News & Updates
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.
May 25, 2022
Business owner, you don’t want to be thrown under the bus because of unfinished financial paperwork and incomplete transaction documents. To keep the business running and ensure that every venture leads to the best results, you need to engage with a business support service offered by experts. One of the best things you can do is consider small business bookkeeping services.
Suppose you are having a hard time determining the current financial standing of your company, running financial reports, reviewing information with confidence, and knowing all transactions are up-to-date. In that case, bookkeeping services will bridge these gaps. Not just that, it also helps streamline your cash flow so that you get a better picture of the true cash position of your business.
Not convinced yet? This article lists the top 3 benefits of bookkeeping services to small businesses. Read through below as we take a closer look at each of them, and don’t miss out on a single item. Take this opportunity to learn more about how you can strengthen financial growth through professional business support services like bookkeeping.
Provides a Professional Software Solution
Because digital tools are now easily accessible to improve business efforts, company owners no longer do business manually. The same goes for accountants and bookkeepers as they use software to calculate taxes, manage projects, and store financial data, among other things. It is easier to show the financial details of your business with these tools at arm’s reach.
Most of the time, software implementation is done through a DIY approach, especially when business owners are trying to save money. They implement programs that are found online. If you do a quick Google search, many options can be used for business tracking and financial management. It can be tempting to utilise them because they don’t require financial obligations. But there is nothing much you can do about it because of its limited features.
The lack of professional experience makes it difficult to understand how accounting software programs work and affect your company’s financial health. Instead of trying your luck in setting up an ineffective system, consult an expert who can help assess your business and give recommendations to optimise your efforts.
When you have figured out what areas of your financial management strategy need to improve, it will be easy to find the right software program that will work in your favour. With efficient software, you can easily track bills and invoices, and all this will organise and keep your finances up to date.
Gives a Head Start Over the Daunting Tax Season
Whether you like it or not, tax is and will always be part of managing a company. If you don’t take care of the legal obligations mandated by the Inland Revenue Authority of Singapore (IRAS), you will be held accountable for the consequences and other penalties. That is the last thing you would want to happen as a business thriving in a competitive market. Fret not because dependable bookkeeping services in Singapore can save you from all the hassle brought by the tax season.
As a small business owner, it is only right that you focus on growing your business and looking into more ways to expand your market. Having your finances managed by a qualified bookkeeper means you don’t have to take time trying to learn tax laws and other state revenue obligations. With a reliable accountant and bookkeeper at the helm of your business, ensure that everything related to your finances will be taken care of.
Rather than an expense, getting accounting and bookkeeping services is indeed an investment. Although you have to allot a budget for this, it will double-compensate you in the long run. Think of how much time and resources you will save without having to calculate taxes or record business transactions on your own. Partner with an experienced provider to make peace with yourself when it comes to securing your accounting and bookkeeping requirements.
Helps Grow Your Business
Recording financial transactions and providing financial insights take up a lot of work hours per week. And if you get yourself into handling these tasks, you won’t have enough time to strategize your business efforts. Remember that your time as a business owner is valuable. Therefore, you should spend it wisely on crucial tasks that lead to business growth, like building sales funnels, improving customer management, and identifying more opportunities.
Hiring bookkeeping services in Singaporeallows you to focus on growing your business more. With a professional bookkeeper taking care of your financial transactions, you can allocate your time and energy to expanding your search and position your business in the Singaporean market. Singapore is a saturated business hub, and it is not easy to achieve breakthroughs here. This makes availing of both accounting and bookkeeping services a practical move.
Instead of getting fixated on your finances’ health, focus more on money-making tasks. Don’t miss out on any opportunity that will help your business expand. If you get all this sorted, only time will tell how much growth your business can achieve in a short span of time. Leave your finances to individuals who have the right experience and skills because they know what to do and what’s best for your financial resources.
Searching for Dependable Bookkeeping Services That Are Worth Every Penny You Spent on Them?
If you are looking for dependable business solutions, ContactOne is here to help. Our wide array of services includes bookkeeping, accounting, business incorporation, and secretarial services. Working with us means partnering with a reliable firm on a mission to provide efficient business solutions and make it easier for every business owner to manage their businesses. Talk to us now, and we will present to you your options. You can reach us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and what we can do to help you.