Accounting & payroll services.

Run your own business without the hassle of managing your accounts. With us as your accountant and payroll agent, you can continue to enjoy the freedom of operating your business with the security that the books and compliance will be taken care of.

Accounting & tax services

Smart accounting services that scale with your needs.

Flexible options

You can choose the services that work for you and your business. Some clients engage with us a monthly or quarterly basis, while others opt for just the year-end report.

Timely reminders

Our accounting team will always remind you of important deadlines along with a suggested course of action so that you will never have to worry about missing a deadline again.

Easy-to-use software

We use QuickBooks & Xero that can be accessed by you and us at the same time. If you wish, you can enter the transactions by yourself to save some accounting costs.

Accounting services.

Transaction processing

We can help you simplify your back-office operations, such as bookkeeping, processing of accounts payable, raising sales invoices, reconciling bank and other accounts, managing payroll, processing employee expense claims and more.

Financial reporting

Related to preparation of entity’s management accounts and/or group consolidated accounts using a cloud accounting software, covering the following:

  • Design and implementation of accounting system and reporting structure for newly setup companies
  • Preparation of periodic management reports, including group reporting packages
  • Preparation of consolidated financial statements for statutory or management reporting purpose

Compliance reporting

Covering preparation of year-end financial reports for submission to both the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). This also covers GST compliance services for GST-registered businesses. Should your company’s accounts need to be audited, we have good working relationships with a range of local and international audit firms and will work to ensure that the audit is completed most efficiently.

Financial planning and analysis

Going beyond reporting for statutory purposes, our team of professionals can assist with budgeting and forecasting, oversight of internal controls and more.

Great asset to have for a company of our size

"Acclime has been an outstanding partner in our business development phase. They have guided, supported, advised and delivered on numerous occasions. We have and do work with global accounting firms and would place Acclime in top of the league. Asha and her team are deeply committed to the customers, concerned about their outcomes and are a great asset to have for a company of our size which will have a revenue of AUD$150Million next year. We wish them all the best."
DD Saxena, Managing Director, Riverina Oils & Bio Energy Pty Ltd
Unhappy with your current provider?

Move your accounting to Acclime.

We make the process of moving your accounting easy and painless. Our team will, with your consent, deal directly with your previous service provider to make your transition to Acclime virtually painless. You only need to take the first step – contact us – and we will take care of the rest.

Payroll management.

Payroll can be a challenge for any business due to its complexity and ever-changing payroll legislation. This is especially true when setting up business in a new country. At Acclime, we will guide you on relevant employment laws and regulations in Singapore and provide a reliable and accurate solution for your outsourced payroll, making the process smooth and uncomplicated.

Depending on your requirement, we provide the following relevant payroll services:

  • Monthly payroll administration and management reports
  • Salary crediting into employee's bank account and issuing of e-payslips
  • First time registration with CPF Board and submission of monthly CPF e-filing
  • Processing of national service, maternity and child care claims
  • Issuing of yearly IR8A and IR8S forms for personal tax reporting
  • Preparation and submission of Auto-Inclusion Scheme (AIS) with IRAS
  • Filing of IR21 tax clearance form for foreigners leaving the country
  • Reviewing of the employment contracts

More ways we can help.

Upon successful registration, your company is obliged to stay compliant with local regulations and requirements. With our comprehensive business support services, we can confidently handle all of your ongoing compliance and company maintenance and unburden you from these time-consuming tasks.

Incorporation

We can assist you in setting up your business in Singapore via one of the foreigner-friendly business structures. We will carefully consider a number of factors and prepare a safe and secure customised company setup just for you.

Company secretary

As your company secretary, we can take care of routine and extraordinary company matters, including recurring filings, maintaining statutory books and records, secretarial advice on corporate governance and (re)structuring of business.

Employment Pass

We help business owners and their employees apply for and secure work visas, as well as other appropriate types of visas, including visas for immediate family members, for their stay in Singapore. This also includes renewal.

Common questions.

What are the requirements for annual audited accounts to be filed with the local tax (IRAS) and corporate (ACRA) authorities?

