Who this is for
- Singapore private companies with overseas founders or parent companies
- Groups that want UAE and Singapore books kept on a consistent basis
- Companies approaching the GST registration threshold
- Directors who want a clear annual compliance calendar
What Scaleon helps with
- Monthly or quarterly bookkeeping and bank reconciliations
- Preparing annual financial statements for directors’ approval
- Tracking AGM and annual return deadlines with your corporate secretary
- Preparing Estimated Chargeable Income (ECI) figures
- Preparing tax computations and supporting Form C-S, Form C-S (Lite) or Form C filing
- Assessing GST registration and preparing GST return working papers
- Preparing financial statements data for XBRL filing where required
Bookkeeping and record keeping
IRAS requires companies to keep financial records, source documents and bank statements for at least five years from the relevant Year of Assessment. Poor records can lead IRAS to estimate income or disallow expenses, so regular bookkeeping is the foundation of every other filing.
Financial statements, AGM and annual return
Directors present financial statements to shareholders and the company then files its annual return with ACRA. For non-listed companies, ACRA guidance sets the AGM within six months after the financial year end and the annual return generally within seven months, with different periods for some companies. Some private companies may be exempt from holding an AGM if conditions are met.
Smaller private companies may qualify for audit exemption under ACRA’s small company concept. Whether an audit is needed is assessed each year.
XBRL filing
Many companies must file financial statements with ACRA in XBRL format. A solvent exempt private company is generally not required to file financial statements, although it may file voluntarily, while an insolvent exempt private company must file in XBRL. The required format depends on the company’s profile.
Corporate income tax
The corporate income tax rate in Singapore is 17%. Most companies can claim partial tax exemption on part of their chargeable income, and qualifying new companies may claim the start-up tax exemption for their first three Years of Assessment instead. Conditions apply, and investment holding companies and property developers are excluded from the start-up exemption.
| Filing | General position per IRAS guidance |
|---|---|
| Estimated Chargeable Income (ECI) | Within three months after financial year end; waived if annual revenue is S$5 million or less and ECI is nil |
| Form C-S | Singapore-incorporated companies with annual revenue of S$5 million or less that meet other conditions |
| Form C-S (Lite) | Companies eligible for Form C-S with annual revenue of S$200,000 or less |
| Form C | Companies that do not qualify for Form C-S or C-S (Lite) |
| Filing due date | 30 November each year |
GST
The standard GST rate has been 9% since 1 January 2024. A business must register for GST when its taxable turnover exceeded S$1 million in a calendar year, or when it can reasonably expect taxable turnover above S$1 million in the next 12 months. Exempt and out-of-scope supplies are not counted. Voluntary registration is also possible.
Once registered, a business must charge GST on standard-rated supplies, keep GST records and file GST returns for each accounting period.
Information usually needed
- ACRA business profile and constitution
- Bank statements, sales invoices, purchase invoices and receipts
- Payroll records and employee information
- Prior year financial statements and tax computations, if any
- Fixed asset register and loan agreements
- GST registration details and past returns, if registered
What you receive
- Bookkeeping, reconciliations and periodic management accounts
- Annual financial statements prepared for directors’ review
- ECI figures and tax computation with supporting schedules
- Form C-S, C-S (Lite) or Form C filing support
- GST registration assessment and return working papers where applicable
- XBRL data preparation where required
- An annual compliance calendar shared with your corporate secretary
What affects the fee
- Transaction volume and number of bank accounts and currencies
- Whether the company is GST-registered
- Whether the company is audited or audit-exempt
- Tax form type and complexity, such as group relief or incentives
- Fees of the registered corporate service provider and any auditor, which are billed separately
Quotations are itemised, with government fees shown separately from professional fees.
How the process works
- 1
Onboarding
We review your ACRA profile, financial year end and existing records.
- 2
Set up
We set up your chart of accounts, GST codes if applicable and document flow.
- 3
Periodic bookkeeping
We record transactions and reconcile accounts monthly or quarterly.
- 4
Year-end reporting
We prepare financial statements and coordinate with your secretary and any auditor.
- 5
Tax filing support
We prepare ECI and tax computation figures for filing by the due dates.
Frequently asked questions
What is the corporate income tax rate in Singapore?
The headline rate is 17%. Partial tax exemption or, for qualifying new companies, the start-up tax exemption can reduce tax on part of chargeable income.
When must a Singapore company register for GST?
When taxable turnover exceeded S$1 million in a calendar year, or is reasonably expected to exceed S$1 million in the next 12 months. The current standard rate is 9%.
Which corporate tax form will my company file?
Companies with revenue of S$5 million or less that meet the conditions can usually file Form C-S, and those at S$200,000 or less can use Form C-S (Lite). Others file Form C.
Does every company need XBRL financial statements?
No. Solvent exempt private companies are generally not required to file financial statements, while many other companies must file in XBRL. The requirement is checked each year.
Does Scaleon carry out audits?
No. Scaleon prepares books and financial statements and can coordinate with an independent auditor where an audit is required.