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

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.

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.

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:

• Incurred qualifying expenditure and are entitled to PIC during the basis period for the qualifying YA;
• At least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company.
• Active business operations in Singapore.

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.

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.

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.

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.

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 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.

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:

• 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.

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