Start your annual returns filing today is a legal obligation for all Singapore companies. It offers transparency for the company’s shareholders and stakeholders. It also demonstrates the company’s commitment to comply with regulations in the country.

The annual return filing process involves preparing and submitting an electronic form to the Accounting and Corporate Regulatory Authority (ACRA). The annual return form is filled out with essential information such as the company details, directors, members, secretaries, and shareholdings. It also includes the year-end financial statements. These statements are submitted in eXtensible Business Reporting Language (XBRL) format, an XML-based file type that is used to exchange financial documents. Generally, larger companies are required to submit audited financial statements when they file their annual returns. Dormant EPCs and private companies are exempted from preparing audit reports but must still file unaudited financial statements.

Common Mistakes to Avoid When Submitting Annual Returns in Singapore

To file the annual return, companies must use ACRA’s online portal called Bizfile+. To access this portal, users must have a SingPass account which is an identity card that gives them access to the government’s online services. The SingPass account is available to all Singapore citizens and permanent residents. It is also available to foreigners who hold Employment Passes, Personalised Employment Passes, EntrePass, Dependent Passes, Long-Term Visit Pass-Plus, and selected Work Permits.

The annual return filing process can be a time-consuming and complicated process for many companies. It is important to make sure that all the information that is submitted in the annual return is accurate and up-to-date. It is also advisable to use a registered filing agent, which is often a corporate secretarial firm that specializes in this area of compliance. This will ensure that all the necessary information is provided and that all the deadlines are met.…