Singapore Company Annual Audit Process

① Hold the Annual General Meeting (AGM)

All Singapore companies must hold an Annual General Meeting (AGM) within 6 months after the end of each financial year to update shareholders on the company's operations. During the meeting, the company's financial statements, tax reports, and other important documents must be presented.

② Submit annual financial statements

The company must provide shareholders with annual financial statements, including the balance sheet, profit and loss statement, and cash flow statement. These reports must be audited by an auditor to ensure accuracy and reliability.

③ File the Annual Return

After the AGM, the company must submit the Annual Return to the Accounting and Corporate Regulatory Authority (ACRA), usually within 30 days of the AGM. The Annual Return includes basic company information (e.g., directors, shareholders, registered address) and financial status. Submission is done online via ACRA's BizFile+ platform.

④ Submit annual tax returns

The company must also file an annual Corporate Tax Return with the Inland Revenue Authority of Singapore (IRAS), typically by November 30 each year. This report covers the company's tax obligations, including taxable income and any applicable tax reliefs.

⑤ Update company registration details

During the annual audit process, the company must ensure its registered details with ACRA are up to date, including information on directors, shareholders, company secretary, and registered address. Once ACRA reviews and approves, the company will receive a confirmation notice, indicating the successful completion of the annual audit. (Adam)