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Annual Filing for Foreign Companies


Annual Filing for Foreign Companies | Bestar
Annual Filing for Foreign Companies | Bestar

Annual Filing for Foreign Companies


In Singapore, foreign companies registered as branches must file annual returns with the Accounting and Corporate Regulatory Authority (ACRA) https://www.acra.gov.sg/how-to-guides/annual-filing-for-foreign-companies. Here's a breakdown of the key requirements:


Documents to File:


  • Financial Statements:

  • Audited accounts of the Singapore branch, complying as much as possible with Singapore Accounting Standards https://www.acra.gov.sg/accountancy/accounting-standards

  • Financial statements of the foreign company's head office (even if not audited)

  • Translated versions (to English) of any non-English financial statements


Deadline:


  • Within 60 days after the parent company's Annual General Meeting (AGM)


Additional Information:



Applications for Relief (Waivers) from Filing Specific Documents


ACRA allows applications for relief (waivers) from filing specific documents related to a foreign company's annual filing, but there are limitations and conditions. Here's a breakdown of what you need to know:


  • Conditions for Relief: ACRA evaluates applications on a case-by-case basis. Generally, relief is granted in limited circumstances where it wouldn't hinder transparency or the public interest.

  • Possible Reliefs: You might be able to get waivers for:

  • Filing the head office's financial statements (if they are not material to the Singapore branch's operations)

  • Translating non-English financial statements (if the impact on the Singapore branch is minimal)

  • Application Process:

  • There's a dedicated application form you'll need to fill out. You can find this form on ACRA's website.

  • The application requires a detailed explanation justifying your request for relief.

  • A S$200 application fee applies.

Here are some helpful resources:



How Bestar can Help


Information about Bestar [bestar-sg.com]. Here's how we are able to help with your foreign company's annual filing in Singapore, particularly regarding relief applications:


  • Expertise in ACRA Regulations: Bestar is a company formation and accounting consultant with experience in Singaporean corporate services. We have a good understanding of ACRA regulations and annual filing requirements.

  • Application Assistance: We offer assistance with the relief application process. This could involve:

  • Guidance on Eligibility:  We are able to assess your situation (head office financials, branch operations) and provide a preliminary assessment of your eligibility for relief from filing specific documents.

  • Application Preparation: We could help you fill out the application form and prepare a detailed explanation justifying your request for relief. This explanation should focus on why the waiver wouldn't hinder transparency and public interest.


However, there are some limitations to consider:


  • No Guarantees:  Ultimately, ACRA has the final say on granting relief. While Bestar might offer guidance, we can't guarantee a successful application.


Contact us:  Reach out to Bestar through our website or phone number and inquire about our services related to annual filing relief applications. We have staff qualified as accountants or corporate secretaries who can handle complex situations. We can offer an in-depth assessment of your eligibility and have the expertise to handle complex situations.


We would focus on building a strong justification for seeking relief, and emphasize the minimal impact of the document on understanding the Singapore branch's operations.


Bestar is the best fit to help you with your annual filing and potential relief application.




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