Every Singapore company has one key responsibility each year — ensuring its financial filings are accurate, timely, and compliant with ACRA (Accounting and Corporate Regulatory Authority) requirements.

Yet for many SMEs, terms like Annual Returns, XBRL, and Financial Statements can feel like a maze of technical jargon. The good news? With clear steps — and the right automation tools — annual compliance doesn’t have to be complicated.

This checklist breaks down everything your business needs to file with confidence in 2025, plus how ccMonet can simplify each step through AI-powered accounting.

1. Annual Returns: Your Company’s Yearly Declaration

What It Is

The Annual Return (AR) is a legal requirement for every locally incorporated company in Singapore.
It’s a snapshot of your company’s status — including directors, shareholders, and financial standing — submitted to ACRA each year.

When to File

You must file your AR:

• Within 7 months after your financial year end (FYE), and
• After holding your Annual General Meeting (AGM) or completing written resolutions.

For example:

• If your FYE is 31 December 2024, you must file your Annual Return by 31 July 2025.
• If your FYE is 31 March 2025, your deadline is 31 October 2025.

What You’ll Need

• Up-to-date company information (directors, shareholders, secretary)
• Latest financial statements
• Confirmation of AGM or written resolution details

Common Mistakes

• Filing late or missing the 7-month deadline
• Uploading incorrect financial statements
• Forgetting to update director or shareholder information

With ccMonet, reminders and pre-filled company details ensure you never miss a deadline or submit outdated data.

2. Financial Statements: The Foundation of Compliance

Why They Matter

Your financial statements reflect your company’s financial health — income, expenses, assets, and liabilities. They form the foundation for ACRA filings and IRAS tax submissions.

Key Requirements

All companies must:

• Prepare true and fair financial statements
• Keep accounting records for at least 5 years
• Submit statements in XBRL format (unless exempted)

Companies that qualify as “small” or “dormant” may submit simplified statements, but accuracy remains crucial.

What They Include

• Statement of Financial Position (Balance Sheet)
• Statement of Comprehensive Income (Profit & Loss)
• Cash Flow Statement
• Notes to the Accounts

How AI Simplifies This

ccMonet automatically compiles transactions into structured financial statements — continuously updated as your business operates.
No more waiting until year-end for your accountant to reconcile everything manually.

3. XBRL: The Digital Language of ACRA Filings

What It Is

XBRL (eXtensible Business Reporting Language) is the digital format required by ACRA for financial statement submissions.
It ensures financial data is machine-readable, comparable, and ready for analysis.

Who Needs It

Most private companies must file financial statements in XBRL format — unless exempted (e.g., certain EPCs with simple structures).

Why It’s Challenging

Manually preparing XBRL files can be tedious and error-prone, especially for SMEs without in-house accountants.
Common issues include:

• Incorrect file templates
• Missing or misclassified accounts
• Formatting errors rejected by ACRA’s BizFinx portal

How AI Handles It

With ccMonet, financial data is automatically structured in XBRL-ready format — meaning your statements can be submitted instantly, without manual conversion or guesswork.

4. Key Deadlines to Remember for 2025

• Estimated Chargeable Income (ECI) → Within 3 months after FYE (IRAS)
• Annual General Meeting (AGM) → Within 6 months after FYE (if required)
• Annual Return (AR) → Within 7 months after FYE (ACRA)

Keeping these three milestones in sync ensures both your ACRA and IRAS compliance stay aligned.

5. The Ultimate SME Filing Checklist

To stay compliant without last-minute stress, ensure you can check off these five boxes:

1. Confirm your financial year end (FYE).
2. Keep monthly accounts updated and reconciled.
3. Generate financial statements from verified data.
4. Convert reports to XBRL format before submission.
5. File your Annual Return within 7 months after FYE.

With ccMonet, all five steps can be automated or monitored from one dashboard — ensuring every report, document, and deadline stays on track.

6. Why Compliance Shouldn’t Wait Until Year-End

Compliance isn’t just about avoiding penalties; it’s about building credibility.
Investors, banks, and regulators all rely on clean, consistent financial data to assess business health.

By automating accounting and compliance with ccMonet, SMEs stay ACRA- and IRAS-ready all year — not just during filing season.

Make Compliance Effortless With AI

Annual filings can be complex — but they don’t have to be stressful.
With AI automation, accurate financial statements, and proactive reminders, you can turn compliance into a smooth, transparent process.

👉 Discover how ccMonet simplifies Annual Returns, XBRL preparation, and compliance for Singapore SMEs at ccMonet.ai

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