Annual Compliance Requirement for Pte Ltd Companies in Singapore

For a Private Limited Company (Pte Ltd) in Singapore, there are specific annual compliance requirements that must be met to remain in good standing with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Here’s a detailed breakdown, including timelines, for the annual filing requirements:

1. Annual General Meeting (AGM)

– Purpose: Shareholders are presented with the company’s accounts, which serves as a compliance measure to ensure transparency.

– Timeline: Must be held within 6 months of the financial year-end for listed companies, and within 15 months of the last AGM for other companies.

2. Filing of Annual Returns

–Purpose: To provide essential updates about the company’s structure and financial health to ACRA.

– Timeline: Within 7 months from the financial year-end.

– Requirements:

> A declaration of the company’s solvency.
> Details of company officers, registered address, and shareholders.
> Financial statements in XBRL format (if applicable).

3. Filing of Financial Statements

– Purpose: To ensure that the financial records presented at the AGM are officially recorded.

– Timeline: Filed together with the annual return, within 7 months from the financial year-end.

– Complete set of unaudited or audited financial statements including:

> Balance Sheet
> Profit and Loss Statement
> Cash Flow Statement
> Director’s Statement
> Auditor’s Report (if required)

4. Corporate Income Tax Return Filing (Form C-S/C)

– Purpose: To declare the company’s income to IRAS and determine tax liability.

– Timeline: 

> E-Filing: By November 30.
> Paper Filing: By October 31.

– Requirements:

> Form C-S if the company claims to have straightforward tax matters.
> Form C if the company has more complex accounting, possibly needing complete financial statements and tax computations.

5. Estimated Chargeable Income (ECI)

– Purpose: An estimate of the company’s taxable income for the year, submitted early to IRAS.

– Timeline: Within 3 months after the end of the financial year.

– Complete set of unaudited or audited financial statements including:

> Companies must file ECI if the annual revenue exceeds S$1 million or if ECI is not zero.
> Companies with annual revenue of S$5 million or below and ECI is NIL for the Year of Assessment (YA), do not need to file ECI.

Annual Compliance Checklist:

–January to March: Prepare and file ECI if required.
– April to June: Prepare for the AGM; finalise annual accounts.
– July to September: Hold AGM; file Annual Returns.
– By October/November: Submit Corporate Income Tax Return (Form C-S/C).

Considerations:

– Record Keeping: Companies are required to keep financial records and supporting documents for 5 years from the relevant YA.
– Audit Requirements: Certain companies might need audited accounts unless they meet the minor company exemption criteria.

Meeting these timelines is crucial for compliance and avoiding penalties. It’s often beneficial for SMEs to work with a corporate secretary or a professional compliance firm to ensure that all regulatory requirements are met accurately and on time.

2024 Guide to SME Compliance in Singapore

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