If your financial year end is on or after 31st August 2018, there has been an update in timeline for filings of both AGM and Annual Returns, as stipulated by ACRA.
What is Annual Return?
Part of a Company’s annual compliance matters, an annual return is a form submission to ACRA that must be submitted electronically annually to ACRA; and is mandatory for all Singapore registered companies. A fee of $60 is payable to ACRA for every submission.
The annual return holds information of the company such as the name, and particulars of directors, company secretary as well as shareholders and other stakeholders of the company.
The purpose of the annual return is to provide key information to help in informed decision making for the company’s stakeholders. You may appoint Leftright Corporate as your company secretary or engage us in a one-time assistance with annual returns filing.
Simplified Annual Return Filing
Applicable for companies with financial year ending on or after 31st August 2018 only, the simplified annual return filing helps in reducing the administrative burden for companies.
Most of the information would already be pre-filled for quicker and easier filing.
In order to be eligible for the simplified annual return filing, your company must:
- Have a financial year end that is on or after 31st August 2018
- Be declared as a solvent EPC or private dormant company in the last most recent annual return submission
- Not have a set of audited financial statements
- Not have a requirement to file financial statements
- Not have any change in information that was previously filed with ACRA in the last most recent annual return submission
- AGM has been held, or if exempted from AGM, have the company’s financial statements already circulated to all members of the company.
Timeline to submit Annual Return & hold AGM
From 31st August 2018, ACRA has made changes and simplified the timeline for holding AGMs and filing submission of the Annual Return.
This change aligns filing deadline according to the financial year ends of companies.
Deadline for Annual Return Filing
| Companies before 31st August 2018 FYE. | Companies After 31st August 2018 FYE. |
|---|---|
| File annual returns within 30 days after the annual general meeting. For companies having a share capital and keeping a branch register outside Singapore, file annual returns within 60 days after AGM. In addition, note that the annual return can be filed only:
| Listed Companies: File annual returns within 5 months after financial year end.
Non-Listed Companies: File annual returns within 7 months after financial year end. For companies having a share capital and keeping a branch register outside Singapore,file annual returns within six months (for listed companies) or eight months (for non-listed companies) after financial year end. In addition, note that the annual return can be filed only:
|
Deadline for holding Annual General Meetings (AGM)
| Companies before 31st August 2018 FYE. | Companies After 31st August 2018 FYE. |
|---|---|
| If first AGM after recent incorporation: Hold first AGM within 18 months of incorporation Subsequent AGM: Every calendar year at a maximum interval of not more than 15 months Note: Financial statements that are presented at the AGM must be made up to a date within 4 months (for listed company) or 6 months (for any other company) before the AGM date. | Listed Companies: Hold AGM within 4 months after FYE. Non-Listed Companies: Hold AGM within 6 months after FYE. |
Extension of Annual Return Filing Deadline
An extension of time to file annual return is applicable only to companies with financial year sending on or after 31 August 2018.
Companies can apply for an extension of time of 60 days to file the annual return. As it requires up to 14 working days to process the application, you are advised to submit the EOT application more than 14 working days before the deadline. The application costs $200.
Either a company officer, or a professional firm representing the company can submit an extension.
After Annual Return Filing Submission
Companies that successfully file their annual return will receive their own business profile for free and for records. The individual filing the annual return will receive an email, with a URL to download the free profile.
