Singapore Accounting

Accounting Firm in  Singapore – Auditors & Accountants

Our accounting firm in Singapore can help businesses on the local market comply with the taxation requirements, as our accountants are specialists in tax legislation.  Our accounting firm can provide clients with a wide range of services: audit services, bookkeeping services, payroll services, taxation services, etc. We take pride in fully comprehending your financial aspirations and objectives, as we work alongside our clients to ensure we achieve them.

Foreign investors interested in setting up a business in Singapore should know that it is highly recommended to receive the assistance of an accounting firm, especially if your company is a medium or large one with international operations and many employees. Outsourcing a set of services to our accounting firm in Singapore can allow entrepreneurs to keep a healthy image of their financial situation and can also help them to focus on the core aspects of their business in the city.

Accounting services in Singapore

Our team of experienced accountants can provide you with a wide range of services that will improve the quality of your business. The list below summarizes the main accounting services provided by our team of experts:

• audit services: our external auditors can offer a different perspective on the situation of a company’s financial statements through an objective and impartial analysis.
• bookkeeping services: our bookkeeping experts work diligently to ensure an accurate recording of the company’s financial transactions.
• taxation services: complete assistance in all matters related to taxation in Singapore, irrespective of the type or size of the company.
• corporate advisory: personalized advisory services for companies in Singapore, ranging from initial tax registration issues to future tax planning and advice.
• risk advisory: an adequate risk management strategy can help companies in Singapore meet their goals while observing the needed compliance requirements.
• payroll and human resources services: complete services for handling the payroll obligations in Singapore, according to the number of employees. With complete employer of record and payroll in Singapore, we can help your business. We will take our time to offer complete solutions that not only respect your needs but are also law-compliant in order to avoid penalties. By using our services, you might discover that outsourcing to a payroll service provider is less expensive and time-demanding.

Quick Facts
Types of services	Bookkeeping, corporate and risk advisory support, assistance in various tax matters
Tax registration support (YES/NO)	Yes, our accountants in Singapore can help you register for taxation
GST registration services (YES/NO)	YES, we can help you obtain a GST number
Payroll and HR assistance (YES/NO)	YES, our accounting firm in Singapore offers guidance in payroll, HR, and employment matters
Audit services (YES/NO)	YES, we have a team of auditors in Singapore
Financial statement filing services (YES/NO)	YES, filing services are offered in accordance with the law
Corporate secretary services (YES/NO)	YES, this is one of the services you can rely on our accountants
Accredited accountants availability (YES/NO)	YES, our accountants are registered with the Institute of Singapore Chartered Accountants
Personal income tax rate	Current rates range between 0% and 22%, but starting with 2024, the highest rate will be 24%
Corporate tax rate	17%
GST rate	7%
Social security contributions	17% for employers and 20% for employees for monthly salaries
Support for foreign companies (YES/NO)	YES, our accountants in Singapore offer taliored services to foreign companies operating here
Access to double tax treaties (YES/NO)	YES, to approx. 90 double tax treaties
Other services	Tax compliance services, financial planning and optimization solutions, support in accessing government grants and subsidies

Our accounting services are adapted to the business size and its particularities and our team will find suitable solutions no matter the number of employees and the business field you operate in. These types of services can also be requested for temporary or long-term issues, for example, you can reach out to our accountanting company in Singapore simply for scheduling an evaluation of your business or to make informed decisions about certain accounting changes. The preferred package will often be one that includes both periodic business evaluations and constant financial updates as well as specialized services for ongoing compliance with the annual financial statement preparation.

We invite you to watch our concise video about the accounting services we can provide you with in Singapore.

Why choose our accounting firm in Singapore?

Our team of accountants in Singapore is made up of certified and effiency-oriented professionals, which is one of the main reasons why our clients choose us. Our goal is to give to every client the certitude that he or she can rely on our professionalism. We are up to date with local regulations and we have a high understanding of organizations and businesses, which allows us to provide financial management plans adapted to each client.

