Annual Returns Submission in Singapore
After company incorporation, you must keep your business on track by staying compliant as per government requirements. This is especially important for annual returns submission.Learn more about how to file agm acra here
Annual returns submission is a process of filing official documents with the Singapore government to ensure that your company information is up-to-date. This includes the company details, financial statements and accurate particulars of company officers. This is important for your business as it helps you maintain transparency and accountability to stakeholders.
Besides ensuring compliance, on-time submissions can help you avoid penalties. Moreover, it can give your company the credibility to be taken seriously by banks and potential business partners.
How to Ensure Timely Annual Returns Submission in Singapore
In the context of Singapore, annual returns submission is a requirement of all locally incorporated companies. It is a formal submission of financial statements to the Accounting and Corporate Regulatory Authority (ACRA).
To file annual returns, your company must prepare year-end financial accounts. These are required to be submitted in eXtensible Business Reporting Language (XBRL) format. The preparation of these accounts is the responsibility of the company directors.
Once the financial accounts are ready, you must hold your annual general meeting (AGM) to present the same to shareholders. During the AGM, you can answer any queries of your shareholders regarding the financial statements that have been filed.
All taxable companies in Singapore are also required to submit an Estimated Chargeable Income (ECI) and formal tax return to the Inland Revenue Authority of Singapore (IRAS). This can be done via BizFile, ACRA’s online portal. IRAS filings have strict timelines, and you must ensure that your documents are filed within time to avoid penalties.