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Singapore Accounting & Bookkeeping services | Financial statements

Singapore Accounting service fees

From

US$ 495 Service Fees
  • Assisting in the compilation of monthly, yearly management financial reports
  • Preparing and issuing financial statements in compliance with the IFRS
  • Preparation of financial statements in XBRL format for submission to the Accounting and Corporate Regulatory Authority (“ACRA”)
  • Offering professional and reliable pieces of advice
  • Excellent customer service from our patient and caring team.

Overview

“Transforming Singapore into a Leading Global Accountancy Hub for Asia-Pacific” On CDAS Final Report

As part of its aim to transform the city-state into a global accountancy hub by 2020, Singapore’s government has implemented a number of policies that aim to strengthen the regulatory framework.Therefore, Singapore has a wise vision to be the centre of accountancy talents, thought leaders, professional entrepreneurs, among others.

The dynamic Asia-Pacific market is continuing to grow and foreign demands for expert accountancy services as well as talents are in the rise. Singapore, which lies in the heart of the Asia-Pacific region, is perfectly suitable to ride along with the growth possibilities that seem to open up in the accountancy sector. With the financial and accounting benchmark of Singapore, we are delighted to contribute to the achievement of your business.

One IBC Limited offers a full range of corporate services, finance and accounting services to growing and evolving businesses. Services include organizational, analytical, and recording services for the financial activities of a business, and the preparation of various materials covering the financial transaction life.

Accounting services

Recording of transactions for all balances in the financial statements. This may include collecting customer invoices and employee expenses and recording taxes/provisions on various business transactions to enable the preparation and maintenance of general ledgers, journals, supplier and vendor lists, bank statements, inventories, and books of accounts required by local and international standards.

The Singapore Companies Act requires all companies in Singapore to maintain proper books of accounting in accordance with the Singapore Financial Reporting Standards (IFRS). Most accounting services in Singapore are outsourced to specializing firms for simply for convenience. Moreover, outsourcing bookkeeping or accounting services also ensures that companies are fulfilling the requirements created by the ACRA and IRAS, thereby avoiding any fines.

Our dedicated accounting team will assist you in preparing full sets of management accounts through our accounting software system.

Accounting fee

Amount (Transactions) Fee
Below 30 US$ 650
30 to 59 US$ 750
60 to 99 US$ 1,050
100 to 119 US$ 1,210
120 to 199 US$ 1,450
200 to 249 US$ 1,520
250 to 349 US$ 2,025
350 to 449 US$ 2,830
450 and above To be confirmed

Financial Statement Compilation

Compilation report by a professional firm will ensure all due diligence and fulfill all required technical competence. Companies that are exempt from audit and filing requirement are still required to prepare a full set of financial statements including notes to the accounts and must be accompanied by the Directors’ Statement

XBRL services

XBRL (eXtensible Business Reporting Language) is a reporting format which allows the system to read and analyse relevant financial data. Most companies would be required to file their financial statements in XBRL via new BizFinx system. We will assist in converting soft-copy financial statements into XBRL format as well as resolving genuine and possible errors detected by BizFinx system.

Services fee of Financial Statement Compilation and XBRL Services
from US$ 495

Auditing services

All Singapore incorporated companies must conduct a statutory audit for the preparation of accurate and effective financial reports unless the company is exempted to do so.

Statutory audit is a crucial part of an organization as it plays a vital in its smooth operation and management.

Our auditors and assurance teams include qualified chartered accountants who are well trained and are dedicated to providing you with the best service. Let’s help you in compliance with Singapore Standards of Auditing (SSAs) and Singapore Financial Reporting Standards (FRSs).

Audit exemptions

ACRA does not require small private companies to submit audited financial statements if they meet two of the three following criteria:

Company Tax Return

Companies are likely to submit two corporate income tax forms to IRAS every year:

Filing Estimated Chargeable Income (ECI):

ECI is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).

Due date Within 3 months from Financial year end
Within 1 month after the notice of assessment (NOA).

Filing of Income Tax return:

Due date 30 November
15 December (e-filing)

Services fee

Our corporate tax services include:

  Tax Return
ECI (*) Form C-S Form C
Company US$ 500 US$ 499 US$ 699
Form C-S The company must meet all the four criteria in order to file Form C-S (*).
C If your company does not qualify to file Form C-S, you must submit Form C

(*)From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:

  1. The company must be incorporated in Singapore;
  2. The company must have an annual revenue of $5 million or below
  3. The company only derives income taxable at the prevailing corporate tax rate of 17%; and
  4. The company is not claiming any of the following in the YA:
    • a.Carry-back of Current Year Capital Allowances/ Losses
    • b.Group Relief
    • c.Investment Allowance
    • d.Foreign Tax Credit and Tax Deducted at Source

Tax Exemption Scheme for New StartUp Companies

Years of assessment 2018 to 2019
Chargeable income (SGD) Exempt from tax Exempt income (SGD)
First 100,000 100% 100,000
Next 200,000 50% 100,000
Total   200,000
Year of assessment 2020 onwards
Chargeable income (SGD) Exempt from tax Exempt income (SGD)
First 100,000 75% 75,000
Next 100,000 50% 50,000
Total   125,00

Partial tax exemption (income taxable at normal rate):

A partial tax exemption and a three-year start-up tax exemption for qualifying start-up companies are available.

Years of assessment 2018 to 2019
Chargeable income (SGD) Exempt from tax Exempt income (SGD)
First 10,000 75% 7,500
Next 290,000 50% 145,000
Total   152,000
Year of assessment 2020 onwards
Chargeable income (SGD) Exempt from tax Exempt income (SGD)
First 10,000 75% 7,500
Next 190,000 50% 95,000
Total   102,500

GST Submission

GST-registered business must submit GST to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.

Set up company in Singapore

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One IBC Club

One IBC Club

There are four rank levels of ONE IBC membership. Advance through three elite ranks when you meet qualifying criteria. Enjoy elevated rewards and experiences throughout your journey. Explore the benefits for all levels. Earn and redeem credit points for our services.

Earning points
Earn Credit Points on qualifying purchasing of services. You’ll earn credit Points for every eligible U.S. dollar spent.

Using points
Spend credit points directly for your invoice. 100 credit points = 1 USD.

Partnership & Intermediaries

Partnership & Intermediaries

Referral Program

  • Become our referer in 3 simple steps and earn up to 14% commission on every client you introduce to us.
  • More Refer, More Earning!

Partnership Program

We cover the market with an ever-growing network of business and professional partners that we actively support in terms of professional support, sales, and marketing.

Jurisdiction Update

About Us

We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.

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