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 * 23 New Industrial Road, Singapore 53620
 * clients(at)opencompanysingapore.com
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 * Audit Firm
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 * About us
 * Contact


SINGAPORE ACCOUNTING




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ACCOUNTING FIRM IN  SINGAPORE – AUDITORS & ACCOUNTANTS

Foreign investors interested in setting up a business in Singapore should know
that it is highly recommended to receive the assistance of an accounting firm,
especially if your company is a medium or large one with international
operations and many employees. If you want to open a business on the local
market our accounting firm in Singapore can help you comply with the taxation
requirements, as our accountants are specialists in tax legislation.  With our
accounting firm, we treat every client’s financial business as if it was our
own. We take pride in fully comprehending your financial aspirations and
objectives, as we work alongside our clients to ensure we achieve them.

Outsourcing a set of services to our accounting firm in Singapore can allow
entrepreneurs to keep a healthy image of their financial situation and evolution
and allow them to focus on the core aspects of their business in the city.
Outsourcing the accounting services in Singapore is one of the most
business-efficient decisions, as is it often more effective to delegate this
activity to a specialized team outside of the company than to have in-house
accountants. The types of accounting services are adapted to the business size
and particularities and our team will find suitable solutions no matter the
number of employees and the business field. These types of services can also be
requested for temporary or long-term issues, for example, you can reach out to
our team of accountanting company in Singapore simply for scheduling an
evaluation of your business or to make informed decisions about certain
accounting changes. The preferred package will often be one that includes both
periodic business evaluations and constant financial updates as well as
specialized services for ongoing compliance with the annual financial statement
preparation.


ACCOUNTING SERVICES IN SINGAPORE

Our team of experienced accountants can provide you with a wide range of
services that will improve the quality of your business. The list
below summarizes the main accounting services provided by our team of experts:

 * audit services: our external auditors can offer a different perspective on
   the situation of a company’s financial statements through an objective and
   impartial analysis.
 * bookkeeping services: our bookkeeping experts work diligently to ensure an
   accurate recording of the company’s financial transactions.
 * taxation services: complete assistance in all matters related to taxation in
   Singapore, irrespective of the type or size of the company.
 * corporate advisory: personalized advisory services for companies in
   Singapore, ranging from initial tax registration issues to future tax
   planning and advice.
 * risk advisory: an adequate risk management strategy can help companies in
   Singapore meet their goals while observing the needed compliance
   requirements.
 * payroll and human resources services: complete services for handling the
   payroll obligations in Singapore, according to the number of employees.

We invite you to watch our concise video about the accounting services we can
provide you with in Singapore.





Watch this video on YouTube





WHY CHOOSE OUR ACCOUNTING FIRM IN SINGAPORE?


Our team of accountants in Singapore is made up of certified professionals,
being efficient-oriented, which is one of the main reasons why our clients
choose us. Our goal is to give to every client the certitude he or she can rely
on our professionalism. We are up to date with local regulations and we have a
high understanding of organizations and businesses, which allows us to provide
financial management plans adapted to each client.

Our experience in accountancy and financial management will ensure that choosing
our company as your adviser opens a wide range of solutions for our clients. We
understand that identifying the correct client’s need is the key to the
appropriate solution. At the core of any business plan is a good financial plan.
Daily operations also request a rigorous accountancy registration. It means the
financial success of any company depends on a proper understanding of the
financial operations and that of the local accountancy regulations. That is the
key to our success.

Expertise is our most important strength. If you are just starting a business
and need an overview of financial regulations, or if you are looking for
development opportunities in your field and need to have an understanding of a
particular financial aspect, or you need better qualified financial advice or a
second opinion, our accountant in Singapore is able to provide accurate advice
in financial general management or any particular accounting issue.

Flexibility is another important reason why you should choose our accounting
company in Singapore. We are able to address a large field of concerns or crises
our clients may encounter. According to the client’s particular needs, we are
prepared to adhere to particular requirements. We, together with our clients,
are looking for the best communication procedures in order to be sure we
understand their needs and that we can provide the best solutions.


