There is a common misconception that the submission of financial statements (FS) and the filing of the Annual Return are separate processes. In reality, they are combined into a single submission if your business falls into the category of companies required to submit FS. However, companies with fewer than 20 shareholders and no partial ownership by other businesses are exempt from submitting financial statements to ACRA. If your company has corporate shareholders or is insolvent, it is mandatory to submit the financial statements along with the Annual Return.