Singapore is one of the most open, and thus competitive, markets in the world. The 2011 World Bank Ease of Doing Business Index ranks Singapore as the best country in the world to do business – ahead of Hong Kong and New Zealand. Singapore is also ranked third in the World Economic Forum’s Global Competitiveness Report behind Switzerland and Sweden. With these changes, the Reliable Auditing Services in Singapore grew as well since the city attracted many international investment in the region. However, it is important to note that finding a trusted accounting firm to review and make recommendations on every aspect of accounting to improve its effectiveness and efficiency is not easy.
With many years of experience in company incorporation in Singapore for individuals and businesses in a variety of industries, we bring you a perfect solution for star-up company. Our ACE Global Accountants team undergoes routine training on accounting and tax guidelines, will ensure that we can provide you with simple, straightforward, and topnotch accounting service.
Companies in Singapore file reports only once per year (at the end of the financial year) – except for companies who have business and consuming activities in the inland of Singapore and have registered Goods and Services Tax (GST). They have to file this report quarterly (once every 3 months). In order for both you and your investors to get a solid idea of the performance of your company, you’ll have to create financial statements and reports.
Our Accounting Services
Following is a brief overview of the accounting services ACE Global Accountants provide.
- All Singapore private limited Companies must be compliant with the Inland Revenue Authority of Singapore (IRAS). Filings are mandatory for both active and dormant Singapore companies. Failing to meet IRAS compliance requirements can have consequences.
Here’s an overview of the basic statements and reports your company will have to generate quarterly and annually:
There are 4 basic financial statements that you’ll have to compile annually for IRAS.
- Statement of Profit or Loss and Other Comprehensive Income;
- Statement of Financial Position;Balance Sheet
- Statement of Cash Flow; and
- Notes to the Financial Statements.
- To assist business in reducing compliance cost, ACE provide filing of Estimated Chargeable Income (ECI) and filing tax return as requirment of IRAS. Let our experienced team help you file a tax return electronically.
- There is unlimited guidance or explanation about audit procedures, we will follow–up the steps of completing the procedures of accounting.
- We will help the clients to submit the financial statements to ACRA during the Annual Return filing period. The company belongs to two following groups is required to have anual auditing report:
- Have a corporate shareholders, are part of a group of companies.
- Have the annual turnover exceeding S$5M
How can ACE Global Accoutants support the clients to do financial statement?
Financial Statements are typically prepared by trained accountants who understand the requirements of coming up with a proper set of accounts.
- Step 1: Provide the detailed information of the company related to revenue, tax bill, invoice,….
- Step 2: Base on the information of the business, we will send the quotation and proceed:
– To provide internal reports for companies to monitor the company.
– Guide to arranging invoices/ archives
- Step 3: Businesses agree to use the service and submit all related invoices
- Step 4: Our Accoutants wil transfer the materials to the Singapore accounting department and execute the reports
- Step 5: The report will be returned to the businsses at least one week prior to the filling date for review.
- Step 6: Submit to the relevant authority. We will assist companies in filling electronic tax returns, in case they do not already have electronic services code in Singapore, we will assist companies in applying for these codes at the ARAS office
- Step 7: Notify the business of submission.
Any other supporting schedules that may be needed, depending on the nature of your business and accounting methods