Annual Returns Submission in Singapore
Annual returns submission in Singapore is a mandatory requirement for all Singapore-incorporated companies to keep their information current with the Accounting and Corporate Regulatory Authority (ACRA). It also ensures that stakeholders have access to accurate particulars of a company such as its composition, business activities and financial health.
It also helps to project transparency and reliability to investors, potential business partners and investors who are seeking to establish a long-lasting relationship with the company. However, annual returns filing can be a tedious process and non-compliance may result in hefty fines. It is important to adhere to statutory deadlines and meet all filing requirements on time, which can be challenging for some businesses, especially when handling multiple obligations simultaneously.
Everything You Need to Know About Annual Returns Submission in Singapore
Whether it be the preparation of financial statements, holding AGMs or adhering to tax filing requirements with IRAS, there are many aspects of a company that must be taken into consideration when making an annual return submission. For example, it is crucial to check if the company’s shares details are correct, and if financial statements are required for the filing, a complete set of financial statements must be submitted in XBRL format.
Getting things right in the first place will help to save both time and money in the long run, and this is why it is recommended that businesses to use an online portal such as BizFile+ for filing their annual returns and adhere to all submission timelines. It would be wise to engage a professional to make sure that the submission is made in compliance and without any errors, avoiding costly penalties.