Our experience in accountancy and financial management will ensure that choosing our company as your adviser opens a wide range of solutions for our clients. We understand that identifying the correct client’s need is the key to the appropriate solution. At the core of any business plan is a good financial plan. Daily operations also request a rigorous accountancy registration. It means the financial success of any company depends on a proper understanding of the financial operations and that of the local accountancy regulations. That is the key to our success.

Expertise is our most important strength. If you are just starting a business and need an overview of financial regulations, or if you are looking for development opportunities in your field and need to have an understanding of a particular financial aspect, or you need better qualified financial advice, our accountant in Singapore is able to provide accurate advice in financial general management or any particular accounting issue.

Flexibility is another important reason why you should choose our accounting company in Singapore. We are able to address a large field of concerns or crises our clients may encounter. According to the client’s particular needs, we are prepared to adhere to particular requirements. We, together with our clients, are looking for the best communication procedures in order to be sure we understand their needs and that we can provide the best solutions.

Audit services in Singapore

Our team of accountants can provide you with audit services, which imply the verification of the financial statements and other documents of the company to see if they were issued in accordance with the Singaporean accounting standards; our accountants will perform statutory audits or company due diligence procedures, applicable in the case of Mergers & Acquisitions.

The statutory audit is performed in order to determine if the company offers a transparent financial situation. In order to determine if the company’s financial position is correct, a set of documents will be analyzed as needed. These include:

– bank balance;
– financial transactions;
– bookkeeping records;
– as well as other relevant documents.

In Singapore, companies are required to submit an annual statutory audit only under certain conditions, for example, if they have corporate shareholders and/or if the annual turnover exceeds 5 million SGD. The internal audit can be useful for those business managers who wish to improve their corporate governance, risk management policies and, in general, to have more efficient management over the company. A team of accountants can help entrepreneurs implement effective internal control systems and carry out specific testing and risk assessment evaluations. The special audit focuses on specific, key areas of the business and it can be useful either to internal or external purposes. For example, it can include the verification of assets. If you need an accountant in Singapore, you can rely on our team.

Bookkeeping services in Singapore

Our bookkeeping packages are designed to meet the needs of businesses and are structured according to the accounting period (monthly, quarterly, or yearly) as needed by the business owners. Our report will include the following information on the company’s financial activity:

– the sales and purchase invoices;
– bank statements;
– payroll summary;
– expense notes;
– inventory lists;
– fixed asset lists;
– tenancy invoices.

Our accountant in Singapore can assist you in all these matters.

Tax and GST registration services in Singapore

One of the most important steps in starting a business in Singapore is related to obtaining a tax identification number and a Goods and Services Tax (GST) number. These are mandatory requirements for conducting an economic activity in Singapore. This is why many new business owners will rely on the services of an accounting firm in Singapore to complete these formalities.

It is worth noting that not all companies need to obtain the GST number from the beginning of their activities, as they need to reach a specific turnover in order for GST registration to become mandatory.

GST registration in Singapore is mandatory in the following situations:

1.        the taxable turnover of the company is above 1 million SGD at the end of a calendar quarter (3 months);
2.       the taxable turnover of the company is above 1 million SGD at the end of the calendar year;
3.        if the company expects to have a turnover of more than 1 million SGD in the course of a calendar year;
4.        if the company is sure to have an annual turnover of more than 1 million SGD in the next 12 months.

In the last two cases, GST registration is voluntary and implies careful supervision of the accounting situation of the company. This is where our accountant in Singapore can help with monthly quarterly and annual updates. Moreover, we will make sure to record every document which can be used to show the need to register for GST. We remind business owners that among the documents to be used as evidence in GST registration are contracts and agreements, purchase orders, invoices, and income statements.

Our accounting firm in Singapore can make sure you will have all the details needed to comply with the GST registration requirements. Also, we can handle the preparation and filing of GST returns which are subject to various calculations.

