Filing financial statements with ACRA — and who is exempt
Most companies file financial statements in XBRL with their annual return. A solvent exempt private company files a declaration instead. Which are you?
Does my company have to file its financial statements with ACRA?
Every company must prepare financial statements, but not every company files them publicly. A solvent exempt private company — one with at most 20 shareholders, all individuals — declares its solvency in the annual return instead of filing accounts. Insolvent exempt private companies and all other companies file financial statements, generally in XBRL format, together with the annual return. Filed statements become a public record anyone can purchase.
Two obligations are easy to conflate: preparing financial statements and filing them with ACRA. Preparation is near-universal —most companies must produce statements complying with the Accounting Standards under s201 of the Companies Act 1967, the main exception being a qualifying dormant relevant company, which may be exempt from preparing them at all where the statutory conditions are met. Filing, which puts your numbers on the public record, is a separate question again.
Who files what
| Company | What is filed with the annual return |
|---|---|
| Solvent exempt private company (EPC) | Online declaration of solvency — no financial statements |
| Insolvent EPC | Financial statements (XBRL) |
| Other private companies | Financial statements (XBRL) |
| Public / listed companies | Financial statements (XBRL) |
An exempt private company is a private company with no more than 20 members, none of them a corporation — every shareholder is an individual. Most founder-owned startups qualify. The moment a corporate investor takes even one share, EPC status is lost and the company files its accounts with the annual return like everyone else.
Why the exemption matters
Filed financial statements are public — anyone can buy them from BizFile for a few dollars: competitors, customers, landlords, journalists. For a small private business, keeping revenue and margins confidential is often worth protecting, and it is one reason founders think twice before taking corporate shareholders. (Officers, shareholders and the registered address are public for every company regardless.)
The XBRL point
Companies that do file generally submit in XBRL — a structured data format, not a PDF. Preparing it is a distinct task from drafting the statements themselves; most accounting and secretarial firms handle the tagging as part of the annual filing. Budget for it when you decide what to outsource.
What every company still does
Whether or not you file:
- keep proper accounting records under
s199; - prepare statements complying with the Accounting Standards — audited unless the small company exemption applies;
- table them at the AGM, or circulate them if the meeting is dispensed with by written resolution;
- file the annual return within seven months of financial year end under
s197.
The declaration of solvency is a directors' statement, not a formality — making it when the company cannot pay its debts as they fall due is an offence. If solvency is genuinely in doubt, take advice before you file.
Frequently asked questions
This guide is general information, not legal or tax advice. Confirm requirements with ACRA and IRAS, or speak to your corporate secretary.