Is bookkeeping compulsory?
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns, but also provides insight for sound business decision-making as well as efficient financial management.
What is GST? Do I need to register for GST?
GST stands for Goods and Services Tax. In other countries it is also known as VAT or Value Added Tax.
GST registration is only required for companies that can reasonably expect turnover in the next 12 months to be more than S$1 million. However, a company can also voluntarily register for GST if it is under this threshold.
GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.
What is an annual return (AR)?
An Annual Return (AR) is the annual submission of your companies’ financial health and status to the registrar. Section 197 of the Singapore Companies Act (Cap. 50) states that Annual Return filing has to be done within 1 month or 30 days from the Annual General Meeting (AGM).
Is filing a tax return necessary if my company did not gain any profits for the year?
Yes. Singapore companies are required to file a tax return annually.
Do I have to pay the salary and CPF of the Nominee Director?
No. Apart from the nominal annual fees, you have no responsibility towards the Nominee Director.
Do my company need to have annual audit?
Companies that fulfil two of the following criteria are required to have an annual audit:
- Annual revenue of more than S$10 million
- Total assets of the company value at more than S$10 million
- Number of employees more than 50
What is financial Year
Financial year can be any period. The first financial year of a Singapore company can be up to 18 months and shall be fixed on 12 months thereafter.
When is my company financial year end?
You must decide on the first financial year end (FYE) of your new company. The FYE will determine when your corporate filings and taxes are due. Common choices by companies include 31 March, 30 June, 30 September or 31 December.
When is the deadline for filing my annual return and income tax returns?
File annual returns within five months (for listed companies) or seven months (for non- listed companies) after financial year end.
For companies having a share capital and keeping a branch register outside Singapore, file annual returns within six months (for listed companies) or eight months (for non-listed companies) after financial year end.
Can I request to waive the penalties if I miss the deadlines?
No, you should pay for the penalties and remember to do the annual filing on time. If you engage our accounting service, we will help you track all the deadlines, and all the late penalties will be count on us if we miss any.
What kind of companies would enjoy the tax exemption scheme?
After Year of Assessment 2013 and subsequent YAs, Companies can enjoy the partial tax exemption and tax exemption for new start-up companies.
What is XBRL?
XBRL stands for extensible Business Reporting Language. It is compulsory to do XBRL filling it your Singapore company has corporate shareholder. It is a language for the electronic communication of business and financial data worldwide. As one of the family of “XML” languages, it is becoming a standard means of communicating information between businesses and on the Internet.
Who needs to file financial statement in XBRL format?
All Singapore incorporated companies are required to file financial statements with ACRA, except for those which are exempted. Some companies will file a full set of financial statements in XBRL format, while some others will file only salient financial data in XBRL format and a full set of financial statements in PDF. The filing requirements depend on the type of company you own.
If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file financial statements with ACRA.
Can I choose the Starters bookkeeping service and upgrade to Growings package or Prosperings package later?
Yes, you can upgrade the bookkeeping packages based on your estimated accounts quantum. However, there will be no refund if the actual transactions are lesser than what you estimated.
What is the lock in period for your bookkeep services?
One year, because we need at least 1 year of your company financial data to prepare annual filling and tax filling.
Why is there additional cost for changing the business information?
This is because our secretary needs to prepare resolution documents for you to consent before proceedings. The fee is to cover administrative and secretarial works.
How will you send the accounts or filing documents to me?
You can login the platform and download all your company documents online.
Can I terminate the accounting service if I have engaged a full time accountant?
Yes, you can terminate the accounting service and secretarial works from us, after you consent, we will delete all your personal and company data from our side.