Question: Is Annual Return Mandatory for All Singapore Companies?
Answer: Yes, all registered private limited companies in Singapore, whether dormant or active, are required to file annual returns.
Question: When Should First-Year Companies File Their First Annual Returns?
Answer: First-year companies must file their first annual returns within 18 months from the date of incorporation.
Question: Are Audit Reports Required for Annual Returns?
Answer: Not all companies need audit reports. Companies meeting any two of the following criteria in the previous financial year require audits:
1.Annual turnover exceeds SGD 10 million
2.Total assets exceed SGD 10 million
3.Employ more than 50 employees
Question: What Are the Consequences of Late Annual Returns Filing?
Answer: Late filing incurs penalties starting from SGD 300 per month. Persistent non-compliance may lead to directors facing court proceedings.
Question: Can Companies Apply for Extension in Filing Annual Returns?
Answer: Yes, companies can apply online to ACRA for a maximum two-month extension before the due date.
Question: Can a Company Close Without Filing Annual Returns Close to the Deadline?
Answer: Yes, a company can close directly provided it has ceased operations entirely.
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