Each and every Singapore offshore company is obliged to submit an annual statement that reflects the information on everything concerning the company’s activity and its structure (Shareholders, Directors, equity, etc.). Non-compliance with the requirements on due annual reporting entails fines levied by a regulating body (ACRA). The breach of any section of the Law incurs a SGD $200 fine, with breaches, if there are several of them, to be combined.
Singapore offshore companies with an annual turnover of more than SGD $10m must submit an audited statement together with the XBRL regulated statement. If the turnover is below the mentioned amount, a Director’s declaration of the company’s financial solvency is enough.
The annual report is to be drafted and submitted within 6 months upon the end of a financial year. For an additional payment, Accounting and Corporate Regulatory Authorities can exceed the reporting period for up to 2 months.