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No. 304, 3rd Floor, Building B5, New Guo Da Zhou Innovation Research Institute, Zhongxin Wisdom Third Street 10, Huangpu District, Guangzhou City, China
Singapore company annual review is an important mandatory annual work. Companies are required to prepare complete financial statements and select a suitable auditor for audit. In the Singapore company annual review process, the documents that the company needs to sign mainly include the audit engagement letter, audit report, financial statements and tax returns. If the company fails to submit statements and documents within the specified time, it will face fines and other legal consequences. Therefore, companies need to take Singapore company annual review seriously to ensure that their financial statements are true, accurate and complete, while also protecting the rights and interests of investors and stakeholders.
01
First, the company shall prepare annual financial statements, including the balance sheet, profit and loss statement, and cash flow statement. These statements need to be reviewed by a certified public accountant or public accountant, who shall also issue and sign the audit report.
02
Next, the company is required to submit its annual financial statements to Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Companies with an annual income exceeding SGD 1 million shall also file the income tax return.
03
ACRA will audit the company’s annual financial statements and issue an audit report to ensure compliance with Singapore’s financial reporting standards. If ACRA identifies any issues, the company must make adjustments and resubmit the statements.
04
The company shall file taxes with the Inland Revenue Authority of Singapore during the annual review period. Tax declarations include income tax, goods and services tax, and employer’s contribution to the Central Provident Fund, etc.
05
After completing the annual review, the company needs to update its registered information with ACRA, including particulars of directors, shareholders and company registered address.
The timeline for Singapore company annual review depends on the company’s incorporation date and financial year end. Under Singapore law, a company’s financial year must end within 12 months after its incorporation. For example, if a company is incorporated on 1 January 2021, its financial year will end on 31 December 2021.
A company must complete its annual review within 6 months after the end of its financial year. For instance, if the financial year ends on 31 December 2021, the annual review must be completed by 30 June 2022.
If an extension for annual review is required, the company may apply to ACRA for a time extension. The extension application must be submitted before the annual review deadline with sufficient supporting reasons.
1. Audit Engagement Letter
An audit engagement letter is a formal agreement between the company and the auditor, defining the auditor’s roles and obligations. It generally covers the audit period, audit fees, audit scope and audit procedures.
2. Audit Report
An audit report contains the auditor’s evaluation and professional opinions on the authenticity, accuracy and completeness of the company’s financial statements. It normally includes the auditor’s opinion, audit scope, audit procedures and audit findings.
3. Financial Statements
As a mandatory annual document, financial statements reflect the company’s financial position and operating performance, including the balance sheet, profit and loss statement, cash flow statement and statement of changes in equity.
4. Tax Return Forms
Companies are required to submit tax returns annually to declare tax liabilities to the Singapore authorities, including income tax returns, GST returns and business tax returns.