Singapore adheres to its own set of standards called Singapore Financial Reporting Standards (SFRS), akin to International Financial Reporting Standards (IFRS). SFRS follows accrual-based accounting, recognizing transactions when they occur. Outsourced accounting services in Singapore must comply with SFRS requirements.

Registration for GST is mandatory for businesses when their taxable turnover surpasses $1 million per year. Businesses with taxable turnover below $1 million may voluntarily register for GST.

Outsourcing to a professional accounting firm offers benefits such as cost savings (as much as 40% compared to hiring a full-time employee), relief from concerns about CPF, AWS, bonuses, and medical insurance, and eliminates the hassle of hiring and replacing accounting staff. Additionally, outsourcing avoids the expenses of purchasing and maintaining accounting software.

A Singapore registered company is required to keep accounting records and relevant documents explaining business transactions and financial position for a minimum of five years after the completion of the transactions or operations they pertain to.

Every foreign company must have a minimum of 2 local agents representing it in Singapore. These agents must be Singapore Citizens, Singapore Permanent Residents, or hold an Employment Pass. If you need assistance with resident agents in Singapore, reach out to ThinkSME.

Yes, it is possible to use a single firm for corporate secretarial and accounting needs. However, due to auditor independence rules, auditing work needs to be carried out by other auditing firms. ThinkSME can offer recommendations for suitable auditing firms.

According to the Companies Act, all incorporated companies in Singapore must file annual returns with the Accounting and Corporate Regulatory Authority (ACRA). The filing process has been enhanced for convenience since December 2019. Visit BizFile+, navigate to “eServices,” choose “Local Company,” and under “Annual Filing,” select “Annual Return by Local Company.” Pay S$60 and submit the Annual Return within 30 days after the Annual General Meeting. In subsequent years, the process is simplified with pre-filled forms.