Singapore Company Annual Review All You Need to Know in One Read!

A Complete Guide to Singapore Company Annual Filing What You Need to Know

If you're running a business in Singapore, you may find the annual filing process a bit confusing. In reality, annual filing is one of the essential legal obligations for every registered company in Singapore. It plays a key role in ensuring compliance and directly affects a company’s ability to operate smoothly. As Singapore continues to grow as a top business hub in Asia, more and more small and medium-sized enterprises SMEs are choosing to register here, making annual filing increasingly important.

1. What is Company Annual Filing?

In Singapore, Annual Return refers to the process where a company submits its annual financial statements and other relevant information to the Accounting and Corporate Regulatory Authority ACRA every year. The purpose is to ensure transparency, support regulatory oversight, and maintain a fair and stable business environment.

The annual filing typically includes the following

1. Submission of Financial Statements - Including balance sheet, income statement, and cash flow statement.

2. Updating Company Information - Changes in directors, shareholders, company secretary, or registered address.

3. Confirming Business Status - Whether the company is still actively operating.

4. Payment of Filing Fees - A standard fee must be paid when submitting the annual return.

2. Filing Deadlines and Legal Responsibilities

Singapore companies must complete their annual filing within one month after their incorporation anniversary. For example, if your company was incorporated on May 1, 2025, the filing must be completed between May 1 and May 31 every year.

Failing to meet this deadline can result in penalties

First overdue notice S$300 fine.

Over 60 days overdue Fines can go up to S$1,000.

Over 6 months overdue The company may be struck off the register and face legal consequences.

Annual filing is not something to be taken lightly. It is a legal responsibility that must be taken seriously.

3. Step-by-Step Annual Filing Process

While the process may seem complex at first, it's actually quite straightforward when handled properly. Here's how it works

1. Prepare Financial Statements

These must be prepared by a qualified accountant following Singapore Financial Reporting Standards SFRS, even for small companies.

2. Hold a Directors’ Meeting

The board of directors must review and approve the financial statements and pass relevant resolutions. Even for small companies without formal meetings, written records should be kept.

3. Update Company Information

Any changes to directors, shareholders, company secretary, or address must be updated during the annual filing.

4. Submit Documents via ACRA’s BizFile+ System

This is usually handled by the company secretary or registered agent. Once submitted, ACRA will issue a confirmation letter.

5. Pay the Filing Fee

The fee varies depending on the type of company and submission method, but it's typically around S$300.

4. The Difference Between Annual Filing and Tax Filing

Many business owners confuse annual filing with tax filing. In fact, they are two separate processes

Annual Filing Submitting company information to ACRA as required by the Companies Act.

Tax Filing Reporting financial and tax information to the Inland Revenue Authority of Singapore IRAS under tax laws.

While both involve financial statements, they serve different purposes and are submitted to different authorities.

5. Frequently Asked Questions

1. Do I still need to file if my company is not operating?

Yes. Even if the company is dormant, it must still file its annual return on time. You can submit a dormant company financial statement, but skipping the process is not allowed.

2. Can I apply for an extension?

No extensions are available. However, if your company has been struck off, you can apply for restoration. This process is complex and expensive, so it's best to avoid late filing altogether.

3. Can I file the annual return myself?

Yes, but it's highly recommended to hire a professional, such as an accounting firm or corporate secretary service, to ensure accuracy and compliance.

6. Recent Policy Changes and Trends

According to ACRA’s latest announcement in 2025, the annual filing process will become more digitalized. Companies are being encouraged to use e-signatures and online submission methods. Additionally, ACRA is tightening its oversight on small businesses, especially inactive or zombie companies that have not filed for years.

In the future, penalties for late filing are expected to become stricter. Singapore is also promoting a culture of compliance, urging business owners to regularly update company information and fulfill their legal duties to support a healthy business environment.

7. How to Choose a Reliable Annual Filing Service Provider

For startups or foreign investors unfamiliar with Singapore’s compliance system, choosing the right service provider is crucial. Here are some key factors to consider

Professional Qualifications - Does the provider have certified public accountants CPAs or licensed company secretaries?

Experience - Have they handled companies of similar size and structure?

Transparent Pricing - Are there any hidden fees?

Client Reviews - What do past clients say about their service?

You can ask for recommendations from friends, check online reviews, or consult industry associations to find a trustworthy provider.

Conclusion

As one of the world’s most competitive business hubs, Singapore attracts global investors with its efficient regulatory system and transparent legal environment. While annual filing may seem like a routine task, it is the foundation of compliant business operations.

Whether you're a local entrepreneur or an international investor, it’s essential to take annual filing seriously and avoid small mistakes that could lead to big consequences. By staying compliant, you’ll be better positioned to grow and thrive in Singapore’s dynamic business landscape.