What are some of the important SME corporate deadlines in Singapore?
Small companies must meet crucial deadlines: file ACRA annual returns within 7 months and hold AGMs within 6 months post-financial year end. IRAS requires the submission of Estimated Chargeable Income (ECI) within 3 months after the financial year ends, and Corporate Income Tax Returns by 30th November (paper) or 15th December (e-Filing). GST-registered companies must file returns quarterly, one month after the accounting period ends.
In Singapore, both the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) set important deadlines for companies operating within the country. Compliance with these deadlines is crucial for the smooth operation of your business and to avoid penalties. Here's a summary of some of the key deadlines for a small company in Singapore, bearing in mind that these deadlines can change, so it's always a good idea to verify the current dates on the official IRAS and ACRA websites or consult with a professional.
For ACRA (Accounting and Corporate Regulatory Authority)
Annual Return Filing:
Companies must file their annual returns with ACRA within 7 months from the end of their financial year end. For example, if your financial year ends on 31st December, you must file by 31st July the following year.
Annual General Meeting (AGM):
Companies are required to hold their AGM within 6 months from the end of their financial year end. For private companies, there is an option to dispense with the holding of AGMs if all members have agreed to it.
For IRAS (Inland Revenue Authority of Singapore)
Estimated Chargeable Income (ECI):
Companies must submit their ECI within three months after the end of their financial year. However, if the company's annual revenue is not more than S$5 million for the financial year and ECI is NIL, it may not be required to submit ECI.
Corporate Income Tax Return (Form C-S/ C):
The deadline for filing corporate income tax returns (Form C-S/ C) is 30th November for paper filing and 15th December for e-Filing. Starting from the Year of Assessment (YA) 2020, e-Filing for corporate tax returns has been made mandatory for all companies.
Goods and Services Tax (GST) Registration:
If your company's annual turnover exceeds or is expected to exceed S$1 million, you are required to register for GST. Once registered, GST returns must be filed quarterly, and the deadlines for filing and payment are one month after the end of the accounting period covered by the return.
Withholding Tax:
If your company pays certain types of income (e.g., interest, royalties, services fees) to non-residents, withholding tax may need to be deducted and paid to IRAS by the 15th of the second month from the date of payment to the non-resident.
Other Considerations
Record Keeping: Companies are required to keep proper records and accounts of business transactions for a period of at least five years from the end of the financial year in which the transactions occurred.
XBRL Financial Statements: Certain companies are required to file their financial statements in XBRL format with ACRA. The requirement depends on the company's financial period and other criteria.
It's important to note that these deadlines and requirements can vary based on specific circumstances of the company, such as its financial year end, whether it is GST-registered, and other factors. Additionally, the Singapore government occasionally updates regulations, which may affect these deadlines. Always check the latest guidelines from IRAS and ACRA or consult with a professional advisor to ensure compliance.
What are some of the important SME corporate deadlines in Singapore?