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Learn more about Accounting Services in Singapore

The accountant’s function in the accounting process includes accumulating or deferring expenses and revenue, analyzing and interpreting the company’s operational expenses, filing taxes and other regulatory payments, and creating financial statements and reports. Business owners and relevant management personnel rely on these reports, which heavily affect financial decisions that they must make to ensure the business’s stability and growth.

Table of contents

What is accounting in Singapore?

Accounting is a middle-level management task that refers to the process of summarizing, analyzing, interpreting, and reporting financial transactions that were classified in the ledger account, with the main goal of gauging the business’s financial situation and further communicating the same information to relevant management authorities.

Accounting, due to its complicated and analytical nature, necessitates specialized skills in order for accountants to draw up charts of the company’s finances, explain the company’s budget, or produce winning loan offers. Professional accountants establish the corporate norms and standards, which include filing, maintaining, and even destroying financial documents as needed.

To become a Certified Public Accountant or Chartered Accountant in Singapore, one must first obtain a bachelor’s degree and then pass the board test. A professional accountant may also work as a company’s financial controller or hold controller positions in the business.

What is specific accounting requirement?

When it comes to bookkeeping and accounting, each industry has its own set of advantages and disadvantages. We advise you on which tax exemptions and tax reliefs your firm is entitled to, and we organize your reports in the exact format required to comply.

Accounting forSoftware Industry

Singapore’s economic growth has been highly reliant on high-tech items. Over the previous four decades, the country has established itself as a world-class technology center. Great ideas flourish in this environment.

Accounting forRetail Industry

Offline stores have been declining in popularity, but Singaporeans are not buying less; they are simply shopping online. Singapore has a population of 5.6 million people, of which 3.12 million shop online, and 998,000 more will do so by 2021.

Accounting forReal Estate Industry

Because the Singapore economy attracts businesses and personnel from all over the world, both residential and commercial real estate are in high demand.

Accounting forManufacture Industry

Singapore is the world’s fourth largest exporter of high-tech items, with manufacturing accounting for over 20% of GDP. Electronics, chemicals, biological sciences, logistics, and transportation engineering are key industry clusters.

Accounting forInsurance Industry

Singapore has Southeast Asia’s largest banking and financial network. In 2019, the life insurance market grew by 0.4 percent. With the advancement of financial technology, insurance companies will be able to expand their direct life, general reinsurance, and captive insurance services.

Accounting forHospitality Industry

As people look for a vacation, domestic tourism is boosting the hospitality business. Singapore’s government has also announced a S$45 million marketing campaign to assist the tourism industry in dealing with the effects of the pandemic.

Accounting forHealthcare Industry

Singapore’s healthcare demand is being driven by an aging population and growing medical tourism. New entrants have the potential to capture a sizable market share.

Accounting forFinancial Industry

The fintech industry is one of the fastest expanding. The Singapore market encourages cryptocurrency, blockchain, and mobile banking projects due to the strong concentration of financial institutions.

The digital entertainment environment in Singapore is continuously expanding. More than 7,000 media enterprises have set up shop in Singapore, focusing on content delivery.

Accounting forEducation Industry

Education is highly valued in Singapore, with 54% of parents saying they would go into debt to support their children’s education. Furthermore, the entire region demands online education offerings, which corresponds to global trends.

Accounting foreCommerce Industry

Singapore’s eCommerce market revenue is predicted to expand at an annual rate of 11.2 percent, reaching US$5.086 billion by 2021. As locals maintain social distance during the pandemic, an increasing number are turning to internet shopping to avoid crowds.

Accounting forConstruction Industry

Total construction demand is estimated to be between $27 billion and $32 billion during the next three years. The governmental sector is expanding, but there are numerous private ventures to participate in as well.

Accounting forTravel Industry

In 2017, 17.4 million overseas visitors came to Singapore. That is three times the total population of the city-state. All of these visitors are looking for high-quality services.

Accounting forRecruitment Industry

Singapore has a thriving labor market. Companies use HR companies to identify qualified candidates both within the country and outside.

Accounting forShipping Industry

Singapore has access to over 600 ports in over 120 countries. This is an ideal site for a logistics company’s headquarters.

Accounting forPublishing Industry

In Singapore, edtech is growing as parents seek less expensive alternatives to private schools for their children. Singaporean parents pay an average of S$155 – S$255 per month on tuition.

Corporate secretary forFood Industry

Singaporeans are well-known for their fervent love of cuisine. Other countries’ cuisines are always in high demand: in Singapore, there have been 39 Michelin-starred restaurants since 2018.

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What is bookkeeping?