In order to skip any misunderstanding regarding the GST registration and filings, you can count on our accounting services in Singapore.

Assistance in filing tax returns for Singapore companies

The tax legislation in Singapore is continuously changing, as the Inland Revenue Authority (IRAS) is trying to streamline the procedures for filing all kinds of tax returns. Being updated or even better, having an accountant handle all these aspects can become crucial for small and medium-sized enterprises or SMEs which represent one of the most important categories of businesses in the Singapore market. With the help of our accountant in Singapore, a company will no longer need to worry about complying with all the new requirements imposed by the IRAS.

We remind business owners that one of the latest changes in the tax legislation in Singapore implies the filing of financial statements in the XBRL format. This is now a mandatory requirement for all types of companies in Singapore, which is why the demand for using an outside accounting firm has increased in the last period.

Our accountants in Singapore can also handle the compilation of financial statements for companies that do not need to have them audited. This exemption applies to private companies acknowledged as small businesses. A compiled financial statement implies the gathering of cash flow statements, the balance sheet, the director’s report, and a comprehensive income statement.

If you have questions about the accounting of a firm in Singapore, our specialists can answer all of them. Our accounting company in Singapore can assist you in a wide range of accounting matters.

Tailored accounting and audit services for large companies in Singapore

Singapore is home to a wide variety of companies, many of them large businesses that operate in sectors like trading and the financial industry. These must respect specific accounting rules for which specialized services are usually contracted.

For example, trading companies must complete additional steps when created, among them setting up an Inter-Bank Giro account (IBG) and linking it to the account set up with the Customs Authorities. Because these companies must complete more financial transactions and are subject to complex reporting requirements, the help of an accounting firm in Singapore that knows how to comply and when to file various documents can help business owners lift the burden of employees.

In the case of financial companies, these too must comply with industry-specific requirements, among which they are subject to more stringent audit requirements compared to other businesses, which is where our auditors in Singapore can help. Not only can we complete the mandatory audits, but we can also complete performance audits that will measure a company’s financial and operational results with the purpose of improving its operations.

Our accountants in Singapore can service all types of large companies, no matter the industries they operate in. We offer tailored accounting services in accordance with your business needs.

If you have any questions on how our accountants and auditors can help your large business, we invite you to contact us for detailed information.

Accounting services for microenterprises and small companies

The Singapore business market is made not only of large companies, but also micro and small enterprises that require equal attention. These are also subject to special accounting requirements, and, in some cases, different tax rules compared to other businesses, so an accountant can be a good solution to turn to. He or she can advise on the best accounting method to use and can help you draft the necessary paperwork to obtain the tax deductions or exemptions such companies qualify for.

Here are some of the programs a small enterprise can enter and benefit from governmental support under the form of tax rebates or grants:

• the Productivity and Innovation Credit Scheme under which tax deductions of up to 400% can be obtained;
• the corporate tax rebate scheme under which such companies can obtain a reduction of up to 30% or a maximum of 30,000 SGD from the income tax imposed on companies;
• the small and medium-sized enterprise cash grant of 5% or a maximum of 5,000 SGD.

In order to see if your business qualifies for any of these schemes, you can rely on our accountants in Singapore who will assess your company’s financial standing in order to help you.

Special accounting services for startups in Singapore

Our accounting firm in Singapore keeps up with the latest changes in the business market which is why we adapt our services to all types of enterprises, including startups. Such changes impact accounting regulations, which is how the Startup Tax Exemption Scheme was created by the IRAS.

Under this tax scheme, startup companies can obtain full tax exemptions for the normal chargeable income which can reach up to 300,000 SGD during the first 3 years of activity. There is also the partial tax exemption that ca be obtained under specific conditions.

Our accounting firm in Singapore can provide tailored services to these companies and choosing to work with us will lead to important savings.

