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Business Services your Singapore company will need yearly

Updated: Sep 30, 2021

Business Services your Singapore company will need yearly - Singapore is one of the top locations in the world to do business and this is done by having a very streamlined system to submissions to the government.

There are still a few basic things that need to be completed yearly and submitted to the relevant authorities.

This will require you to have some form of skills to get the work done. You can either do it yourself or hire someone who many be able to assist you in the long term.

In Singapore most business owners will find qualified accountants to assist them in getting their accounting work done and also other forms of submission works.

So let us now share in this article what are some of the things that you do need to pay attention to.

Let us now share the article on "Business Services your Singapore company will need yearly".

  1. Bookkeeping Services Bookkeeping services Singapore basically means getting your paper work done up in an accounting way. Keeping your books in place and also entered into an accounting software is one of the easiest way to keep track of your business. There are invoices to enter and also expenses to key in. Bank reconciliation needs to be done also to make sure payments are cleared and monies are received from your business transactions. Having monthly Bookkeeping services is sometimes preferred by some customers whereas some customers will prefer to just have them done yearly for submission to the government. You could also choose to do it quarterly if you have to be part of GST scheme with a higher than $1 million per year revenue. Or for those who wish to do bookkeeping services just to prepare accounts for submission to government, you can do it once a year too!

  2. Corporate Secretarial Services Corporate secretaries are meant to assist the company in the corporate governance work. Business owners may not understand how shareholders and directors work and also what are some of the filing dates. The role of the corporate secretary in Singapore is to act as an advisor and also to help the business owner to make sure documents are done up properly and in accordance to the law.

  3. Year End Financial Report Compiling / Accounting Services / Audit Services The Singapore government requires that the private limited company have a financial report to report on the balance sheet and also profit and loss statement. This is both important items that are core to accounting services provider by vendors who usually have education in this field and are able to produce high quality reports that will help you to learn about the company. This is also something that will help other people that are keen to know more about your business such as the banks or potential investors to read more into the business you are engaged in. For businesses that are over a certain revenue size, you will need to be audited by a qualified auditor of Singapore. Businesses that are above $10 million in revenue or own more than $10 million in assets are some of the criteria for compulsory audit services in Singapore.

  4. Tax Computation & Submission Services Computing your company taxes and also getting them submitted on time is core to the working of your business. The government will have to tax your business up to 17% in Singapore and having someone professional can help you to not only save taxes but also help you plan your taxes so that you will be able to hit your life goals. Computation work can be quite complicated and if you want to do it yourself you might miss out on many things. Getting a good tax accountant to assist you will be the best way forward.

  5. Annual General Meetings Annual General Meetings need to be conducted for all private limited company once per year. If you are a small firm or a one man show, you still need to produce paper work for it and submit to the government through your annual return filings. It can be quite an easy task for a single person company, where paperwork needs to be signed. But nonetheless it still needs to be done to be within the legal requirements of running a Singapore Private Limited Company.

  6. Annual Return Filing Annual Return filing needs to be done to ACRA every year. You have up to 6 months from your financial year end to get the filing done. If you fail to do it you will be fined by ACRA and also may need to go for Director classes to educate you on your responsibilities.

Koh Management is a leading Singapore based corporate services provider that is keen to assist businesses in Singapore to grow and also to gain a better ground in the economy.

We work closely with our customers to give advice and also to connect our customers with other relevant vendors to assist them in growing their business.

For businesses that are looking for daily office cleaning services or weekly home cleaning services, you can explore working with Cleaning Hero too. Thank you for reading our article on "Business Services your Singapore company will need yearly".

Business Services your Singapore company will need yearly


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