Do I need to apply for the waiver of Form C-S/ C Submission on a yearly basis, if the company is dormant?

Once a company has been granted a waiver from a specific date, the company will not be issued with Form C-S/ C from that date onwards.As such, a company whose waiver application had been approved will not need to submit the application form on a yearly basis to IRAS.

What is Annual General Meeting (AGM)?

An AGM is a mandatory annual meeting of shareholders. At the AGM, your company will present its financial statements (also known as accounts) before the shareholders (also known as members) so that they can raise any queries regarding the financial position of the company.

What if I e-Filed the ECI beyond three months after the company’s financial year end?

You can still e-File the ECI if no assessment for the YA has been issued to your company.However, you cannot pay by instalment. Instalments are only granted by IRAS when a company files its ECI within three months after its financial year end and is on GIRO.

Is it necessary to file financial reports in Singapore with full XBRL format?

All companies incorporated in Singapore which are either limited or unlimited by shares (except exempted companies) are required to file their full set of financial statements in XBRL format according to the recent guidelines released by ACRA (Accounting and Corporate Regulatory Authority) Singapore June 2013.

Do I need to file an ECI for my company if it is nil?

You do not need to file an ECI for your company if it is nil and if your company meets the following annual revenue threshold for the Waiver to File ECI:Annual revenue not exceeding $5 million for companies with financial years ending in or after Jul 2017.

How is XBRL filing useful?

XBRL is an acronym for eXtensible Business Reporting Language. Financial information is converted to XBRL format then, sent to and fro between business entities. Singapore government has mandated it for each Singapore company to file its financial statements only in XBRL format. The analysis of the data, thus, accumulated gives accurate information about the trends in finance.

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Related FAQs

1. Do I need to apply for the waiver of Form C-S/ C Submission on a yearly basis, if the company is dormant?
2. What is Annual General Meeting (AGM)?
3. What if I e-Filed the ECI beyond three months after the company’s financial year end?
4. Is it necessary to file financial reports in Singapore with full XBRL format?
5. Do I need to file an ECI for my company if it is nil?
6. Is income received in the form of virtual currencies such as Bitcoins taxable?
7. What is the Financial Year End (FYE) of Singapore?
8. When AGM is held since the date of incorporation?
9. How long Financial statement reports are laid at AGM?

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