Two filings, two authorities
Bookkeeping, Accounting & Audit in Singapore
A Singapore company files with ACRA and with IRAS. They are separate obligations and most new companies are audit exempt.
GCC business setup specialists
Audit exemption is the good news
Unlike Hong Kong, Singapore exempts companies meeting the small company criteria from audit, which most new businesses satisfy. You still file financial statements with ACRA and a tax return with IRAS, and the records have to support both.
- Audit exemption position confirmed, not assumed
- XBRL filing handled with the annual return
- Tax computation prepared from the same records
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
Black Swan Business Setup Services•Black Swan Business Setup Services•Black Swan Business Setup Services
What we run
The Singapore compliance cycle
What applies depends on size, GST status and whether you employ.
| Obligation | Filed with | Rhythm |
|---|---|---|
| Bookkeeping | Internal, supporting everything else | Monthly |
| GST returns | IRAS, where registered | Periodic |
| Estimated chargeable income | IRAS | After financial year end |
| Financial statements | ACRA, in XBRL where required | Annual |
| Annual return | ACRA | Annual |
| Corporate tax return | IRAS | Annual, on its own deadline |
Audit exemption criteria, XBRL requirements and filing deadlines are set by ACRA and IRAS and change. What applies is confirmed in writing.
How it works
Getting the books in order
The first month establishes the position and the deadlines.
01
Position and deadlines
What exists, your financial year end, audit exemption position and every filing deadline captured.
02
Set up and maintain
Chart of accounts built for your activity, bookkeeping maintained with supporting documents, GST records where registered.
03
File on time
Estimated chargeable income, financial statements in the required format, annual return and the tax return.
- Business profile and UEN
- Constitution
- Financial year end
- GST registration details, if registered
- Bank statements for all accounts
- Sales and purchase invoices
- Existing accounting records
- Prior-year financial statements and tax returns
- Payroll and CPF records
- Lease and finance agreements
- Fixed asset list
- Related-party transaction details
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- Monthly bookkeeping and reconciliation
- Chart of accounts built for your activity
- Management reporting
- Financial statements prepared
- XBRL preparation where required
- Estimated chargeable income filing
- Corporate tax return preparation
- Deadline tracking across ACRA and IRAS
Not included, quoted separately
- ACRA and IRAS fees, paid at cost
- Statutory audit where not exempt
- Accounting software licences
- Backlog beyond the agreed opening position
- Payroll processing, quoted separately
- Tax advisory and incentive applications
- Representation in an IRAS query
- Filings outside Singapore
Verify independently
Official Singapore authorities
We file directly with these bodies on your behalf.
Accounting and Corporate Regulatory Authority (ACRA)Inland Revenue Authority of Singapore (IRAS)Ministry of ManpowerCentral Provident Fund BoardSingapore CustomsIntellectual Property Office of Singapore
Questions
Singapore accounting — FAQs
Is my company audit exempt?
Most new private companies meet the small company criteria and are exempt. We confirm your position against the criteria rather than assuming.
What is XBRL?
A structured format in which financial statements are filed with ACRA. Whether and in what form it applies depends on your company, and we handle the preparation.
What is estimated chargeable income?
An early declaration of expected taxable income to IRAS after your financial year end, separate from the tax return itself.
Are ACRA and IRAS filings the same?
No. ACRA receives the annual return and financial statements; IRAS receives the tax return. Two authorities, two deadlines.
Can you take over messy records?
Yes. We establish an opening position and bring the backlog current. Clean-up is scoped separately.
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At Black Swan Business Setup Services, our mission is simple: to empower entrepreneurs and companies of all sizes to establish and expand their presence in the UAE, Oman, Saudi Arabia, Bahrain, and beyond.
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