Singapore Companies Compliance Requirements and Process
Step 1. Accounting
- Work involves accounting for the company’s accounting transactions
- Includes accounting for GST and preparation of GST returns (if applicable)
- Preparation of management reports and schedules – Balance Sheet, Profit & Loss account and other schedules required for audit / preparation of unaudited financial statements
- Additional fee will be billable if there are unanticipated issues or complexities encountered in the course of our work.
- Deliverables: Management profit and loss account, balance sheet, general ledger and other reports and schedules required for Steps 2 & 3.
For more information on our accounting services, see Accounting Services.
Step 2. Submit Estimated Chargeable Income (ECI) to IRAS
- Unless exempted, Companies will need to file an ECI to IRAS within 3 months of their financial year end date.
- A tax computation is prepared based on the management accounts – profit or loss account and balance sheet for the financial year or period
Step 3. Preparation (and Audit) of unaudited statutory financial statements
- Currently, audit is voluntary for private limited companies if statutory conditions are met. Auditing
services are available from partner firms if this is required.
- Preparation of unaudited statutory financial statements complying with the requirements of the company regulations and Financial Reporting Standards (FRS) issued by the Government.
Financial statements are required for AGM and submission to IRAS for income tax purposes (Step 6 below).
- Compulsory even if company is exempt from filing accounts.
- Fee assumes that accounting is done by a qualified accountant and reports are of
adequate quality and are available to us readily. Additional work may be required if accounting /
book-keeping is not done by us. Significant additional work not within the scope of this work may
be chargeable separately. Fee does not include preparation of financial statements in XBRL format
for financial statement purposes which is billable separately.
- Deliverables: Audited or unaudited statutory financial statements required to be prepared under the Companies Act, Cap. 50 and also submitted to Inland Revenue Authority of Singapore as part of the Company’s income tax submission.
For more information on our auditing services, see Auditing & Assurance Services.
Step 4. Preparation of financial statements in XBRL format (if required)
- Financial statements in XBRL format are compulsory for submission to ACRA if the company is
not exempted. These are required for filing of annual returns for financial years ending after 30
- Deliverables: Financial Statements in XBRL format required for submission to the
Accounting and Corporate Regulatory Authority (ACRA) as part of the Company’s Annual Return.
- Note: It is our recommendation and practice that the preparers of the financial statements should also prepare the financial statements in XBRL format if these are required.
Step 5. Hold Annual General Meeting and submit Annual Return to ACRA
An Annual General Meeting (AGM) of the members (shareholders) of the Company is required to be held within the stipulated deadlines unless the Company has dispensed with the holding of AGMs.
Step 6. Prepare and submit company income tax returns (Form C / C-S)
- Income tax computation based on the accounts and financial statements for the basis period (financial year or period) has to be computed for year tax year (Year of Assessment),
- Income tax returns comprising the Form C and Appendices or Form C-S are to be prepared and completed for submission to Inland Revenue Authority of Singapore (IRAS)
- Most Companies will be required to file the tax returns electronically.
For more information on our services available for this area, see Income Tax Services.
We can help you
K E Wee & Associates and its affiliates provide services to address the above company financial reporting and tax compliance requirements. Professional fees are dependent on the scope of volume of work required. These are usually driven by type of industry, business size and complexity. Contact us to discuss our services available for all the above requirements and fees.