AUDIT SERVICES IN SINGAPORE

Our team of accountants will provide you with audit services, which will verify
the financial statements and other documents of the company to see if they were
issued in accordance with the Singaporean accounting standards; our
accountants will perform statutory audits or company due diligence procedures,
applicable in the case of Mergers & Acquisitions.

The statutory audit is performed in order to determine if the company offers a
transparent financial situation. In order to determine if the company’s
financial position is correct, a set of documents will be analyzed as needed.
These include bank balance, financial transactions, and bookkeeping records as
well as other relevant documents. In Singapore, companies are required to submit
an annual statutory audit only under certain conditions, for example, if they
have corporate shareholders and/or if the annual turnover exceeds 5 million
SGD. The internal audit can be useful for those business managers who wish to
improve their corporate governance, risk management policies and, in general, to
have more efficient management over the company. A team of accountants can help
entrepreneurs implement effective internal control systems and carry out
specific testing and risk assessment evaluations. The special audit focuses on
specific, key areas of the business and it can be useful either to internal or
external purposes. For example, it can include the verification of assets. If
you need an accountant in Singapore, you can rely on our team.


BOOKKEEPING SERVICES IN SINGAPORE

Our bookkeeping packages are designed to meet the needs of businesses and are
structured according to the accounting period. monthly, quarterly, or yearly, as
needed by the business owners. Our report will include the following information
on the company’s financial activity: the sales and purchase invoices, bank
statements, payroll summary, expense notes, inventory lists, fixed asset lists,
tenancy invoices. Our accountant in Singapore can assist you in all these
matters.


TAX AND GST REGISTRATION SERVICES IN SINGAPORE

One of the most important steps in starting a business in Singapore is related
to obtaining a tax identification number and a Goods and Services Tax (GST)
number. These are mandatory requirements for conducting an economic activity in
Singapore. This is why many new business owners will rely on the services of an
accounting firm in Singapore to complete these formalities.

It is worth noting that not all companies need to obtain the GST number from the
beginning of their activities, as they need to reach a specific turnover in
order for GST registration to become mandatory.

GST registration in Singapore is mandatory in the following situations:

 1.        the taxable turnover of the company is above 1 million SGD at the end
    of a calendar quarter (3 months);
 2.       the taxable turnover of the company is above 1 million SGD at the end
    of the calendar year;
 3.        if the company expects to have a turnover of more than 1 million SGD
    in the course of a calendar year;
 4.        if the company is sure to have an annual turnover of more than 1
    million SGD in the next 12 months.

In the last two cases, GST registration is voluntary and implies careful
supervision of the accounting situation of the company. This is where our
accountant in Singapore can help with monthly quarterly and annual updates.
Moreover, we will make sure to record every document which can be used to show
the need to register for GST. We remind business owners that among the documents
to be used as evidence in GST registration are contracts and agreements,
purchase orders, invoices, and income statements.

Our accounting firm in Singapore can make sure you will have all the details
needed to comply with the GST registration requirements. Also, we can handle the
preparation and filing of GST returns which are subject to various calculations.

In order to skip any misunderstanding regarding the GST registration and
filings, you can count on our accounting services in Singapore.


ASSISTANCE IN FILING TAX RETURNS FOR SINGAPORE COMPANIES

The tax legislation in Singapore is continuously changing, as the Inland Revenue
Authority (IRAS) is trying to streamline the procedures for filing all kinds of
tax returns. Being updated or even better, having an accountant handle all these
aspects can become crucial for small and medium-sized enterprises or SMEs which
represent one of the most important categories of businesses in the Singapore
market. With the help of our accountant in Singapore, a company will no longer
need to worry about complying with all the new requirements imposed by the IRAS.

We remind business owners that one of the latest changes in the tax legislation
in Singapore implies the filing of financial statements in the XBRL format. This
is now a mandatory requirement for all types of companies in Singapore, which is
why the demand for using an outside accounting firm has increased in the last
period.

