We offer a comprehensive range of services that caters to each stage of a business’ growth.
Below are W.L.P Pte Ltd most common services and fees. You may select ”+” sign on the left of each item to read more about the tasks involved for each service. For a customized quote, please email us at email@example.com.
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Our Entrepreneur Pass (EntrePass) application filing service includes the following:
Each Singapore company must have at least one locally resident director. If you do not have a local director for your company, you can utilize our Nominee Local Director service. Please note that providing a nominee director for your company imposes certain responsibilities on you as well as us and we would like to highlight them to you as below.
Each Singapore company must have a qualified company secretary who is resident of Singapore and experienced with Singapore Companies Act. Each Singapore Company must hold an Annual General Meeting (AGM) and lodge an Annual Return with Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Our annual company secretary retainer fee is for routine corporate secretarial services which include:
Do contact us for a free consultation on your secretarial requirements.
A company, regardless it being a private company, exempt private company, public company limited by shares, public company limited by guarantee, may apply to ACRA to strike its name off the Register pursuant to Section 344 of the Companies Act. We can submit the “Application for Striking Off” on behalf of the Company upon request.
Each Singapore Company must file its income tax return with Inland Revenue Authority of Singapore (IRAS) on an annual basis. The IRAS filing consists of two parts:
Eligible businesses can apply to convert up to $100,000 of their total expenditure in all the six qualifying activities into a non-taxable 40% cash payout. Businesses eligible to apply for the cash payout are sole-proprietorships, partnerships, companies (including registered business trusts) that have:
It is compulsory for businesses to come forward to register for GST when their turnover exceeds $1mil per year. Businesses that do not exceed $1 million in turnover may register for GST voluntarily.
Do contact us for more information on Singapore GST requirements.
All submissions of GST returns must be submitted via e-Filing (myTax Portal ). Failure to e-File is an offence punishable with a fine up to $5,000 and in default of payment, an imprisonment term up to six months. GST returns must be submitted within one month from the end of each accounting period. If there is no transaction done, you are still required to submit a “NIL” GST return.
Once the document is signed and dated, stamp duty needs to be paid :
As an employee, you must submit your personal paper tax return by 15 April (If you e-File, you have up to 18 Apr to do so) each year.
While a partnership does not pay tax, it still has to file an annual income tax return (called the Form P) to show all income earned and business expenses deducted by the partnership during the year. The partnership is required to file the Form P if it has received the paper Form P or invitation to e-File, even if it has not commenced business in the year.
Once your accounts are ready, we can prepare the year-end financial statements along with Director’s Report in compliance with Singapore standards.
Those Singapore companies that are required to attach a copy of their financial accounts with the company’s Annual Return are required to do so in XBRL format. XBRL, or eXtensible Business Reporting Language, is a new industry standard that uses the XML-based framework to present financial statements. As part of our XBRL service, we will convert your company’s financial statements into XBRL format in compliance with ACRA requirement if necessary.
Our annual bookkeeping service is useful for small companies that have relatively small number of annual transactions and have not done any bookkeeping during the course of the year. Under our annual bookkeeping service, we will reconcile bank statements, record and classify all financial transactions into relevant general ledger accounts and prepare the necessary year-end financial statements.
We will be happy to discuss with you about your bookkeeping service requirements and provide you with a quotation accordingly.
We provide free consultation of pros and cons of each type of accounting software available in the market. Further, we can assist you in setting up your accounting system using Microsoft Excel if you do not want to use any accounting software.
We don’t believe in a one size fit all package for our clients. Call us to discuss more on how we can help you to consolidate your accounts and be in compliance with Singapore Financial Reporting Standards.
For our basic payroll service, charges starts from S$50.00/each staff.
Please contact us to for a consultation on your payroll service requirements and quotation.
If you intend to hire local employees (Singapore Citizens and Permanent Residents) you will need to open a CPF account with the Central Provident Fund (CPF) Board and a percentage of the local employees’ salaries will be contributed to this Board on a monthly basis as part of their retirement fund. For more details, please visit www.cpf.gov.sg. We can help you register your Company CPF account and manage your staff payroll, if required.
For a company with its financial year beginning prior to 1 July 2015:
For a company with its financial year beginning on or after 1 July 2015, the Company must qualify as a small company for the immediate past two consecutive financial years.
A company qualifies as a small company if (a) it is a private company in the financial year in question; and (b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue is not more than $10m;
(ii) total assets is not more than $10m;
(iii) no. of employees is not more than 50.
For a company which is part of a group, to qualify to the audit exemption:
(a) the company must qualify as a small company; and
(b) the entire group must be a “small group”
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
If your company is subject to annual audit requirement, we work with an external audit partner in order to maintain independence and objectivity of the work performed. The fee listed here is our external audit partner’s estimated audit fee for a company with low number of transactions for the year.
Did your landlords request for your revenue to be certified by a public accountant? This is why you need our service. Email us today to receive your quotation.
To arrive at our assessed value for the client, we will consider three generally accepted approaches, namely, market approach, cost approach and income approach.
Effective Corporate Tax planning is when you maximise tax savings by capitalising on beneficial tax-law provisions, increasing and accelerating tax deductions and tax credits, and generally making maximum use of all applicable breaks available under the Singapore Income Tax Act.
The followings are some of the deductions that companies can claim:
Working with the management, buyer or seller of business entities, and their lead advisers to validate the commercial and financial information of the transaction.
The budgeting process is a source of competitive advantage. Effective budgeting requires careful research and realistic planning as well as collaboration. It can help to set high objectives or move the business into new territory.
RELATED QUICK FACTS
Financial Statement Preparation:
Directors are required to present accounts that comply with the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders. Our accountants would ensure that your Financial Statement is prepared according to the required Accounting Standards for filing to ACRA (Accounting and Corporate Regulatory Authority). We can also assist you with preparation of AUDITED financial accounts, if required. Check out our Financial Statement Preparation Service.
GST Computation & Submission:
If you are a GST-registered trader, you would need to submit quarterly GST returns to IRAS (Inland Revenue Authority of Singapore). If you need assistance with computations and to avoid missing filing deadlines, check out our GST Computation & Submission Service.
Tax Computation/ Filing:
All companies/ individuals are required to pay corporate tax or income tax to IRAS (Inland Revenue Authority of Singapore) for all income earned or received in Singapore. If you need to understand how to reduce your tax liabilities legally, to compute and file your tax returns on time to avoid penalties, check out our Tax Computation/ Filing Service.