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According to the Company Act of Singapore, all companies that are locally-registered have to file their Annual Returns with ACRA. They have to file their return within a month of their Annual General Meetings (AGM), which becomes their deadline for the same. In case of dormant companies, which have now stopped business or trading also have to comply with this requirement as they are considered ‘live’.
A newly formed Singapore company has the timeline of about 18 months to hold its AGM from the date it was incorporated. Post that, they can hold their AGM in every calendar year and any meeting should be scheduled keeping in mind that there should be a gap of no more than 15 months.
In the AGM, the organization must table their financial statements so that the shareholders can approve the same. As per the law, the directors are held responsible for keeping the accounts up-to-date. The accounts should also not be over six months old so that the stakeholders are able to make informed decisions.
Want to Learn more about Process of Filing Annual Return for a Dormant Company in Singapore?
A dormant company in Singapore must follow certain filing requirements even in case it has no income or operational business for the basis period under consideration. Such kind of a company has to file its Income Tax Return mandatorily unless it has got a waiver for this submission.
The qualifying conditions to get a waiver are as follows:
A dormant company that is non-listed is basically exempted from preparing financial statements, in case:
The dormant but listed companies should prepare their financial statements in case they do not comply with the substantial asset test. However, they are always exempted from the audit.
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