Assistance in obtaining tax incentives for Singapore companies

One of the main reasons foreign investors choose Singapore to set up companies in is related to the many tax incentives available here. In order to obtain them, specialized assistance from accountants who are acquainted with these tax incentives is recommended.

Here are some of the incentives available for Singapore companies:

•           the pioneer tax incentive which is available for manufacturing companies that can obtain tax exemptions ranging from 5 to 15 years on qualifying products and services;
•           the development and internationalization incentive which can lead to a reduced corporate tax rate of 5% for a period of up to 10 years;
•           the investment allowance under which companies can obtain tax exemptions on profits for a period of up to 5 years;
•           the Intellectual Property Development Incentive which provides for a reduced rate of 5% or 10% on the sale of certain intellectual property rights;
•           various incentives for the companies in the financial industry which can qualify for reduced corporate tax rates.

Apart from these, Singapore has also signed many double taxation agreements under which foreign shareholders and companies can obtain various tax deductions and exemptions under specific regulations.

Taxation in Singapore

Foreign companies are not taxed at the same rates; if you are a national from a country that has signed a double taxation treaty with Singapore, your company will be exempt from paying several taxes. Our accounting firm can offer you assistance related to the filing of income tax returns, corporate tax, corporate tax planning, international tax advisory, goods and services tax (registration, filing, compliance).

Singapore is considered a low-tax jurisdiction, however, companies can request specialized services in order to manage their tax requirements effectively and, when possible, implement adequate tax planning strategies. The complete services offered by our accountants include the following:

• corporate tax compliance;
• tax filing for sole traders and partnerships;
• tax planning, tax structuring;
• GST registration;
• GST compliance and advisory services;
• tax incentive optimization.

An accountant in Singapore from our team will be able to help you with services referring to submitting forms to the IRAS as well as attending to the tax inquiries, should any of these arise during the course of the tax year. Moreover, we can help foreign companies comply with the tax principles in Singapore and avoid double taxation. For this purpose, we can offer you more information on the foreign tax credit.

Corporate advisory

Our accounting company in Singapore can offer you financial consultancy in order to maximize the value of your business; our accountants can provide you with their expertise in fields such as implementing business strategies, cash flow improvements or improving the company’s profits and many other accounting related services.

Financial due diligence is a special type of service that can be of interest to investors willing to engage in company mergers and acquisitions. Essentially, this thorough report prepared by our team will help business owners understand the financial situation of the business to be acquired and it can be a useful step in the planning of the business merger.

We also offer valuation services as part of the business or corporate advisory services – a complete analysis of the value of the corporate assets and the value of the company as a whole. In order to avoid possible risks, our team of accountants will offer their services to improve the efficiency of your company in terms of compliance with the local legislation.

Payroll services

Our accountant in Singapore will provide you with services related to payroll, such as the issuance and registration of salaries, calculating the taxes which the company must pay for its employees or calculating bonuses awarded to the employees.

If you need further information on the accounting services we provide, please contact our accounting firm in Singapore for more details on this subject. For clients who need other types of services, for example, plumbing repair assistance, our company recommends a reliable team of plumbers in London who can resolve numerous plumbing problems in the London area.

What are the main accounting standards in Singapore?

Singapore companies are required to file the following documents with the Inland Revenue Authority:

•           the audited financial accounts;
•           the Estimated Chargeable Income;
•           the annual returns.

The Financial Reporting Standards require the documents above to reflect the following information about the companies financial status:

•           the inventories;
•           the statement of cash flows;
•           the income taxes;
•           the revenue.

Our accounting firm in Singapore can help you prepare the annual financial statements in order to comply with these standards.

Forensic Accounting in Singapore

Forensic accounting is a division within the area of accountancy that employs accounting and financial services during investigations of fraud, differences, and mistrusted offenses. The responsibility of a forensic accountant is to recognize and expose illegal financial practices in order to identify suspects and recuperate funds.

