Singapore business owners, it is the end of the year, has your company done the annual audit?

Business Regarding the Annual Audit of Singapore Companies, There are Several Things to Do:

1. Financial statement: Annual financial statement is to assist a company established in Singapore to sort out its annual accounts and prepare annual financial reports according to the requirements of government departments.

2. General Meeting of Shareholders: The Annual General Meeting of shareholders (AGM) refers to the resolutions of the annual general meeting of shareholders which must be held by the secretary of the company within 18 months after the establishment of the company and voted and signed by all the directors.

3. Tax Filing: In each financial year, a private limited company in Singapore is required to file a corporate tax return with the Inland Revenue Authority of Singapore (IRAS).

What Happens If There is No Annual Report?

Firstly, all Singapore-incorporated companies, VCCs and LLPs will be imposed with a late lodgment penalty by the Accounting and Corporate Regulatory Authority (ACRA), then go to court, then director can be disqualified by court if convicted of offenses.

Besides that, IRAS will fine the non-filing of tax returns company as well as summon the directors to court. All Singapore companies are required to file annual returns. Don’t know how to file an annual return?

Do not hesitate to contact us for filing annual reports of your company.

What Services Do We Offer for Filing Annual Reports?

a. Annual financial statement

b. Report of Annual General Meeting (AGM, Annual return)

c. Annual TAX computation

d. Corporate Tax filing

e. One year Commercial Secretary

All these included in our annual audit service. It's a great deal, isn’t it? All at once. Stop hesitating and just come and chat with us for more annual reports details.

QNAs - Often Encountered Problems During Annual Audit Process

Q1. All Singapore-incorporated companies required to file annual returns?

Any company registered in Singapore, whether dormant or active, requires an annual report.

Q2. Does every company need to get its financial statements and accounting records audited by an auditor on an annual basis?

No, a company that qualifies as a small company is not required to appoint an auditor and have its accounts audited. A company is required to conduct an audit if it has met any two of the following conditions in the previous financial year:

1. Turnover exceeding S $10 million

2. Total assets exceed S $10 million

3. More than 50 full-time employees.

Q3. If the company cannot complete the annual audit within the stipulated period, can it apply for extension?

Yes, companies can apply for an extension of time of 60 days to file the annual return before its due date.

Q4. If you plan to close a company, but it is close to the time of annual audit, can you continue to close without filling the annual audit?

You may just close the company, but only if the company is not functioning at all.

What Documents to Provide for Filing Annual Audit?

1. Company ACRA BizFile

2. Financial Statements

If I can't come back to Singapore, how should I prepare the annual audit for my company? That is easy to handle, Skyline Business Consulting can handle your annual audit online.

Skyline Business Consulting Pte. Ltd. was established in 2011, is an international comprehensive business registration and company management services professional organization, its business involves registered companies, company business changes, add or subtract directors, tax declaration, annual audit, accounting and provide accounts and various government preferential policy declarations. If you have any problems in any industry business in Singapore, please feel free to contact us! We are more than happy to provide professional guidance to you!