Filing of Annual Returns

Annual Filing Requirement: Companies are required to file their financial statements with the Accounting and Corporate Regulatory Authority (ACRA) as part of their annual return submission.

Filing Deadline: Annual returns must be filed within one month after the company’s Annual General Meeting (AGM).

XBRL Format: Certain companies are required to file their financial statements in XBRL (eXtensible Business Reporting Language) format, which standardizes the financial information for easier analysis and comparison.

Filing of Estimated Chargeable Income (ECI)

Companies are required to declare their estimated chargeable income (ECI) within three months after the end of their financial year.

ECI Form: The ECI form submitted to IRAS includes an estimate of the company's taxable income for that year.

Waiver for ECI Filing: Companies with an annual revenue of not more than S$5 million for the financial year and whose ECI is nil for the Year of Assessment (YA) may qualify for a waiver from ECI filing.

Filing of Corporate Income Tax Returns

Form C-S and Form C: Companies must file either Form C-S or Form C annually. Form C-S is a simplified tax return for smaller companies with annual revenue of S$5 million or less, while Form C is for other companies.

Filing Deadline: The deadline for filing these forms is November 30 (paper filing) or December 15 (e-Filing) of the following year.

Financial Statements

Companies are required to prepare and present financial statements at the AGM. These should be prepared in accordance with the Singapore Financial Reporting Standards (SFRS).

Exemptions: Small companies or those belonging to a small group may be exempted from having their accounts audited but are still required to prepare and submit unaudited financial statements. A company qualifies as a small company if it is a private company in the financial year in question, and it meets at least 2 of 3 following criteria for the immediate past two consecutive financial years:

Total annual revenue ≤ S$10 million,

Total assets ≤ S$10 million,

No more than 50 employees

Information

Private exempt or dormant companies that are not required to audit their financial statements must submit a solvency statement.

This statement declares that the company is able to meet its liabilities as they fall due.