Singapore Ltd Maintenance & Deadlines
IMPORTANT DEADLINES FOR ALL SINGAPORE COMPANIES
1. DEADLINES FROM ACRA (Accounting and Corporate Regulatory Authority) FOR COMPANIES THAT HAVE INDIVIDUAL AND CORPORATE SHAREHOLDERS
2. IRAS (Inland Revenue Authority of Singapore) DEADLINES
If a Singapore company is dormant (with either Share Capital and 1 Bank Account opened on its name that only has administration fees and/or payments to the administration providers or only Share Capital) then ACRA allows the company to prepare Unaudited Financial Statements (UFS). If the company has at least 1 corporate shareholder, ACRA still allows the submission of UFS but they need to be converted to XBRL Format.
If a company has only individual shareholders, it is trading and has a turnover of above SGD 5 million, and then it is required by ACRA to prepare Audited Financial Statements and then convert them to an XBRL Format for their submission to ACRA.
If a Singapore company has at least 1 corporate shareholder, then it is required by ACRA to prepare Audited Financial Statements by a local Singaporean auditor and then convert them in an XBRL Format for their submission to ACRA.
If a company is dormant, it has the right not to submit the ECI and C Forms. In order to be given an exception for this submission, the company needs to apply for a “Waiver of Income Tax Return Submission” for the C Form. For the ECI Form, the company needs to apply for a “Waiver of Requirement to file ECI Form”. Please note that these fillings need to be made at least 3 months before the submission deadlines as IRAS needs a minimum of 2 months from the date of receipt of the Waiver Applications to process the applications.
If a Singapore company is trading but its Annual Revenue is not more than SGD 1 million for its financial year and its ECI is Nil, then it has a right to apply for an “Administrative Concessions Waiver of Requirement to file ECI”. The filling for an Administration Concession, applies only for companies with a FY October 2012 and after.
Please note that the AGM’s are not submitted to ACRA but are required by law to be prepared and kept at the Secretary’s office together with the official company documents. Nevertheless, the preparation, dating and meeting of the AGMs are very important, especially the date when the AGM is being held.
Please note that the date on the Unaudited and Audited Financial Statements must be at least 6 months before the meeting of AGM.
If a company is required to audit its accounts, then the auditor must be booked before the financial year end of the company, otherwise there can be no guarantee that there will be an available auditor or that a quote for reasonable audit fees will be given. Auditors are needed to be booked in September before the financial year end of the company.
If a Singapore company has audited its accounts, it is required to convert the Audited Financial Statements in an XBRL Format (either partially or fully) and submit them to ACRA in this format.
A company either trading or dormant is advised to appoint a local Singaporean tax agent to advice on the company’s tax matters, prepare and submit its tax forms. Please note that newly incorporated Singapore resident companies can enjoy tax exemptions.
Severe penalties will be imposed both to the company and to its officials if the above mentioned deadlines are not met. To avoid this it is strongly advised that book keeping is done on a monthly basis for all trading companies, irrespective of their work volume and the preparation of Financial Statements (audited or unaudited) starts immediately after the end of the company’s financial year.