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Singapore Accounting

Updated: May 4, 2023


Singapore Accounting
Singapore Accounting

Accounting Firm in Singapore – Auditors & Accountants

Our accounting firm in Singapore can help businesses in the local market to comply with tax requirements as our accountants are experts in tax laws. Our accounting firm can provide clients with a wide range of services: audit services, bookkeeping services, payroll services, tax services, etc. We pride ourselves on fully understanding your financial wishes and goals as we work with our clients to ensure they are achieved.

Foreign investors interested in starting a business in Singapore should know that it is highly recommended that you obtain the assistance of an accounting firm, especially if your company is a medium or large company with international operations and a large number of employees. Outsourcing a set of services to our accounting firm in Singapore allows entrepreneurs to maintain a healthy image of their financial health and also helps them 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 to enhance the quality of your business. The following list summarizes the main accounting services provided by our expert team:


  • Audit Services: Our external auditors can put forward different perspectives on the company's financial statements through objective and impartial analysis.

  • Bookkeeping Services: Our bookkeeping experts work diligently to ensure that a company's financial transactions are accurately recorded.

  • Tax Services: Comprehensive assistance with all tax-related matters in Singapore, regardless of company type or size.

  • Corporate Advisory: Personalized advisory services for Singapore companies ranging from initial tax registration issues to future tax planning and advice.

  • Risk Consulting: Appropriate risk management strategies can help Singapore companies achieve their goals while adhering to required compliance requirements.

  • Payroll and Human Resource Services: A complete service for handling payroll obligations in Singapore based on the number of employees. With full employer of record and payroll services in Singapore, we can help your business. We will take the time to provide complete solutions that not only respect your needs but comply with the law to avoid penalties. By using our services, you may find that outsourcing to a payroll provider is less costly and time demanding.


Quick Facts

Types of services

​Bookkeeping, corporate and risk advisory support, assistance in handling various tax matters

Tax registration support

​Our accountants in Singapore can help you register for tax

​GST registration service

​We can help you obtain a GST number

​Payroll and HR assistance

​Your accounting firm in Singapore provides guidance on payroll, HR and employment matters

​Audit services

​We have a team of auditors in Singapore

​Financial statement filing services

​Filing services are provided according to the law

​Company secretarial services

​This is one of the services you can rely on our accountants

Availability of accredited accountants

​Our accountants are registered with the Institute of Singapore Chartered Accountants

Personal income tax rate

Tax rates currently range from 0% to 22%, but will top out at 24% from 2024

​Corporate tax rate

​17%

GST rate

8%

CPF contributions

​17% for the employer and 20% for the employee

Support for foreign companies

Our accountants in Singapore provide tailor-made services for foreign companies operating here

Access to double taxation agreements

​Approx. 100 Double Taxation Agreements. List of DTAs

Other services

Tax compliance services, financial planning and optimization solutions, support for obtaining government grants

and subsidies


Our accounting services are adapted to the size of the business and its specificities, and our team will find the right solution regardless of the number of employees and the area of ​​your business. These types of services can also be requested for ad hoc or long-term issues, for example, you can contact our accounting firm in Singapore to arrange for a valuation of your business or to make an informed decision regarding certain accounting changes. Preferred packages typically include regular business reviews and ongoing financial updates as well as dedicated services for ongoing compliance with annual financial statement preparation.


Why Choose our Accounting Firm in Singapore?

Our team of accountants in Singapore is made up of certified and efficiency-oriented professionals, which is one of the main reasons why our clients choose us. Our goal is to give each client the confidence that he or she can rely on our professionalism. We are up-to-date with local regulations and have an in-depth knowledge of organizations and businesses, which enables us to deliver a financial management plan that is right for each client.


Our experience in accounting and financial management will ensure the choice of our firm as your advisor, offering a wide range of solutions to our clients. We understand that identifying the correct customer need is the key to an appropriate solution. At the heart of any business plan is a good financial plan. Daily operations also require strict accounting registration. This means that the financial success of any company depends on a proper understanding of financial operations and local accounting regulations. This is the key to our success.


Expertise is our most important advantage. If you are just starting a business and need to understand financial regulations, or you are looking for development opportunities in your field and need to understand specific financial aspects, or you need more qualified financial advice, our accountants in Singapore are able to provide precise advice on general financial management or any specific specialized accounting issues.


Flexibility is another great reason why you should choose our Singapore accounting firm. We are able to resolve a wide range of problems or crises our clients may encounter. According to the special needs of our customers, we are ready to adhere to special requirements. We work with our clients to find the best communication process to ensure we understand their needs and provide the best possible solution.


