Yes, we can process payroll for all or a few selected employees. Please note that there is a minimum charge of S$30 per employee inclusive payroll computation and submission of CPF return on a monthly basis.
Companies meeting at least two of the following criteria are required to have their accounts audited:
• Annual revenue exceeds S$10 million;
• Value of company’s total assets exceeds S$10 million;
• Number of employees exceeds 50.
Companies engage an audit for a number of reasons. Larger companies are required to audit as required by law, but many companies will consider audit even if there are no statutory obligation. An independent audit is crucial to good corporate governance and essential to an effective internal financial control function.
Above all, an audit adds credibility to information provided to shareholders. It provides assurance to investors and other providers of finance who are able to make their decisions in a safe environment with confidence. Safety and confidence reduce the cost of capital and make companies competitive and profitable.
Companies invest in an audit in order to:
Auditing reinforces early fraud detection. Outsourcing the services of a professional auditor can abolish the presence of fraud in your company. The auditing process unveils faults and errors (innocently or deliberately committed) of employees and exposes the occurrence of financial frauds. An audit can therefore serve as a reminder to your workforce that any deviation from ethical work practice will not go undiscovered and possibly, unpunished. A company whose accounts are subjected to regular audits therefore enjoys immunity against fraud and scam because of the early detection of discrepancies that goes with auditing.
Auditing enhances a company’s efficiency. Auditing enables you to acquaint with your own financial system and enjoy a more profitable corporate existence. With the assistance of a good auditor, you have an efficient business entity – risks are effectively analysed and studied so costs are held to a minimum.
Auditing helps you make pragmatic decisions. An audit helps you identify your financial activities and understand your company’s fiscal strengths and weaknesses. When you are aware of the situation, you can make pragmatic decisions to address weaknesses, focus on key areas for improvement and enhance well-known strengths.
Any company incorporated in Singapore must prepare the accounts in accordance to Companies Acts and Singapore Financial Reporting Standards (SFRS). Auditors audit the accounts based on the Singapore Standards of audit and express true and fair opinion to the accounts. However, depending on the nature of the company’s accounts, not every standard need to be adhered to.
The annual statutory audits add value to a company. Smaller companies invest in audits for the same reasons as larger companies, but there are particular issues facing smaller companies that make investment in an audit worthwhile:
Most of the directors of smaller companies may believe that because there is no longer any statutory audit requirement, there will no longer be any external ‘checking’ of the books and records. The power and resources of the Inland Revenue Authority of Singapore are not to be underestimated and increasing all the time. This means that there are likely to be more investigations in the future.
At Corporate Services Singapore, our trusted Tax professionals will keep you abreast of any developments that may affect your business. We ensure that you are 100% tax compliant, whilst meticulously securing every tax deduction your business is legally entitled to.
Here’s a list of the wide range of Tax Services we provide:
The corporate income tax rate is flat at 17% in Singapore. For annual taxable profits of up to S$300,000, full tax exemption is available for newly incorporated companies with individual shareholders will be taxed as follows:
Total tax payable for the first S$300,000 taxable profits is S$17,000, the effective tax rate is 5.67%.
Newly incorporated companies with corporate shareholders or 4th years for companies with individual will be taxed as follows:
Companies that meet the following criteria are required to have their accounts audited:
All other companies are not required to file audited accounts and can file unaudited financial statements.
You can claim deduction for expenses that are wholly and exclusively incurred from the production of income.
To qualify for tax deduction, the expenses must:
“ECI” stands for Estimated Chargeable Income. It is an estimate of a company’s chargeable income for a Year of Assessment (YA).
A company has to furnish Estimated Chargeable Income (ECI) within three months after the financial year end of the company.
If you furnish your company’s ECI within the qualifying period, you can pay your tax by instalments basis. The earlier you furnish your ECI, the higher the number of instalments available.
GST stands for Goods and Services Tax. The company is liable to register for GST when its annual taxable turnover is more than S$1 million or it is currently making taxable supplies and its annual taxable turnover is expected to be more than S$1 million for the next 12 months. A company may choose to register for GST voluntarily if the annual sales turnover is less than S$1 million, however, the company needs to remain as GST registered company for at least 2 years.
Yes, it is mandatory. All Singapore incorporated companies are required to file a tax return on an annual basis. Although the company is making losses, the losses still have to be submitted via tax return to IRAS. The losses can be utilised to set off against future profits of the company.
The due date for filing corporate tax return in Singapore is November 30 annually. The tax return is filed on a prior year basis i.e. any financial year end fall in 2016 will need to file tax return for the financial year on 30 November 2017. The filing deadline is extended to 15 December, if the company is e-filing the tax return.
However, each company is required to file an Estimated Chargeable Income (ECI) within 3 months of the end of its financial year to IRAS.
We will advise and update you on the corporate income tax matters so that your company’s tax obligation is in compliance to the Income Tax Acts. It includes:
Upon registering GST, a business must charge and account for GST at the prevailing rate (7%). This is known as output tax. GST registered businesses can also claim from IRAS the GST incurred on their goods and services purchased assuming certain conditions are met. This is known as input tax.
Singapore remains one of the world’s most attractive places to establish a business. From its 5th rank in 2024, it
The landscape of employment law in Singapore has undergone a significant transformation. In August 2025, the Ministry of Manpower (MOM)
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Singapore remains one of the world’s most attractive places to establish a business. From its 5th rank in 2024, it
The landscape of employment law in Singapore has undergone a significant transformation. In August 2025, the Ministry of Manpower (MOM)
