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Annual Returns Submission – A Requirement For All CompaniesAnnual Returns Submission – A Requirement For All Companies
A regular process for maintaining transparency and compliance, annual returns submission is a requirement for all companies in Singapore. It encompasses the preparation of financial documents, conducting the annual general meetings and submitting them in the given timeframe to both ACRA and IRAS. Despite the distinctions and complexities involved, fulfilling this regulatory requirement is manageable for businesses with the support of professionals.More info :https://www.cfoacc.com.sg/accounting/agm-and-filing-of-annual-returns-singapore
This article will provide a comprehensive overview of the filing requirements and procedures, as well as its impact on company operations and corporate governance. It is designed to help business users like you understand what annual filings are, when they’re due, and how to file them effectively.
What is an Annual Return?
Annual returns submission is a mandatory requirement for all Singapore-incorporated companies under the Companies Act. It is a formal submission of the company information to ACRA on an annual basis to ensure that the information on the companies’ registers is up-to-date and accurate.
Companies are required to submit their annual return within 30 days from the company’s annual general meeting (AGM) date, or when the financial year ends, whichever comes first.
Some companies will be required to submit a full set of financial statements in XBRL format when they file their annual return, while others may need to only submit key financial elements. In addition, companies that have dispensed with the AGM by passing written resolutions will need to include the date of the AGM in their annual return submission.…