December Year Ends: Key Dates And Timelines To File Annual Returns
Photo by Subham Swain on Unsplash
For any company registered to do business in Singapore, compliance is compulsory, including Annual Return and ECI filing.
If you’re one of our Finance clients, you don’t need to worry too much about the deadlines - we’ll remind you of everything as we go! If you aren’t an Accela Finance client, if you’re a newly incorporated company or considering starting a business in Singapore, read on for a few key details to consider when it comes to timelines for annual filings.
Deadlines Are Dependent On Your Financial Year End
Four years ago, the timelines for holding Annual General Meetings (AGMs) and the filing of annual returns were aligned with the financial year ends (FYEs) of companies.
The FYE is a company’s last day of the accounting period that recurs every 12 months, which impacts filing annual returns, corporate tax returns and more. While many companies have their FYE fall on the 31st of December to align with the calendar year, this isn’t necessarily the case for all companies - setting the date is at the company’s discretion.
December Year End Requirements
For companies with a December year end, the AGMs must be held by 30 June, which will be when the financial statements are signed off. The Annual Returns can only be filed after the AGM has been held, or after financial statements are sent (if the company doesn’t need to hold an AGM). The deadline for the Annual Return filing with the Accounting and Corporate Regulatory Authority (ACRA) is 31 July.
What Is Involved In Filing My Return?
The Annual Return is a digital form filed with ACRA which contains key details of the company and helps the company’s stakeholders to make informed decisions. The appointed officer of your company can file the annual return online, or you can engage a third party like Accela Finance to assist you.
You should be prepared to gather the following details for your annual return:
Company Details: Confirm that the company type, registered office address, the particulars of the company officers, and details of registered charges are up to date. If the information has changed or is incorrect, you must update the details. You will also need to confirm whether there are any changes to your company’s primary and secondary business activities.
Shares: Verify your company’s shares details, such as the number of shares held, issued share capital, and amount of paid up share capital.
Financial Statements: Companies that are not required to file financial statements must instead submit an online declaration, when filing their annual return. If you are required to file a full set of financial statements in XBRL format, these must be prepared and validated before you can file the annual return.
Date of Annual General Meeting (if applicable): This is not applicable if your company is exempted from holding AGMs or have dispensed with AGMs under Section 175A of the Companies Act.
What Happens If I Miss The Deadline?
If Annual Returns are filed late, there will be financial penalties imposed on the company. Previously a flat fee of S$300 for late returns, the penalty was revised last year to S$300 for late lodgment filed within three months after the filing due date and S$600 for late lodgment filed more than three months after the filing due date.
-
Don’t miss your upcoming filing deadline! If you need help filing your annual return, we’d be happy to help! Get in touch with our team to discuss how we can be of service: [email protected].