Annual Return before ACRA
The Annual Return, submitted to ACRA, contains the particulars of the company such as the name of the directors, secretary, its members, and the date to which the financial statements of the company are made up to.
Company details:
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Company type.
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Registered office address,
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The particulars of the company officers,
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The details of registered charges are up to date. If the information has changed or is incorrect, you must update the details.
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Confirm whether there are any changes to your company’s primary and secondary business activities.
Shares:
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Verify your company’s shares details, such as the number of shares held, issued share capital, and amount of paid up share capital.
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Financial Statement:
The company must attach its Audited Financial Statement to the Annual Report.
Non-Audited Finanancial Statement: If the company classifies as a small company (a company whose revenue and total assets for the current financial year do not exceed S$500,000and S$500,000, respectively.), it will be exempt from filling the Audited Financial Statement.
Compliance before the Inland Revenue Authority of Singapore
Estimated Chargeable Income (ECI)
ECI is an estimate of your company's taxable profits (after deducting tax-allowable expenses) for a Year of Assessment (YA).
Deadline
Your company has to file ECI within 3 months from the end of your financial year
ECI Filing Waiver
Your company does not need to file ECI in any Year of Assessment (YA) when both criteria are met:
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Annual revenue is $5 million or below for the financial year; and
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ECI is nil for the YA. The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.
Corporate Income Tax Return
Form C-S
Form C-S is a simplified Corporate Income Tax Return for qualifying small companies to report their income to IRAS. There are fewer fields in Form C-S than Form C.
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Form C-S is comprised of:
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A declaration statement of the company's eligibility
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Information on tax adjustments
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Information from the financial statements
If your company qualifies to file Form C-S, it is not required to file its financial statements and tax computation together with Form C-S. However, your company should prepare these documents and be ready to submit them upon IRAS’ request.
Who can file form C-S
Your company qualifies to file Form C-S if it:
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Is incorporated in Singapore;
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Has an annual revenue1 of $5 million or below
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Only derives income taxable at the prevailing Corporate Income Tax rate of 17%2; and
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Is not claiming any of the following in the YA:
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Investment Allowance
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Foreign Tax Credit and Tax Deducted at Source
Form C-S Lite
If the company qualifies to file Form C-S and has an annual revenue of $200,000 or below, the company can opt to file Form C-S, which is a simplified version of Form C-S that requires only 6 essential fields to be completed by companies with straight-forward tax matters. Similar to Form C-S, the company is not required to file its financial statements and tax computation. However, the company should prepare these documents and be ready to submit them upon IRAS’ request.
Form C
Under form C, the Company is required to file its financial statements, tax computation and other supporting documents together with Form C.
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Form C can be filled by any company, meaning companies eligible to file Form C-S and/or Form C-S (Lite), they can choose to file Form C instead.
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Nonetheless, companies not eligible to file Form C-S and/or Form C-S (Lite) must file form C