We also invite you to read more about our services below:


Singapore Accounting Firm

BOOKKEEPING SERVICES

Our accounting firm in Singapore provides specialized bookkeeping services to local and foreign companies regardless of the size of their business.


AUDIT SOLUTIONS

Business owners can also rely on us for audits in Singapore. We provide tailor-made audit solutions for the financial health of all types of companies.


CONSULTING SOLUTIONS

Young entrepreneurs who want to learn more about the taxation and management of their companies from a financial perspective can rely on our accountants in Singapore. We provide tailor-made consulting services for all kinds of enterprises.


COMPLIANCE SERVICES

Complying with accounting regulations in Singapore is one of the crucial steps in running a business. In this sense, our local accounting firm provides compliance solutions.


CONTACT US FOR ACCOUTNING SERVICES


Audit Services in Singapore

Our team of accountants can provide you with audit services, which means verifying that the company's financial statements and other documents are issued in accordance with Singapore Accounting Standards; our accountants will perform statutory audits or corporate due diligence procedures, as applicable in mergers and acquisitions situations.


Statutory audits are performed to determine whether a company provides a transparent financial position. In order to determine whether the company's financial position is correct, a set of documents will be analyzed as required. These include:


- bank balance;

- financial transactions;

– bookkeeping records;

– and other relevant documents.

In Singapore, companies are only required to submit annual statutory audits under certain circumstances, for example, if they have corporate shareholders and/or have an annual turnover exceeding S$10 million. Internal audit is useful for business managers who wish to improve corporate governance, risk management policies, and generally manage their company more effectively. A team of accountants can help entrepreneurs implement an effective internal control system and carry out specific testing and risk assessment assessments. Special audits focus on specific key areas of the business and are useful for internal or external purposes. For example, it can include asset verification. If you need accountants 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) the business owner requires. Our reports will include the following information about the company's financial activities:


– sales and purchase invoices;

- bank statements;

– payroll summary;

– bills of expense;

– inventory list;

– list of fixed assets;

– rental invoices.


Our accountants in Singapore can assist you with 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 a Tax Reference Number and Goods and Services Tax (GST) Registration Number. Your Tax Reference No. and GST registration number is also your Unique Entity Number (UEN). These are mandatory requirements for conducting economic activities in Singapore. This is why many new business owners 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 a GST number from the start of their activities as they need to reach a certain turnover in order to be compulsorily registered for GST.


You must register for GST in Singapore if:

  1. The company’s taxable turnover exceeds S$1 million at the end of the calendar year;

  2. The company determines that its annual turnover exceeds S$1 million within the next 12 months.

In the two cases, GST registration is compulsory and implies careful monitoring of the company's accounting position. This is where our accountants in Singapore can help with monthly quarterly and annual updates. Additionally, we will ensure that every document available to demonstrate the need to register for GST is documented. We remind business owners that documents used as evidence in GST registration include contracts and agreements, purchase orders, invoices, and profit and loss statements.


Our accounting firm in Singapore can ensure you have all the details you need to comply with GST registration requirements. Additionally, we can handle the preparation and filing of GST returns that require various calculations.


To avoid any misunderstanding regarding GST registration and filing, you can rely on our accounting services in Singapore.


Assisting Singapore Companies to File Tax Returns

Tax legislation in Singapore is constantly changing as the Inland Revenue Authority (IRAS) is working to simplify the filing of various tax returns. Being updated and even better, having an accountant handle all these aspects is crucial for a small and medium-sized enterprise or SME, which represents one of the most important business categories in the Singapore market. With the help of our Singapore accountants, companies will no longer need to worry about complying with all the new requirements imposed by IRAS.


We remind business owners that one of the latest changes in Singapore tax law means filing financial statements in XBRL format. This is now a mandatory requirement for all types of companies in Singapore, which is why the need to use an external 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 require an audit. This exemption applies to private companies that are recognized as small businesses. The compilation of financial statements means the collection of cash flow statements, balance sheets, directors' reports, and comprehensive profit and loss statements.


If you have any questions about Singapore company accounting, our experts can answer them. Our accounting firm in Singapore can assist you with a wide range of accounting matters.


Tailor-made Accounting and Auditing Services for Major Companies in Singapore

Singapore is home to a wide variety of companies, many of which are large corporations operating in areas such as trading and finance. These must comply with specific accounting rules that are typically contracted for specialized services.


For example, trading companies must complete additional steps when created, including setting up an Interbank Giro (IBG) and linking it to an account set up with customs authorities. As these companies have to 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 submit various documents can help business owners ease the burden on their employees.


