report per the Singapore Financial Reporting Standard (SFRS). Convene the Annual General Meeting (AGM) of the company. If the company is eligible, it can also apply to not hold an Annual General Meeting. It may choose to circulate the financial statements to […]

Dormant Company A dormant company is a company registered with ACRA (Accounting and Corporate Regulatory Authority) in Singapore, which has had no business activities in the past financial year and has no business income or business expenses (other than the basic expenses of keeping the company afloat). Such a company can be considered dormant.   ACRA and the Inland Revenue Authority of Singapore also have policies in place for dormant companies.   ACRA： Dormant companies: Are exempt from preparing corporate financial reports Can be exempted from holding annual general meetings Must still file an annual audit return, but the filing […]

What is Annual Return? Singapore companies are required to submit an annual return to the Accounting and Corporate Regulatory Authority (ACRA) after the annual general meeting, per the Singapore Companies Act (S175, S197, and S201).   During the annual review process, companies are required to submit updated information to ACRA, which includes important details about the company, such as the names of the directors, the secretary, its members, and the date on which the company’s financial statements were prepared.   The following information is required when submitting an annual review: Company information, such as company type, business scope, registered address, […]