Key Points to Note for Annual Review After Company Registration in Singapore

What Key Matters Should Be Noted for Annual Filing After Company Registration in Singapore?

Singapore, as an international business hub, attracts a large number of overseas investors due to its well-established legal system, favorable tax policies, and excellent business environment. However, company registration is only the first step. Ongoing compliance is equally crucial, particularly the annual filing process, which is a key step in ensuring the legality and continuity of business operations.

Recently, according to an announcement from the Accounting and Corporate Regulatory Authority ACRA, more and more small and medium-sized enterprises SMEs are facing penalties or even the risk of deregistration due to neglecting the annual filing process. For entrepreneurs who have already registered or plan to register a company in Singapore, understanding and mastering the essential aspects of annual filing has become increasingly important.

1. Clarify the Filing Timeline

According to ACRA regulations, all private limited companies must submit an Annual Return every year, and this must be completed within 30 days after holding the Annual General Meeting AGM. Companies are also required to hold their AGM within six months after the end of their financial year. This means that when planning the annual work schedule, businesses should proactively arrange time for financial statement audits, AGMs, and submission of documents to ACRA.

Notably, starting from 2025, ACRA will no longer require small companies and qualifying small groups to hold AGMs. However, these companies still need to distribute audited financial statements to shareholders on time and complete their annual filings within nine months after the end of the financial year. While this change reduces some administrative burdens, it also requires company owners to take greater initiative in fulfilling their compliance obligations.

2. Prepare Complete Financial Statements and Audit Reports

Under the Singapore Companies Act, unless a company qualifies for audit exemption, its financial statements must be audited by a certified public accountant. Audit exemption generally applies to small private limited companies that meet the following three criteria annual revenue not exceeding S$1 million, fewer than 50 employees, and being a private limited company.

If a company does not meet these conditions, it must engage a qualified auditor to audit its financial statements and submit the audited reports as part of the annual filing to ACRA. The financial statements should include a balance sheet, income statement, cash flow statement, and relevant notes, ensuring that all information is accurate, complete, and truthful.

3. Update Company Information Promptly

During the annual filing process, companies must also verify and update their corporate information with ACRA, such as changes in directors, secretary, shareholders, registered address, business address, or company secretary. Failure to update this information in a timely manner may result in legal consequences, including fines or damage to the company's credit record.

For example, at the beginning of 2025, a local tech startup failed to update its registered address in a timely manner. Despite receiving notifications, the company did not rectify the issue, eventually leading to its listing on ACRA’s defaulters’ list, which affected its fundraising efforts. This case reminds us that updating information is not only a basic requirement during annual filing but also a critical safeguard for normal business operations.

4. Fulfill Tax Reporting Obligations

While annual filing is primarily overseen by ACRA, tax reporting to the Inland Revenue Authority of Singapore IRAS is also a vital component. Each year, companies must submit Form C-S or Form C along with necessary financial documents. Even if a company has no profits or business activities in a given financial year, it is still required to file a nil return on time.

Starting in 2025, Singapore introduced new tax transparency measures requiring companies to provide more detailed disclosures regarding related-party transactions and transfer pricing. This is especially important for multinational enterprises, which must ensure their tax filings align with the new requirements under the OECD global minimum tax framework.

5. Engage Professional Service Providers

Given that annual filing involves multiple regulatory bodies and complex compliance requirements, many companies choose to engage professional accounting firms or corporate secretarial service providers to assist with the process. This can improve efficiency and help avoid compliance risks. Recent media reports indicate that some SMEs made errors in self-prepared filings, resulting in re-submissions and penalties from ACRA. This highlights that although the filing process has become more digitalized and streamlined, professional support remains indispensable.

6. Establish Strong Internal Management Systems

It is advisable for companies to establish standardized financial and administrative management systems in daily operations so that required documentation can be quickly organized during the annual filing period. Practices such as regular financial reviews, maintaining complete transaction records, and setting up reminder mechanisms can significantly enhance the efficiency and accuracy of the annual filing process.

Conclusion

Registering a company in Singapore is a decision full of opportunities, but sustainable development can only be achieved through strict compliance. As a core component of corporate compliance management, annual filing is not only a legal obligation but also directly impacts a company’s reputation and operational capabilities. By planning timelines effectively, preparing complete documentation, updating information promptly, fulfilling tax obligations, and leveraging professional expertise, companies can smoothly complete their annual filings and lay a solid foundation for future growth.