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"File Annual Return in Singapore..."
The
Key To Making
An Online Filing Starts With
Finding Out Whether The
Company's Financial Statements
Must Be Audited Or Not!
Ask
yourself these questions:
- Is the
company dormant? If the answer is "yes", you are not required to
prepare any accounts, but you must still file tax return (Form C) with
Tax Authorities as well as file Annual Return with ACRA.
- One or more
shareholders are corporate entities? If the answer is "yes", you are
required to prepare Audited accounts, file Audited accounts &
tax return (Form C) with Tax Authorities as well as file Annual Return
with ACRA.
- Are your
shareholders more than 20? If the answer is "yes", you are required to
prepare Audited accounts, file Audited accounts & tax return
(Form C) with Tax Authorities as well as file Annual Return with ACRA.
- Is your Annual
Gross Income more than 5 million Singapore Dollars? If the answer is "yes", you are required to
prepare Audited accounts, file Audited accounts & tax
return
(Form
C) with Tax Authorities as well as file Annual Return with ACRA.
-
If your
answers to all these questions are "no", you are required to prepare
un-Audited Accounts, file Un-Audited accounts & tax return
(Form C) with Tax Authorities as well as file Annual Return with ACRA.
Most of the
Companies in Singapore are
exempted from filing Audited Accounts, as their annual incomes
do
not exceed 5 millions, and are run by a few shareholders. (In other
words, the financial statements need not be audited and signed by the
Auditors!)
In short, "Limited Exempt Pte Ltd " companies are not required to file unaudited financial statements with ACRA, all other
Singapore Companies are required to file their financial statements in
XBRL (extensible Business Reporting Language) format with ACRA. So file your annual returns ASAP and avoid late filing penalty......................................................
If
you are too busy or do not have the know-how ...
I will be able to file your annual returns with ACRA for a fee of $70. (annual filing fee of $20 levied by ACRA is included).
Alternatively I will be able to coach you do the annual filing (hands on session of 45 minutes, so that you can file your future annual returns with ACRA on your own and save consultnacy fee, plus advice on IRAS form C filing & AGM requirements) for a fee of $100 only!
Happy filing!
Indicative Accounting service Charges
P.S.
Under
Section 197 of the Companies Act, directors must lodge the annual
return with ACRA within one month after the annual general meeting.
The first AGM must be held within 18 months of its
incorporation and the subsequent AGMs to be held within intervals of 15
months, The audited (unaudited) accounts, tabled at the AGM should not
be more than 6 months old. If the company requires more time
to lodge its annual accounts it may seek an extension from ACRA by
filing an application. Late lodgement of Annual Return for local company will have to pay a penalty of $60 to $350 depending on the length of default (Days). So file early and avoid penalty!
Copyright 2011
© File Annual Return In Singapore
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