Under the Singapore Companies Act, a Singapore private company limited by shares must submit to the Accounting and Corporate Governance Authority (acra) a financial report or audit report in English prepared in accordance with the standards of the Institute of Singapore Certified Public Accountants for each financial year.
Main content of Singapore company tax return
1. Singapore corporate income tax is filed annually;
2. The company must declare the estimated ECI tax three months after the financial year end date. After the declaration, the government tax bureau IRAS will issue a tax payment notice according to the tax assessment form, usually 1-2 months after the tax assessment deadline. Pay the relevant taxes within one month;
3. The deadline for Form C tax forms is December 31 each year;
4. The personal income tax declaration is to declare the personal income tax of the previous year before April 15 every year, and pay it one month after receiving the tax payment notice.
A Singapore company that meets any of the following requirements must be audited
(1) The total sales and total assets of the Singapore company and its affiliated groups exceed S$10 million;
(2) The total sales of the Singapore company and its subsidiaries exceed S$10 million and the number of employees exceeds 50;
(3) The total assets of the Singapore company and its subsidiaries exceed S$10 million and the number of employees exceeds 50.
Company Fiscal Year/Fiscal Year End Date
The accounting period for a Singapore company is 12 months, and the accounting period for the first year of establishment is not less than 6 months, or not more than 18 months.
For example, if Company A was established on March 1, 2019, the fiscal year of the first-year accounting company can be set on December 31, or February 28, or any time period within 6-18 months.
Singapore Financial Statement Requirements
The official language of Singapore is English, and the company's financial statements also need to be prepared in English, following the Financial Reporting Standards of Singapore (FRS).
Accounting frequency of Singapore company
In principle, the Singapore government does not mandate the frequency of accounting, unlike the domestic need to do monthly accounting or monthly reporting, the frequency of accounting depends on the requirements of the company's management. However, the annual report or audit report needs to be prepared before the annual AGM for the government's annual inspection declaration (similar to the domestic industrial and commercial annual inspection).
Required Documents for Singapore Company Audit
1. A full set of company information;
2. Bank monthly statement;
3. Purchase/sales contract, purchase/sales invoice, bill of lading;
4. Expense documents (travel expenses, business entertainment expenses, employee wages, transportation expenses, etc.).
