ACRA Annual Filing Process Explained Step by Step for SMEs

For many Singapore SMEs, the ACRA annual filing process feels complicated not because the rules are unclear, but because multiple steps are involved — and each one depends on the previous step being done correctly.

Breaking the process down step by step makes it far easier to manage, plan, and complete on time.

Step 1: Confirm Your Financial Year End (FYE)

Everything in the annual filing process is anchored to your company’s financial year end. Deadlines for AGMs, Annual Returns, and financial statement submission are all calculated from this date.

Before anything else, confirm:

• Your official FYE on ACRA records
• Whether this is your first year of filing or a subsequent year

Mistakes here can shift deadlines unexpectedly.

Step 2: Prepare and Finalise Financial Statements

Financial statements must be prepared before any filing can happen.

This typically includes:

• Statement of Financial Position
• Statement of Comprehensive Income
• Statement of Changes in Equity
• Cash Flow Statement
• Notes to the financial statements

Even if your company is audit-exempt, these statements must still be accurate, complete, and internally consistent.

Delays at this stage are the most common cause of late filings.

Step 3: Determine AGM or AGM Exemption

Next, determine whether your company:

• Needs to hold an Annual General Meeting (AGM), or
• Qualifies for AGM exemption

If an AGM is required, it must be held within the statutory timeline. If exempt, the exemption conditions must be met and properly documented.

AGM status directly affects the timing of Annual Return filing.

Step 4: Identify the Correct Financial Statement Format

Not all companies submit financial statements in the same format.

Depending on eligibility, your company will submit:

• Full XBRL
• Simplified XBRL
• PDF financial statements (for exempt companies)

Choosing the wrong format can result in rejection or re-submission.

Step 5: Prepare XBRL (If Applicable)

For companies required to file XBRL, financial statements must be converted into structured, tagged data using ACRA’s taxonomy.

This step requires:

• Accurate account classification
• Consistent figures across reports
• Completion of required disclosures
• Passing ACRA validation checks

XBRL preparation often reveals issues in underlying data — which is why early preparation matters.

Step 6: Review Company Information

Before filing the Annual Return, ensure all company information is accurate and up to date:

• Directors and company secretary details
• Registered office address
• Share capital and shareholding structure

Any discrepancies should be resolved before submission.

Step 7: File the Annual Return With ACRA

Once all components are ready:

• Submit the Annual Return within the statutory deadline
• Attach the required financial statements (XBRL or PDF)
• Complete declarations by company officers

Late filing may result in penalties or enforcement action.

Step 8: Maintain Records for the Next Cycle

Annual filing doesn’t end at submission. Maintaining clean financial records throughout the year makes the next cycle significantly easier.

SMEs using AI-powered bookkeeping platforms like ccMonet benefit from:

• Continuously updated financial records
• Automated categorisation and reconciliation
• Fewer year-end corrections
• Faster preparation for future filings

Annual Filing Is Easier When Preparation Is Ongoing

The ACRA annual filing process isn’t difficult — it’s sequential. When each step is handled early and supported by clean financial data, compliance becomes predictable instead of stressful.

For Singapore SMEs, the key isn’t rushing at year end, but building systems that keep everything ready all year.

👉 Learn how AI-powered bookkeeping helps Singapore SMEs simplify the entire ACRA annual filing process at ccMonet

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