annual review of companiesFull name Annual Return (AR)The Annual Audit is an annual statutory obligation that all companies registered in Singapore have to fulfill to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The purpose of the annual audit is to report to the public and the regulator on the company's basic and up-to-date information and financial position, and to keep the company legally compliant.
🌟 Key elements of the annual audit
The annual review of the company mainly includes the following declarations:
✅ Basic company information (company name, registered address, shareholders, directors, secretary, etc.)
✅ Financial year-end date and annual financial statements (if applicable)
✅ AGM situation or AGM waiver statement
✅ Financial summary (small companies may submit simplified statements or declare exemptions)
🌟 Time frame for submission
The company must be in Within 7 months of fiscal year end File an Annual Return with ACRA.
If the Company holds an AGM, it must be held after the AGM. Within 30 days Submitted for annual review.
If the company is exempted from the AGM, it will still have to be filed within seven months of the end of the fiscal year.
🌟 Consequences of not submitting an annual review
⚠ Companies and directors can face fines, citations and even removal (struck off).
⚠ Affects the company's business reputation and future business operations.
🌟 Annual review services available from professional secretarial firms
As a professional secretarial firm, we can assist companies with the following tasks:
🎯 Annual review deadline reminder with full follow up
🎯 Annual Audit Data Preparation and Online Submission
🎯 AGM meeting schedule or AGM waiver proposal
🎯 Annual financial information organization and simplified statement production
🎯 Statutory Record Updating and Retention
📌 Conclusion
Annual review is a necessary procedure under the Singapore Companies Act to ensure that the company's information is transparent and legally compliant. Choosing a professional secretarial firm can help your company to complete the annual audit in an efficient and timely manner, avoiding unnecessary risks and fines.
