Understanding Annual Returns: A Vital Requirement for Singapore Businesses

In Singaporean corporate governance, the annual return holds a paramount role. Mandated by the Accounting and Corporate Regulatory Authority (ACRA), all Singapore-incorporated companies must file annual returns. This electronic form, submitted through ACRA’s online portal BizFile+, ensures that crucial company information on ACRA’s register remains current and accurate.

To facilitate the filing process, businesses can utilise e-services available on BizFile+. Whether a Local Company, Foreign Company, or Limited Liability Partnership, the platform streamlines the submission of annual returns. Additionally, the BizFinx tool, accessible through a provided link, assists in preparing financial statements in the XBRL format.

The annual return encompasses vital details like director and secretary names, members, and the financial statement cutoff date. This information aids stakeholders in making informed decisions about the company. Company officers, such as directors or company secretaries, can submit the annual return through BizFile+ or enlist the services of a registered filing agent.

 

Information You Need

Key information required during the filing process includes confirmation of company details, updates on primary and secondary business activities, verification of share details, and adherence to financial statement filing requirements. For companies exempt from holding Annual General Meetings (AGMs) or those that have dispensed with AGMs under Section 175A of the Companies Act, indicating the AGM date is unnecessary.

Successfully filed annual returns bring benefits, including a free business profile for future reference. Furthermore, an email notification with a URL to download the free profile is sent to the individual filing the return. However, it’s important to note that, except for dormant companies, the obligation to file Income Tax Returns (Form C-S/Form C) with the Inland Revenue Authority of Singapore (IRAS) persists. Dormant companies may be exempt but must confirm this status with IRAS.

In conclusion, understanding and fulfilling annual return obligations is not just a regulatory requirement but a strategic step for maintaining an accurate company profile and facilitating informed decision-making by stakeholders.