Our accountants in Singapore can also handle the compilation of financial
statements for companies that do not need to have them audited. This exemption
applies to private companies acknowledged as small businesses. A compiled
financial statement implies the gathering of cash flow statements, the balance
sheet, the director’s report, and a comprehensive income statement.

If you have questions about the accounting of a firm in Singapore, our
specialists can answer all of them. Our accounting company in Singapore can
assist you in a wide range of accounting matters.


TAILORED ACCOUNTING AND AUDIT SERVICES FOR LARGE COMPANIES IN SINGAPORE

Singapore is home to a wide variety of companies, many of them large businesses
that operate in sectors like trading and the financial industry. These must
respect specific accounting rules for which specialized services are usually
contracted.

For example, trading companies must complete additional steps when created,
among them setting up an Inter-Bank Giro account (IBG) and linking it to the
account set up with the Customs Authorities. Because these companies must
complete more financial transactions and are subject to complex reporting
requirements, the help of an accounting firm in Singapore that knows how to
comply and when to file various documents can help business owners lift the
burden of employees.

In the case of financial companies, these too must comply with industry-specific
requirements, among which they are subject to more stringent audit requirements
compared to other businesses, which is where our auditors in Singapore can help.
Not only can we complete the mandatory audits, but we can also complete
performance audits that will measure a company’s financial and operational
results with the purpose of improving its operations.

Our accountants in Singapore can service all types of large companies, no matter
the industries they operate in. We offer tailored accounting services in
accordance with your business needs.

If you have any questions on how our accountants and auditors can help your
large business, we invite you to contact us for detailed information.


ACCOUNTING SERVICES FOR MICROENTERPRISES AND SMALL COMPANIES

The Singapore business market is made not only of large companies, but also
micro and small enterprises that require equal attention. These are also subject
to special accounting requirements, and, in some cases, different tax rules
compared to other businesses, which where an accountant can be a good solution
to turn to. He or she can advise on the best accounting method to use and can
help you draft the necessary paperwork to obtain the tax deductions or
exemptions such companies qualify for.

Here are some of the programs a small enterprise can enter and benefit from
governmental support under the form of tax rebates or grants:

 * the Productivity and Innovation Credit Scheme under which tax deductions of
   up 400% can be obtained;
 * the corporate tax rebate scheme under which such companies can obtain a
   reduction of up to 30% or a maximum of 30,000 SGD from the income tax imposed
   on companies;
 * the small and medium-sized enterprise cash grant of 5% or a maximum of 5,000
   SGD.

In order to see if your business qualifies for any of these schemes, you can
rely on our accountants in Singapore who will assess your company’s financial
standing in order to help you.


SPECIAL ACCOUNTING SERVICES FOR STARTUPS IN SINGAPORE

Our accounting firm in Singapore keeps up with the latest changes in the
business market which is why we adapt our services to all types of enterprises,
including startups. Such changes impact accounting regulations, which is how the
Startup Tax Exemption Scheme was created by the IRAS.

Under this tax scheme, startup companies can obtain full tax exemptions for the
normal chargeable income which can reach up to 300,000 SGD during the first 3
years of activity. There is also the partial tax exemption that ca be obtained
under specific conditions.

Our accounting firm in Singapore can provide tailored services to these
companies and choosing to work with us will not only lead to savings but can
also imply tailored consultancy in order to benefit from what having a startup
in Singapore means.


ASSISTANCE IN OBTAINING TAX INCENTIVES FOR SINGAPORE COMPANIES

One of the main reasons foreign investors choose Singapore to set up companies
in is related to the many tax incentives available here. In order to obtain
them, specialized assistance from accountants who are acquainted with the
mechanisms of benefitting the most from them is recommended.

