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 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.

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 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.

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 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.

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.