Corporate and Accounting Services in SingaporeYour Satisfaction, Our Motivation
INCORPORATION AND CORPORATE SECRETARIAL SERVICES
As a global business hub, Singapore is an idea place for locals and foreigners to start their entrepreneurial journeys. Private limited company is the most popular business structure in Singapore. In spite of the compliance requirements, the government’s support through grants and tax benefits is more than sufficient.
If you want an opinion about which business structure is suitable for you (as a Singaporean, Permanent Resident or foreigner), our professional team would be glad to listen and assist. Subsequently, just leave the business registration or company incorporation to us by providing the pre-registration items required. They include 2 to 3 proposed company names, descriptions of the main business activities and identification documents of the shareholder(s) and director(s).
According to Singapore’s Companies Act, every company is required to appoint a company secretary within 6 months from the day of incorporation. As the primary officer in charge of all the secretarial matters for your company, the company secretary must be attentive to the reporting due dates and obligations that a company is required to comply by law. The statutory responsibilities include the filing of annual returns, maintenance of statutory registers and preparation of board resolutions.
The Companies Act requires every Singapore-registered company to have at least 1 resident director, who is a Singapore citizen or Permanent Resident and have a permanent local address. If a foreign shareholder of a newly incorporated company does not have a local person to act as the company’s resident director, the shareholder can take up our nominee director service. Nominee directors do not participate in the business operations but are appointed to satisfy Singapore’s regulatory requirements.
XBRL stands for eXtensible Business Reporting Language, which is meant for the electronic communication of business and financial data globally. The financial statements are presented in computers so that they can be retrieved from online records and transferred directly to the users such as auditors, regulators and financial analysts for various purposes. All Singapore incorporated companies (unless exempted, as per ACRA’s regulations), either unlimited or limited by shares, are required to file a full set of financial statements with ACRA in XBRL format.
ACCOUNTING AND TAX SERVICES
Our wide range of accounting and tax services ensures that your company is in compliance with the reporting and statutory requirements under the regulations of ACRA and IRAS. The turnaround time will be greatly reduced if the entire accounting work flow (Bookkeeping > GST Reporting > Unaudited Financial Statements > Corporate Income Tax Return) is taken care by us.
All Singapore-based companies are required to prepare and keep accounting records up to date. Statutory boards would select companies to conduct surveys or audit. The companies will not face any challenge in handling emergency requests if proper records are kept in a timely manner. Accurate and latest reports also provide insights for decision making and financial management.
A business must be GST-registered if the annual turnover exceeds SGD 1 million. If the turnover does not exceed SGD 1 million, you may still choose to apply for GST registration voluntarily after checking on the details with our dedicated team for further consideration. Subsequent to the effective date of GST registration, quarterly GST returns must be submitted within one month from the end of the accounting period. Otherwise, penalties will be imposed.
If your company’s accounts are prepared by a junior accountant or a related overseas venture’s accounting team, it is highly recommended to engage our reviewing service to identify errors and misstatement. This ensures that the accounts are completed in accordance to the accounting principles and standards, applicable in Singapore. The amounts in the final management accounts have a significant impact on the results presented in the financial statements and corporate tax computation.
According to ACRA’s regulations, a company is exempted from auditing its management accounts if the company satisfies the qualifying criteria, as set in the “small companies” concept. The preparation of unaudited financial statements (also known as compilation report) is specially meant for these companies to comply with the statutory regulations of ACRA and IRAS. They are also necessary if the company has potential investors or plans to obtain banking facilities.
Singapore’s corporate income tax rate is one of the lowest among the many countries. The flat rate of 17% is levied on the chargeable income (or the equivalent of taxable income after tax-deductible expenses and other tax adjustments). Corporate Income Tax Rebates and Tax Exemption Schemes are 2 of the several tax incentives, which greatly reduce the corporate income tax bill. To facilitate the company’s cash flow, Singapore’s tax system accepts settlement in instalments.
All self-employed persons must report the income earned from their business operations (whether sole-proprietorship or partnership) as business income, not salary. The business income is part of the total personal income which is taxed at individual income tax rates. In this respect, the precedent partner is still required to file the partnership income tax return (Form P) on behalf of the partnership even though the partnership itself does not pay taxes.
Our comprehensive range of payroll services includes maintenance of employee profiles, processing expense claims, payroll computation (e.g. bonuses, commission, allowances and overtime), CPF contributions, distribution of net salaries and payslips, leave management and declaration of employment income. It is cost-effective for Small and Medium Enterprises (SMEs) to let us handle this time-consuming and complicated function while the focus is placed on the business cores.
There are several types of employment income, not subjected to contribute CPF. Different statutory formulas are applicable for different scenarios, such as an incomplete month, overtime pay, basic wage for working on rest days and deduction for unpaid leaves taken. Reports are prepared, according to the timesheets, new employment details and the list of other payroll changes we received. We are also assisting in the online applications for claims under Government-Paid Leave Scheme.
Many claim forms and unsorted receipts are received at the last minute from the employees across all departments. For verification purpose, HR department has to sort all documents and check every item on the forms against the respective receipts. Meanwhile, the HR personnel also has to attend many queries, requests or prepare regular and ad-hoc reportings. Why not pass these tedious works to us?
Smartphone has become 1 of our daily necessities. Subordinates can apply and check the leave balance via the mobile app at anytime and anywhere. Superiors can approve and decline the leave applications received at the app too. This reduces the time and printing required, as compared with the traditional methodology. The latest reports will also be available for generation at anytime and anywhere.
Under the Income Tax Act, every employer must prepare the Form IR8A and the relevant appendixes for every employee and distribute the hardcopies or declare electronically to IRAS by 1 March. When a foreign or Singapore Permanent Resident employee resigns or receives overseas posting for more than 3 months, it is the employer’s statutory responsibility to file the Form IR21 within the stipulated due date and withhold all monies due to the employee for tax clearance purpose. Being appointed as the company’s payroll agent, we will do all the works necessary to fulfill the statutory requirements.
TECHNICAL AND ADMINISTRATIVE SUPPORT
Our technical support is designed for specific accounting softwares. The service scope does not include other technological areas. Our diligent administrative team will collect and handle all mails according to your instructions, like your full-time employee. Payment processing will be attended by our accounting experts. This is to ensure the accuracy and protection of the financial data.
We have heard and put the voice of our valued clients into action. A couple of accounting software technical support can only be reached via emails and the response can take 3 to 5 working days. However, in some circumstances, explanation over the phone and follow-up with an email for future reference are fast and clear. We can answer to resolve the minor issues at the earliest. Otherwise, we can be the key contact to monitor the response from the software vendor on the major ones.
This service is popular among the newly incorporated and small local companies or those which have the finance department located in the overseas headquarter. We are flexible to be authorised either as a transaction preparer or approver, depending on the company’s preference. Bank transactions can be performed and captured into your company’s accounts, without hiring a full-time accounts executive.
In the digital generation, scanned copies of the physical documents serve as backups or cross-border reference. Otherwise, if your company is based overseas and the mails of your Singapore-incorporated company are sent to its registered office address in Singapore, we can assist to collect them, scan and upload to your assigned cloud storage. You can access the documents at your home country. Subsequently, the originals will be returned.
Getting Started Is Easy
A meeting in person would be arranged to understand the business structure, operations and requirements.
Based on our understanding from the discussion, a customized proposal or quotation will be prepared for your consideration.
A service agreement will be prepared for both parties to sign as an acceptance of the service scope and rates.
Get In Touch
We will reply within one to two working days. Thank you.
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