All Singapore private limited companies have to comply with annual filing and reporting requirements of the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).
Within 3 months from the financial year end, a company has to file its Estimated Chargeable Income (ECI) for the Year of Assessment to IRAS. A private company must also submit its Income Tax Return (Form C/C-S) together with supporting documents (i.e. financial statements, tax computation) before 15 Dec for e-filing.
Our accounting and tax-filing services provide flexibility for companies with varied sizes and multiple business purposes. We not only have your company stay fully compliant with filing obligations, but also provide you with a clear picture of your company‘s financial position on an accurate and timely basis.
Accounting & tax filing services
Yearly revenue in USD
Total yearly estimated cost for accounting:
** The above fee is in USD and may vary depending on the complexity of your transaction
What included in Accounting package:
- Monthly accounting review
- Xero cloud accounting
- Monthly preparation of FSs
Annual tax filing:
- ECI preparation and filing
- Filing Form C/C-S
In case you want to reserve your company for later needs, we can help to minimize annual maintenance costs with Dormant Company Package.
Dormant Company Package
With all fees included:
- Full company secretary services
- All government renewal fees
- Fulfill annual filing and reporting obligations
Additional supporting services
Personal Tax Filling & Payroll assistance
- US$100 per person
- A surcharge of US$150 with Appendix 8A
- US$120 per person
- A surcharge of US$230 with Appendix 1
|Liaising with Auditor|
Cooperate in providing documents and assist in handling queries from auditors.
|Full XBRL preparation|
Convert full set of financial statements in XBRL format.
|XBRL highlight preparation|
Convert financial statements highlights in XBRL format.
Apply for GST registration when company’s annual turnover exceeds S$1 mil.
Frequently Asked Questions
What are initial requirements to register a company in Singapore?
- Minimum one director and one shareholder.
- Local resident director(s).
- A local registered address in Singapore.
What kinds of business are allowed in Singapore?
Generally, no restrictions except for financial services, education, media-related or other politically sensitive businesses.
Do I have to file annual returns for my Singapore company?
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).
Can a foreigner register a company in Singapore?
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.
Which taxes must a company in Singapore pay annually?
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.
How does the tax system work in Singapore?
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 S$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.
How many years do we need to keep accounting records in Singapore?
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.
How do I file taxes in Singapore?
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.
When is the deadline for filing taxes in Singapore?
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.
What should I look for when choosing an accountant?
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.
Can I get a refund if I overpaid my taxes in Singapore?
What is the Singapore Standard on Auditing?
What is the audit process in Singapore?
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.