The administrative task of bookkeeping refers to the process of recognizing, measuring, and recording financial transactions on a daily and constant basis, with the goal of continually keeping the business/company records of all financial transactions in order, appropriate, and organized.

Bookkeeping, considered the first step in accounting, entails arranging payroll, issuing invoices, posting debits and credits, and reconciling corporate credit cards, among other things. The bookkeeper is in charge of updating inventories, processing petty cash, paying suppliers, and filing cash receipts from consumers.

While management cannot make crucial business decisions solely on accounting data, it is critical that bookkeepers are accurate in their job and are thoroughly versed about financial matters relevant to their positions and responsibilities.

Because bookkeeping in Singapore include balancing the company’s ledgers, subsidiaries, and historical accounts, where sales and costs are recorded, as well as other supporting papers, becoming a bookkeeper necessitates taking accounting classes to master the principles of accounting.

How much does accounting services cost?

In comparison to most traditional accounting services in Singapore, the pricing we give for our professional accounting services are upfront and without any hidden fees. Our accounting packages for pte ltd start at as little as S$100 per month. Our team and accountants with professional training and expertise at Themis Partner are dedicated to assisting entrepreneurs and pte ltd business owners all around the world in the most cost-effective and expedient manner possible. Accounting may be time-consuming, which is why we step in and handle the difficult processes of accounting, tax filing, and financial reporting for our clients, allowing them to focus on building their businesses while we serve as their accountant.

Check out our website to discover the prices for each of our packages and decide which one is ideal for your business. Our accounting firm provides digital accounting services. Please complete the form or call our customer service today to speak with one of our accountants or sales about opening a bank account, invoices work, income tax submission, management reports, managing balance sheet services, financial year end, and Singapore corporate secretarial services.

How to outsource accounting in Singapore?

We can supply you and your pte ltd with effective and transparent accounting and tax submission services at Themis Partner! You can focus entirely on your business matters by using outsourced accounting services like Themis Partner, as our professional accounting staff will handle a menu of mandatory requirements during the fiscal year such as income statement, investment, maintenance, income tax return filing, annual return filing address, and more.

Our team of specialists and accountants, who have years of training and expertise with analysis and report generation for accounting services in Singapore, will respond to our clients’ questions. To begin, call us or send us an email using the form below, and one of our accounting team members will contact you for a free consultation and cost estimate. Our accounting firm provides the most affordable accounting services. We’re just a phone call away!

What is included in the accounting services?

Traditional accounting businesses and accounting services in Singapore refer to the process of summarizing, analyzing cash flow, and interpreting figures and financial transactions recorded in ledger accounts. Other monthly services for your pte ltd include the process of recognizing, measuring, and recording financial transactions on a daily and consistent basis.

If you’re a business owner, understanding the differences between accounting services Singapore (compared to the rest of the world) can help you grasp the important roles the two procedures and reports play in expanding your company through daily work.

Outsourcing your company accounting services, yearly return paperwork, and accounting obligations to us, a team of accountants with professional training and compliance to the Singapore privacy policy, can save you money and time while allowing you to focus on your business. Our accounting services adhere to financial reporting standards, and our accountant manages all of our clients’ spending and financial records. We are not another standard accounting business that charges clients an additional fee for everything; the pricing and fee for each of our accounting service packages per month is clear to all of our clients, and you can view them all on our website.

Our clients are able to choose the plan that best meets their needs. You can also choose how many management reports you want to receive from us each year, or you can upgrade your membership later if you need monthly management reports. We use accounting software such as Xero as a foundation to easily handle your spending, invoicing, and accounting records. To learn more about our accounting services, call our customer service team or send us an email using the form above. Our staff and accountant will contact you shortly.

If your company money and accounts are a mess, our accounting staff will need to address it and conduct an initial accounting review during onboarding, using accounting software from our pre-accounting software partner Receipt Bank and our digital financial system partner Xero to assist you in identifying any issues and proposing the best corrective measures. This procedure is called as a ‘Reconstruction of Accounts,’ and it is required to ensure that when our clients join Themis Partner, their company and money accounts are in compliance with Singapore Accounting Standards. Following that, our accountant will welcome you aboard with our simple digital solutions and accounting services.

Leave us your email from the form above or phone us to speak to an accountant or sales for a free consultation on the price of our package or fee for our accounting services today.

What are Corporate Tax in Singapore?

Even a seasoned business person can become befuddled by a new country’s tax policy. You are most emphatically not alone! Here’s a quick rundown of the essential aspects of Singapore’s tax system for new businesses.

One of the primary reasons that investors are drawn to Singapore is its advantageous tax regime, which includes low corporate and personal tax rates, significant tax relief programs, the lack of capital gains tax, a one-tier tax structure, and broad double tax treaties with many nations.

