All You Need to Know About Annual Return Filing
January 6, 2023
January 6, 2023
Every company in Singapore needs to have a set of the current year’s financial statements for their AGM. However, not all companies need not attach financial statements while filing their annual return. It is highly recommended to check before filing whether your company is mandated to file financial statements or not.
Companies not required to file financial statements must submit an online declaration. Meanwhile, companies that are required to file financial statements in XBRL format must prepare and validate them before they can file the annual return. Find out more about preparing and filing financial statements in XBRL format.
What Is an Annual Return?
The Companies Act mandates that all companies incorporated in Singapore must file an annual return to the Accounting and Corporate Regulatory Authority (ACRA). It is to ensure that the company’s information is up-to-date on ACRA’s register. The company should also submit its annual general meeting (AGM) date and financial statements, if there are any. Otherwise, officers may have to deal with legal proceedings.
Annual return filing is vital to companies in Singapore to highlight details of different business aspects, including composition, activities, and financial position. That is why it is necessary to lodge the annual return electronic form with ACRA. The details submitted will help the company’s stakeholders decide on the business.
Who Can File the Annual Return on ACRA?
The appointed officer of the company, such as a director or company secretary, is entitled to process the annual return on ACRA’s online filing portal: BizFile+. Alternatively, a certified filing agent like ContactOne can file the annual return on behalf of a company. In this case, working closely with the filing agent is crucial for a smoother filing process.
Here is a complete list of information required when filing the annual return with ACRA:
Company details must be correct when filing for the annual return. It should contain the updated details of the company type, registered office address, the company’s officer particulars, and details of registered charges. The information must be altered if it has changed or is incorrect.
Changes in the company’s primary and secondary business activities must also be confirmed. See the complete list of Singapore Standard Industrial Classification (SSIC) codes on BizFile+ to learn more.
Shares details are vital information required in the annual return filing process. It is imperative to verify the company’s shares details, including the number of shares held, issued share capital, and amount of paid-up share capital.
Financial statements are not applicable to all companies in Singapore during the filing of the annual return. We recommend checking whether the company is mandated to file financial statements with the yearly return before filing. Companies not required to file financial statements must submit an online declaration instead.
On the other hand, companies that are required to file financial statements in XBRL format must prepare and validate them before they can file the annual return. Find out more about preparing and filing financial statements in XBRL format.
Date of AGM
If the company has already held its AGM, indicate the date on the annual return filing. However, don’t include the date if the company is exempted from holding AGMs or has dispensed with AGMs per Section 175A of the Companies Act. Learn more details regarding keeping AGMS by checking the guide on ACRA’s website.
Other Things to Note
Companies will receive a free business profile for reference for successfully filing their annual return. The officer filing the annual return will receive an email containing a URL to access and download the free profile.
Moreover, companies must file an Income Tax Return (Form C-S/ Form C) with the Inland Revenue Authority of Singapore (IRAS) with any supporting documents (e.g., financial statements and tax computation) except for dormant companies. Unless they have been granted a waiver from IRAS, dormant companies must submit an Income Tax Return (Form C-S/ Form C).
How to File ACRA Annual Return
Since December 2019, it is easier to file an annual return with ACRA. Most of the information is pre-filled in the annual return form, making the entire process less hassle. The filer will base the pre-filled information on the previous ACRA annual return that remains relevant for the current filing. The filing portal’s user interface has also been enhanced.
Follow the following steps to file ACRA annual return with great ease:
- Step 1: Go to BizFile+
- Step 2: Select “Local Company” under “File eServices”
- Step 3: Select “Annual Return by Local Company (For FYE from 31 August 2018)” under “Annual Filing”
Need Help with Annual Return Filing? Turn to ContactOne Today!
Annual return filing is vital to all companies in Singapore. It only makes sense to prioritise this more than ever. If you are looking for a qualified filing agent to take care of your company’s annual return filing, don’t think twice about tapping ContactOne. We have a professional team that will work closely with you to ensure that your company’s information is well documented in ACRA’s register.