Essential Guide to Filing Annual Returns in Singapore: What Small Business Owners Need to Know

As a small business owner in Singapore, filing your company’s Annual Returns (AR) with the Accounting and Corporate Regulatory Authority (ACRA) is crucial for maintaining compliance. This guide will streamline the process for you.

1. What Are Annual Returns?

Annual Returns are required filings that update ACRA about your company’s details, including directors, shareholders, and financial status. Every company in Singapore must file these annually.

Example: If you run a small café, you need to file an AR each year to report any changes, such as new directors or updates in financial details.

2. Filing Deadlines

The deadline for filing your AR depends on your financial year-end (FYE) and whether you hold an Annual General Meeting (AGM):

• With AGM: File within 5 months after your FYE.
• Without AGM: File within 7 months after your FYE.

Example: If your financial year ends on 31 December and you hold an AGM, your AR must be filed by 31 May of the following year.

3. Exemptions for Small Businesses

Small private companies in Singapore may qualify for exemptions that simplify the AR filing process:

• AGM Exemption
• Auditor Exemption
• Financial Statement Exemption

Eligibility: Companies with annual revenue under S$10 million, total assets under S$10 million, and fewer than 50 employees.

Example: If your café meets these criteria, you could be exempt from holding an AGM and submitting audited financial statements, easing your compliance obligations.

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4. Required Documents Checklist

Before filing your AR, gather the following documents:

• Company Information: Name, Unique Entity Number (UEN), and registered address.
• Details of Directors and Shareholders: Updated information on directors, secretaries, and shareholders.
• Share Capital Structure: Details about the company’s share capital.
• Financial Statements: If required, prepared in XBRL format.

Tip: Organising these documents ahead of time will make the filing process smoother and quicker.

5. Importance of Timely Filing and Penalties

Filing your AR on time is crucial to avoid penalties:

• Late Filing Fees: Fines of up to S$600 per late return.
• Company Removal: Continued non-compliance could lead to your company being struck off the ACRA register.
• Legal Action: Directors and company officers may face enforcement actions for failing to comply.

Tip: Set reminders well in advance of your deadlines to avoid these penalties.

6. Benefits of Outsourcing

Outsourcing the AR filing process can offer significant advantages:

• Accuracy: Professionals ensure your filings are correct and meet all regulatory requirements.
• Time Efficiency: Focus on your business while experts handle compliance.
• Peace of Mind: Knowing your compliance tasks are managed by professionals can alleviate stress.

Example: If you’re busy with the daily operations of your café, outsourcing AR filing allows you to stay compliant without the added workload.

Summary

Filing Annual Returns is a critical task for maintaining your business’s legal standing in Singapore. By understanding the process, tracking deadlines, and preparing all necessary documents, you can avoid penalties and ensure compliance. Whether you handle filings yourself or seek professional assistance, being organised and proactive is essential. Timely AR filing isn’t just about avoiding fines—it’s an investment in your business’s future within Singapore’s dynamic business landscape.

Try Counto’s Company Secretary service 

Running a company in Singapore can be challenging, but with professional support, it can be simple. Counto’s goal is to take away the complexities of compliance, and save you time and money throughout the year. To learn more, speak to us directly on our chatbot, email [email protected], or use our contact form to get started.

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