As far as financial companies are concerned, they also have to comply with industry-specific requirements where they are subject to stricter audit requirements than other businesses and this is where our auditors in Singapore can help. We can complete not only mandatory audits but also performance audits to measure a company's financial and operational results in order to improve its operations.


Our accountants in Singapore can serve all types of large companies regardless of their industry. We provide accounting services tailored to your business needs.


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


Accounting Services for Small and Micro Enterprises

The Singapore business market is not only made up of large corporations, but micro and small businesses that require equal emphasis. These are also subject to special accounting requirements and, in some cases, different tax rules than other businesses, so an accountant may be a good solution. He or she can advise on the best accounting methods and can help you draft the necessary documents to obtain the tax breaks these companies are eligible for.


Tax exemption scheme for a new company was introduced to support start-ups and grow local businesses.


The tax exemption for the first 3 consecutive years of assessment for eligible companies is as follows:


75% on the first $100,000 of normally taxable income; and

An additional 50% exemption on the next $100,000 of normally taxable income.


In order to see if your business is eligible for any of these schemes, you can rely on our accountants in Singapore who will assess your company's financial situation to assist you.


Special Accounting Services for Startups in Singapore

Our accounting firm in Singapore keeps abreast of the latest changes in the business market, which is why we adapt our services to suit all types of businesses, including start-ups. These changes affect accounting regulations, which is how IRAS created the New Start-Up Tax Exemption Scheme.


Under this tax scheme, start-up companies are exempted from tax on their normally chargeable income of up to S$200,000 within the first 3 years of activity. There are also partial exemptions available under certain conditions.


Our accounting firm in Singapore can provide tailor-made services for these companies and choosing to work with us will save you a lot of money.


Assistance in obtaining tax incentives for Singapore companies

One of the main reasons why foreign investors choose Singapore to set up a company has to do with the many tax advantages offered here. To obtain them, specialized assistance from accountants familiar with these tax benefits is recommended.


Below are some of the incentives available to companies in Singapore:


  • Pioneer Tax Incentives for manufacturing companies, providing 5 to 15 years of tax exemption on qualifying products and services;

  • Development and Expansion Incentives that reduce corporate tax rates by 5% for up to 10 years;

  • Investment Allowances under which companies can receive tax-free on their profits for up to 5 years;

  • Intellectual Property Development Incentives that provide for a preferential tax rate of 5% or 10% on the sale of certain intellectual property;

  • Various incentives to financial sector companies that qualify for lower corporate tax rates.

In addition to this, Singapore has also signed many double taxation agreements, and foreign shareholders and companies can obtain various tax reliefs under specific regulations.


Taxation in Singapore

Foreign companies are not taxed at the same rate; if you are a national of a country with which Singapore has a double taxation treaty, your company will be exempt from paying several taxes. Our accounting firm can assist you with income tax filing, corporate taxation, corporate tax planning, international tax advice, GST (registration, filing, compliance).


Singapore is considered a low tax jurisdiction, however, companies can request professional services in order to manage their tax requirements effectively and implement appropriate tax planning strategies where possible. The complete services provided by our accountants include:


  • Corporate tax compliance;

  • Tax returns for sole traders and partnerships;

  • Tax planning, tax structure;

  • GST registration;

  • GST compliance and advisory services;

  • Tax incentive optimization.

A Singapore accountant from our team will be able to assist you with services such as filing forms with IRAS and attending to tax inquiries should any of these arise during the tax year. In addition, we can help foreign companies to comply with Singapore taxation principles and avoid double taxation. To this end, we can provide you with more information on foreign tax credits.


Business Consulting

Our accounting firm in Singapore can provide you with financial advice to maximize the value of your business; our accountants can provide you with their expertise in areas such as implementing a business strategy, improving cash flow or increasing company profits, and many other accounting related services.


Financial due diligence is a special type of service that may be of interest to investors willing to participate in mergers and acquisitions of companies. Essentially, this exhaustive report prepared by our team will help business owners understand the financial health of the business to be acquired, which can be a useful step in business merger planning.

We also provide valuation services as part of our business or corporate advisory services - a complete analysis of the value of a company's assets and the value of the company as a whole. To avoid possible risks, our team of accountants will provide services to improve your company's efficiency in complying with local regulations.

Payroll Services

Our accountants in Singapore will provide you with payroll related services such as payment and registration of wages, calculation of CPF contributions a company has to pay for its employees or calculation of bonuses awarded to employees.

If you need more information on the accounting services we provide, please contact our accounting firm in Singapore for more details on this subject.


