Annual Returns Submission
Annual returns submission in Singapore is a legal requirement for Singapore-incorporated companies to keep their information up to date with the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). It is important for entrepreneurs to meet these filing requirements on time, to avoid hefty fines and other potential penalties. With a trusted corporate services firm by your side, you can avoid the hassle of submitting returns and forms and remain compliant with statutory regulations in Singapore.
The annual return is an electronic form lodged with ACRA, which includes essential details like the company name, directors, members, secretaries, and the dates of the previous and forthcoming AGMs. It also contains the company’s financial statements if any, which will give shareholders an idea of how the company is performing throughout the year.
Professional Help for Annual Returns Submission in Singapore
Aside from the annual return, a company must submit its income tax statement through Form C-S or Form C (Lite) to IRAS if it has income in Singapore. Dormant companies are also required to file their tax computations unless they have been granted a waiver by IRAS.
As such, preparing for the annual return and IRAS filings should be a priority for all businesses in Singapore. By doing so, they will be able to stay on top of their compliance with ACRA and IRAS and show that they are reliable and responsible business partners to their clients, investors, and other stakeholders. Regularly filing returns and financial statements will not only help the company retain its credibility, but it will also open up new opportunities with potential partners and investors who value transparency and accountability.…
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