Here are some of the incentives available for Singapore companies:

 *           the pioneer tax incentive which is available for manufacturing
   companies that can obtain tax exemptions ranging from 5 to 15 years on
   qualifying products and services;
 *           the development and internationalization incentive which can lead
   to a reduced corporate tax rate of 5% for a period of up to 10 years;
 *           the investment allowance under which companies can obtain tax
   exemptions on profits for a period of up to 5 years;
 *           the Intellectual Property Development Incentive which provides for
   a reduced rate of 5% or 10% on the sale of certain intellectual property
   rights;
 *           various incentives for the companies in the financial industry
   which can qualify for reduced corporate tax rates.

Apart from these, Singapore has also signed many double taxation agreements
under which foreign shareholders and companies can obtain various tax deductions
and exemptions under specific regulations.


TAXATION IN SINGAPORE

Foreign companies are not taxed at the same rates; if you are a national from a
country that has signed a double taxation treaty with Singapore, your company
will be exempt from paying several taxes. Our accounting firm can offer you
assistance related to the filing of income tax returns, corporate tax, corporate
tax planning, international tax advisory, goods and services tax (registration,
filing, compliance).

Singapore is considered a low-tax jurisdiction, however, companies can request
specialized services in order to manage their tax requirements effectively and,
when possible, implement adequate tax planning strategies. The complete services
offered by our accountants include the following:

 * corporate tax compliance,
 * tax filing for sole traders and partnerships,
 * tax planning, tax structuring,
 * GST filing
 * GST compliance and advisory services
 * tax incentive optimization

An accountant in Singapore from our team will be able to help you with services
referring to submitting forms to the IRAS as well as attending to the tax
inquiries, should any of these arise during the course of the tax year.
Moreover, we can help foreign companies comply with the tax principles in
Singapore and avoid double taxation. For this purpose, we can offer you more
information on the foreign tax credit.


CORPORATE ADVISORY

Our accounting company in Singapore can offer you financial consultancy in order
to maximize the value of your business; our accountants can provide you with
their expertise in fields such as implementing business strategies, cash flow
improvements or improving the company’s profits and many other accounting
related services. Financial due diligence is a special type of service that can
be of interest to investors willing to engage in company mergers and
acquisitions. Essentially, this thorough report prepared by our team will help
business owners understand the financial situation of the business to be
acquired and it can be a useful step in the planning of the business merger. We
also offer valuation services as part of the business or corporate advisory
services – a complete analysis of the value of the corporate assets and the
value of the company as a whole. In order to avoid possible risks, our team of
accountants will offer their services to improve the efficiency of your company
in terms of compliance with the local legislation.


PAYROLL SERVICES

Our accountant in Singapore will provide you with services related to payroll,
such as the issuance and registration of salaries, calculating the taxes which
the company must pay for its employees or calculating bonuses awarded to the
employees.

If you need further information on the accounting services we provide, please
contact our accounting firm in Singapore for more details on this subject. For
clients who need other types of services, for example, plumbing repair
assistance in Singapore, our company recommends a reliable team of plumbers in
London who can resolve numerous plumbing problems in the London area.


WHAT ARE THE MAIN ACCOUNTING STANDARDS IN SINGAPORE?

Singapore companies are required to file the following documents with the Inland
Revenue Authority:

 *           the audited financial accounts;
 *           the Estimated Chargeable Income;
 *           the annual returns.

The Financial Reporting Standards require the documents above to reflect the
following information about the companies financial status:

 *           the inventories;
 *           the statement of cash flows;
 *           the income taxes;
 *           the revenue.

Our accounting firm in Singapore can help you prepare the annual financial
statements in order to comply with these standards.


FORENSIC ACCOUNTING IN SINGAPORE

Forensic accounting is a division within the area of accountancy that employs
accounting and financial services during investigations of fraud, differences,
and mistrusted offenses. The responsibility of a forensic accountant is to
recognize and expose illegal financial practices in order to identify suspects
and recuperate funds.

These kinds of investigations make the nature of this work a delicate one.
Following the examination, the forensic accountant in Singapore is required to
report to the management of the hiring company.

This branch of accounting deals with investigating financial crimes, such as:

 * money laundering;
 * tax fraud;
 * economic damages calculation;
 * securities fraud.

