Under the Companies Act in Singapore. all Singapore incorporated companies are required to file an Annual Return, to ensure all company information on ACRA (Accounting and Corporate Regulatory Authority) register is up to date. Filing of Annual Returns are an important compliance step for Singapore incorporated companies.
Annual Returns must be filed within 5 months after year end (for listed companies) and 7 months (for non listed companies). The Annual General Meeting (AGM) is a prerequisite to filing the AR. Financial Statements are to be presented for approval at the AGM, unless a company is exempt from holding an AGM.
ACRA maintains information for Singapore incorporated companies and also is the regulator responsible for enforcing the requirements of the Companies Act. Some information is available publicly as an information of record. Companies are required to conduct an Annual General Meeting (AGM) annually and either file financial statements as a mandatory requirement in XBRL format or be subject to lower reporting requirements like filing a declaration.
If Annual Returns are not filed on a timely basis, ACRA can impose fines and penalties, as well as prosecute the company or its directors in court. It may also disqualify the directors for breaches for up to 5 years and restrict their ability to act as a director for any company.
If appointed as a registered filing agent, Ezee Pte. Ltd. can help companies to file their annual returns and prepare XBRL reports if required.