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Annual Filing

Singapore Company Annual Review System:

• Annual Financial Statements: Companies must prepare and submit a complete set of annual financial statements, including the balance sheet, profit and loss statement, and cash flow statement. These statements must comply with Singapore's accounting standards and legal requirements.
  
• Submission of Estimated Chargeable Income (ECI): Estimated Chargeable Income (ECI), sometimes referred to as estimated tax, must be submitted by all Singapore-registered companies within three months after the end of their financial year to estimate the amount of corporate income tax payable. Even if a company estimates its chargeable income to be zero, a "nil" ECI must still be submitted.
  
• Annual Return: Companies need to prepare an annual return, which includes a business overview, financial status, future plans, and other important information. This report must be signed by the company directors and submitted to the relevant regulatory authorities.
  
• Audit Requirements: Some companies may be required to undergo an annual audit, depending on their business size and nature. A company may be required to have its financial statements audited if it meets any 2 of the following 3 conditions: annual revenue exceeds SGD 10 million; total assets exceed SGD 10 million; or the company has more than 50 employees. Audits are performed by certified public accountants to verify the accuracy and compliance of the company's financial statements.
  
• Submission Deadline: Annual financial statements and returns must be submitted within the stipulated deadline, typically within 6 months after the end of the company's financial year.
  
• Penalties and Fines: If a company fails to submit its annual financial statements and returns on time, it may face fines and other legal consequences, including possible deregistration.
  

ZN Overseas provides comprehensive Singapore company annual review services. Please consult our professional advisors for more details.

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