An audit is only mandatory if:

  • A company is not private exempt
  • Its turnover exceeds 5 million dollars
  • Any shareholder with a stake of at least 5% requests one. However, all private exempt companies must prepare a report with annual accounts in accordance with the Singapore Financial Reporting Standards (FRS), signed by 2 Directors on behalf of the company (Sole director will sign singly). FRS accounts have to be filed with our local tax authorities, Inland Revenue Authority of Singapore (IRAS).
Must the company hold its AGM even though it is dormant?
Every company is required to hold its AGM and file its annual return even though it is dormant. However, the law has been amended to allow companies to dispense with AGMs provided the requisite formalities have been finalised.
Where are general meetings of members and shareholders required to be held?
Anywhere. The first meeting of shareholders must be held within 18 months from the date of incorporation to accept the Directors Report and Audited/FRS Accounts. A proxy can be appointed to attend the Annual General Meeting ("AGM").After that, an AGM must be held once in every calendar year and not more than 15 months from the last AGM.
Is there any penalty for late lodgement of the annual return and accounts with ACRA?
There are penalties and composition fines for late filing which must be paid to ACRA.
Do I need to register for GST?
It is compulsory for businesses to come forward to register for GST when their taxable turnover exceeds $1mil per year. Businesses that do not exceed $1mil in taxable turnover may register for GST voluntarily.
What are the responsibilities of a GST-registered business?
  1. Charge GST for standard-rated supplies
  2. e-File accurate GST returns and pay the tax due in a timely manner
  3. Keep business and accounting records
  4. Display price with GST
  5. Issue tax invoices and reflect GST Registration Number
  6. Inform IRAS of changes
  7. Accounting for GST on business assets held at point of de-registration
  8. Additional obligations under voluntary registrationIf you are under voluntary registration, you have to:
    • Remain registered for at least two years
    • Make taxable supplies within two years if you have not started making taxable supplies at the point of application)
    • Complete the e-learning course "Introduction to GST" within three months from the effective date of registration
    • Be on GIRO arrangement for payment and/ or refund of GST
    • The Comptroller may also impose other conditions on voluntarily registered business and may cancel his GST registration if any of the conditions is not met
What annual tax is levied, and when is it payable?
Companies resident in Singapore are taxed on their income generated from Singapore. Net profits before taxes are taxed at the prevailing tax rate. However, for all newly incorporated Exempt Private Limited companies, there is tax exemption on the first $100,000.00 of taxable income (net profit after tax allowances and tax adjustments), for the first 3 years. Partial tax exemptions are available even after the first three years of incorporation.
What is required to set up a bank account in Singapore?
Firstly, a Director's Resolution must be passed to agree to the signatory(s) (and administrator(s) in the case of Internet banking) of the company bank account. A separate Director's Resolution is required for each type of banking i.e., checking, internet, and telephone. Secondly, the authorised signatory(s) and the Directors who signed the resolution for opening the bank account are required to go to the bank in person to open a new account, with a recent copy of the Company's business profile, M&A and Directors' Resolution. (In the case of a sole Director who is also the signatory, the Company Secretary will be required to attend.) Most local banks require a minimum deposit of S$1,000.00 for Singapore Dollar accounts or USD$1,000.00 for United States Dollar accounts. Boutique/foreign banks may require a deposit of $10,000 in the respective currencies. We can advise you of monthly balance requirements once you specify your bank preference.
How many agents are required and who can be an agent of a foreign company?
Every foreign company must have at least 2 local agents acting on its behalf in Singapore. They must be Singapore Citizens, Singapore Permanent Residents, or hold an Employment Pass. Money Matters for Expats can provide you with a nominee agent, if you require one.
Can a company engage the same external firm for its corporate secretarial, accounting, and auditing requirements?
Yes, you can use a single firm as your corporate secretarial and accounting agents. However because of the auditor's independence rules, the audit work will have to be done by other auditing firms. We can provide you with a recommendation.
Ready to get started?

Request a quote now to take the next step towards managing your books & accounts effortlessly.

Not sure where to begin?

Get a free 30-minute consultation on starting and operating your company in Singapore.

Alan, Commercial director

Questions? Speak to our experts.

We are available Monday – Friday 9am to 6pm (UTC+8).
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