Year-end financial reporting service for Singapore companies

After Singapore company registration, according to Singapore law, every year, Singapore companies are required to make tax reports - accounting - financial reports - once at the end of the fiscal year.

To ensure that Singapore companies comply with the regulations of the Accounting and Corporate Regulatory Authority (Accounting and Corporate Regulatory Authority (“ACRA”)), Singapore Tax Authority (The Inland Revenue Authority of Singapore (“IRAS”)), Company articles and tax regulations in Singapore.

The following article by GLA will provide businesses with detailed information about year-end financial reporting services for Singaporean companies, and the reasons why businesses should choose to use GLA's year-end financial reporting services.  

1. What does GLA's year-end financial reporting service package for Singapore companies include?

1.1 Perform financial and tax reporting - accounting

GLA will assist Enterprises in preparing a set of financial statements to submit to IRAS, ACRA in accordance with Singapore Financial Reporting Standards (SFRS).

Financial statements include:

• Profit and Loss statement.
• Balance sheet.
• Cash flow statement.
• Financial Statement.

1.2 Declare estimated taxable income and submit tax returns to IRAS

GLA will support Enterprises in electronic tax declaration. In case Enterprises do not have codes to perform electronic services in Singapore, GLA will support Enterprises in applying for CorpPass electronic codes from the Singapore government.

1.3. Provide interpretation and guidance to Businesses

This is a special feature that other accounting firms in Singapore have not yet implemented. At GLA, businesses will be guided and have their questions answered throughout the process (in Vietnamese or English).

1.4. Conduct audit reports (if any)

If the Enterprise's Singapore company meets the criteria to be considered as a small company, the Singapore company will be eligible for audit exemption, specifically:

• The enterprise must be a private company with a fiscal year considered from July 01, 07; and
• The company must meet at least 02 of the following 03 criteria in the 2 most recent consecutive fiscal years, including:
  • Total annual turnover must be less than SGD 10 million;
  • The company's current total assets must be less than SGD 10 million;
  • Total number of employees does not exceed 50 people.

2. 7 steps to prepare financial reports for Singapore companies at GLA

3. Why should businesses use GLA's Singapore company year-end financial reporting service? 

3.1. Full service

In addition to supporting the establishment of foreign companies, GLA will support businesses with a full package of monthly accounting services, tax consulting services, year-end financial reporting services for foreign companies (especially Singapore), the US, Hong Kong, tax incentive countries such as BVI, Seychelles, Belize, etc.

3.2. Clear, professional advice, no hidden costs

GLA prides itself on being a professional, transparent consulting company with no hidden costs. We constantly improve the quality of our services to support businesses to the maximum and bring absolute satisfaction to businesses.

3.3. Optimize work efficiency - minimize costs

GLA has in-depth knowledge and positive relationships with many international partners. The work of preparing documents, accounting books, and tax reports will be performed by accounting - tax experts in Vietnam in combination with accounting - tax experts from Singapore, Singapore nationality (official members of the international accounting association ACCA, CPA) to minimize costs but still ensure that the output results are completely in accordance with the laws of the host country.

3.4. 24/7 consultation in Vietnamese or English

A team of dynamic and enthusiastic staff is always ready to answer, update and support businesses in the business process as well as in arising problems (if any). The support process can be done in Singapore, Vietnam in English or Vietnamese.

3.5. Maximize technology application in bookkeeping and accounting management activities

GLA always focuses on providing fast, modern, accurate and convenient experiences for businesses through the use of software and digital technology. 

In addition to providing accounting and tax services for Singapore companies, GLA also provides tools to help investors and foreign businesses learn and compare the conditions for establishing foreign companies, tax rates, and choosing a foreign country that meets the needs of opening a bank account and payment gateway to increase the success rate before making a decision. GLA provides tools to help businesses have the knowledge and data to make accurate decisions and prepare future business plans. Access GLA's smart comparison tools now at:

1. Corporate income tax comparison tool for foreign countries (Singapore, Hong Kong, US, Offshore, etc.).
2. Tool to compare the conditions of incorporation of foreign countries (Singapore, Hong Kong, USA, Offshore, etc.).
3. International bank comparison tool for foreign countries (Singapore, Hong Kong, US, Offshore, etc).

3.6. Information security

All transaction information, company information and owner information will be kept strictly confidential. GLA commits not to provide information to any unrelated third parties.

In addition to supporting businesses in making year-end financial reports for Singapore companies, GLA also supports businesses in other services to help the company operate effectively such as:

• Tax consulting services (Corporate income tax, goods and services tax ("GST"), contractor tax) - specialized accounting for Singapore companies in multinational business environment (Singapore - Vietnam; Singapore - Hong Kong; Singapore - other countries, etc...)?
• Tax consulting - specialized accounting services - what is a reasonable cost for a Singapore company?
• Full package tax and accounting services for Singapore companies under the supervision of experienced professionals?
• Short-term training course on general knowledge of Singapore accounting including regulations on invoices, documents, reports to be submitted and deadlines, etc. right at the Vietnam office?
• Auditing regulations or Goods and services tax in Singapore?
• Which accounting software is optimal and easy to use on phones and laptops recommended by the Singapore Tax Department? for small and medium businesses at the lowest cost?

Contact GLA now for direct consultation and quotation.

4. Frequently asked questions about year-end financial reporting services for Singapore companies?

Highlights

• Singapore companies are required to prepare year-end financial statements for submission to IRAS. 
• Singapore companies need to conduct audit reports if they meet 2 out of 3 conditions on revenue, total assets and number of employees. 
• GLA supports financial reporting and auditing for Singapore companies to meet international accounting and tax standards.