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Tax advisory & planning.

We can help you build a strategy for your personal and/or business taxes, and offer you support by delivering valuable insights into your company.

Accounting & tax services

Corporate tax services.

Corporate tax compliance framework is constantly changing, so you need a dynamic partner. Our tax professionals offer practical tax advice combined with up-to-date knowledge of Singapore tax rules within the existing regulatory framework. Our corporate tax services include:

  • Preparing and filing of estimated chargeable income
  • Preparing and submitting the corporate annual income tax returns
  • Verifying the assessments issued by Inland Revenue Authority of Singapore (“IRAS”)
  • Attending to investigations and queries raised by IRAS
  • Lodging objections and submission of appeals
  • Assisting in the application for tax incentives
  • Assisting with withholding tax compliance

Personal tax services.

In personal tax return preparation, we help identify the reliefs and deductions you are entitled to and make sure they are factored into your returns in the most tax-efficient way.

If you receive income from other sources such as rental property, shares or other assets, we help you ascertain the expenses that can be off-set against your income or avail of tax exemptions where applicable.

We will prepare and file your annual tax return, verify the assessments issued by IRAS and lodge objections or appeals, if required. For expatriate employees working in Singapore, we help develop and structure remuneration packages to enhance tax efficiencies, advise on special schemes and tax residency, and obtain tax clearance upon termination of employment in Singapore.

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.

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