Accounting Firm in Singapore – Auditors & Accountants
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. If you want to open a business on the local market our accounting firm in Singapore can help you comply with the taxation requirements, as our accountants are specialists in tax legislation. With our accounting firm, we treat every client’s financial business as if it was our own. We take pride in fully comprehending your financial aspirations and objectives, as we work alongside our clients to ensure we achieve them.
Accounting services in Singapore
- 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.
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 professionals, being efficient-oriented, which is one of the main reasons why our clients choose us. Our goal is to give to every client the certitude 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 allow 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 a better qualified financial advice or a second opinion, 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 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 will provide you with audit services, which will verify 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.
Bookkeeping services in Singapore
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:
- the taxable turnover of the company is above 1 million SGD at the end of a calendar quarter (3 months);
- the taxable turnover of the company is above 1 million SGD at the end of the calendar year;
- if the company expects to have a turnover of more than 1 million SGD in the course of a calendar year;
- 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 is 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 in 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.
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 the mechanisms of benefitting the most from them is recommended.
Here are some of the incentives available for Singapore companies:
- the pioneer tax incentive which is available for manufacturing companies which 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).
- corporate tax compliance,
- tax filing for sole traders and partnerships,
- tax planning, tax structuring,
- GST filing
- GST compliance and advisory services
- tax incentive optimization
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 in Singapore, 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?
- the audited financial accounts;
- the Estimated Chargeable Income;
- the annual returns.
- 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
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.
- money laundering;
- tax fraud;
- economic damages calculation;
- securities fraud.