Accounting, Corporate and Singapore Company Incorporation Fees (Flat Rate)

WLP Group offers a range of corporate services. This includes accounting, tax services, corporate and company incorporate services. At WLP Group, our goal is to be the one-stop solution for all business in Singapore to go to! Our mission is to help take the stress and hassle of mundance business activities such as accounting. This will allow you to spend more time on improving your product and service.

Below are the fees of WLP Group’s services. This includes our Singapore company incorporation fees and details on ACRA regulations and requirements. For a customised quote, drop us an email at info@wlp.com.sg.

 

 

Singapore Company Incorporation Fees

SINGAPORE COMPANY INCORPORATION FEES WITH 1ST YEAR SECRETARIAL SERVICE - FROM S$800
  • Complimentary 1st Year Secretarial Service (Worth up to S$700) when setting up a local company
  • We have the most comprehensive and lowest price guarantee for Singapore company incorporation fees

 

Click here to view all of our Singapore company incorporation fees packages.

MORE INFORMATION ON SINGAPORE COMPANY INCORPORATION
  • Our Singapore company incorporation fees depend on the client and type of Singapore company incorporation process. For example, the process of foreign company setup in Singapore is different from a local Singaporean or PR setting up a business in Singapore. 
  • In addition, there are different rules and regulations for incorporating a company in Singapore, depending on the entity type and industry that your new company is in.

 

What is ACRA?

 ACRA is stands for the Accounting and Corporate Regulatory Authority. ACRA is part of the Singapore government and is the national regulator for all company incorporation activities islandwide. ACRA has the responsibility of making sure that all entrepreneurs going through the Singapore company incorporation process have met all criterias.

ACRA will also send out invitations and letters to companys’ shareholders and directors if a new company is required to file any legal documents pertaining to its business activities in Singapore. Therefore, it is important to check your email and be a lookout for emails from ACRA. “Accidentally” missing out on important notices could result in fines and imprisonments.

 

ACRA’s Singapore Company Incorporation Fees

All Singaporean entrepreneurs can go through the company incorporation process without the assitance of a incorporation consultancy firm. Entrepreneurs can do so via the BizFile portal on ACRA’s website. Local citizens and Singapore Permanenet Residents (PRs) can access the BizFile portal using their SingPass ID. ACRA does charge several fees to set up a company, including a SGD $15 company name application fee and SGD $300 incorporation application fee.

However, note that foreigners in Singapore can’t go through the foreign company set up in Singapore process without a Singapore company incorporation service provider.

This law is decided by ACRA. In addition, ACRA requires all local and overseas entrepreneurs to have a local address when setting up a new company in Singapore.

Most corporate secretarial firms in Singapore provide incorporation packages costing between S$500 and S$1,500 depending on the precise scope of services needed, though they may charge more for more complex services. Without the assistance of WLP Group, it is possible to make many mistakes during the incorporation application.

Minor mistakes could set back your incorporation application by a few weeks whereas serious errors could result in delays by months and fines by the Singapore government.

Work Pass Application Fees

ENTREPRENEUR PASS APPLICATION - S$4,500

Our Entrepreneur Pass (EntrePass) application filing service includes the following:

  • Unlimited Appeal for your application
  • Filing and tracking the application status with authorities.
  • Drafting the necessary business plan based on your proposed business idea.
  • Advice and assistance with completing the application forms and preparing supporting documents

Nominee Director Fees

NOMINEE RESIDENT DIRECTOR - S$3,500 (PER ANNUM)

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.

 

Our Responsibilities

  • We will appoint a member of our team as the nominee local director for your company
  • The service is offered for statutory compliance only. The nominee director will not be involved in any management, financial, or operational matters of the company.
  • You must appoint one or more individuals (normally the company shareholders) as the company directors who will be responsible for running the company.
  • You can ask our nominee director to resign at any time by identifying another person who can satisfy the local director requirement.

 

Your Responsibilities

  • We will charge you an annual fee for providing this service.
  • We will also collect a refundable security deposit from you for the provision of our nominee director service. The security deposit is refundable upon termination of our nominee director service.
  • You must subscribe to our annual secretarial service.
  • You must subscribe to our annual tax filing service.

Secretarial Services Fees

COMPANY SECRETARY - FROM S$350

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:

  • Appointing a qualified company secretary
  • Reminding you of the various statutory compliance dates
  • Safekeeping, updating, and maintaining statutory records of the company
  • Preparation and Filing of Annual Return with ACRA

Do contact us for a free consultation on your secretarial requirements.

STRIKING-OFF COMPANY - FROM S$500

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.

Taxation Services Fees

CORPORATE TAX FILING (FORM C) - FROM S$350

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:

 

  • Filing of Income Tax Return with tax computation by Novermber 30 of the following year. As part of our annual tax filing service, we will take care of both ECI and Income Tax Return preparation and filing with IRAS.
  • Filing of Estimated Chargeable Income (ECI) within 3 months of the financial year end of the company.
PIC CASH GRANT SUBMISSION

Eligible Singapore businesses can apply to have up to (a maximum of) $100,000 of their total expenditure, that are in all six qualifying activity categories, converted into a non-taxable 40% cash payout. Singapore businesses that are eligible for this grant have to be within a few entity types including sole proprietorships, partnerships companies and several others (such as registered Singapore business trusts)  that have:

 

  • Incurred expenses that qualifying for the grant and that are entitled to the PIC grant during the period for the qualifying YA;
  • At least 3 local Singaporean employees (i.e. citizens or Singapore PRs (permanent residents) with CPF accounts and contributions to their CPF account), excluding sole proprietorship, partners, whom are under contract as shareholders, that are company directors.
  • Active business operations in Singapore.
GST APPLICATION - FROM S$300

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.

