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Singapore accounting, auditing & tax filing

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 filed 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 a clear picture of your company financial position on an accurate and timely basis.

Accounting & tax filing services

Compliance Package

Yearly accounting

Varied fees based on number of transactions

  • Up to 50 transactions: US$750
  • Up to 100 transactions: US$1,250
  • Up to 150 transactions: US$1,650

Tax filing already included:

  • ECI preparation and filing
  • Filing Form C/C-S

Management Package

Monthly accounting

Varied fees based on number of transactions

  • Up to 10 transactions per month: US$120
  • Up to 30 transactions per month: US$250
  • Up to 75 transactions per month: US$475
  • Up to 125 transactions per month: US$750

Tax filing already included:

  • 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
    US$600

    Additional supporting services

    ServicesDescriptionPricing
    Personal Tax Filling & Payroll assistance
    Payroll OutsourcingAdministration of payroll process in compliance with tax and labor regulationUS$50 per person per month
    Central Provident Fund Account setupEmployers’ mandatory contribution for social security savings scheme of employees who are Singapore citizens or permanent residents.US$120 per person
    Form IR8A submissionAnnual income reporting for all Singapore employeesUS$100 per person
    A surcharge of US$150 USD with Appendix 8A
    Form IR21 submissionTax clearance for non-citizen Singapore employees in case of employment cessation or departure from Singapore.US$120 per person
    A surcharge of US$230 with Appendix 1
    Personal Income Tax FillingUS$125 per person
    Other services
    Liaising with AuditorCooperate in providing documents and assist in handling queries from auditors.US$500
    Full XBRL preparationConvert full set of financial statements in XBRL format.US$500
    XBRL highlight preparationConvert financial statements highlights in XBRL format.US$350
    GST registrationApply for GST registration when company’s annual turnover exceeds S$1 mil.US$450

    FAQs

    What is XBRL?

    XBRL ( eXtensible business reporting language) is a reporting language adopted by ACRA to standardize filing format of financial statements in order to facilitate interpretation and cross-comparison between companies and industries.

    When needs to file financial accounts in line with XBRL format?

    From Nov 2007onward, most companies incorporated in Singapore are required to file financial statements in XBRL format. Currently, there are 2 types of XBRL filing requirements for Singapore companies:

    • Full set of financial statements in XBRL format (in short XBRL full set);
    • XBRL Financial statements highlights (XBRL highlights).

    The table below summaries situations where each reporting format is required

    Types of companyFilling format
    Public/private company (limited or unlimited by shares) other than 2 cases specified below:XBRL full set
    Specific companies regulated by Monetary Authority of Singapore (MAS) i.e. commercial banks, merchant banks, insurance and finance companies.XBRL highlights + PDF copy of financial statements
    Companies allowed to use accounting standards other than SFRS, SFRS for small entities and IFRS.XBRL highlights + PDF copy of financial statements
    Solvent exempt private companyExempt from filing financial statements
    Insolvent exempt private companyThere are two options:
    • XBRL full set XBRL highlights + PDF copy of financial statements
    Companies limited by guaranteePDF copy of financial statements
    Foreign companies and their local branchesPDF copy of financial statements

    What companies are exempted from filing financial statements and account audit?

    There are 2 cases when a Singapore private company is granted exemption to filing accounts and auditing: Exempt private companies and dormant companies. A company might qualify for only audit exemption if it meets conditions for small company concept.

    What are the differences between Form C and Form C-S?

    Both forms are used for annual corporate income tax filing in Singapore. Form C is the standard form for all companies. In contrast, Form C-S designed specifically for small companies is half the length of Form C and simpler to complete.

    How to determine whether a company should file Form C or Form C-S?

    In order to be eligible for filing Form C-S, a company must meet the following conditions:

    • Company incorporated in Singapore;
    • Maximum annual turnover of $5mil;
    • Income derived taxed at 17%;
    • Not claiming any of the follows:
      • Carry-back of current year capital allowance/losses;
      • Group relief;
      • Investment allowance;
      • Foreign tax credit or tax deducted at source.