In Singapore, every private company must submit an annual report regardless of its size. It is done annually and submitted to the relevant body, The Accounting and Corporate Regulatory Authority of Singapore (ACRA), which oversees and imposes all company guidelines. In fact, the company is expected to forward the Annual report 30 days after holding the annual general meeting. And while this process is simple, some entrepreneurs may need to remember, leading to penalties and fines as indicated in the Singapore companies act.
So, if you have been having a problem filing the private company annual report, you should consider consulting www.a1corp.com.sg. A reputable company that has been helping other firms meet such obligations. However, it is essential to note that an annual report is a set of documents that includes current information on the following:
1. The Company’s name and its Registration Number
The Company’s original name is essential information that helps to identify the company and confirm its legitimacy. On the other hand, the Registration Number proves that the company is registered with the Singapore government and is thus a legal entity. Therefore, including these details in an annual report helps to build trust and confidence in the company for potential investors and business partners.
Furthermore, it also allows readers to easily find more information about the company if they wish to do so.
2. Official Registered Address
The company’s physical address, as indicated in the private company annual report, shows that the company exists and is not just a fly-by-night operation. It also adds professionalism and can help instil confidence in potential investors or customers.
Additionally, the registered address can be used as a point of contact for shareholders or other interested parties. It helps demonstrate that the company is willing to welcome and share important information about itself with shareholders and others vested in its success or failure. This transparency can go a long way toward building trust between the company and its stakeholders.
3. Principal Activities
There are a few reasons why an annual report on private companies in Singapore should include the principal activities of the enterprise. Firstly, it helps to provide an overview of the company’s business operations for the year. This is useful for shareholders and investors, as it gives them a better understanding of where the company generates its revenue.
Furthermore, the principal activities highlight changes or developments in the company’s business operations from previous years. This is essential for shareholders and investors to be aware of, as it might impact their decision-making regarding the company.
4. Information of the Company Officers
The composition of a company’s board of directors and senior management team is critical in determining its strategy and direction. It allows shareholders and other stakeholders to hold the company’s management team accountable for their actions. And in turn, this can help to improve corporate governance and increase confidence in the company.
Furthermore, the Company Officers’ details can assist in giving insights into a company’s culture and values. For instance, if a company lists its officers’ educational qualifications, this can indicate the emphasis it places on learning and development. Similarly, when a firm discloses the number of years its officers have been with the company, this can give some clues about the stability of its management team.
5. Shareholders and Share Capital Details
As shareholders are the company owners, it is crucial to include their details in the annual report as indicated in the Singapore Companies act. This allows them to see how the company has performed and what the financial situation of the company is. In fact, the share capital details will show them how much each shareholder owns in the company. It is also a good way for potential investors to see who the major shareholders are and how much they own. This information can help them make informed decisions about whether or not to invest in the company.
6. Annual Financial Statements
An annual financial statement provides a detailed overview of a company’s financial performance and position over a year. This information is helpful for shareholders, potential investors, and other interested parties in understanding how the company has been performing and what its prospects may be.
So, an annual financial statement in a company’s annual report provides greater transparency and allows stakeholders to make more informed decisions about their involvement with the company. This benefits the company by creating a more substantial investor base and increasing confidence in its long-term prospects. However, small companies are exempted from attaching their annual financial statements if they have less than 50 employees, and their yearly revenue and assets are no more than S$10 million.
Conclusion
The annual report is a crucial document company must submit to ACRA. It shows the shareholders and the public what your company has been up to and paints a detailed picture of the state of the business. That being said, Singapore private companies must submit an annual report. Not only is it a set of documents that show your company’s current state, but there are also penalties and fines associated with not doing so.
