Expert Annual Compliance Services for a Smooth Business Operation in Singapore

Navigating the intricate landscape of annual compliance is crucial for the smooth operation of businesses in Singapore. Our expert annual compliance services ensure that your company adheres to all statutory requirements under the Companies Act, helping you focus on growth and success. The corporate regulatory authority, ACRA, plays a vital role in ensuring businesses meet these compliance requirements.

Annual Compliance Requirements

Understanding and meeting annual compliance requirements is mandatory for all companies in Singapore. Compliance is vital to avoid penalties and fines, ensuring your business operates within the legal framework. Our comprehensive services guide you through every compliance requirement, providing peace of mind.

All Singapore companies must file annual filings, including estimated chargeable income and annual returns with ACRA and IRAS. Income tax is also a crucial part of these annual filing requirements, ensuring compliance with corporate tax filing deadlines and standards.

Companies are also required to hold an annual general meeting to discuss financial statements and compliance matters. Annual filing requirements include submitting financial statements and other documents. Companies must ensure timely filing to avoid penalties and fines.

But before diving into the Singaporean corporate waters, it’s essential to navigate the local business landscape with finesse. From identifying the business structure to understanding the local regulations and compliance, setting up a company in Singapore requires a strategic approach. 

Let’s delve into these critical first steps, which are paramount to laying a solid foundation for your business.

Importance of Compliance

Compliance with Singapore laws is not just a legal obligation but also a strategic necessity for any business. Proper compliance helps companies avoid costly penalties and fines from compliance issues. Moreover, it enhances the company's reputation and builds trust with stakeholders. Our services ensure that all statutory obligations are met with precision and timeliness.

A corporate secretary plays a crucial role in maintaining statutory compliance, ensuring that all corporate governance matters are handled efficiently and effectively.

Financial Reporting and Statements

Preparation of Financial Statements

Financial statements compile detailed financial reports, including profit and loss reports, balance sheets, and compliance notes. These statements are tabled at the Annual General Meeting. Financial statements can be unaudited or audited, depending on company size and compliance requirements.

XBRL Submission

Singapore-incorporated companies must file financial statements (FS) with ACRA, except those exempted. Companies that are sole proprietorships, partnerships, limited liability partnerships, or limited partnerships are required to file FS with ACRA. Some companies must file a complete set of FS in XBRL format, while others must file critical financial data in XBRL format.

Compliance with Singapore Financial Reporting Standards

Compliance in accounting ensures adherence to Singapore Financial Reporting Standards (International) and relevant regulations and legislation.

Corporate Tax and Accounting

Corporate Tax Filing

Singapore companies must file corporate taxes annually. The Inland Revenue Authority of Singapore (IRAS) plays a crucial role in ensuring compliance with corporate tax filing regulations. Taxes are based on the net profit of the business and are filed 1 year after the FYE. The Year of Assessment (YA) is the basis for corporate tax filing in Singapore.

Management Accounts and Yearly Accounting

Management Accounts provide in-depth financial statistics on cash flow, sales revenue, and liabilities. These documents assist companies in making informed business decisions. Our yearly accounting services ensure accurate financial reporting.

Monthly Accounting and Bookkeeping

We prepare accounting and reports monthly, available 24/7. Our monthly accounting services include a free subscription to Xero Accounting Software. Our reports provide a detailed view of a company’s financial performance.

Benefits of Outsourcing Compliance Services

Save Time and Money 

Eligible businesses can get subsidized costs on complete accounting and compliance services for 1 year. Our subsidized services include accounting, tax, and company secretary matters.

Manage a Business in Singapore from Anywhere

We provide company admin and compliance services to help your Singapore-incorporated company thrive. Our team is experienced in managing businesses in Singapore.

Our Expert Compliance Solutions

Get Your Annual Compliance Package 

Our annual compliance package includes all fees for a Singapore Private Limited company. There are no surprises or hidden costs with our inclusive package, which covers all necessary services for a Singapore Private Limited Company.

Accurate Statements Every Month

We provide monthly bookkeeping services that generate accurate reports. Our reports include important metrics such as inventory statements, merchant fees, and cost-of-goods-sold.

Our compliance services simplify the process of managing company compliance. We handle all aspects of company compliance to ensure businesses stay compliant. Our services include accounting, tax, and company secretary matters.

Achieve Hassle-Free Annual Compliance for Your Singapore Business!

Stay ahead of legal requirements with our expert annual compliance services. At CFO Accounts & Services SG, we provide thorough and accurate support to ensure your business stays compliant. Let us handle the paperwork while you focus on growth.