How to Handle Annual Review for a Singapore Company? What to Watch Out for When Hiring an Agent - All Explained in One Article

Running a company in Singapore comes with a well-known expectation compliance. But when it comes to annual filing, many business owners still feel a bit lost-especially those who are just starting out. Some may not even be clear on what the annual review actually involves. The truth is, this isn’t something you can afford to overlook. Annual filing directly affects your company’s legal standing and reputation. Hiring a reliable agent to handle it doesn’t just save time and effort-it also helps avoid penalties or even deregistration due to missed deadlines.

Recently, the Accounting and Corporate Regulatory Authority ACRA updated several key compliance rules. Starting in 2025, all companies must file their Annual Return within six months of their financial year-end-or face fines. On top of that, company directors are now required to confirm that their financial statements comply with Singapore Financial Reporting Standards SFRS, raising the bar for professionalism during the annual review process. These changes mean business owners can no longer treat annual filing as a routine formality.

So, what exactly is annual filing? Simply put, it's the yearly process of submitting essential information to ACRA. This includes updating your company’s registered details, filing audited financial statements if applicable, and holding an annual general meeting AGM for shareholders. For small private companies that qualify under the “small company exemption,” an audit might not be necessary-but you still need to complete the filing process.

Why use a professional filing agent? First, most entrepreneurs aren’t accountants or legal experts. Trying to navigate complex procedures on your own increases the risk of mistakes. Second, regulations in Singapore change frequently, and keeping up with every update is tough for anyone without specialized knowledge. That’s where a trusted agent comes in. They know ACRA’s systems inside out, understand eligibility for exemptions, and can guide your business through the process efficiently and correctly.

When choosing an agent, there are a few things to watch for. Start with credentials reputable firms are usually run by licensed accountants or certified corporate secretaries, and their registration details should be verifiable on ACRA’s website. Next, look at the scope of service. Some providers only offer basic submission support, while more professional ones go further-offering help with bookkeeping cleanup, tax planning advice, and timely compliance alerts. Communication matters too. Since annual filing involves multiple steps, slow responses or unclear explanations from your agent can easily delay everything.

Recent media reports highlight real consequences of poor choices some SMEs ended up paying hundreds of dollars in fines simply because their agent missed deadlines. Worse, their company status was flagged as “non-compliant,” affecting bank operations and damaging credibility with partners. Clearly, picking the right agent makes all the difference.

Beyond the basics, a good agent adds value tailored to your situation. For example, if your company earns less than S$10 million annually and has fewer than 50 employees, you likely qualify as a small company and may be exempt from auditing. A knowledgeable agent will assess your eligibility and walk you through proper reporting. If your ownership structure is more complex-with foreign directors or overseas holding entities-they can assist with document authentication, translation, and other administrative hurdles.

Technology is also reshaping how annual reviews are done. ACRA now runs entirely on its BizFile+ platform, meaning all submissions happen online. Professional agents typically come equipped with e-signature tools and secure document management systems, reducing errors and speeding up processing. Many also provide clients with a personal portal, so you can track progress, download reports, and stay informed-anytime, anywhere.

Here’s something important annual filing isn’t just ticking boxes. It’s actually a chance to take stock of your company’s health. Through the process, you might uncover issues like outdated shareholder records, unrecorded capital changes, or messy accounting-all of which could snowball into bigger problems later. Experienced agents often flag these risks proactively, giving your business something like a “yearly check-up.”

Cost-wise, prices for annual filing services vary widely across Singapore. Basic packages typically range from S$300 to S$800, depending on company size, whether an audit is needed, and financial complexity. Don’t automatically go for the cheapest option-low fees often mean cut corners, which could cost you more in the long run. Compare a few providers, read the service breakdown carefully, and ideally sign a written agreement outlining responsibilities and delivery timelines.

One final tip don’t wait until year-end to think about annual filing. Ideally, start preparing 1-2 months before your financial year closes. That gives you enough time to organize accounts, schedule board and shareholder meetings, and meet all requirements smoothly. Reliable agents usually send early reminders and follow up proactively, helping you avoid last-minute rushes and deadline breaches.

In short, staying compliant is non-negotiable when running a business in Singapore. Yes, annual filing can be tedious-but with the right professional support, it becomes manageable and stress-free. The key? Plan ahead, choose wisely, and maintain open communication. When you leave the technical work to experts, you’re free to focus on growing your business-instead of worrying about fines or losing your license.