COMPUTATION & SUBMISSION OF GST RETURN

All GST return submissions must be done via the e-Filing portal. This is also known as the myTax portal. Companies that fail to submit GST returns will be subject to a serious offence. This offence is punishable with either a fine of up to SGD $5,000, or an imprisonment period of up to 6 months.

GST returns have to be submitted within a month, from the end of each accounting fiscal year. Consultant your accountant for more information. If your business has zero transactions, you are still required by law to submit a “NIL” GST return.

E-STAMPING WITH IRAS - S$50 (PER JOB)

Once the document is signed and dated, stamp duty needs to be paid:

 

  1. Within 14 days after the date of the document if the document is signed in Singapore or
  2. Within 30 days after the date of its receipt in Singapore if the document is signed overseas You can pay stamp duty easily using IRAS e-Stamping system. It is an offence to use a document which stamp duty has not been paid on. If IRAS detects a document where stamp duty has not been paid, a penalty of up to 4 times will be imposed. In addition, a document where stamp duty is paid can be admitted as evidence in the court in cases of disagreements.

Personal Income Tax

SOLE-PROPRIETOR : COMPUTATION OF 4-LINE STATEMENTS & FORM B SUBMISSION

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.

PARTNERSHIPS : COMPUTATION OF 4-LINE STATEMENTS & FORM P SUBMISSION

While a partnership does not pay tax, the partners must still file an annual income tax return.

The annual income tax return is called the Form P. The Form P provides the government information on all the income earned, as well as business expenses deducted by the partnership firm during the fiscal year.

If an invitation is sent to the partnership by the government, the Singapore-incorporated partnership is required to file the Form P. It is important to take note of the datelines. The Form P has to be filed even if the company has not performed any business activities in the fiscal year.

Accounting Services Fees

COMPILATION OF FINANCIAL STATEMENT - FROM S$500

Once your accounts are ready, we can prepare the year-end financial statements along with Director’s Report in compliance with Singapore standards.

XBRL FILING FOR INSOLVENT COMPANIES

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.

BOOKKEEPING (MONTHLY/ QUARTERLY/ HALF-YEARLY/ ANNUALLY)

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.

ACCOUNTING SYSTEM SETUP - S$400 (ONE TIME)

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.

PREPARATION OF CONSOLIDATED ACCOUNTS - FROM S$700

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.

Human Resource Fees

MONTHLY PAYROLL - FROM S$50

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.

CPF ACCOUNT APPLICATION - S$100

If you intend to look for and hire local Singaporean (i.e. Citizens and Singapore PRs) as employees, you will need to open a CPF account with the CPF (Central Provident Fund) Board. It is required (by law) to have a percentage of employees’ salaries contributed to the CPF on a regular monthly basis, as part as contribution their CPF retirement fund. For more information regarding setting up a CPF account, contact our experiencced consultants. WLP Group can help you to register your new company’s CPF account and manage your Singapore staff payroll.

Audit Services Fees

SINGAPORE STATUTORY AUDIT (ACTIVE COMPANY) - FROM S$3,000

For a company with its financial year beginning prior to 1 July 2015:

  • All shareholders are individuals and
  • Total number of shareholders are less than 20 and
  • Annual turnover of the company is less than S$5 million.

 

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 is qualified (by the Singapore government) as a small company if:

  • The company is not a public company. The company could be a private limited company registered in Singapore.
  • The company must meet 2 of the following 3 criterias during the past 2 consecutive years:
    • The company’s total annual revenue has to be less than SGD $10 million.
    • The company’s total assets has to be less than SGD $10 million.
    • The company must not have more than 50 employees.

 

 

A company that is part of a group (of various companies) is qualified as a small company if they meet the following criterias:

  • The company must meet the above requirements.
  • The group must be considered by ACRA as a “small corporate group”. For more information, visit ACRA’s website.

 

A small group must meet 2 of the 3 criterias mentioned above over the past 2 consecutive years.

Companies subjected to annual audit requirements will work with WLP Group and an external audit partner. This is to maintain independence and objectivity of the work performed. The fee listed above is our external audit partner’s estimated audit fee for a company with low number of transactions for the financial fiscal year.

RENTAL / SALES AUDIT SERVICES - FROM S$800 (PER AUDIT)

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.

Business Advisory Fees

VALUATION SERVICES

To arrive at our assessed value for the client, we will consider three generally accepted approaches, namely, market approach, cost approach and income approach.

CORPORATE TAX PLANNING

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:

  • Companies that buy commercial vehicles not exceeding 3,000kg for business use can claim capital allowance over three years, compared with six years previously.
  • Trade losses or un-utilised captial allowances for the year, up to $200,000 can be carried back to the previous three years
  • Staff training costs are deductible.  If firms receive government grants, only the actual costs they bear are deductible.
FINANCIAL AND SINGAPORE TAX DUE DILIGENCE AUDIT

Working with the management, buyer or seller of business entities, and their lead advisers to validate the commercial and financial information of the transaction.

BUDGET & ACCOUNTING CASHFLOW FORECASTS

Business budgeting will give you an advantage over your competitors. Effective budgeting requires detialed research and planning. As an experienced consultancy firm in Singapore, WLP Group can help you to plan partnerships and set realistic objectives and goals to expand within Singapore and overseas markets.

 

RELATED QUICK FACTS

Financial Statements and Accounts Preparation:

All directors in Singapore are required (by law) to present financial statements and accounts that comply with the strict Accounting Standards, of which give an honest view of the company’s state of affairs to its shareholders. Our experienced accountants will ensure that your financial statements are prepared according to the Accounting Standards requirements that will be filed to Accounting and Corporate Regulatory Authority (ACRA). In addition, we can assist you with the comprehensive preparation of AUDITED financial statements and accounts. For more information. 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.