Introduction
Singapore companies must adhere to strict compliance and filing requirements to maintain transparency and follow statutory obligations. This guide outlines the key annual compliance requirements and deadlines for private limited companies in Singapore, structured by the sequence of actions.
Fiscal Year Overview
The fiscal year for Singapore companies typically begins on January 1 and ends on December 31 of the same year. However, companies are free to choose their own fiscal year-end date according to their specific needs and often start from the day they have incorporated the company.
1. Incorporation and Initial Compliance
Incorporation Date: The company is officially registered with the Accounting and Corporate Regulatory Authority (ACRA). This date marks the starting point for future statutory obligations.
2. Preparation and Filing of Tax Returns
Estimated Chargeable Income (ECI):
ECI is an estimate of the company’s taxable profits for a Year of Assessment (YA).
Companies must file their ECI with the Inland Revenue Authority of Singapore (IRAS) within three months from the financial year-end (FYE).
Companies typically receive a notification from IRAS to file their ECI in the last month of their financial year.
Corporate Tax Return:
Companies must file their corporate income tax returns by November 30 annually for the preceding financial year.
For example, if the financial year ended on December 31, 2023, the corporate income tax return must be filed by November 30, 2024.
3. Filing of Goods and Services Tax (GST) Returns
GST Returns:
Companies registered under GST must file their GST returns and make payments within one month after the end of the accounting period covered by the return (usually quarterly).
Examples of filing deadlines:
January – March: April 30
April – June: July 31
July – September: October 31
October – December: January 31
4. Holding Annual General Meeting (AGM)
AGM Requirements:
Must be held within six months after the financial year-end unless exempted.
Directors must present the company's financial statements at the AGM.
5. Filing Annual Returns with ACRA
Annual Return:
Must be filed within seven months after the financial year-end.
Includes a declaration of solvency or a copy of the financial statements.
6. Preparing Financial Statements
Financial Statements:
Must be prepared within six months before the AGM date, i.e., within six months after the financial year-end.
Financial statements must comply with Singapore Financial Reporting Standards (SFRS).
7. Audit of Financial Statements
Audit Requirements:
An annual audit of financial statements is required, depending on the company size and exemptions.
Audits must be performed by a Certified Public Accountant (CPA).
8. Employer's Return of Remuneration and Pensions
Employer’s Return:
Companies must file a return (Form IR8A) of all salaries paid to employees annually, usually before March 1.
9. Renewal of Business Registration Certificate
Business Registration: Must be renewed annually to maintain the legal status of the company.
Compliance Summary for annual deadlines for Singapore
Compliance Task | Deadline |
Holding Annual General Meeting (AGM) | Within 6 months after the Financial Year End |
Filing Annual Returns with ACRA | Within 7 months after FYE |
Preparing Financial Statements | Within 6 months before the AGM date |
Filing Estimated Chargeable Income (ECI) | Within 3 months from the FYE |
Filing Corporate Tax Return | By November 30 annually |
Filing GST Returns | Within 1 month after the conclusion of the accounting period |
Filing Employer’s Return (IR8A) | By March 1 annually |
Renewing Business Registration Certificate | Annually |
Penalties for Non-Compliance
Non-compliance with statutory obligations can result in various penalties:
Late Filing of Annual Returns with ACRA:
Penalty starts at S$300 and escalates to S$600 if filing exceeds a three-month delay.
Late Submission of Tax Returns to IRAS:
May result in an estimated Notice of Assessment (NOA), requiring payment within one month.
Non-compliance could lead to court summons and additional penalties.
Missed Deadline for GST Returns:
Late submission incurs a penalty of S$200, escalating by S$200 per month, capped at S$10,000.
An estimated NOA may impose a 5% late-payment penalty on the estimated tax amount.
Consistent failure to file GST returns can lead to court summons for responsible individuals.
Conclusion
Adhering to Singapore’s statutory requirements is crucial for maintaining good standing and avoiding penalties.
Engaging professional services can help ensure that all statutory obligations are met promptly and accurately, keeping companies compliant throughout the year.
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