Reporting Requirements in Singapore

Based on the financial activities of a company during the financial year, the yearly financial accounts have to be prepared in compliance with the Financial Reporting Standards of Singapore. In case the company has numerous accounting transactions monthly, it is recommended that monthly bookkeeping  is performed in order to maintain the ledgers in order. If though, the financial transactions which are undertaken are fairly rare, the bookkeeping can be performed quarterly or yearly.

The reporting requirements for financial accounts in Singapore consist of:

•    Statement of Comprehensive Income (for example, Profit and Loss Account);
•    Statement of Financial Position (for example, Balance Sheet);
•    Cash Flow Statement;
•    Statement of Changes in Equity. 

Submitting the Estimated Chargeable Income (ECI) in Singapore

The reporting requirements in Singapore state that businesses in the country have to declare the revenue amount and Estimated Chargeable Income (ECI) by submitting the ECI form with the Inland Revenue Authority of Singapore (IRAS) in maximum three months from the end of the fiscal year of the company. In case the business evaluates its chargeable income as zero, it does not need to file an ECI if its annual revenue is S$5 million or less (otherwise a “Nil” ECI is filed). Our accountants in Singapore can give you more details on this matter.

Financial Account Audit in Singapore

After the financial accounts are prepared, according to the reporting requirements in Singapore, the company is obliged to have its accounts audited – if it falls under one of the following categories:

•    The business does not qualify as a small company (at least 2 of: revenue up to SGD 10 million, total assets up to SGD 10 million, up to 50 employees, for the past two financial years); or
•    The business belongs to a group that does not qualify as a small group.

Companies registered for GST in Singapore are also required to file GST returns.

If you need support when computing the dividend tax in Singapore, you can rely on our accounting firm.

The Yearly General Meeting in Singapore

The reporting requirements in Singapore state that each company in Singapore has to organize a yearly General Meeting (GM) within 6 months after the end of its financial year (4 months for listed companies). Yearly GMs have to comply with the following rules:

•    The first yearly GM has to be organized within 6 months after the end of the first financial year;
•    Each subsequent yearly GM must also be held within 6 months after the financial year end;
•    The accounts discussed at the yearly GM must be for the financial year ended not more than six months before the yearly GM;
•    Private businesses can give up the yearly GMs if at a general meeting of the business a decision to that effect is taken by all members with voting rights.

If you need to know more, please contact our accounting firm in Singapore. We offer a wide range of accounting services, from GST registration to payroll in Singapore. The payroll register is the record of all calculations for all employees. This document lists every salary and wage amount for every pay period as well as annual totals. The register is a component of your business accounting system if it includes a dedicated program. Our payroll company in Singapore uses such software in order to help businesses.