Annual Returns Submission
Annual return filing service by CFO ACC SG is a critical requirement for all Singapore-incorporated companies. It ensures the company information on ACRA’s register is up to date, and demonstrates the company’s commitment to transparency and compliance. Failure to submit an annual return by the deadline could result in penalties and legal consequences.
The annual return filing process involves preparing financial statements, coordinating and holding Annual General Meetings (AGM), and submitting the correct filings in the permitted timeframe to ACRA and IRAS. Completing this task can be daunting, but with careful preparation and professional assistance, the process can be streamlined.
What is an Annual Return?
A company’s annual return is a document that contains details about the directors, financial statements, and shareholding information. It is submitted to the ACRA through their online filing system. There is a fee associated with this submission, which can vary depending on the type of company and when it is filed.
In addition, the annual return is used to present the company’s financial accounts to shareholders at an AGM. It is also a tax reporting document for the shareholders, who use the information in their tax returns.
An important thing to remember is that the annual return and the company’s financial statements should be prepared in XBRL format, as this is the standard data exchange format for financial documents. XBRL is an international standard for exchanging business data, which allows for greater interoperability and accuracy when compared to traditional paper documents.