Establishing and running a company in Singapore entails numerous responsibilities. It includes compliance and timely submissions with the regulatory authorities. One of such compliance regulations is an annual filing. Through a Company Secretary in Singapore, this can be very hassle-free and timely.
In this article, we are providing a clear, practical annual filing checklist that should be used in tandem with your company secretary.
The Relevance of Annual Filing
Annual filing is nothing but the statutory obligation under Companies Act where non-compliance could lead one towards penalties or legal notices or even striking off a company. The key person ensuring that all necessary documents will be properly prepared and submitted on time is that of the Company Secretary.
Annual Filing Checklist
Here is a rundown of what your Singapore company secretary will manage throughout the year.:
1. Preparation for Annual General Meeting
Private limited companies (except for those excluded from the requirement) must hold an AGM within six months of the end of the financial year.
The Company Secretary will:
- Set a date for the AGM.
- Prepare, serve, and distribute the notice for the meeting.
- Draft and finalize the resolutions of the meeting;
- Record the minutes of the AGM.
Note: The holding of the AGM may be exempted if the company conveys the financial statements to its members within five months from the end of the FYE.
2. Filing of Annual Return with ACRA
To be filed within 7 months from FYE.
The Company Secretary shall:
- Confirm that the financial statements are prepared and signed
- File the annual return via BizFile+
- Ensure that all company information (directors, shareholders, registered address) is current.
3. Preparation of Financial Statements
Financial statements are to be:
- Unaudited (small EPCs) or
- Audited (bigger companies) depending on the size and type of the company;
- The Company Secretary will coordinate with accountants or auditors to ensure the correctness of financial reporting.
4. Filing Corporate Tax With IRAS
Although it falls under accounting functions, the Company Secretary mainly assists in the following activities:
- Filing Estimated Chargeable Income (ECI) within 3 months after FYE
- Coordinates with tax agents for the filing of Form C-S or C.
5. Board Resolutions and Compliance Documentation
For actions such as dividend declaration, appointment of directors, or changes in shares, your Company Secretary will:
- Prepare and submit appropriate board resolutions
- File the necessary documents with ACRA.
Avoiding Penalties and Compliance
Missing out on any of the above steps may lead you to be imposed with:
- Fines from SGD 300 to SGD 5,000
- Late penalties for the filing
- Director disqualification in some repeated non-compliances
With a competent Company Secretary in Singapore, the foregoing risks could have been easily avoided.
Conclusion
Your Company Secretary is not just a paper-pusher; they are an imperative compliance partner. Following a concise annual filing checklist ensures that your business stays legally compliant, managed to the fullest, and penalty-free.
An apt partner with an experienced corporate secretarial firm will relieve you of the pressure stemming from compliance work, thus allowing you to grow your business.