1. Tax residency: To be a Singapore tax resident, the company’s control and management must be exercised in Singapore, where the major business decisions and policies are decided during board meetings.

2. Corporate tax: The corporate tax rate is regulated at 17 percent based on the chargeable income of the organization.
Singapore has a territorial basis for corporate taxation, which means that tax is levied on income accrued or generated in Singapore, as well as foreign-sourced income paid in Singapore.

3. Dividends: Dividends paid by a Singapore resident firm are not taxed under Singapore’s one-tier corporation tax system.

4. Carrying forward of unutilized losses and allowances: Unutilized losses and allowances can be carried forward to succeeding years to offset income until all trade losses have been fully utilised.

5. Group relief: Group relief allows businesses to deduct unutilized capital allowances/trade losses/donations from the assessable income of another business in the same group. Companies must meet the following conditions to qualify for collective relief:

➤ Both the transferor and the claimant must be Singapore-incorporated
➤ They must be members of the same group.
➤ They must all have the same fiscal year end.

6. Capital gains tax: In Singapore, there is no capital gains tax. Gains earned from the sale of a property/investment in Singapore are generally not taxed because they are capital gains. However, if you repeatedly acquire and sell property/investment, the gains may be taxable.

7. Exemptions/Tax incentives: To encourage entrepreneurship, IRAS implemented a tax exemption plan in 2005. During the first three years of YA following incorporation, start-up enterprises are entitled for the start-up tax exemption. To be eligible for these exemptions, you must:

➤ The company must be a Singapore tax resident.
➤ The firm cannot have more than 20 individual shareholders or at least one shareholder must own at least 10% of the issued shares.
➤ The company cannot be a property or investment holding company.

From YA 2010 to YA 2019 (maximum exemption of SG$ 200,000 per YA)

Chargeable income % Exempted from tax Amount exempted
First SG$ 100,000 100% SG$ 100,000
Next SG$ 200,000 50% SG$ 100,000

After YA 2020 (the maximum exemption for each YA is SG$ 125,000)

Chargeable income % Exempted from tax Amount exempted
First SG$ 100,000 75% SG$ 75,000
Next SG$ 100,000 50% SG$ 50,000

8. Partial tax exemptions: Partial tax exemptions are available for enterprises that do not qualify for startup exemptions or are past the first three years of incorporation.

From YA 2010 to YA 2019 (maximum exemption of SG$ 152,500 per YA)

Chargeable income % Exempted from tax Amount exempted
First SG$ 10,000 75% SG$ 7,500
Next SG$ 290,000 50% SG$ 145,000

In or after YA 2020 (Maximum exemption for each YA is SG$ 102,500)

Chargeable income % Exempted from tax Amount exempted
First SG$ 10,000 75% SG$ 7,500
Next SG$ 190,000 50% SG$ 95,000

9. Corporation income tax (CIT) rebate: To further assist businesses, the government provides relief on corporate tax payable.

YA CIT rebate* Capped at
2019 20% SG$ 10,000
2018 40% SG$ 15,000

* This rebate does not apply to non-resident company that is subjected to withholding tax.

10. Regional (RHQ) and International Headquarters (IHQ) awards: Companies that meet the criteria for establishing a RHQ or IHQ in Singapore can apply for these prizes. These awards provide corporations with tax breaks ranging from 5% to 15% on additional income, as well as other tax breaks.

11. Pioneer Certificate Incentive (PC): For businesses who intend to make significant investments and contribute to the economy. Those who qualify for this incentive would have their tax rate cut to 5%.

12. Development and Expansion Incentive (DEI): This incentive encourages firms to expand and grow in Singapore. Companies that qualify for DEI would be eligible for a reduced tax rate or a corporate tax exemption for a period of up to five years.

13. Avoidance of double taxation agreements: If you have paid taxes in a foreign nation, the same income will not be taxed again in Singapore if you do cross-border business. Singapore enters into broad DTAs with several nations to avoid double taxation of revenue in order to avoid double taxation.

14. Withholding tax: Certain payments, such as those made to non-resident corporations, persons for services done in Singapore, and income earned in Singapore, may be subject to withholding tax. The corporation is required to withhold a portion of the payment and pay it to IRAS. Payments subject to withholding tax include:

➤ Interest, commission, or fees in relation to any loan or indebtedness.
➤ Royalties, rent, or other payments for the use of or right to use any movable property.
➤ Management fees.
➤ Payments for the use of or the right to use scientific, technical, industrial, or commercial knowledge or information, or for the rendering of assistance or service in connection with the application or use of such knowledge or information.

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