Accounting and Taxation

We offer full spectrum services such as bookkeeping, financial reporting, GST filing, PIC claims, XBRL financial reporting, tax planning and Tax return services to SMEs at reasonable and competitive prices. We aim to be professional, efficient and accurate in our work.  Please review the list (below) for your needs:

Company Incorporation

Incorporation of Private Limited Company (PTE. LTD.) Package includes:

  • Professional fees for incorporating company
  • ACRA Incorporation fees
  • ACRA Business profile in PDF format
  • Company Constitution (Previously known as Memorandum & Articles of Association)
  • Free first year basic secretarial services
  • Free first year Registered Address

 Information Required for Incorporation of Private Limited Company:

  • Proposed Company Name
  • Business Activities Description
  • Location of Registered Office
  • Copy of NRIC information of all Local Directors/Shareholder/Company Secretary
  • Copy of Passport and Proof of foreign address of all Foreign Directors/Shareholder
  • Shareholding percentage breakdown
  • Amount of ACRA Paid-up capital (Minimum S$1)

Advantages of a Private Limited Company:

  • It is a separate legal entity, with unlimited lifespan
  • Liabilities are limited to the assets of the Company
  • Qualify for Tax incentives, Government grants & assistance
  • Companies that qualify for Exempt Private Company (EPC) status does not need to be audited.
  • An Exempt Private Company (EPC) is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC's shares. It can also be a company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act.

Important Statutory Requirements of a Private Limited Company: 

  • Number of Shareholders is limited to 50
  • Must have at least one local resident Director
  • Annual General Meeting
  • A company is required to hold its first AGM within 18 months after its incorporation
  • Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months
  • Annual Return - The Annual Return must be filed to ACRA within one month after AGM
  • Insolvent EPCs and Private Company will need to file Annual Return in XBRL format.
  • Exempt Private Company and Dormant Company need not audit accounts.

Financial Report

Compilation of Unaudited Financial Statements
(In accordance to Singapore FRS)

Section 201 of the Companies Act states the requirements for directors of Singapore incorporated companies to prepare financial statements that comply with Accounting Standards (also commonly known as Financial Reporting Standards). The Companies Act defines “Accounting Standards” as “accounting standards made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act 2007 (Cap 2B)”. Therefore, Financial Reporting Standards (“FRSs”) issued by the Accounting Standards Council (“AS Council”) have the force of law. This includes Interpretations of Financial Reporting Standards (“INT FRSs”).

Companies may state that their financial statements have been prepared in accordance with FRS only if they have complied with all FRSs and INT FRSs issued by the AS Council that are applicable to them.

The statutory financial statements for companies are filed with ACRA when filing the Annual Returns, together with the Directors’ Report and Statement by Directors.  It is important to note that the Directors’ Report and Statement by Directors are not part of the financial statements.

Our Compilation of Unaudited Financial Statement package will include: 

  1. Directors’ Report
  2. Statement by Directors
  3. Statement of Financial Position (Balance Sheet)
  4. Statement of Comprehensive Income (Profit & Loss)
  5. Statement of Changes in Equity
  6. Statement of Cash Flow
  7. Noted to the Financial Statements.

GST Registration and Filing

Goods & Services Tax (GST) is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sale and lease of residential properties, the importation and local supply of investment precious metals and the provision of most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).

We will explain in detail how Singapore GST works and advise you on the benefits and trade-offs by being GST registered.

Our GST Services includes:

  • GST Form 5 Preparation for GST returns to IRAS
  • GST Registration
  • Conduct GST assisted self-help kit (ASK)*

We can also help you ensure full compliance by:

  • Reviewing your GST practices and recommend essential and good practices into your internal processes
  • Providing you with a complete checklist for filing of GST return so that you do not make errors.
  • Conducting GST compliance review

*Note: GST assisted self-help kit (ASK) is compulsory if you are applying for any of the following GST schemes:

a) Import GST Deferment Scheme (IGDS);
b) Approved Marine Customer Scheme (AMCS);
c) Approved Contract Manufacturer and Trader (ACMT) Scheme;
d) Approved Refiner and Consolidator Scheme (ARCS);
e) Major Exporter Scheme (MES); or
f) Approved Import GST Suspension Scheme (AISS).

Or if you are renewing any of the following:
a)Import GST Deferment Scheme (IGDS);
b)Major Exporter Scheme (MES); or
c)Approved Contract Manufacturer and Trader (ACMT) Scheme.

Tax Planning & Tax Returns

Tax Planning & Tax Returns Services

  • Corporate Tax optimization planning and filing service
    • Preparation of tax computation, optimized to minimize your tax liabilities.
    • Submit Company Tax returns and Appendixes to IRAS. (Form C / Form C-S)
    • Annual ECI filing
  • Sole Proprietor/ Partnership / LLP Tax optimization planning and filing service (Form P, B1, B)
  • Singapore Certificate of Residence Application (COR)

Company Tax Obligations:
The following income tax filing obligations will apply to all companies, except dormant companies for which IRAS has waived the requirement to file the Income Tax Return (Form C/ Form C-S):

  • Filing of Estimated Chargeable Income (ECI) within three months from your financial year-end; and
  • Filing of Income Tax Return (Form C/ Form C-S) on your actual income by 30 Nov in the year following the financial year.

What is a COR?
A COR is a letter certifying that the company is a tax resident in Singapore for the purpose of claiming benefits under the Avoidance of Double Taxation Agreement (DTA).

XBRL Finanacial Report

All Singapore incorporated companies (unlimited or limited by shares) unless exempted are required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format.

In general, all Insolvent Exempt Private Companies (EPCs) will be required to file XBRL. Please refer to ACRA website for current exemption criteria.

Our Services include:

  • Preparation of full set of financial statements in XBRL format
  • Preparation of XBRL Financial Highlights (FSH)
  • Ensuring that the Bizfile Validation is completed and approved.

Document required for preparation of XBRL reporting:

  • FRS Financial Report in MS Word format. Additional fees apply if only PDF format is available.