Streamlined

Accounting Services

IN singap

re

Businesses in Singapore should use accounting services as soon as they complete their company incorporation, as accurate financial management is essential to meet ACRA and IRAS requirements.

BBCIncorp provides expert accounting services covering bookkeeping, financial statement preparation, and tax filing for your business. We also offer comprehensive Singapore company setup packages with accounting included. Contact our team for more details.

A comprehensive accounting service package for small businesses in Singapore usually includes:

• Accounting software to record and manage daily financial transactions
• Bookkeeping to maintain accurate and up-to-date financial records
• Annual tax filing to ensure timely submission and compliance with IRAS requirements
• Statutory accounts compliance to prepare financial statements in line with ACRA regulations

We offer accounting packages to support SMEs in meeting all these obligations efficiently while maintaining compliance with ease.

Outsourced accounting services help businesses save time, reduce costs, and maintain compliance without hiring full-time staff. Professional accountants handle bookkeeping, reporting, and tax filing accurately, minimizing errors and penalties. You will also gain access to expert advice, up-to-date knowledge of Singapore’s accounting and tax regulations, and valuable insights for strategic decision-making.

BBCIncorp’s accounting services deliver flexibility, efficiency, and peace of mind for businesses of all sizes in Singapore.

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

Yes, you can appoint BBCIncorp to handle both roles for your business. We offer integrated accounting and company secretary services to help you manage compliance efficiently and accurately. By engaging both services with us, you will benefit from consistent communication, better coordination, and timely reporting.

Singapore adopts the Singapore Financial Reporting Standards (SFRS), which are based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

In addition, all companies incorporated in Singapore must prepare their financial statements in accordance with SFRS, unless they qualify for and choose to apply the simplified SFRS for Small Entities.

An in-house accountant is a direct employee of the company who manages all accounting and financial reporting functions internally. They provide consistent, dedicated support but incur higher fixed costs, including salary, CPF contributions, and employee benefits.

On the other hand, an outsourced accountant refers to an external professional or accounting firm engaged to perform these functions. This model is generally more cost-efficient for startups and small to medium-sized enterprises, offering access to experienced specialists, flexible service arrangements, and professional oversight without long-term financial commitments.

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 Singapore.

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.

Yes, you have the option to switch your Singapore corporate secretary service provider to BBCIncorp.

Here's how you can do it:

• Begin by contacting our dedicated support team for assistance
• Once you've completed the service order with us, inform your current service provider of your intention to terminate the existing agreement
• Transfer the necessary company records to BBCIncorp

We will then appoint a new corporate secretary for your business within 60 days.

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.