Singapore Company Management

Annual General Meeting and Annual Return Filing

Annual General Meeting (AGM) is a form of way for company to present its financial statements to shareholders. Shareholders can then ask questions about the health of your business during the meeting. AGM is therefore an important opportunity to address shareholders concerns.

Annual Return (AR) filing is refer/ring to an electronic form lodgement with Accounting and Corporate Regu/la/tory Authority “ACRA” and contains important particulars of the company such as the name of the directors, secretary, its shareholders, and the date to which the financial statements of the company are made up to.

All companies in Singapore are required to hold AGMs as well as filing of AR.

Goods and Services Tax (GST) (Relevant to those GST registered companies)

Reporting period of GST can be on Monthly / quarterly / semi-annually basis, usually most of the company will go for quarterly report basis.

E-Filing deadline is within one month from the end of the reporting period and there is no paper filing.

Corporate Income Tax Return

A company is taxed on income earned in the preceding financial year. This means that income earned in the financial year 2022 will be taxed in 2023.

All companies need to submit two corporate income tax returns to IRAS every year within the stipulated time:

First return refers to Estimated Chargeable Income (ECI) which should e-File within 3 months from the end of financial year. It is an estimation of the company’s taxable income after deducting tax-allowance expenses.

However, ECI filing is exempted for company whose qualifies for the administrative concession whereby

– Annual revenue less than S$5 million; and

– ECI is NIL.

Employment Income Reporting

Employers are required by law, section 68, subsection 2 of the Income Tax Act to prepare annual report (i.e. IR8A including relevant appendix) for employees who are employed in Singapore by 1 March each year.

Employer is required to distribute IR8A to each employee by 1 March of the following year.

Employee will then proceed with individual income tax submission by 15 April each calendar year (for paper filing) and 18 April each calendar year (for e-filing)

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