Singapore Company Annual Filing Fees Essential Details You Must Know!

A Complete Guide to Singapore Company Annual Filing Fees Every Detail You Need to Know!

After incorporating a company in Singapore, annual filing is a legal obligation that every registered company must fulfill. Whether it's a local or foreign company, the annual filing process is not only essential for compliance but also directly impacts the company’s credibility and future development. In recent years, as Singapore has raised its standards for corporate compliance, the procedures and associated costs of annual filing have also evolved. This article provides a comprehensive breakdown of the cost structure, influencing factors, and key considerations related to annual filing in Singapore, helping you better plan your annual compliance budget.

1. What is Annual Filing?

Annual filing refers to the requirement for companies to submit financial statements, director declarations, and other relevant documents to the Accounting and Corporate Regulatory Authority ACRA, and to update company registration information. The core components of annual filing include the submission of the Annual Return and the holding of the Annual General Meeting AGM. The ultimate goal of annual filing is to ensure transparency and compliance in the company’s financial and governance structures.

2. Main Components of Annual Filing Costs

The costs associated with annual filing for Singapore companies mainly include the following

1. ACRA Filing Fees

This is a mandatory official fee paid to ACRA. According to ACRA regulations, the fee for submitting the Annual Return is 50 Singapore dollars approximately 250 RMB. If a company fails to complete the annual filing on time, it may be fined, and in severe cases, face the risk of being struck off the register.

2. Audit Fees

Companies with annual revenue or total assets exceeding 5 million SGD, or with more than 50 employees, are required to engage a registered accounting firm to conduct a financial audit. Audit fees vary depending on the complexity of the business, the size of the financial statements, and the service provider’s rates. For small businesses, audit fees typically range from 1,500 to 5,000 SGD.

Important Update Effective 2025

Singapore has introduced an audit exemption policy for Small Private Companies. A company qualifies for audit exemption if it meets at least two of the following three criteria

Annual revenue does not exceed 10 million SGD

Total assets do not exceed 10 million SGD

Number of employees does not exceed 50

3. Accounting Service Fees

Most companies engage professional accounting firms or service providers to assist with preparing financial statements, tax filings, and annual filing documents. These fees typically range from 800 to 3,000 SGD, depending on the scope of services and workload. Some companies opt for automated accounting software to reduce costs, though professional services remain irreplaceable for complex compliance needs.

4. Company Secretary Fees

Singapore law requires every company to appoint a company secretary to ensure compliance with legal and regulatory requirements. The annual fee for this service usually ranges from 600 to 2,000 SGD, depending on the secretary’s qualifications and the level of service provided.

3. Key Factors Affecting Annual Filing Costs

1. Company Size and Business Complexity

Larger companies with more complex structures, higher revenues, or significant assets typically incur higher compliance and audit costs.

2. Audit Exemption Eligibility

As mentioned earlier, companies eligible for audit exemption can significantly reduce their compliance costs. This is particularly beneficial for startups and SMEs.

3. Use of Professional Services

While some small businesses attempt to handle annual filing internally to cut costs, the complexity and legal risks involved often make it more prudent to engage professional service providers. Choosing the right provider can help control costs while ensuring compliance.

4. Timeliness of Filing

Late submission of annual filings results in penalties from ACRA. For example, a 300 SGD fine is imposed if the filing is submitted more than 30 days late, and up to 600 SGD if delayed beyond 60 days. Severe delays may even lead to legal action or company deregistration.

4. Recent Policy Changes and Industry Trends

In 2025, ACRA announced new initiatives to promote digital compliance, encouraging companies to file documents online via the BizFile+ platform. This has improved efficiency and reduced administrative costs. More accounting and secretarial service providers are now offering transparent, online annual filing packages, which are especially popular among SMEs.

Additionally, the Monetary Authority of Singapore MAS has tightened annual filing requirements for financial institutions, particularly licensed entities, which are now required to submit more detailed financial and operational reports. This reflects regulators’ increasing focus on financial risk and may result in higher compliance costs for financial firms.

5. How to Reduce Annual Filing Costs

While annual filing is an unavoidable expense, companies can still manage costs effectively by

1. Planning ahead to avoid late submission penalties

2. Evaluating audit exemption eligibility to eliminate unnecessary audit fees

3. Choosing cost-effective professional service providers by comparing prices and reading reviews

4. Using automated accounting software to support basic financial tasks and reduce manual workload

5. Maintaining regular communication with company secretaries and accountants to ensure timely updates and avoid duplication of effort

6. Conclusion

Annual filing is not just a legal requirement but also a cornerstone of a company’s long-term and stable development in Singapore. Understanding the components and influencing factors of annual filing costs helps businesses better manage compliance and financial planning. With the advancement of digital services and increased awareness of compliance, the annual filing process is becoming more efficient and transparent. We hope this article has provided you with a comprehensive understanding of annual filing fees, enabling your company to operate smoothly and successfully in Singapore.