All Singapore companies are required to maintain proper bookkeeping and accounting records in accordance with the requirements of the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS).

  • Bookkeeping and Accounting – 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 – Companies must submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS). The deadline to submit audited or unaudited accounts is 30 November each year. Singapore adopts the preceding year basis taxation. Therefore, the profits for the financial year ending in the preceding year will form the basis for filing tax returns in the current year.
  • Estimated Chargeable Income Submission (ECI) – ECI is an estimate of a company’s chargeable income for a Year of Assessment (YA). Every company is required by IRAS to submit an ECI within three months from the end of each financial year. However, with effect from YA 2013, a new administrative concession applies to companies with a financial year ending October 2012 or after.
  • Drafting of Auditor’s and Directors’ Report – Companies are required to submit both an Independent Auditor’s and a Directors’ Report as part of their annual filing requirements. An audit is only required for companies which have an annual turnover of over S$5 million and more than 20 shareholders, or when one shareholder is a corporate entity.
  • Financial Statements in Extensible Business Reporting Language (XBRL) – From 2 December 2013, most companies are required to file their financial statements in XBRL via new BizFinx system. XBRL enables financial data to be analysed easily.

Sovereign provides a highly competitive accounts service that ensures companies stay in compliance with all these requirements while its clients are able to focus on the core areas of their business.