Accounting and Bookkeeping

It depends on the size and needs of your business.

Click to learn about Criteria for Audit Exemption for Small Companies.

Click on to see a sample of company director report here.

GR is a system that regards companies in the same group as one single entity. In this system, the following items — otherwise known as “loss items” — of one company can be deducted from the assessable income of another company in the same group:

1. Current year unutilised capital allowances
2. Current year unutilised trade losses
3. Current year unutilised donations

To apply online through Biz-file, the following information is required:

• Type of company
• Proposed company name
• Principal activities
• Particulars of directors
• Particulars of subscribers
• Share capital
• Registered address

 

An Annual Return contains essential information of a company, such as the name of its officers, shareholders and their shareholdings, name of the auditors and registered office address.

Normally, the audited financial statements will accompany the Annual Return filing unless the company qualifies for audit exemption or it is a solvent exempt private company. Section 197 of the Singapore Companies Act (Cap. 50) states that the Annual Return must be filed within 30 days after its Annual General Meeting.

By outsourcing accounting services you get a team of professionals experts who can manage your accounts and improve operational efficiency. This also helps you to scale your business easily.

Learn more about how we can help you through our accounting and bookkeeping services.

Under the Singapore Financial Reporting Standards, an entity that is a parent is required to present consolidated accounts.
An investee will be consolidated if and only if the investor has all the following:
a) power over the investee;
b) exposure, or rights, to variable returns from involvement with the investee; and
c) the ability to use power over the investee to affect the amount of the investor’s return.

Under the BizFinx filing system, companies can prepare their XBRL financial statements via the BizFinx preparation tool or any third-party software tool, which will then be uploaded through an online BizFinx portal before submission with their Annual Return.

A sole proprietor is required to prepare accounts for tax filing purposes according to the calendar year. For incorporation during the year, the accounts will be for the period from the date of incorporation to 31 December of the same year.