Singapore Legal

Accountancy in Singapore

If you have a company in Singapore, then you need to prepare annual financial statements on the activities of the company. Financial reporting, management report, and auditor’s report – we are ready to provide you with all these services for your business.

Bookkeeping solution

The accounting that Singapore companies maintain is based on standards that contain the basic rules and principles for accounting for financial transactions of a different nature. These standards were designed to systematize a set of requirements for the process of reflecting important events and processes of any company on the balance sheet of an enterprise.

Regulatory regulation in Singapore is divided into two levels:

  1. legislation – at this level, fundamental documents are applied, for example, the law on companies, as well as the Regulations for the preparation of reporting and accounting in companies;
  2. a set of by-laws – this includes regulations such as the SSFO (Financial Reporting Standards for Singapore Enterprises).

The specialists of our company will be glad to assist you with bookkeeping in Singapore. The company provides a comprehensive, quality service for your business & all types of audit services including, financial reporting, management report, and auditor’s report, as well as offering a consultation.

Maintenance of financial accounting and reporting

The authority to approve national financial reporting standards is vested in a special body – the Council for Disclosure of Information and Corporate Governance.

The tasks of such a body include:

  • Creation of financial reporting forms taking into account the standards of accounting and reporting in Singapore.
  • Dissemination of accounting principles, reporting, and disclosure practices following trends and processes characteristic of modern enterprises.
  • Improvement of corporate governance rules and promotion of best practices in their application.

Support for statutory or internal audit

We provide statutory and internal audit service to any organization is one of the important aspects of business activity.

Preparation of annual reports

Every year the company must submit an annual report about their activities. It does not matter if you made a profit or not. Our company provides accounting services for enterprises in Singapore, which operate in various fields of activity.

Drawing up permanent reports on accounting documents

All organizations in Singapore are required to prepare financial statements based on synthetic and analytical accounting data. The financial statements are signed by the head and the chief accountant (accountant) of the organization. By law, tax reports are submitted to the regulatory authorities on a monthly or quarterly basis.

Management of company accounts

Management accounting is one of the key factors when discussing business programs, plans, and goals in large organizations. Management accounts are usually built from multiple income statements of the firm. Management reports are usually prepared monthly or quarterly.

HR payroll management

The goal of HR payroll management is to simplify HR management processes and save time. Payroll and tax calculations are also included in the package.

Bookkeeping for business

Our company provides consultations and highly qualified accounting services, on issues of legislation and taxation. Our company offers full accounting support in Singapore.

Taxes in Singapore

The tax system in Singapore is based on a territorial principle, according to which taxes are paid on profits arising/received in Singapore.

Corporate income tax

The maximum corporate tax rate in Singapore is 17%. By keeping the corporate tax rate at a competitive level, Singapore remains attractive for large overseas investments. Singapore adheres to a one-tier corporate taxation system, in which the payment of taxes on the company's income is not imposed on shareholders (i.e. dividends are exempt from taxes).

Withholding tax

The tax is mainly taxed on the income of individuals and corporations derived from Singapore sources. Income from foreign sources (branch profits, dividends, income from the provision of services, etc.) is taxable when it is transferred or deemed to be transferred to Singapore unless taxes have already been withheld from this income in a jurisdiction where tax the rate is at least 15%.

Value added tax

The value-added tax is 7% in Singapore. Between 2022 and 2025, it is planned to increase the GST rate in Singapore from 7% to 9%, but so far there have been no announcements of changes. Another important point is that Singapore GST is charged to the end purchaser.

Learn about taxes

Minimal administrative barriers and clear tax rules attract entrepreneurs from all over the world to Singapore. It is easy to do business in this country, according to statistics. Learn about taxation and tax rate in Singapore jurisdiction.

Financial reports

The accounting system in Singapore is based on the International Financial Reporting Standards (IFRS). Public companies are required to use IFRS. In addition, small and medium-sized businesses enjoy this right.

Content of the annual report

  • corporate profile
  • management comment
  • corporate governance report
  • statutory report
  • annual financial report

Content of the annual financial report

  • balance sheet
  • gains and losses report
  • cash flow statement
  • statement of changes in equity
  • audit report

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