Annual Filing Requirements for Private Limited Companies
Every year, private limited company are required to file a Annual Return to ACRA (Accounting and Corporate Regulatory Authority) and Corporate Tax filing to IRAS (Inland Revenue Authority of Singapore).
Filing of Annual Return to ACRA basically is a declaration of company information to be made up to date. Such as solvency of the company, the financial year status and any changes make to the registers etc.
However, before the Annual Return is filed. Under Section 175(1), the company has to hold an Annual General Meeting (AGM) within 6 months from the financial year end. The purpose of AGM is to present the shareholder of the financial report and this allow the shareholder to question the directors on the financial status. Beside that, the directors may also declare dividend on the company profit for that financial year – Section 201(1). After the AGM is hosted, the annual return need to be file within 30 days – Section 197(1)(b).
Company that breaches the statutory filing obligation will have to pay a composition sum of $300 for each section.
Beside annual filing to ACRA, company are also require to submit a estimated chargeable income (ECI) within 3 month to IRAS after the financial year end. The initiative allow company to pay the estimated tax on installment plan first. Once the final tax form is e-filed by 15 December , IRAS will calculate if there is a over or under payment of tax. If there is additional tax collected, IRAS will return the balance. But if the actual tax payable is more than the estimated tax, then IRAS will request the company to pay the outstanding.
To monitor the statutory filing due dates is not an easy task. To enable SMEs owner to focus more on the business development, Ace Success Pte Ltd provides a comprehensive Annual Compliance Package (ACP) that completes your company’s statutory requirements for ACRA – Annual Return Filing and IRAS – Corporate Tax submission, without your having to remember all the due dates.
- Appointment of named company secretary – FREE
- Preparation of Annual General Meeting minutes and Annual Return Declaration
- Filing of Annual Return
- Compilation of Un-audited financial statements (Worth $350)
- Corporate tax computation
- Filing of estimated chargeable income (ECI) and corporate tax (Form C-S)
- Maintain of company register
- Company Bizfile
- Company Registers
- Identification of all directors and shareholders
– For Singapore Citizens and PR, a copy of your NRIC
– For EP/DP holders, a copy of your EP/DP Pass & proof of residential address
– For foreigners, a copy of your Passport and proof of overseas residential address
- Contact Number and Email of all directors and shareholders
- Previous Financial Statements
- Last Tax computation
- Last Corporate Tax Form submitted
- Current FYE Management Report (Profit & Loss, Balance sheet, General Ledger)
- All Directors and Shareholders have to signed the Client Due Diligence Form
So Call us now or send in your enquiry by using our contact form below.
Annual Filing Due Dates – Example
- Financial Year End (FYE) = 31/12/2015
- Estimated Chargeable Income (ECI) = 31/03/2016 (3 months after FYE)
- Annual General Meeting = 30/06/2016 (within 6 months after FYE)
- Annual Return = 31/07/2016 (within 1 month after AGM)
- Corporate Tax Submission = 30 Nov 2016
- The due date for filing will be based on the Financial Year End.
- Corporate Tax will be filed in the following year after FYE. For example the FYE is 2015, Form C/C-s will be filed before 30 Nov 2016 or 15 Dec (e-filing).