1. Do all Singapore companies have to file an annual return?

Answer: Under the Companies Act, all Singapore-incorporated companies (regardless of dormant or active companies) are required to file annual returns with ACRA to ensure that the company's information on ACRA's register is up to date.

2. When should the first annual return be filed for a new company?

Answer:   Newly incorporated businesses may conduct their first AGM and submit their Annual Return document 18 months from the incorporation date. At the same time, the financial report (accounting report or audit report) must be completed within 6 months before the completion of the annual report. Otherwise, fines will be incurred.

3. From the second year of establishment, what is the due date for filing an annual return?

Answer: From the second year onwards, the annual report should be completed within 15 months after the last annual report, and the financial report must be completed within 6 months before the annual report. Otherwise, fines will be incurred.

4. What is XBRL?

Answer: The full name of XBRL is XBRL eXtensible Business Reporting Language, a language for the electronic communication of business and financial data worldwide. Through unified identification and classification of data, it can be directly read and further processed by users or other software. It is an open standard, free of license fees. XBRL offers cost savings, greater efficiency, and improved accuracy and reliability to all those involved in using financial data.

5. Does every Singapore company need to attach an XBRL file when submitting its annual report?

Answer: No, it is mandatory only if the shareholder is a company, or an operating company and its financial status is insolvent, or if the number of shareholders exceeds 50.

6. Does every company need to submit the statement of accounts as an attachment when filing the tax return?

Answer: No, only companies that meet the requirements. Companies earning a revenue of $500,000 or more, will have to submit the statement of accounts as an attachment when filing corporate tax return.

7. What will happen if the company fails to submit the annual report within the stipulated time?

Answer: IRAS may be fined for an offense if the company fails to file by the due date. The fine starts from S$60/ month. If the annual report is not completed by the latest due date or not paying the fines, the company will face the risk of being summoned to Court.

8. Can I request for an extension to file my company’s overdue annual report?

Answer: Yes, companies can apply for an extension of time of 2 months to file the annual return through ACRA website. The application costs $200.

9. 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?

Answer: Yes, you may just close the company, but only if the company is not functioning at all. There will be no penalty for not doing the annual report.

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