Incorporate Company

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 […]