Penalties for late filings of annual return over 3 months late go up to $600 with effect from 14 January 2022 . Annual returns that are filed within 3 months after the due date will be subject to a $300 penalty. This will have an impact on Singapore-incorporated companies, Variable Capital Companies (VCCs), and Limited Liability Partnerships (LLPs).
Companies should therefore plan ahead to get their ACRA filings in order. They need to be aware of their financial year ends, and ensure they have their accounts in order to meet the necessary filling deadlines.
For non-listed private limited companies, this means ensuring that they are in a position to finish holding their AGMs within 6 months of their financial year ends (FYE), so as to be able to file their annual returns within 7 months of their FYE.
