Local Companies » Singapore Companies Compliance Requirements And Process

1. Accounting

• This involves the recording of the company’s accounting transactions such as GST and preparation of GST returns (if applicable)
• Depending on your requirement, preparation of management reports and schedules may be done such as Balance Sheet, Profit & Loss account and other audit schedules required for audit and preparation of unaudited financial statements (based on Singapore Financial Reporting Standards for Small Entities)
• Additional fee will be chargeable if there are unanticipated issues or complexities encountered in the course of our work.

2. Submission of Estimated Chargeable Income (ECI) to IRAS within three (3) months of the financial year end

• Companies are required to e-file an ECI (with effect from YA 2020) to IRAS within 3 months after their financial year end date (FYE).
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• To reduce the compliance cost of businesses, IRAS has revised the waiver to file ECI if the following conditions are met:

1. Annual revenue is not more than S$5 million for the financial year; and
2. ECI* is nil for the YA

• A tax computation is prepared based on the profit or loss account and balance sheet for the financial year

3. Preparation of unaudited statutory financial statements

• Currently, audit is voluntary for private limited companies unless certain conditions are met (Click here on the audit requirements in Singapore).
• Preparation of unaudited statutory financial statements complying with the requirements of the Companies Act and the Singapore Financial Reporting Standards (SFRSs) issued by the Government needs to be done.
  Financial statements are required to be tabled for approval by shareholders for Annual General Meeting (AGM) and submission to IRAS for income tax purposes (Step 6 below).

4. Preparation of financial statements in XBRL format (if required)

• Financial statements in XBRL format are compulsory for submission to ACRA if the company is
  not exempted.
• These are required for filing of annual returns for financial years ending after 30 April 2007.
• It is our recommendation and practice that the preparers of the financial statements and XBRL format be the same person so as to save time and cost.

5. The holding of Annual General Meeting (AGM) and the submission of Annual Return to ACRA

• An Annual General Meeting (AGM) of the members (shareholders) of the Company is required to be held within the stipulated deadlines unless the Company has dispensed with the holding of AGMs (“paper AGM”).

• Listed companies are required their annual return within 5 months and non-listed companies within 7 months after the closing of the financial year end. For more details on filing annual return, please click here.

• Company officers may face enforcement actions for failing to file their company’s annual return.

In addition, note that the annual return can be filed only: 

• After an Annual General Meeting (AGM) has been held 
• After financial statements are sent (if company need not hold an AGM)
• After financial year end, for a private dormant relevant company that is exempted from preparing financial statements or that has dispensed with the AGM.

6. Prepare and submit company income tax returns (Form C / C-S / C-S Lite)

• Income tax computation based on the financial statements for the financial year  has to be computed for the tax year (known as Year of Assessment),

• Income tax returns comprising the Form C and Appendices or Form C-S or Form C-S Lite are to be prepared and completed for submission to Inland Revenue Authority of Singapore (IRAS)

• Most Companies will be required to file the tax returns electronically. With effect from year of assessment 2021, all companies are required to e-file their corporate income tax returns by 30 November of each year of assessment. The extended filing deadline of 15 December has been removed.

For more information on our services available for this area, please contact us for a no-obligation consultation and quotation.