Going for Simplified Annual Returns?


With effect from December 2019, certain companies can file their annual returns with greater ease as most of the information is pre-filled in the annual return form. The filer only needs to review the pre-filled information which was based on the company's previous annual return filing to ensure that it is still relevant for the current annual return.

Companies using this new simplified process only need to select from available options and indicated dates in the Annual Returns form, and double-check the accuracy of the information in the form before submitting it.

CAN YOUR COMPANY FILE SIMPLIFIED ANNUAL RETURN?

Your Company is eligible for simplified annual return if it meets the following requirements:

  • Your Company’s financial year end date falls on or after 31 August 2018;
  • Your Company declared itself as a solvent exempt private company ("EPC") or a “private dormant relevant company” in its last Annual Return; 
  • Your Company does not be preparing audited financial statements;
  • Your Company is not required to file financial statements with ACRA; and
  • Your Company is not making changes to information previously filed with ACRA.

A “private dormant relevant company” is a private company which is dormant, and that is neither listed nor a subsidiary of a listed company. The consolidated total assets of this company and its subsidiaries (if any) also cannot exceed S$500,000.

WHAT YOU NEED TO DO BEFORE FILING SIMPLIFIED ANNUAL RETURN?

Before filing the simplified annual return, your Company must have first held its annual general meeting ("AGM"). If your Company is not required to hold an AGM, its financial statements must first be circulated to all shareholders of your Company.

If your Company is a private dormant relevant company that is exempted from filing financial statements, or it has dispensed with holding of AGMs, the simplified annual return can be filed after your Company's financial year end, which must be on or after 31 August 2018.

If your Company has not filed its annual returns for more than one financial year, you would need to file the overdue annual returns before you can proceed to file the annual return for the latest financial year. 

WHO CAN FILE SIMPLIFIED ANNUAL RETURN FOR YOUR COMPANY?

Any appointed officer of your Company can file annual return or simplified annual return, if your Company qualifies. Any appointed officer refers to any director or company secretary of your Company. Alternatively, you can engage services of a registered filing agent to file annual return on behalf of your Company.


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