1. Under the Companies Act, all Singapore-incorporated companies are required to file Annual Returns with ACRA. This requirement is to ensure that the company’s information on ACRA’s register is accurate and up to date.
2. The Annual Return is an electronic form lodged with ACRA and contains important 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. The annual return provides critical information that helps the company’s stakeholders to make informed decisions.
3. The Company secretary can file the Annual Return on behalf of the company on ACRA’s online filing portal BizFile+.
4. All companies are required to file their Annual Returns on time. Companies that file Annual Returns after the due date will be imposed with a late lodgment penalty of up to $600 for each late filing.
5. The Company and/or its directors may face enforcement action for failing to file their company’s Annual Return. ACRA may prosecute the company and/or its directors in court. ACRA can also strike off a company for failing to file Annual Return.
6. ACRA can also disqualify individuals as a director and will not be allowed to be a company director or take part in the management of any local or foreign company for five years. A director with at least three companies struck off by ACRA within a period of five years could be disqualified by ACRA.
7. PL Biz Consulting Pte Ltd is an ACRA Registered Filing Agent and Registered Qualified Individual since 2016. Please come and talk to us if you need help to file your company’s Annual Return. We at PL Biz Consulting Pte Ltd help companies to file their Annual Returns on time and avoid penalties for non-compliance.
