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Annual Filing Requirements for Singapore Branches

Updated on Tuesday 21st February 2017

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Annual-filing-requirements-for-Singapore-branchesMany foreign companies establish branch offices in Singapore with the purpose of having a presence on the city-state’s market and to service existing clients here. Even if the branch office is a business form which is completely dependent on the parent company, it also falls under the Singapore Commercial Law, therefore it must also comply with the annual filing requirements imposed by the law.

Our Singapore company formation experts can offer more information on annual filing requirements of branches and subsidiaries of foreign companies operating in the city-state.

Preparing and filing financial accounts for Singapore branch offices

Chapter 50 in the Company Act provides for the filing requirements applicable to branch offices in Singapore. These must prepare and file financial accounts on an annual basis with the Accounting and Corporate Regulatory Authority (ACRA). The parent company is in charge with preparing these accounts and filing them together with the branch office’s own accounts. All financial accounts filed by a Singapore branch office must be audited.

A Singapore branch office must also draft the profit and loss account which will also be audited and file them with ACRA together with the other financial records. These documents must be filed within 6 months from the end of the financial year of the parent company, however ACRA offers an additional two months for the Singapore branch to submit them.

If you need accounting services, you can rely on our company registration agents in Singapore.

Filing income tax returns of branch offices in Singapore

The tax year in Singapore is known as the Year of Assessment (YA) and all individuals and companies, including branches of foreign companies must file their income tax returns. In Singapore, the tax per one year of assessment is computed for the previous year and based on the that, a branch office must submit its income tax return. The deadline for branch offices and other types of companies in Singapore is November 30th of the YA. The tax return must be filed by the representative of the branch office.

Based on these tax returns, a foreign company may claim tax credits under the double tax agreement its country has with Singapore.

For full information on how to prepare annual financial records for branch offices, please contact our Singapore company formation agents. We can also assist with the opening of a Singapore company.

 

Comments

  • Johnny 2017-02-16

    Very interesting and useful article! 

  • Arnaud 2017-02-17

    This is the first website I've come across that presents information for such specific filling requirements. Good job!

  • Cecilia 2017-02-20

    The information on the tax requirements avaialble for branch offices was really helpful!

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