All private limited companies must comply with the statutory requirements by Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). Below is a guide for Singapore companies on the annual filing requirements for a Singapore company.
Each company in Singapore has to determine its Financial Year End or FYE. The FYE is the basis for which the deadline for accounting requirements submission is determined and financial statements are prepared.
Estimated Chargeable Income or ECI is an estimate of a company’s chargeable income for a Year of Assessment (YA). IRAS requires you to submit an ECI for the Year of Assessment within three months after the financial year ends. It is mandatory to file an ECI regardless of the amount of income. A company with a zero income will file a ‘NIL’ ECI.
What are the benefits of early submission of an ECI?
IRAS provides the benefit of paying your taxes in installments. To take advantage of this benefit, you need to file your taxes by the stipulated deadlines:
| e-File by the 26th of the month immediately after your accounting year-end | 10 installments |
| e-File by the 26th of the second month after your accounting year-end | 8 installments |
| e-File by the 26th of the third month after your accounting year-end | 6 installments |
All Singapore companies are required to file an Annual Return with ACRA, which consists of pertinent information of the company and its financial accounts reports. The Annual Return must be submitted within one month of the Annual General Meeting (AGM).
AGM is to be held within 18 months of the incorporation of the company. Subsequent AGMs will be held once every calendar year but no more than 15 months apart.
Every business establishment is required by law to maintain the accounting records in compliance with the Singapore Companies Act and Singapore Financial Reporting Standards. A company is required to prepare the following financial statements:
The deadline for submitting corporate income tax return is 31 October. The statutory tax year is known as the Year of Assessment (YA). The tax calculation for your company’s profits for the current YA is based on gross revenue from the preceding year. Documents to be submitted are
Singapore companies are required to file audited or unaudited accounts.
The Form C has to be submitted by July every year for the preceding FYE. However, if an ECI had been submitted within three months after the end of its accounting period, it will then provide the company an extension until December.
Per Singapore Companies Act, all companies are required to submit a Directors’ Report. The report consists of unaudited financial statements such as balance sheet and income statements; supporting notes and disclosure of significant accounting policies applied by the company; disclosure of company’s operations; and shareholders and directors’ interests. At Asiabiz, our accounts experts can help you draft a Directors’ Report that is concise yet comprehensive in addressing the key elements.
