Singapore Company Annual Filling Requirements

By Author: Jim Brooke
Total Articles: 1
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This will serve as an overview of the annual filing requirements for Singapore companies whether foreign or local. All local and foreign companies in Singapore are obliged to comply with annual filing requirements from the Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority of Singapore (ACRA).

A Singapore company is required to hold its first Annual General Meeting within 18 months of its incorporation and at the AGM, under Section 175 of the Companies Act. It's the directors task to present the company's accounts that comply with the requirements of the Accounting Standards and give a true and fair view of the status of the company to its shareholders. Subsequent AGMs must be held every calendar year and the interval between these meetings should not be more than 15 months after the date of the last AGM.

The accounts which are presented at the AGM Under Section 201 of the Companies Act must not be made more than:

* 6 months from the date of the AGM for a private company/unlisted public company, or
* 4 months from the date of the AGM for a public listed company.

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... Singapore incorporated company is required to file its Annual Return with the Registrar within one month after holding the AGM, Under Section 197 of the Companies Act. The law requires every company to hold its AGM and file its Annual Return. The Companies Act does not adhere to the minimum level of qualifications of the persons required to help the company prepare the accounts.

The directors should decide the level of expertise required to help them with the preparation of accounts, based on the complexity of the accounts. They should also be prepared to justify how the level of expertise falls within the purview of Section 157C of the Companies Act. Section 157C of the Companies Act accords directors with protection for reasonable reliance on information and advice from professionals and experts, with this the director acts in good faith, makes proper inquiry if the circumstances warrant, and has no knowledge that his reliance on such information or advice is unwarranted.

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