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Get all your accounting and finances managed effectively with InCorp.
Download the brochureAccounting Service in Singapore
Under the Singapore Companies Act, your business needs to maintain scrupulous records of all business transactions, including invoices and receipts, sales listings and bank statements.
In addition, you need to follow strict compliance regulations set by both ACRA and IRAS to ensure you don’t risk any unnecessary penalties down the line. Following these regulations not only helps your company achieve transparency and clarity but also helps potential investors determine your company’s performance.
To stay compliant, your company needs to:
- Establish a local registered office address in Singapore
- Appoint an auditor within the first three months (but only if the company has corporate shareholders, more than 20 individual shareholders or an annual turnover exceeding S$5 million)
- Determine a financial year-end
- Continually notify ACRA of any changes to the company structure such as transfer of shares, increase in capital or the resignation of directors
- Complete the following documentation each financial year
Estimated chargeable income (ECI) | An estimate of chargeable income for the Year of Assessment (YA) submitted within three months after the end of the financial year |
Accounting records / Complex Accounting Assignments | Profit and loss accounts, a balance sheet, cash flow statement and equity statement |
Tax returns | Audited/unaudited accounts with a tax computation form |
Financial report (Financial Statement Preparation) | A financial statement for the company |
XBRL Conversion | Filing of financial statements with XBRL format is available for eligible companies |
Scrutineering & Polling Agent | Act as independent scrutineering and polling agents to ensure that voting procedures are in line with regulatory requirements |
FAQs on Accounting and Bookkeeping
- As for startups, small businesses or nonprofits, it is advisable to outsource skilled experts who provide accounting services instead of taking the risk and costs of hiring more employees. This allows such businesses to focus on core competencies instead.
- Outsourced accounting is a service provided by accounting experts who handle day-to-day accounts payable, accounts receivable, payroll management, preparation of financial reporting and many other services.
- 1) Gain business reputation by keeping their financial records in good health, 2) Achieve transparency and helps potential investors determine the company’s performance, 3) Avoid any risk of non-compliance matters, 4) Get access to reliable, valuable and expert advice, 5) Big savings on hiring in-house accountants
- Under the Singapore Companies Act, a business needs to maintain scrupulous records of all business transactions, including invoices and receipts, sales listings and bank statements. InCorp’s accredited accountants ensure your financial records are in line with the compliance regulations set by ACRA & IRAS.
Contact our Team:
Leave the complex work to us. Stay focused on your core business growth strategies.
Leave the complex work to us. Stay focused on your core business growth strategies.