Why Annual return is important?

Introducing the Annual Return

The Annual Return is an electronic form filed with ACRA. It includes the important elements of the company such as directors, secretaries, It includes important information about the company, such as its members and the date of the company's financial statements. Annual returns provide important information that helps a company's stakeholders make informed decisions.

Your company's appointed representative can file the annual return on ACRA's online filing portal BizFile+. Alternatively, you can engage the services of a registered agent to do this on behalf of the company.

Company Officers and Annual Return

If your company has only one director, only this director needs to sign the Annual Return and the documents submitted. If the company has more than one director. At least two directors must sign the Annual Return and the documents submitted.

How the annual return is required to be submitted to ACRA under the Company Act

All Singapore incorporated companies are required under the Company Act to submit an annual return to ACRA to ensure that company information on ACRA's registration is up to date. When the company holds its AGM, it must present the date of its annual general meeting (AGM) as well as the company's financial statements (if applicable).

Late filing of Annual Return

If your company has not filed its annual returns for more than one financial year. You need to file the overdue annual returns before you can proceed to file the annual return for the last financial year.

Action for violations in filing Annual Return All companies are required to file their annual returns on time. Companies that file annual returns after the deadline will be subject to a late penalty of up to $600 for each late filing.

Application for extension of time for Annual Return

Companies can apply for a 60-day extension to file annual returns. As it takes up to 14 days to process the application. You are advised to submit the EOT application more than 14 days before the deadline. The application costs $200. A company officer or a professional firm representing the company can apply for EOT.