What are the main accounting standards in Singapore?

Singapore companies must submit the following documents to the Inland Revenue Authority:

  • audited/unaudited financial accounts;

  • Estimated Chargeable Income;

  • tax return.


Financial Reporting Standards require the above documents to reflect the following information about the company's financial position:

  • inventories;

  • statement of cash flows;

  • income tax;

  • revenue.


Our accounting firm in Singapore can help you prepare your annual financial statements to meet these standards.


Singapore Forensic Accounting

Forensic accounting is a branch of the accounting field that uses accounting and financial services during the investigation of fraud, discrepancies and crimes of mistrust. The job of a forensic accountant is to identify and uncover illegal financial practices in order to identify suspects and recover funds.


These types of investigations make the nature of this work delicate. After the inspection, forensic accountants in Singapore must report to the management of the hiring firm.


This branch of accounting investigates financial crimes such as:


  • money laundering;

  • tax fraud;

  • economic loss calculation;

  • securities fraud.

Our forensic accountants in Singapore work by conducting investigations and providing reports, while providing clients with the answers they need during investigations. If you need other accounting services in Singapore, we are here for you.


Why Externalize Accounting for Singapore Companies?

Running a business means taking care of many aspects of a company, and accounting is one that cannot simply be put off or ignored. 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 yearly accounting and financial requirements that Singapore companies must comply with.


Apart from this, an important reason to use an external accounting firm in Singapore is the professional accounting software it uses. Not only will you save money on licensed software, but you won't need to train your staff to use it or worry about maintenance.


Finally, working with an accounting firm in Singapore means no longer having to create a department consisting of at least 3 or 4 people in your company.


If you need information on how we can help, we invite you to contact us to learn more.


Frequently Asked Questions on Accounting Matters in Singapore

Some of the most frequently asked questions about accounting matters in Singapore that we encounter from our clients are listed below.


1. Who 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 that account for more than 70 percent of the government's operating income to sustain the government's economic and social programs.

2. Is it mandatory to register for VAT in Singapore?

Singapore's GST (Goods and Services Tax) is equivalent to Europe's VAT. A company carrying out business activities in Singapore must register with IRAS for GST if your taxable turnover is:


  1. In retrospective view, more than $1 million at the end of the calendar year, or

  2. in prospective view, expected to exceed $1 million in the next 12 months.

3. What are the reporting requirements in Singapore?

Under the Companies Act, all companies incorporated in Singapore are required to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). All companies, including inactive and dormant companies, are required to file annual returns. Except for exempted companies, all companies incorporated in Singapore (SG) are required to file a Financial Statement (FS) with ACRA.


4. Which companies need to be audited in Singapore?

"Small companies" are exempt from auditing their financial statements. A company qualifies as a small company if it meets the following criteria:

(a) it is a private company during the relevant financial year; and

(b) for the two immediately preceding financial years, it meets at least 2 of the following 3 criteria:


  • Annual annual revenue ≤ S$10 million;

  • Total assets ≤ S$10 million;

  • Number of employees ≤ 50.


For companies belonging to a group:

(a) the company must qualify as a small company; and

(b) the entire group must be a "small group"


to be eligible for audit exemption.


For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the past two consecutive financial years.

5. What are the annual financial statements that need to be submitted?

The annual financial statements that Singapore companies must submit include Statements of financial position, Consolidated statement of profit or loss and other comprehensive income, Statements of changes in equity, Consolidated statement of cash flows, and other relevant data. Our accounting company in Singapore can provide more details on this matter


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

As of 1 January 2023, the GST rate in Singapore is 8%.

7. What is the corporate tax in Singapore?

Singapore's corporate tax rate has been fixed at 17% since 2010, although certain exemptions may be granted.


8. What are the accounting standards in Singapore?

Singapore's accounting standards are known as Financial Reporting Standards and are issued by the Accounting Standards Committee (ASC).


9. Is there a social security tax in Singapore?

Singapore has no social security tax.


10. Is Singapore a tax haven?

Singapore is considered a low tax country for both residents and non-residents.


Accounting Principles in Singapore

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

Businesses can benefit from outsourced accounting services in Singapore in more than one way. When business owners choose to do this, they can focus on growing their business knowing that the financials are stable and accounted for, while the company complies with all relevant tax and financial regulations. Accounting plays an important role in determining the financial condition of a company and its prospects and development.

Outsourcing accounting services to a reliable partner, such as our accounting firm in Singapore, can help you focus on what matters most: growing and improving your business. Contact us for complete information on our services and to receive a quote.


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