Essential Guide on How to File Annual Returns for Your Business
Filing annual returns is a key compliance requirement for all Singapore-incorporated companies. This guide provides a comprehensive walkthrough of the process, using ACRA's BizFile+ portal, and includes tips to ensure a smooth and penalty-free filing experience.
Introduction to Business Entities
All businesses registered as companies in Singapore are required to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). This includes private limited companies, public companies, and foreign companies operating in Singapore.
The annual return is a summary of a company’s important information - such as its financial position, shareholder structure, and company officers. Filing this document keeps ACRA’s database updated and ensures your business remains in good legal standing.
Fast facts about annual filing requirements
All Singapore-incorporated companies are required to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA) to keep the company’s information in ACRA’s database up to date.
Business entities, including private companies and public companies, must comply with the Companies Act and file annual returns to maintain their registration.
The annual return provides a snapshot of the company’s current information, including company details, financial position, and shareholder details.
Filing annual returns is a crucial part of maintaining a business in Singapore and ensures legal and fiscal compliance.
Importance of Annual Filing
Filing annual returns is more than just ticking a box—it’s about maintaining transparency and legal compliance. The Companies Act mandates it, and failure to comply can result in:
Late filing penalties
Legal notices from ACRA
Potential striking off of the company
Proper annual filing also supports good corporate governance and gives stakeholders a clear view of your company’s health and management.
Key ideas to note
The importance of annual filing cannot be overstated, as it ensures transparency, accountability, and compliance with the Companies Act.
Companies that fail to file annual returns may face late lodgement penalties, fines, and even striking off by the Registrar.
Annual General Meeting AGM
Before filing your annual return, your company must conduct an Annual General Meeting (AGM) - unless it qualifies for an exemption.
Private companies may be exempted if they send financial statements to shareholders within 5 months after the end of the financial year.
Public companies must hold an AGM and lay financial statements for approval.
During the AGM, directors present financial statements, address shareholder queries, and obtain approval where required.
Accounting and Corporate Regulatory
Before filing your annual return, your company must conduct an Annual General Meeting (AGM)—unless it qualifies for an exemption.
Private companies may be exempted if they send financial statements to shareholders within 5 months after the end of the financial year.
Public companies must hold an AGM and lay financial statements for approval.
During the AGM, directors present financial statements, address shareholder queries, and obtain approval where required.
Annual Declarations
Annual declarations are a critical part of the annual return filing process, as they provide a snapshot of the company’s current information.
Companies must ensure that their annual declarations are accurate, complete, and up to date to avoid penalties and maintain their compliance.
The annual declaration includes information on the company’s financial position, shareholder details, and company officers.
Companies must submit their annual declarations to ACRA through the BizFile+ portal, which provides a secure and efficient way to file the necessary documents.
Important reminders
When filing your annual return with ACRA, you’ll need the following:
Company name and UEN (Unique Entity Number)
Date of AGM (if applicable)
Financial year end (FYE)
Financial statements in XBRL format (for most companies)
Details of company officers and shareholders
Ensure your financials are prepared under the Singapore Financial Reporting Standards (SFRS).
Filing Annual Returns with ACRA
Filing annual returns with ACRA is a straightforward process that can be completed online through the BizFile+ portal. Companies must ensure that they have the necessary documents and information ready before filing their annual returns, including financial statements, shareholder details, and company officer information.
The filing process typically takes a few minutes to complete, and companies can track the status of their filing through the BizFile+ portal. Companies must ensure that they file their annual returns on time to avoid late lodgement penalties and maintain their good standing.
Step-by-step guide on how to file annual returns
Log in to BizFile+ using your CorpPass
Navigate to "Annual Filing" > "Annual Return by Local Company"
Input your UEN and select the correct financial year end
Upload the necessary documents (e.g., financial statements)
Confirm company officers and shareholder details
Review and pay the filing fee (usually SGD $60)
Submit and download your confirmation receipt
Penalties for Non-Compliance
Companies that fail to file their annual returns on time may face late lodgement penalties, fines, and even striking off by the Registrar. The penalties for non-compliance can be severe, and companies must ensure that they comply with the regulatory requirements to avoid these penalties.
Those that fail to comply with the regulatory requirements may also face reputational damage and loss of business opportunities. Companies must prioritize compliance and seek expert guidance if they are unsure about the regulatory requirements.
Common Pitfalls
Private companies must file within 7 months after their FYE
Public companies must file within 5 months after their FYE
Common mistakes to avoid:
Using outdated shareholder information
Failing to convert financial statements to XBRL format
Missing the AGM or not obtaining necessary approvals
Penalties for Non-Compliance
Non-compliance can lead to:
Late filing penalty: $300 per return
Court summons and fines
Company being struck off the ACRA register
These consequences can also damage your business reputation and hinder future fundraising or expansion efforts.
Company Secretary's Role in Annual Filing
In Singapore, the company secretary plays a vital role in ensuring annual returns are filed accurately and on time. Their responsibilities include:
Preparing AGM documents
Coordinating with directors and auditors
Submitting returns via BizFile+
If your company lacks in-house expertise, engaging a corporate services firm can help ensure compliance.
Final Thoughts: Staying Compliant with ACRA
In conclusion, filing annual returns is a critical part of maintaining a business in Singapore, and companies must comply with the regulatory requirements to avoid penalties and maintain their good standing.
Filing your annual return in Singapore is a non-negotiable legal requirement. Understanding how to use BizFile+, keeping accurate records, and meeting filing deadlines are all essential.
By following the tips and guidelines outlined in this guide, companies can ensure that they file their annual returns accurately and on time, and maintain their compliance with the regulatory requirements. Your company can enjoy benefits such as:
Maintaining your good standing
Avoiding costly penalties
Demonstrating strong corporate governance
If you’re unsure how to proceed, consult a qualified company secretary or compliance professional.
Need help with annual return filing? Contact Piloto Asia for expert guidance and corporate compliance services tailored to your business.