Annual reporting in the context of a Singapore offshore company
An end-of-year report, also called the Annual Return, reflects primary changes in a company’s structure for the previous financial year. The offshore company structure implies all information regarding Shareholders, Directors, Secretary and the legal address.
In case a Singapore offshore company shows an annual turnover of more than SGD $10m, it becomes a subject for financial reporting and XBRL financial statements (statistic reports drafted in a particular format).
Companies with a turnover below SGD $10m submit a Director’s declaration to confirm the company’s financial solvency.
An annual report is required to be submitted by a Singapore offshore company within 6 months upon the end of a financial year, which means that during this period, a company should complete financial accounting and undergo the auditing process (in case of having a SGD $10m turnover), hold an annual Shareholders’ meeting, approve financial statements and submit the annual report to ACRA, the Singapore company regulatory body.