Annual financial reports are mandatory for Singaporean companies. However, a company could be exempted from audit if it meets two of the three following requirements:
- Profit was less than 10million Singapore dollars;
- Company assets at the end of the financial year are not exceeded by 10million Singapore dollars;
- Company staff numbers do not exceed 50 people.
Singaporean companies should prepare their financial report in no more than 6 months. ACRA (Accounting and Corporate Regulatory Authority) provides another month to file this report.
A tax information report goes to IRAS, the tax authority of Singapore, a year after the financial year - i.e. if a company’s financial year finished on 31st March 2016, the deadline for tax return documentation would be 15th December 2017.
A financial year is not aligned to a calendar year and may not necessary consist of 12 months.
Thus, Singaporean companies have maximum flexibility in financial stream management.
However, Singaporean laws enforce large fines for missed deadlines on tax return documentation and financial reports filing.
We understand the importance of filing tax return and financial information in Singapore on time and we do our best to meet these deadlines.
To get a quote for the preparation and filling of a financial report or tax return for your Singaporean company, please contact us.