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Accounting & Compliance
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Annual Regulatory Compliance Timeline
for your Business in Singapore
Staying on top of regulatory compliance can be challenging.
While incorporating a new business in Singapore is relatively straightforward, it is essential to acknowledge the stringent business regulations in place. Compliance with these regulatory requirements is imperative for the continued operation of any business. Below is a concise summary of the annual statutory compliance obligations that every business must adhere to.
Annual Regulatory Compliance Timeline in Singapore
Additional Employer’s Obligations
Quaterly
GST: to be filed quarterly with IRAS, due one month after the end of the quarter, examples:
- Period of January to March: Due by April 30th
- Period of April to June: Due by July 31st
- Period of July to September: Due by October 31st
- Period of October – December: Due by January 31st
Monthly
CPF Contributions: to be filed every month, due 14 days after the end of the month.
Example (period of January): Due to be filed & paid by Feb 14th
Bookkeeping: Regular monthly bookkeeping tasks to ensure accurate financial records and compliance with regulatory requirements.
Our Services
Digital Accounting Partners offer a comprehensive suite of accounting services designed to help your business stay compliant, efficient, and positioned for accelerated growth. Our expert team ensures that all services adhere to Singapore’s regulations, providing you with peace of mind.
1. Bookkeeping
Maintaining accurate and up-to-date financial records is crucial for any business. Our bookkeeping services ensure that your company complies with Singapore’s regulations and helps you make informed business decisions. Here’s what we offer:
Recording Financial Transactions: Accurate and timely entry of all your financial transactions, including sales, purchases, receipts, and payments.
Managing Accounts Payable and Receivable: Keeping track of money owed to and by your business, ensuring timely payments and collections.
Bank Reconciliation: Regularly comparing your company’s financial records with bank statements to ensure accuracy and identify any discrepancies.
Expense Tracking: Monitoring and categorizing business expenses to provide a clear picture of where your money is going.
Financial Reporting: Generating detailed financial reports such as income statements, balance sheets, and cash flow statements to help you understand your business’s financial health.
2. GST Services
Trust our team of experts with your GST needs. Enjoy the confidence that comes with knowing your compliance is securely managed by professionals.
GST Registration: Once qualified, we can assist your company with the GST registration process, taking the stress out of the administrative process.
GST Computation & Filing with IRAS: Ensuring timely submission of GST returns to the Inland Revenue Authority of Singapore (IRAS) to avoid penalties.
Compliance Review: Regularly reviewing your GST records to ensure compliance with the latest regulations and identifying any potential issues.
3. Corporate Tax Services
Tax compliance is a critical aspect of running a business & we understand that your business’s financial needs are unique. Whether your company is a startup or an established enterprise, the requirements for document submission can vary based on factors like financial health, transaction volume, magnitude of sales turnover, and shareholder structure.
Navigating the IRAS submission process can be daunting, especially for companies new to it. That’s where we come in. Our experienced tax and accounting consultants are here to provide personalized guidance and support. We ensure that your submissions are accurate, compliant, and tailored to your specific circumstances.
Our services include:
Tax Advisory & Planning: Developing strategies to minimize your tax liability and take advantage of available tax incentives and deductions.
Tax Return Preparation and Filing: Accurately preparing and filing your corporate tax returns with IRAS, ensuring compliance with tax regulations. (Form C or Form C-S)
Estimated Chargeable Income (ECI) Filing: Preparing and filing ECI forms, which are required within three months from the end of your financial year, to provide an estimate of your company’s taxable income.
4. Unaudited Financial Statement Compilation
Compilation of the Financial Statements is an essential part of the Singapore Regulatory Timeline. In Singapore, companies are required to submit a set of their financial statements with (ACRA) as part of their annual return in the XBRL format. Staying transparent and compliant with local regulations requires careful & accurate financial reporting. Working with experienced accounting professionals helps maintain accuracy and avoid costly penalties that could affect your business operations.
5. Payroll Services
Streamline your payroll process with our expert services in Singapore. Allow us to handle the intricacies of payroll management while you concentrate on advancing your business.
Salary Calculations: Accurately calculating employee salaries, including basic pay, overtime, allowances, and deductions in accordance with the Employment Act and other relevant regulations.
CPF Contributions: Calculating and submitting Central Provident Fund (CPF) contributions, ensuring compliance with Singapore regulations, including contributions for both local and foreign employees.
Payroll Processing:Generating and distributing payslips to employees, ensuring confidentiality and accuracy. This includes providing detailed information on salary components, CPF contributions, and other deductions as required by the Ministry of Manpower (MOM).
Tax Filing: Preparing and filing necessary tax forms, such as IR8A and IR21, to ensure compliance with tax regulations.
Leave Management: Tracking employee leave balances and processing leave applications, including annual leave, medical leave, and childcare leave, in accordance with the Employment Act.
6. Company Incorporation in Singapore
Looking to start your business in Singapore? For start-up entrepreneurs, it’s crucial to establish your chosen corporate entity correctly and timely. Seeking incorporation services from experienced providers can help protect you from business liabilities and ensure everything is set up properly. Common options in Singapore include: a private limited company (Pte Ltd), a limited liability partnership (LLP), a general partnership, a sole proprietorship, or a branch. Regardless, our Local Company’s Incorporation Services includes the following:
- ACRA Registration Fee
- Company Name Reservation
- Preparation of Incorporation Documents Required
- Filing of Incorporation Application with ACRA
- Company Secretarial Services
- Company business profile & constitution
- Bank Account Opening Assistance and opening services
- Company Memorandum & Articles of Associations
- Business consultation
- Printing and stationery cost
7. Corporate Secretary Services
Every Singaporean company is required to appoint a corporate secretary. Our corporate secretary services ensure that your company complies with statutory requirements, including:
Filing Annual Returns: Following the compulsory AGM, the Annual Return must be filed with the Accounting and Corporate Regulatory Authority (ACRA) within one month of the AGM date for unlisted companies. This process is typically completed electronically by the company’s secretarial service provider.The requirements for filing Annual Returns and preparing audited accounts can vary depending on the company type. It is essential to understand and meet the specific compliance obligations relevant to your company to ensure timely and accurate submissions.
Maintaining Statutory Register: Keeping accurate and up-to-date records of directors, shareholders, and company secretary appointments.
Board Resolutions and Minutes: Drafting and maintaining records of board resolutions and meeting minutes.
Changes in Company Structure: Assisting with changes in company structure, such as the appointment or resignation of directors and shareholders.
Contact Info
Address
21 Woodlands Close, 07-41, Primz Bizhub, Singapore 737854
Email Us
hello@digitalaccountingpartners.com
Call Us
+65 8825 1094
