All Singapore companies are required to maintain proper accounting records and to make the necessary regulatory filings in accordance with the requirements of the ACRA Singapore and IRAS. These include:
- Profit and Loss Account, Balance Sheet, Cash Flow Statement and Equity Statement in accordance with the Singapore Financial Reporting Standard (SFRS);
- Singapore Corporate Tax Filing – The deadline to submit audited or unaudited accounts is 30 November each year;
- Estimated Chargeable Income Submission (ECI) – Every company is required by IRAS to submit an ECI within three months from the end of each financial year;
- Auditor’s and Directors’ Report – An audit is required for all companies, except those that qualify as “small companies” (see above).
- Financial Statements in Extensible Business Reporting Language (XBRL);
- Goods and Services Tax (GST) submissions – GST is a consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. A business whose taxable supply exceeds, or is expected to exceed, S$1 million for any consecutive 12-month period is required to register for GST with IRAS. GST-registered entities must submit quarterly GST returns.
Sovereign has an experienced team that provides a comprehensive accounting service to ensure that companies stay in compliance with all these requirements. By outsourcing your accounting and bookkeeping services, you will reduce internal operational costs and save time and resources to focus on strategic and revenue generating tasks.