Streamlined

Accounting Services

IN singap

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• Minimum one director and one shareholder.
• Local resident director(s).
• A local registered address in Singapore.

Generally, no restrictions except for financial services, education, media-related or other politically sensitive businesses.

In Singapore, it is mandatory for a company to file annual returns with Accounting and the Corporate Regulatory Authority (ACRA), and annual tax returns with the Inland Revenue Authority of Singapore (IRAS).

It's totally possible for a foreigner to opt for company registration in Singapore. According to Singapore Companies Act, 100% ownership of a Singapore company is permitted, either for a local person or a foreigner.

A Singapore company is basically taxed for its profits, regardless of the sources. For the first three years, the company is levied from 0% to 17% depending on its incomes. After that, the tax rates are 8.5% and 17%, respectively for the first 300,000 SGD and the remainder.

The tax system in Singapore is progressive, meaning that tax rates increase as income increases. The highest marginal tax rate is 22%, which applies to taxable personal income over SG$320,000. There are also a number of taxes levied on businesses, including corporate income tax, goods, and services tax (GST), and property tax.

Companies, regardless of their domicile status, that conduct income-generating activities in Singapore will be subject to a flat corporate tax rate of 17%. Qualifying start-ups can receive either a partial exemption or a 3-year exemption.

Generally, businesses are required to keep accounting records for a minimum of five years. However, there may be specific requirements for certain types of businesses, such as those in the financial sector.

Individual taxpayers can pay income tax in a variety of ways: GIRO, one-time payment, or 12-month interest-free installments. As for payment methods, you can either use internet/phone banking, SAM or NETS at a post office.

Paying corporate tax generally begins by filing the Estimated Chargeable Income (ECI) form with IRAS and ends with you paying the finalized corporate tax. We also offer tax filing services in Singapore should you want to expedite this process.

The deadline for filing your income tax return is April 15th for paper filing and April 18th for e-filing. If you're an employer, the deadline for filing your employees' taxes is March 15th.

When choosing an accountant, it's important to consider factors such as their qualifications, experience, and areas of expertise. You should also make sure that they're registered with the Accounting and Corporate Regulatory Authority (ACRA) and that they have a valid practicing certificate.

The audit process in Singapore generally consists of four main steps: planning the audit, performing the audit, reporting on the results, and follow-up. Planning the audit involves risk assessment and developing an audit strategy.

Performing the audit involves collecting and reviewing evidence to assess whether the financial statements are accurate. Reporting on the results involves issuing an opinion on the financial statements. Follow-up involves monitoring management's implementation of recommendations from the audit.

However, all of this doesn’t apply if you qualify for audit exemption under the state’s provisions.