Annual Filing for Foreign Companies in Singapore
- Roger Pay
- 2 days ago
- 4 min read
ACRA Filing for Foreign Companies
The Accounting and Corporate Regulatory Authority (ACRA) requires all foreign companies registered in Singapore to file an annual return. This ensures transparency and keeps ACRA's records up to date. Here's a breakdown of the key aspects:
Who Needs to File?
Any foreign company that:
Has established a place of business or is carrying on business in Singapore.
Intends to establish a place of business or carry on business in Singapore.
Timeline for Filing:
The annual filing is due within 60 days of the foreign company's Head Office Annual General Meeting (AGM).
If the Head Office is not required to hold an AGM, the annual filing must be submitted within 7 months from the end of its financial year.
What Needs to be Filed?
The documents typically required for annual filing include:
The foreign company's financial statements (Head Office accounts).
Audited Singapore branch accounts.
A declaration verifying that the financial statements are true copies.
Financial Statement Requirements:
If the foreign company is legally required to prepare financial statements in its country of incorporation, and these statements are prepared using Singapore Financial Reporting Standards (SFRS), International Financial Reporting Standards (IFRS), or US Generally Accepted Accounting Principles (US GAAP), these can be lodged with ACRA.
For other foreign companies, financial statements prepared in accordance with SFRS are required, unless an exemption has been granted by the Registrar.
If the financial statements are not in English, a certified English translation must also be provided. Both the original and translated versions should be filed.
How to File:
Annual returns are filed electronically via ACRA's online portal, Bizfile+. You will need a Corppass account to access this service.
Fees:
The standard fee for filing an annual return for a foreign company is S$60.
Exemption and Extension:
Waiver from Audit or Filing: Foreign companies can apply for a waiver from auditing their Singapore branch accounts or for relief from certain financial reporting requirements under specific sections of the Companies Act. Applications for such waivers typically incur a fee of S$200 and should be submitted at least one month before the annual filing deadline.
Extension of Time: If a foreign company cannot meet the filing deadline, a one-time extension of up to 60 days may be granted. An application for an extension must be submitted before the original deadline, along with a fee of S$200.
Important Considerations:
Foreign companies must have a registered office in Singapore that is accessible to the public for at least five hours between 9 am and 5 pm on each business day.
Any changes to the foreign company's particulars (e.g., charter, directors, authorized representatives, registered office address) must be lodged with ACRA within 30 days of the change.
Failure to file annual returns on time can result in late filing penalties, legal notices from ACRA, and even the striking off of the company from the register.
It is advisable to consult the latest guidelines and requirements directly on the ACRA website (https://www.acra.gov.sg/) or seek professional advice to ensure compliance with all regulations.
How Bestar can Help
Engaging Bestar can significantly streamline and ensure the accuracy of your foreign company's annual filing with ACRA. Here's how we can help:
Expert Knowledge of ACRA Regulations: Bestar possesses in-depth knowledge of the latest ACRA requirements, including the specific regulations for foreign companies. This ensures that your filing adheres to all current guidelines, minimizing the risk of rejection or penalties.
Accurate Preparation of Financial Statements: Preparing financial statements that comply with Singapore's accounting standards (SFRS) or other acceptable standards (IFRS, US GAAP) can be complex. Bestar can accurately prepare or review your financial statements, ensuring they meet ACRA's requirements and are presented correctly. This is particularly crucial for the Singapore branch accounts.
Understanding Exemption and Extension Applications: If your company qualifies for an audit or filing exemption, or if you require an extension of time, Bestar can guide you through the application process. We understand the criteria and can help you prepare the necessary documentation to support your application, increasing the likelihood of approval.
Efficient Online Filing via Bizfile+: Bestar is experienced in using ACRA's Bizfile+ portal. We can navigate the system efficiently, ensuring all required information and documents are submitted correctly and on time, saving you valuable time and effort.
Ensuring Timely Submission: Bestar can manage the entire filing process, keeping track of deadlines and ensuring that the annual return is submitted within the stipulated timeframe, helping you avoid late filing penalties.
Handling Communication with ACRA: In case of queries or issues raised by ACRA regarding your filing, Bestar can act as a point of contact, addressing these concerns promptly and professionally on your behalf.
Staying Updated on Regulatory Changes: Corporate regulations can change. Bestar stays abreast of these updates, ensuring your company remains compliant with the latest requirements for annual filings and other regulatory obligations.
Providing Comprehensive Corporate Services: Beyond annual filing, Bestar can offer a range of corporate services, including advising on corporate governance matters, providing ongoing support for your company's compliance needs in Singapore.
In essence, engaging Bestar for your foreign company's ACRA annual filing can provide you with peace of mind, knowing that the process is being handled accurately, efficiently, and in compliance with all relevant regulations. This allows you to focus on your core business activities while ensuring your statutory obligations in Singapore are met.
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