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 investments 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 a start-up company. Our ACE Global Accountants team undergoes routine training on accounting and tax guidelines, and 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.
Following is a brief overview of the accounting services ACE Global Accountants provide:
Financial Statements are typically prepared by trained accountants who understand the requirements of coming up with a proper set of accounts.
Any other supporting schedules that may be needed, depending on the nature of your business and accounting methods
Still have questions? Feel free to contact us!
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping and accounting 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.
In turn, this will help you fulfill the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
Our accountants can compile your yearly accounts for submission to ACRA and IRAS. We specialize in maintaining a timely accounting system that allows you to manage your accounts cost-effectively.
Leave your accounting matters to us and free up your time for the strategic areas of your business. We offer a full spectrum of accounting and bookkeeping services that are cost-effective to companies that wish to outsource their bookkeeping function.
For newly incorporated companies, we shall provide you with our quotation for bookkeeping, accountancy and payroll services. For companies incorporated with existing books and accounts prepared, we welcome you to call us for a non-obligatory discussion. Our rates are based on the volume of accounting transactions.
*Fees range from S$100.
Our Accounting and Bookkeeping Services includes but not limited to the following functions:
Financial Reporting Service * Our fees range from $S 600 Singapore companies are required to have their yearly financial reports prepared in accordance with the SFRS (Singapore Financial Reporting Standards). We have a dedicated team to prepare your financial reports for submission to both ACRA and IRAS.
Exempt private companies (“EPC”) are companies with no corporate shareholder in the company and the number of shareholders in the company is less than 20. Dormant companies and EPCs with annual revenue below S$10m could enjoy audit exemption under current Singapore Companies Act, Chapter 50 (the “Act”). These companies have a choice as to whether to have their accounts audited except where the law has prescribed that an audit is still required. This will help many companies reduce their business operating cost.
Companies that qualify for the audit exemption and have chosen not to have their accounts audited can file the unaudited accounts in place of the audited accounts. The unaudited accounts (including notes to accounts) must be accompanied by the Directors’ report and the Statement of Directors and they must be prepared in compliance with the Companies Act and Singapore Financial Reporting Standards. To meet these requirements, we assist our client to prepare unaudited financial statements with professional competence and due care.
All other companies are required to appoint an auditor within three months of incorporation and be prepared to submit audited reports to ACRA. The accounts must be audited annually.
What services will we be providing for Financial Reporting?
We also offer a 3-in-1 Compliance package!
Our 3-in-1 Compliance Package provides the following services:
We aid clients in transcribing their financial services into XBRL format and file it on their behalf.
The Accounting & Corporate Regulatory Authority (“ACRA”) announced on 30 September 2013 that the revised XBRL filing requirements will be implemented from 2 December 2013. Replacing the online FS Manager will be a new offline tool, BizFinx, for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements. With effect from 1 November 2007, ACRA implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format . XBRL stands for eXtensible Business Reporting Language, and it is a worldwide language used in computers for the electronic communication of business and financial data such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes.
Who is affected by the revised XBRL filing?
All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.
XBRL is an open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.Most companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business, to streamline financial reporting and to enable the flow of financial information to the international business community, in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information,thus promoting a pro-enterprise environment.
XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.
This filing requirement will not apply to:
Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.
Insolvent EPCs and EPCs that are required by law to file their FS with ACRA will do so in XBRL format.
The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead: