Yes. Even if your company made losses for the year, you are still required to file corporate tax return.

Neglecting annual returns and tax filing can lead to serious consequences for businesses. ACRA has revised its penalty framework, imposing fines for late submissions. Missing tax return deadlines may also result in an Estimated Notice of Assessment (NOA) being issued, often with a higher tax amount. The estimated tax must be paid within one month. Continued non-compliance can lead to legal consequences.

To avoid unnecessary penalties and stress, let our experienced accounting and corporate secretarial team handle your filings for you, ensuring compliance and peace of mind.

A Notice of Assessment is a statement showing the company’s income assessed and the amount of tax payable or repayable. Hence, it is advisable to forward any correspondences from IRAS to your respective tax agent.

All companies incorporated in Singapore must meet certain annual filing obligations, regardless of their size, level of activity, or business structure.

The key compliance requirements include:

• Preparing and filing Estimated Chargeable Income (ECI)

• Preparing financial statements

• Holding an Annual General Meeting (AGM)

• Preparing and filing the Annual Return with ACRA

• Preparing and filing the Corporate Income Tax Return (Form C-S or C) with IRAS

• Filing GST returns (if required)

Absolutely. We make the transition seamless for you. We will contact your current accounting service provider directly, coordinate the handover, and take over all your financial records to ensure a smooth and hassle-free switch.