Is It Mandatory for My Company to File Annual Return?
What Is an Annual Return?
An annual return (AR) is a mandatory report filed with the Accounting and Corporate Regulatory Authority (ACRA) . It provides critical information about your company, such as its officers, registered address, and financial details. Filing ensures your company remains in compliance with Singapore’s regulatory requirements.
Is It Mandatory to File an Annual Return?
Yes, all Singapore-incorporated companies must file their annual returns. This applies regardless of whether your company is active or dormant. Non-compliance leads to severe consequences, including penalties and legal action.
What you have to file each year
Filing Requirements for Annual Returns
Deadlines for Filing
The AR filing deadline depends on your company type and financial year-end:
- Private Companies: File within 7 months after the financial year-end.
- Public Companies: File within 5 months from the financial year-end or 1 month after the AGM.
Required Documents
You will need to provide the following:
- Updated particulars of directors, shareholders, and company secretary
- Financial statements (unless exempt)
- Details of any changes in company structure
Extension for AR Filing
Companies unable to meet their filing deadline may apply for an extension through ACRA. However, extensions are subject to approval and should be requested well in advance. Late applications may not be entertained.
Penalties for Non-Compliance
Failing to file an AR on time results in penalties:
- Late filing fees start at SGD 300 and can increase depending on the delay.
- Persistent non-compliance may lead to director disqualification or company deregistration.
To avoid these penalties, ensure timely filing or engage professional assistance.
Annual General Meeting and Annual Return Filing Breaches
FAQ on Annual Return Filing
1. Do dormant companies need to file an AR?
Yes, even dormant companies must file their annual return. However, they are exempt from submitting financial statements.
2. What happens if I miss the AR deadline?
Missing the deadline incurs late filing fees and could lead to legal action or the company being struck off the register.
3. Can I file the AR myself?
Yes, you can file your AR through ACRA’s BizFile+ portal [Bizfile]. However, it’s advisable to seek professional help to ensure accuracy.
4. Is the company secretary responsible for filing the AR?
Yes, filing the AR is typically part of the company secretary’s responsibilities. Engaging a qualified company secretary ensures compliance with statutory requirements.
5. How do I apply for an AR filing extension?
You can request an extension via BizFile+ before the deadline. ACRA may grant approval based on the circumstances.
Advantages of Timely Filing
Avoid Legal Risks
Filing on time helps your company avoid late fees, penalties, and legal complications.
Maintain Good Standing
A company in compliance builds trust with stakeholders, investors, and regulatory authorities.
Enhance Efficiency
Meeting deadlines ensures smoother operations and keeps your company’s records up-to-date.
Summary: Need Help Filing Your Annual Return?
Filing your company’s annual return is a crucial compliance requirement under Singapore law. Missing deadlines or filing inaccurately can result in hefty penalties and affect your company’s standing.
At Think SME , we specialize in helping businesses stay compliant. Filing your AR is a key part of our company secretarial services, ensuring that every detail is handled efficiently and accurately. Let us handle your AR filing so you can focus on growing your business.
Contact Think SME today to simplify your compliance needs!
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