The Singapore Companies Act and the Inland Revenue Ordinance require all companies registered in Singapore to fulfill the obligation of preparing and filing annual financial statements even if they have no business or income. As a professional secretarial firm, we can provide one-stop support from finance to compliance to safeguard the legal and compliant operation of companies.
🌟 Key obligations to be fulfilled for financial statements of Singapore companies
1️⃣ Preparation of annual financial statements
The company is required to prepare annual financial statements reflecting the company's assets, liabilities, revenues, expenses and cash flows.
The financial statements should comply with the Singapore Financial Reporting Standards (SFRS) or applicable small company standards.
2️⃣ ACRA Annual Return (Annual Return)
Companies are required to file an Annual Return with ACRA within seven months of the end of the fiscal year.
The annual return consists of financial statement data and a directors' declaration.
3️⃣ XBRL format statement submission (if applicable)
Most companies are required to convert their financial statements to XBRL format for submission to ACRA to ensure data standardization and electronic filing.
4️⃣ Corporate tax returns (IRAS)
Companies are required to file a corporate income tax return (Form C or Form C-S) with the Inland Revenue Authority of Singapore (IRAS).
Financial statements are an important part of the tax return and are used to reflect the company's tax status.
🌟 Relevant services that can be provided by a professional secretarial firm
As a professional secretarial firm, we can provide the following one-stop services to help companies complete their financial and annual filings in an efficient and compliant manner:
📌 Financial statements and accounting services
✅ Provision of daily accounting bookkeeping (monthly/quarterly/yearly)
✅ Preparation of annual financial statements (balance sheet, income statement, cash flow statement, notes, etc.)
✅ Financial Statement XBRL Format Conversion and Submission
📌 ACRA Annual Filing Service
✅ Prepare and submit Annual Return documents
✅ AGM (General Meeting) or AGM Exemption Proposals and Arrangements
✅ Declaration of Directors and preparation of relevant statutory documents
📌 Tax filing services
✅ Preparation and filing of corporate tax returns (Form C / Form C-S)
✅ ECI (Estimated Tax Return) Preparation and Submission
✅ Basic tax advisory support
📌 Compliance management support
✅ Change of financial year-end date and related requests
✅ Deadline reminders to avoid late penalties
✅ Filing of corporate statutory documents and maintenance of records
🌟 Why choose a professional secretarial firm?
✅ Comprehensive knowledge of the latest requirements of the Singapore Companies Act, ACRA, IRAS
✅ Provide one-stop service for the whole process of finance, tax and secretarial services
✅ Ensure that the company is compliant in filing to avoid fines due to incomplete statements or documents
✅ Assist management to focus on core business and reduce administrative burden
🌟 Frequently Asked Reminders
⚠ Even if a company has no business and no income, it is required to prepare financial statements and meet annual filing obligations.
⚠ Failure to file annual or tax returns on time can result in fines from ACRA and IRAS and may even result in the company being struck off (struck off).
⚠ Annual filings need to accurately reflect the company's financial position for government and shareholder access.
📌 concluding remarks
Singapore company financial statements and annual returns are an important part of a company's statutory obligations. By choosing a professional secretarial firm, we can help your company to complete the compliance work efficiently, avoid risks and save time. For a detailed service plan, quotation or customized compliance plan, we can provide you with professional support.
