Complete Guide to Singapore Company Annual Filing A Must-Read Handbook for Business Owners

In today’s globalized business landscape, an increasing number of Chinese entrepreneurs are turning their sights overseas-especially to Singapore, renowned for its efficiency and transparency. As one of Asia’s most attractive business hubs, Singapore offers low tax rates, stable policies, and highly digitalized services that make running a company remarkably convenient. Yet, even with its straightforward company registration process, ongoing compliance cannot be overlooked. Among these responsibilities, the annual review stands out as a must-do “yearly task.” Recently, the Accounting and Corporate Regulatory Authority ACRA has once again emphasized the importance of corporate compliance and updated certain procedures related to annual filings, reminding all registered companies to complete their submissions on time.

Many first-time business owners setting up in Singapore find themselves confused What exactly does the annual review involve? Are there deadlines? What happens if you miss them? Today, let's break down the entire process of Singapore’s company annual review-so you can stay compliant and avoid unnecessary trouble.

What Is the Annual Review for Singapore Companies?

Strictly speaking, Singapore doesn’t use the term annual inspection like some other countries. However, when people refer to the “annual check,” they usually mean two core compliance obligations every company must fulfill each year filing the Annual Return and holding the Annual General Meeting AGM of shareholders. These are legal requirements for every registered company, regardless of whether it’s actively operating.

According to ACRA regulations, a company must hold its first AGM within 18 months of incorporation and then at least once every calendar year thereafter. Within seven months after each AGM, the company must submit financial statements-audited or unaudited-to ACRA along with the annual return. This timeline is critical. Missing the deadline could result in fines, and in serious cases, the company may even be struck off the register.

How Does the Process Work?

Step 1 Prepare Financial Statements

Even if your company had no business activity during the year, you still need to prepare financial statements. For small companies meeting specific criteria-annual revenue under SGD 5 million, fewer than 20 employees, and not publicly listed-a formal audit is not required. However, simplified financial statements must still be prepared. It’s advisable to work with a licensed local accounting firm to ensure compliance with Singapore Financial Reporting Standards SFRS.

Step 2 Hold the Annual General Meeting AGM

While ACRA now allows companies to pass written resolutions instead of holding physical meetings, many businesses still opt for an official AGM-especially when major decisions or shareholder changes are involved. Typical agenda items include reviewing last year’s financials, approving profit distribution plans, and re-electing directors.

Step 3 File the Annual Return

This is the most crucial step. You’ll need to file the Annual Return online through ACRA’s BizFile+ system. The submission includes key details such as company information, director and shareholder lists, registered address, and a summary of financials. Once filed successfully, the system automatically generates an electronic confirmation receipt-this serves as proof that your “annual check” is complete.

Though this may sound complicated, Singapore’s push toward digitalization means most steps can be completed online. With all documents ready, the whole process typically takes less than an hour.

Common Misunderstandings and Key Tips

One widespread misconception is that “zero tax filing” means “no annual review needed.” That’s completely wrong. Even if your company earned zero income, you’re still legally required to hold an AGM and file the annual return.

Another common issue is procrastination. Some business owners think being a few days late won’t matter-but ACRA has clear penalties late by less than a month? Expect around SGD 300 in fines. Over six months overdue? Fines can reach SGD 600, and worse, your company might face deregistration.

Also, any changes to company details-such as a change in directors or registered office address-must be updated in ACRA’s system within 14 days. Failure to do so can cause your annual return to be rejected due to mismatched data, delaying everything unnecessarily.

Latest Updates Smarter Compliance, Smoother Experience

Since 2025, ACRA has further improved the compliance experience. New features include automated reminders sent via email and SMS to alert company officers about upcoming deadlines. At the same time, reporting fields for small businesses have been streamlined, reducing redundant inputs. These upgrades make compliance more efficient-and more user-friendly.

Moreover, as more Chinese companies use Singapore as a gateway to Southeast Asia, local professional service providers have stepped up, offering end-to-end annual review support in Chinese. From preparing financial records and drafting meeting minutes to handling online submissions, these one-stop services significantly lower the barrier for cross-border businesses.

Final Thoughts

Doing business in Singapore is all about rules and efficiency. While the annual review may seem minor, it’s actually a cornerstone of maintaining legal and smooth operations. Instead of waiting until penalty notices arrive, it’s far better to plan ahead and meet deadlines proactively.

After all, a compliant and well-managed company doesn’t just earn trust from partners-it also lays a solid foundation for future fundraising and expansion. For every entrepreneur building a business in Singapore, think of the annual review as your company’s yearly health check-up. Use it to take stock, reflect, and strengthen your path forward. Because sometimes, what starts as a legal obligation turns into a valuable opportunity for self-assessment and growth.