Our forensic accountants in Singapore work by performing the investigation and
by supplying the reports, at the same type providing the needed answers to the
clients during the investigation. If you need other accounting services in
Singapore, we are at your disposal.


WHY EXTERNALIZE THE ACCOUNTING OF A SINGAPORE COMPANY?

Running a business implies taking care of numerous aspects of a company, and
accounting is one that cannot simply be postponed or neglected. This is one of
the main reasons why many owners decide to work with external accountants who
can handle all the important matters related to the daily, monthly, quarterly
and annual accounting and financial requirements a Singapore company must comply
with.

Apart from this, an important reason to use an external accounting firm in
Singapore is the specialized accounting software it uses. Not only will you save
money on buying a licensed soft, but will not need to have employees trained to
use it or worry about maintenance aspects.

At last, working with an accounting firm in Singapore means no longer having to
create a department made of at least 3 or 4 persons in your company.

If you need information on how we can help, we invite you to get in touch with
us for details.


FAQ ON ACCOUNTING MATTERS IN SINGAPORE

Some of the most frequently asked questions on accounting matters in Singapore
that we have come across from our clients are as listed below. 1.    Which are
the tax authorities in Singapore? The main tax authority in Singapore is the
Inland Revenue Authority of Singapore (IRAS). It is responsible for collecting
taxes which sum up more than 70% of the Operating Revenue of the Government
which sustains the economic and social programs of the Government to realize
quality development and inclusive society. 2.    Is VAT registering compulsory
in Singapore? The European VAT is the equivalent of the GST (Goods and Services
Tax) in Singapore. All companies which conduct business activities in Singapore
have to register for GST with the IRAS. 3.    What are the reporting
requirements in Singapore? All private limited companies in Singapore are
requested to comply with the Accounting and Corporate Regulatory Authority
(ACRA). Yearly reports are mandatory for active, as well as inactive
companies. 4.    Which companies need to perform an audit in Singapore?
Companies in Singapore which are corporate shareholdings or which have a yearly
revenue in excess of SGD 5 million are required to have their accounts
audited. 5.    What are the yearly financial statements which have to be
submitted? The annual financial statements that have to be submitted by
companies in Singapore include consolidated statements (balance sheets, cash
flow and income statements and so on), statements of financial position (assets,
current assets, equity, liabilities and others) and other relevant data. Our
accounting company in Singapore can provide more details on this matter. 6.   
What is the value of Goods and Services Tax (GST) in Singapore? As of 1 July
2007, the GST rate in Singapore is 7%. 7.    What are the corporate taxes in
Singapore? The corporate tax rate in Singapore is established at 17% since 2010,
although certain exemptions can be granted. 8.    What are the accounting
standards in Singapore? The accounting standards in Singapore are known as the
Financial Reporting Standards, which are issued by the Accounting Standards
Council (ASC). 9.    Is there a social security tax in Singapore? There is no
social security tax in Singapore. 10.    Is Singapore a tax haven? Because of
the low taxations applied to residents and non-residents, Singapore is
considered to be a low tax haven.


ACCOUNTING PRINCIPLES IN SINGAPORE

Investors willing to open a company in Singapore should know that the main
source of law in this field is the Singapore Financial Reporting Standards,
which have been aligned with the International Financial Reporting
Standards. Our team of accountants observes these principles in order to deliver
proper accounting services for all types of businesses in the
country. Businesses can benefit in more than one way from outsourcing accounting
services in Singapore. When business owners choose to do so, they can
concentrate on developing the business knowing that the financial situation is
stable and accounted for and at the same time that the company complies with all
of the relevant tax, financial, and social security regulations. Accounting has
an important role in determining the financial situation of a company and thus
its perspectives and evolution. Outsourcing the accounting services to a
reliable partner like our accounting firm in Singapore can help you focus on
what matters most: growing and improving your business. Contact us for complete
information about our services and in order to receive an offer.

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