How to Handle Annual Review for Singapore Companies? A Simple Guide to the Process and Key Points

Every year, at key points in their business cycle, many company owners and entrepreneurs registered in Singapore start thinking about one thing annual compliance. For those new to Singapore’s corporate system, the term “annual review” might sound like a complicated and tedious process. But in reality, as long as you understand the steps and timelines, it's entirely manageable. Recently, the Accounting and Corporate Regulatory Authority ACRA updated some compliance requirements, reminding all registered companies that they must file their Annual Return and hold an Annual General Meeting AGM on time-or face penalties, or even have their company struck off the register. This reminder has once again brought annual compliance into sharp focus for local business owners.

So what exactly is annual compliance for a Singapore company? When does it need to be done, and how does the process work? Let’s break it down clearly-once and for all.

What Is Annual Compliance in Singapore?

First, let’s clarify something there’s no official term called “annual audit” or “annual review” in Singapore. The so-called “yearly check-up” people refer to is actually a general term for a company’s annual legal obligations. These mainly include three core tasks

1. Hold an Annual General Meeting AGM

2. File the Annual Return with ACRA

3. Submit financial statements - audited or unaudited, depending on the size of the company

These tasks are typically completed within several months after the end of a company’s financial year, which is why they’re collectively referred to as “annual compliance.”

When Should It Be Done?

The timing isn’t the same for every company-it depends on your Financial Year End FYE. Generally, your company must

- Hold the AGM within 6 months after the financial year ends;

- File the Annual Return with ACRA within 7 months after the financial year ends.

For example If your company’s financial year ends on December 31, 2025, you’ll need to hold the AGM by June 30, 2026, and submit the Annual Return by July 31, 2026.

Starting from 2025, ACRA has fully moved to digital filing. All submissions must now be made online through the BizFile+ system-paper filings are a thing of the past. This means company owners must ensure their Company Secretary is qualified to use the system, or risk delays.

The Key Steps in Annual Compliance

Step 1 Prepare Financial Statements

Every company, regardless of size, must prepare financial statements each year. However, whether an audit is required depends on whether the company qualifies for an audit exemption.

Under current rules, small companies meeting any one of the following criteria can skip the audit

- Annual revenue not exceeding SGD 100 million

- Total assets not exceeding SGD 100 million

- Fewer than 200 employees

Most startups and SMEs qualify for this exemption, saving them significant auditing costs.

Step 2 Hold the Annual General Meeting AGM

The AGM is a legal requirement-even if you're the sole shareholder, you still need to hold one. During the meeting, key items such as approving financial statements, appointing directors, and discussing dividends are addressed. Minutes of the meeting must be kept on record for future reference.

During the pandemic, ACRA allowed virtual meetings. While normal procedures have resumed, online meetings are still permitted-as long as they comply with your company’s constitution.

Step 3 File the Annual Return

This is the most crucial step. Using the BizFile+ system, a licensed Company Secretary submits the Annual Return on behalf of the company. It includes

- Updated company details registered address, directors, shareholders

- The financial period covered

- Outcomes of board resolutions

- A summary of financial statements partially public

Once submitted successfully, ACRA issues an electronic acknowledgment-this marks the official completion of your annual compliance.

Common Pitfalls to Avoid

1. Update changes promptly

If your company changed directors, shareholders, or its registered address during the year, these updates must be filed with ACRA before you complete your Annual Return. Many delays happen simply because this step was overlooked.

2. Your Company Secretary plays a vital role

Under Singapore law, every company must appoint a local Company Secretary. This person isn’t just a form-filler-they’re your compliance gatekeeper. Choosing a reliable and professional secretary service greatly reduces the risk of errors.

3. Late filings come with serious consequences

Missing deadlines doesn’t just mean late fees known as Late Lodgment Penalties; it can also land your company on a defaulters’ list, affect your bank accounts, or even lead to compulsory deregistration. According to local business service providers, hundreds of companies get fined each year due to missed filings-including well-run businesses that simply slipped up on admin.

4. Keep records for at least five years

All meeting minutes, financial statements, and tax-related documents must be kept for a minimum of five years-even if the company is no longer active. Never dispose of them casually.

Tips for Smoother Compliance

- Start preparing two months in advance to avoid last-minute stress.

- Stay in touch with your accountant and company secretary to ensure your books are clean and documents ready.

- Use ACRA’s reminder tools-set up automatic notifications via the official website.

- If your company isn’t active, consider applying for “dormant company” status to simplify reporting.

Singapore’s annual compliance framework is designed to be efficient and transparent. As long as business owners take compliance seriously and plan ahead, it shouldn’t feel like a burden. In fact, staying on top of your annual obligations doesn’t just help you avoid trouble-it boosts your credibility with banks and partners.

In a business environment where rules and reputation matter, being timely and compliant isn’t just responsible-it’s a competitive advantage.