Singapore Company Annual Review Fees Explained Key Details Tips You Must Know

Analysis of Singapore Company Annual Filing Fees Essential Details and Tips You Need to Know

Singapore has become a popular destination for international investors due to its streamlined incorporation process, stable business environment, and favorable tax policies. However, while enjoying these benefits, business owners must not overlook a crucial compliance requirement - the annual return filing Annual Return. As an essential part of corporate governance, the annual return ensures legal continuity, impacts credit ratings, and affects future business expansion.

Recently, according to reports from Lianhe Zaobao, the Accounting and Corporate Regulatory Authority ACRA has intensified its compliance checks on local businesses. Companies that fail to submit their annual returns on time now face stricter penalties. This regulatory shift places greater emphasis on the timeliness and accuracy of annual filings, prompting more Singapore-based companies to pay attention to the details and associated costs of the process.

1. What is a Company Annual Filing in Singapore?

The annual filing for a Singapore company involves submitting updated corporate information to ACRA once every year, along with financial statements and tax filings to the Inland Revenue Authority of Singapore IRAS. The main purpose of this requirement is to ensure transparency, maintain accurate financial records, and uphold compliance with local laws.

Key components of the annual filing include

1. Holding an Annual General Meeting AGM and preparing meeting minutes

2. Preparing audited or unaudited financial statements

3. Submitting the Annual Return to ACRA

4. Filing taxes with IRAS using Form C-S or Form C

Among these, submitting the Annual Return to ACRA is the most critical step. It must be completed within one month after the company's anniversary date of incorporation; otherwise, the company may face fines or even deregistration.

2. Breakdown of Annual Filing Costs

The total cost of annual filing varies depending on the company’s size, whether an audit is required, and whether professional services are engaged. Here's a detailed breakdown

1. Government Fees

This is a fixed cost related to filing the Annual Return with ACRA. As of 2025, the standard submission fee is SGD 50. Late submissions may incur additional penalties or administrative fines.

2. Company Secretary Fees

All Singapore-registered companies are required to appoint a qualified company secretary. Many choose to outsource this task to professional secretarial firms. Market rates for annual filing-related secretary services typically range from SGD 200 to SGD 600, depending on the complexity of the company and scope of service.

3. Audit Fees if applicable

Companies that meet any of the following criteria are required to have audited financial statements

Annual revenue exceeding SGD 10 million

Total assets exceeding SGD 10 million

More than 50 employees

Audit fees generally start at SGD 800 and can go into the thousands for mid-sized or complex businesses.

4. Tax Filing Fees

While not directly part of the annual filing, many companies handle tax submissions simultaneously. If outsourced to an accounting firm, preparation of financial statements and tax filings typically ranges from SGD 300 to SGD 1,500, depending on complexity.

In summary, a small private limited company can expect to spend between SGD 500 and SGD 1,500 for annual filing, while larger companies may incur significantly higher costs due to audits and other complexities.

3. Key Factors Affecting Annual Filing Costs

Beyond the basic fees, several factors can significantly impact the final cost

Need for an audit - One of the biggest cost drivers

Use of professional services - DIY filing saves money but increases risk

Complexity of business structure - Multinational operations or cross-border transactions often require more extensive compliance work

Late submission - Additional penalties and potential legal consequences

4. Common Issues and Important Notes During Annual Filing

Although the process appears standardized, there are several pitfalls that entrepreneurs should be aware of

1. Missing the Deadline

Each company has a specific deadline for filing its Annual Return - usually within one month of its incorporation anniversary. Missing it incurs a daily fine of SGD 5, potentially accumulating to tens of thousands in penalties. It’s wise to prepare documents early to avoid last-minute issues.

2. Incorrect Financial Statement Format

Financial statements must comply with either Singapore Financial Reporting Standards SFRS or International Financial Reporting Standards IFRS. Non-compliant formats may result in rejections, delays, and increased costs.

3. Failure to Update Corporate Information

Before filing, verify whether director details, shareholder information, or registered address have changed. Any updates must be made on ACRA before proceeding with the annual filing, or the process may fail.

4. Misjudging Audit Requirements

Some business owners mistakenly believe that low turnover exempts them from an audit. However, audit requirements also depend on total assets and employee count. Misjudgment can lead to non-compliance and penalties.

5. How to Reduce Annual Filing Costs Without Compromising Compliance

To manage costs effectively while ensuring full compliance

Plan ahead - Allow sufficient time for document preparation to avoid rushed errors

Choose the right secretary firm - Compare prices and service quality; opt for reputable providers

Maintain proper financial records - Well-managed books reduce year-end processing efforts

Use electronic platforms - File via ACRA’s BizFile+ system for faster, error-free submissions

Conclusion

Annual filing is a mandatory compliance obligation for all Singapore companies. While it incurs certain costs, it forms the foundation for long-term business stability. With increasing regulatory scrutiny, timely and accurate filings have never been more important. By budgeting wisely, understanding the process, and selecting reliable service providers, companies can ensure smooth and compliant operations.