Singapore Company Annual Review A Comprehensive Guide to the Process and Requirements

What is the Annual Review for Companies in Singapore? A Comprehensive Guide

In Singapore, setting up a company is relatively straightforward; however, maintaining legal compliance is an ongoing and meticulous responsibility. One of the most important annual obligations is the submission of the Annual Return, a formal requirement under the Companies Act. This article provides a detailed explanation of the annual review process, its components, and key considerations.

1. What is the Annual Review?

The annual review involves submitting an Annual Return to the Accounting and Corporate Regulatory Authority ACRA each year. This document updates ACRA with the company’s latest information, including shareholder structure, director details, registered address, and financial status.

It is submitted online via BizFile+, ACRA's digital filing portal. The primary purposes of the annual review are

To ensure transparency and accuracy of corporate information

To fulfill statutory compliance requirements

Failure to submit the Annual Return on time may result in penalties, fines, or even legal action by ACRA, including initiating the struck-off process to remove the company from the register.

2. Key Deadlines for the Annual Review

The annual review must be completed within two specific timeframes after the end of the financial year

1. Within 14 days after the Annual General Meeting AGM

2. No later than 7 months after the financial year-end

For example, if a company's financial year ends on June 30, 2025, it must hold the AGM and complete the Annual Return submission by January 31, 2026 at the latest.

Note Private Limited Companies Pte Ltd are required to hold an AGM, while Public Companies and certain exempt entities may have different rules.

3. Core Components of the Annual Review

Two essential documents must be prepared during the annual review process

a Financial Statements

These include

Balance sheet

Income statement

Cash flow statement

Notes to the financial statements

Summary of accounting policies

Depending on the company’s size and revenue, audit requirements differ

Small companies that meet two out of three criteria

Annual revenue ≤ S$10 million

Total assets ≤ S$10 million

Number of employees ≤ 50

may be exempt from an external audit.

Non-exempt companies must submit audited financial statements.

b Annual Return Form AR1

Filed via BizFile+, this form includes

Company name, registration number, and business address

Shareholder list and shareholding percentages

Director appointments and board composition

Details of company secretary and auditor

Financial year-end date

Confirmation of AGM completion

A filing fee of S$30 is payable to ACRA. Additional professional fees may apply for accounting, auditing, or secretarial services.

4. Relationship with Other Compliance Obligations

The annual review is part of broader compliance responsibilities, which also include

Tax Filing ECI Corporate Income Tax Return Even if no profit was made, companies must submit an Estimated Chargeable Income ECI within 3 months after the financial year-end.

Business Registration Renewal Companies with a valid business license must renew their registration annually.

Minutes of Resolutions Records of decisions made during the AGM must be kept for audit and regulatory inspection.

Many companies choose to engage professional service providers to manage these tasks collectively, ensuring full compliance and reducing administrative burdens.

5. Recent Developments and Impacts

According to an announcement by ACRA in late 2025, starting from 2025, stricter enforcement will be applied to companies that fail to submit their Annual Returns on time. This reform aims to enhance corporate governance standards and investor confidence in Singapore’s business environment.

With Singapore pushing forward its digital transformation agenda, more companies are adopting digital tools to streamline processes such as annual reporting and tax filings. Some accounting software now integrates directly with ACRA systems, improving efficiency and minimizing human error.

6. Common Questions and Recommendations

Q1 Can the Annual Return deadline be extended?

ACRA generally does not allow extensions unless under exceptional circumstances, such as natural disasters or the death of a company director. It’s crucial to plan ahead and avoid delays.

Q2 What if I miss the deadline?

If the delay is minor, you can file the return retroactively and pay a late fee. However, significant delays may lead to penalties or the risk of being struck off the register.

Q3 How should I choose a service provider?

Opt for ACRA-certified, experienced, and reputable firms-such as licensed secretarial or accounting agencies-to ensure quality and compliance.

Conclusion

The annual review is not just a legal obligation-it is a foundational element of responsible and sustainable business operations in Singapore. By understanding the procedures, adhering to deadlines, and leveraging professional support where necessary, companies can maintain good standing and operate confidently in a competitive market.

Whether your business is large or small, prioritizing timely and accurate annual reviews is essential for long-term success and compliance.