ACRA’s new guide will benefit start-ups in Singapore

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The guide by Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) announced details on how and when local companies are required to file their annual returns.
The guide by Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) announced details on how and when local companies are required to file their annual returns.

To assist an increasing number of foreign companies establishing their subsidiary companies in Singapore with compliance, a recently released guide by ACRA, which is entitled ‘Filing Annual Returns’ will be gladly accepted. With this initiative, the government in Singapore has proved why the city-state has consistently topped the ‘World Bank’s Ease of Doing Business’ rankings every year.

The guide provides an entire annual returns filing process with detailed timelines, which is an obligatory compliance requirement for Singapore-incorporated companies. It is divided into five main sections covering all aspects of the filing of annual returns by each type of business entity in Singapore. These include general filing requirements; specific directions for filing returns and dormant companies; and filing returns with or without holding an Annual General Meeting (AGM).

Christine Lim, who manages the website Singaporeincorporation.net states: ‘this will help greatly as there is much confusion at the moment surrounding the preparation of a full set of financial statements or financial statements highlights in XBRL format, and how to upload it via BizFinx portal, along with the submission of annual returns in BizFile’.
Contact us to learn more about the corporate compliance requirements in Singapore.