Financial Statements Service for Singapore Company

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All Singapore companies are required to submit annual statements to the Singapore Government, including:

  • Annual General Meeting (AGM)
  • Annual Report (AR)
  • Form C/CS
  • Estimated Chargeable Income (ECI).

Although regarded as a country with a good and favorable business environment, Singapore government has always held high standards in business administration for Singapore companies. Therefore, Singapore companies should strictly comply with the requirements of the government, especially to fulfill the annual financial statements compliance obligation to Singapore Government to avoid unwanted penalties.

In this article, let’s find out:

  • what is required in an annual financial statements package in Singapore, and
  • investigate further our annual financial statements services to assist business owners to fulfill compliance obligations when doing business in Singapore.

Important things you should know:    

Every year, enterprises are required to submit four types of financial statements to the Singapore Government, including ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore):

  • ACRA: Accounting and Business Administration in Singapore
  • IRAS: Inland Revenue Department in Singapore

Note: For companies that operate, trade goods and services in the Singapore domestic market, and are Goods and Services Tax (GST) registered entities, you are required to submit a return to the tax authorities - IRAS based on your accounting cycle, normally on a quarterly basis.

1. Annual financial statements service package of Global Link Asia Consulting to assist business owners.

The service package includes:

1. Preparing annual financial statements in accordance with the Financial Reporting Standards of Singapore and submitting them to IRAS. Financial statements include:

GLAC-icon-check1 Profit And Loss Statement

GLAC-icon-check1 Balance sheet

GLAC-icon-check1 Consolidated Statements of Cash Flows

GLAC-icon-check1 Notes to the financial statements.

2. Preparing and declaring Estimated Taxable Income (ECI) and filing tax reports (Form C/C-S) to IRAS.

3. Guiding and answering questions related to Singapore company financial statements during the course of work.

4. Preparing audited financial statements (if required).

 2. How will Global Link Asia Consulting assist Singapore companies to prepare annual financial statements?

Step 1: Contact us now for further support and consultation regarding how to prepare annual financial services for Singapore companies:

  • Hotline: + 65 3163 4102
  • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Step 2: Send us details of your business to receive an exact quotation. The required information includes:

  • Compilations of financial statements that your companies have prepared (if any)
  • Compilations of invoices, accounting vouchers, bank statements, and sale contract forms during the year under review.

Based on the information provided by the enterprises, Global Link Asia Consulting will send you a quote.

Step 3: Upon your confirmation to use our annual financial statement services, Global Link Asia Consulting will give instructions on invoice management/ accounting archives. You will also need to send all invoices and receipts related to your Singapore company.

Step 4: Global Link Asia Consulting will proceed to prepare the annual financial statements based on the information provided

Step 5: Once the preparation finished, Global Link Asia Consulting will send the annual financial statements to the Company for further review and approval. Please be advised that the annual financial statements will be sent to you at least one week before the Singapore financial statements filing deadline.

Step 6: Upon receipt of your approval, Global Link Asia Consulting will file the annual financial statements to IRAS on behalf of the Company.

Step 7: Global Link Asia Consulting will inform the submission result to the enterprise Company once having successfully submitted the annual financial statements.

In case enterprises wish to have consultation and guidance on how to prepare these financial statements, let’s attend right away a short-term business accounting course to have a better understanding on:
  • Singapore Tax Overview
  • The legal regulations in the daily accounting operations of the enterprises.
  • Required statements and their deadline of filing.
  • How to file online tax declarations for a company in Singapore.

Note

Please be advised that our annual financial statements package service does not include assistance in preparation and filing Annual General Meeting (AGM) and Annual Return (AR) reports to ACRA. Assisting companies to submit Reports of Annual General Meeting (AGM) is a separate scope of work. If you are interested in AGM and AR preparation services, please contact us now.

Global Links Asia Consulting Company - a consulting firm specializing in offering ONE-STOP solutions for every business in every level of your business development - is ready to support your business with the following services:

With our one-stop solutions, we pride ourselves on being a trustworthy partner - working directly with major notable banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc and international payment gateways such as PayPal and many other partners. With many years of experience working in this industry and having supported many companies, Global Link Asia Consulting are confident to bring the best quality of our services to all clients.

Contact us now:

  • Vietnamese Hotline(+84) 0938 531 588 (Call/ Skype)
  • Singaporean Hotline: (+65) 3163 4102 (Call)
  • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

This article was written by Global Link Asia Consulting Pte. Ltd., and was first published on https://www.globallinkconsulting.sg/ on 9th July, 2021. Its copyright belongs to Global Link Asia Consulting Pte. Ltd.. All rights reserved. You may not, except with our express written permission, copy, modify, commercially distribute or exploit the content.

Last modified on Friday, 20 August 2021 13:16
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