Adhering to the compliance deadlines and doing the necessary filing can be a hassle to go through.
We get it and that is why we came up with this article to summarise the important compliance deadlines that private limited companies in Singapore ("Singco") have to take note of. (Especially new companies, cause you guys got more deadlines to deal with *winks*)
Before we start on the deadlines, let's address the first (and most important) question, Which main authorities are we dealing with?
The two main authorities every Singco have to deal with are the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). And you really don't want to get onto their bad books...
1. ACRA Filing
If there is any term you would be able to relate in this article, that would be the Annual General Meeting ("AGM"), which the following image might be what you imagine an AGM would be...
(a) Appointment of Company Secretary: within six (6) months from the date of its incorporation.
(b) Appointment of Auditors: within three (3) months from the date of its incorporation unless it is a dormant company or a small company or the entire group must be a small group.
(c) Annual General Meeting (AGM)
Section 175 of the Companies Act states that newly incorporated local companies must hold their first AGM within 18 months from the incorporation date. Subsequently, AGMs have to be held yearly in a span of not more than 15 months from the previous AGM.
Section 201 of the Companies Act states that after each financial year of the company end, companies have to lay their financial statements for the financial year at the AGM yearly. Private Limited Companies have to file within 6 months.
Dispensation of AGM is possible if all shareholders and members passed a written resolution.
Extension of Time (EOT) is also possible. Application for EOT must be done BEFORE the due date to hold AGM.
(d) Filing of Annual Returns
A Company must file its annual return with ACRA within one (1) month after the AGM is being held under Section 197 of the Companies Act.
2. IRAS Filing
IRAS Filing includes Estimated Chargeable Income (ECI) Filing and Income Tax Return Filing (Form C-S/C).
(a) ECI Filing
There are 2 ways to file ECI.
(i) E-File via https://mytax.iras.gov.sg.
- E-File must be submitted by 26th of each qualifying month to enjoy the maximum number of instalments allowable for that month.
- Only company on GIRO qualify for instalment payment. Companies without GIRO arrangement for corporate tax are encouraged to apply for GIRO at least 14 days before e-filing ECI.
(ii) Paper File
- Paper file must be submitted by 24th of each qualifying month to enjoy the maximum number of instalments allowable for that month.
- Completed ECI form can be submitted through post or fax.
Post Address: Inland Revenue Authority of Singapore, 55 Newton Road, Revenue House, Singapore 307987
Fax No.: +65 6351 4360
(b) Form C-S/C
There are two types of income tax return, Form C-S and Form C.
To check which form to file for your company, you can visit the IRAS website.
We have decided to be nice and provide the link so you do not have to go through the hassle of looking for the qualifying terms. Love us.
The due dates for both forms are the same, except it differs between e-filing and paper filing.
E-filing: 15 December in the year following the financial year.
Paper Filing: 30 November in the year following the financial year.
For new companies, you will only receive Form C-S/C Filing package after two years after its year of incorporation. (Yay!)
So, in conclusion, there are actually only 4 important deadlines you have to adhere to. Unless you need to go through the hassle of extending deadlines for AGM. We hope that we have helped you simplify the different compliance deadlines that you have to adhere to. Now you have no more excuses for last minute filing or late filing!