All You Need To Know About Filing Your Annual Returns
Singapore is home to a thriving business community — however, compliance with government regulations is one of the essential obligations of any business owner whose company is registered in Singapore.
A large part of that is complying with ACRA regulations. The Accounting and Corporate Regulatory Authority (ACRA) is Singapore’s main regulator of financial reporting and business registration — and you will want to update them on any changes in your business information promptly.
We will explain all the details on filing your business changes to ACRA below.
Do I need to file my business changes to ACRA?
According to the Singapore Companies Act, any business incorporated in Singapore has to file annual returns to ACRA. This is done to make sure ACRA’s register contains up-to-date information on all companies. Failing to do so has consequences for company officers because they could face penalties if they do not file the annual returns for their companies in a timely manner.
Here’s some of the information you are required to provide to ACRA as a part of that annual filing.
Ensure that the following company information is up-to-date:
- Registered office address;
- Company type;
- Registered company officers and their particulars;
- Details of any registered changes;
If any of this has changed since your last annual filing or is incorrect, you are required to notify ACRA of the necessary changes in your next annual filing.
Also, you need to confirm the accuracy of your company’s registered primary business activities and secondary business activities. These are marked by their respective SSIC designations, so here’s a list of all the SSIC (Singapore Standard Industrial Classification) codes.
Verify the details on your company’s shares, like:
- Amount of paid-up capital;
- Issued share capital;
- The number of held shares.
Some companies also have to provide financial statements with their annual return filing. If you are not among them, you will have to file an online declaration instead, along with your annual return.
In case you are filing financial statements, you will have to provide them in XBRL format, and they will have to be validated and prepared before you file your annual return.
Annual General Meeting Date
If your company has an annual general meeting (AGM), you will need to indicate the date of the meeting on your annual returns. If you have dispensed with these meetings in accordance to the Companies Act or you are simply exempt from holding them, this requirement does not apply to you.
What is an annual return?
These days, the annual return for ACRA is basically an electronic form filed to ACRA, containing important company particulars that we have described above. The annual return also provides critical information that helps the company’s stakeholders to make informed decisions.
How do I file my annual returns?
Here are the exact steps for the filing of annual returns:
- Visit the BizFile+ website;
- Choose “Local Company” in the “File eServices” menu;
- Choose “Annual Return” under “Annual Filing”;
Sprout With Us!
Due to the abundance of paperwork, it can occasionally be challenging to maintain track of filings. Allow Sprout Asia's corporate secretary services to assist you and cut down on the amount of time you spend on administrative tasks so that you can concentrate on what matters.
To discuss in greater detail, please get in touch with us for a free consultation.