Annual Return & XBRL Filing
In June 2013, Accounting and Corporate Regulatory Authority (ACRA) has announced changes to filing requirements for Singapore incorporated companies.
Starting 2 December 2013, all Singapore incorporated companies (unless exempted) that are either unlimited or limited by shares will be required to file a full set of financial statements in XBRL format. The filing must comply with the minimum requirements reflected within ACRA Taxonomy 2013 (i.e. Full XBRL).
Filing of Option B (Partial XBRL), under the current XBRL filing system, will no longer be available.Insolvent EPCs can choose to file their financial statements with ACRA, via:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
BizFinx is a free tool provided by ACRA to help companies prepare and manage their financial statements in XBRL format, will be made available on 2 December 2013, and will replace the FS manager for filing of annual returns in XBRL format.
All Singapore registered companies is required to hold Annual General Meetings (AGM) and file Annual Returns (AR).
Newly incorporated company is required to hold its first AGM within 18 months from date of its incorporation, and thereafter once in every calendar year and not more than 15 months after the holding of the last preceding AGM. Companies must file the annual return within 1 month after holding its AGM.For insolvent EPCs, you will need to file your Financial Statement in XBRL format if:
- Your company’s FS ends on or after 30 April 2007; AND
- Your company is filing its Annual Returns on or after 1 November 2007
You can outsource the preparation of your Financial Statement in XBRL format to DP SME Advisory. Our professionals will prepare your financial statements in accordance to requirements listed in ACRA Taxonomy 2013, using the enhanced XBRL tool - BizFinx. You can dedicate your precious time on your core business, instead of figuring out how to use BizFinx, which can be a hassle, time-consuming and tedious.
If you should decide to prepare your Financial Statement in XBRL format yourself, and do not have a PC which is compatible for the purpose of BizFinx, you may visit DP SME Advisory at 10 Kallang Avenue, #14-10 Aperia Tower 2, Singapore 339510 to make use of the self-help BizFinx kiosk for free, during our operating hours: Monday to Friday (9:00 am to 5:30pm); We are closed on Saturdays, Sundays and Public Holidays.
You will need to make an appointment to use the self-help BizFinx kiosk. Kindly call our hotline at 6829 9800 (Press 1) or email us directly to make an appointment. There are 2 half-day appointment slot per day (i.e. 0900 – 1200hrs and 1300 -1700hrs). Appointments are fixed based on first-come-first-serve basis.
- Any one of the director (or Company Secretary) to be present at our office: 10 Kallang Avenue, #14-10 Aperia Tower 2, Singapore 339510, personally.
- Bring NRIC and/or Passport of the director
- Bring authorisation letter from director, if Company Secretary is acting on behalf
- Actual Date the Annual General Meeting is conducted
- Financial Statement prepared in accordance to Singapore Financial Reporting Standard
If you are unable to visit our office, or have further enquiries, email us now!
- Registered Office Service: EVERY business/company must have a registered office in Singapore which must be operational and accessible to the public during normal office hours. Please note that a P.O. Box address cannot be used as a business address. If you do not have one, check out our Registered Office Service.
- Corporate Secretarial Service: All Companies registered in Singapore must appoint a Company Secretary to handle Statutory Compliance matters. If you have not appointed an experienced Company Secretary, check out our Corporate Secretarial Service.
- Accounting, Tax & Payroll Service: All companies in Singapore are required to keep proper account records, and directors are required to present at the AGM, the company’s accounts that comply with the requirements of the Accounting Standards in Singapore. DP SME Advisory offers a full suite of accounting, tax and GST filing services to fulfill compliance to both ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore). Check out our Accounting, Tax & Payroll Services.
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