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Singapore company annual review
In Singapore, accounting and tax filing for private limited companies only need to be done once a year, and there is no need to do accounting every month. After the registration of the new company is completed, the annual general meeting of shareholders (AGM) must be held within 18 months, the accounting chronology and financial reports must be submitted to the Registration Authority (AR), and tax returns must be filed with the tax bureau. This series of work needs to be carried out every financial year. Once, collectively referred to as the annual review.
Information provided
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Information about the company, such as company type, company address, business scope, company members, creditors, and others.
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Regarding equity information, equity type, quantity, issued shares, paid-in capital and others.
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Company annual financial report.
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Time of the company's annual general meeting of shareholders. (if applicable)
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After declaration, archive the updated Bizfile.
Annual review process
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Companies must prepare financial reports in accordance with Singapore's financial reporting standard, known as the Singapore Financial Reporting Standard in English.
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After the financial report is settled, the company may hold an annual general meeting of shareholders.
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Relevant documents are resolved and signed by the company's board of directors.
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The above documents must be submitted to ACRA, as well as the company's annual review application.
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After submission, archive the latest Bizfile.
Time point for annual review
1. Listed companies
Corporate Estimated Taxes: Within 3 months after fiscal year end
Annual General Meeting: Within 4 months after the end of the financial year
Annual filing: within 5 months after the end of the fiscal year
2. Unlisted companies
Corporate Estimated Taxes: Within 3 months after fiscal year end
Annual General Meeting: Within 6 months after the end of the financial year
Annual filing: within 7 months after the end of the fiscal year
Documents required for annual review
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company financial report
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Director's Statement
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Exempt Company Statement (if applicable)
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Solvency Statement
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Adopt financial reporting resolution
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Exemption from audit resolution (if applicable)
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Company member consent form
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Other relevant documents
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Company Annual General Meeting
According to Section 175 of the relevant Acts of the Singapore Company Law, a Singapore company must hold its first annual general meeting within 18 months after its establishment. An annual general meeting must then be held every calendar year, and the interval between general meetings must not exceed 15 months.
A financial report needs to be presented at the general meeting. This financial report must be an English financial report compiled in accordance with the standards of the Institute of Certified Public Accountants of Singapore (ICPAS) and submitted to the Accounting and Corporate Regulatory Authority (ACRA) within one month of the general meeting (AGM). ) and the cycle of accounting services can be determined according to the customer's own needs.
Precautions
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The meeting must only deal with resolutions based on the notice given. Usually the resolution matters are the distribution of dividends, appointment of directors, appointment of audit companies, directors and senior management salaries, company financial reports, etc.
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A quorum must be established for a meeting to be considered valid. The quorum is usually stated in the company's articles of association. If it is not expressly stated in the company's articles of association, the minimum number of members is two.
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Corporate members can appoint a proxy to attend any meeting and vote. The proxy does not need to be a member of the company. The appointment procedures must be stated in the company's articles of association.
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The meeting must properly present the company's financial reports, including financial statements, balance sheet, directors' report and auditor's report (if applicable). These materials must be sent to all members together with the notice 14 days before the annual general meeting, so that all members have sufficient time to prepare in advance.
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The resolution of the meeting must be ensured by a vote of the members of the company and this procedure is covered by the company's articles of association.
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The conclusion of the meeting must be recorded in writing and must be witnessed and signed by the chairman of the company for approval. Afterwards, submit annual returns via Bizfile+.
annual financial statements
The annual financial report refers to the compilation of annual accounting accounts and the preparation of annual financial reports by companies established in Singapore in accordance with the requirements of government departments. According to the Singapore Companies Act, Singapore companies must submit to the Singapore Registration Authority an English financial report compiled in accordance with the standards of the Singapore Institute of Certified Public Accountants every financial year. Report types include accounting, draft directors' report, director's statement, income statement, balance sheet, cash flow statement and classification notes, etc.
dormant company
In Singapore, a dormant company is a company that has no business activities and no income during the entire tax base period. For example, if your company has no business activities and no income during the entire tax base period in 2022, then in the year of assessment (YA) 2023, the company will be treated as a dormant company.
Dormant companies must file a corporate income tax return (Form C-S/Form C-S (Lite)/Form C) with IRAS by 30 November each year, unless the company has been exempted from filing the return.
ACRA corresponding policies
IRAS corresponding policies
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Dormant companies are exempted from preparing financial reports
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Dormant companies are exempt from holding annual general meetings
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Dormant companies need to submit an annual review
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Dormant companies are exempt from filing estimated tax (ECI)
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Dormant companies are exempt from filing income tax if the following are true: The company does not carry out any business activities and the company does not have any investment projects, such as real estate, stocks and time deposits, etc. If the company has investment projects, it cannot profit from the investments. The company must have deregistered GST.
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