These kinds of investigations make the nature of this work a delicate one. Following the examination, the forensic accountant in Singapore is required to report to the management of the hiring company.

This branch of accounting deals with investigating financial crimes, such as:

• money laundering;
• tax fraud;
• economic damages calculation;
• securities fraud.

Our forensic accountants in Singapore work by performing the investigation and by supplying the reports, at the same type providing the needed answers to the clients during the investigation. If you need other accounting services in Singapore, we are at your disposal.

Why externalize the accounting of a Singapore company?

Running a business implies taking care of numerous aspects of a company, and accounting is one that cannot simply be postponed or neglected. This is one of the main reasons why many owners decide to work with external accountants who can handle all the important matters related to the daily, monthly, quarterly and annual accounting and financial requirements a Singapore company must comply with.

Apart from this, an important reason to use an external accounting firm in Singapore is the specialized accounting software it uses. Not only will you save money on buying a licensed soft, but you will not need to have employees trained to use it or worry about maintenance aspects.

At last, working with an accounting firm in Singapore means no longer having to create a department made of at least 3 or 4 persons in your company.

If you need information on how we can help, we invite you to get in touch with us for details.

FAQ on accounting matters in Singapore

Some of the most frequently asked questions on accounting matters in Singapore that we have come across from our clients are as listed below. 

1.    Which are the tax authorities in Singapore? 

The main tax authority in Singapore is the Inland Revenue Authority of Singapore (IRAS). It is responsible for collecting taxes which sum up more than 70% of the Operating Revenue of the Government which sustains the economic and social programs of the Government.

2.    Is VAT registration compulsory in Singapore? 

The European VAT is the equivalent of the GST (Goods and Services Tax) in Singapore. All companies which conduct business activities in Singapore have to register for GST with the IRAS. 

3.    What are the reporting requirements in Singapore? 

All private limited companies in Singapore are requested to comply with the Accounting and Corporate Regulatory Authority (ACRA). Yearly reports are mandatory for active, as well as inactive companies. 

4.    Which companies need to perform an audit in Singapore?

Companies in Singapore which are corporate shareholdings or which have a yearly revenue in excess of SGD 5 million are required to have their accounts audited. 

5.    What are the yearly financial statements which have to be submitted? 

The annual financial statements that have to be submitted by companies in Singapore include consolidated statements (balance sheets, cash flow and income statements and so on), statements of financial position (assets, current assets, equity, liabilities and others) and other relevant data. Our accounting company in Singapore can provide more details on this matter. 

6.    What is the value of the Goods and Services Tax (GST) in Singapore? 

As of 1 July 2007, the GST rate in Singapore is 7%. 

7.    What are the corporate taxes in Singapore? 

The corporate tax rate in Singapore is established at 17% since 2010, although certain exemptions can be granted. 

8.    What are the accounting standards in Singapore? 

The accounting standards in Singapore are known as the Financial Reporting Standards, which are issued by the Accounting Standards Council (ASC). 

9.    Is there a social security tax in Singapore? 

There is no social security tax in Singapore. 

10.    Is Singapore a tax haven?

Because of the low taxation applied to residents and non-residents, Singapore is considered to be a tax haven.

Accounting principles in Singapore

Investors willing to open a company in Singapore should know that the main source of law in this field is the Singapore Financial Reporting Standards, which have been aligned with the International Financial Reporting Standards. Our team of accountants observes these principles in order to deliver proper accounting services for all types of businesses in the country. 

Businesses can benefit in more than one way from outsourcing accounting services in Singapore. When business owners choose to do so, they can concentrate on developing the business knowing that the financial situation is stable and accounted for and at the same time that the company complies with all of the relevant tax, financial, and social security regulations. Accounting has an important role in determining the financial situation of a company and thus its perspectives and evolution.
Outsourcing the accounting services to a reliable partner like our accounting firm in Singapore can help you focus on what matters most: growing and improving your business. Contact us for complete information about our services and in order to receive an offer.