Singapore is one of the most pro-business economies in the world. With its highly stable political and economic environment, strategic geographical location, state-of-the-art infrastructure, favourable taxation policies and business friendly regulatory environment, Singapore offers businesses and investors unprecedented and competitive access to the Asian market.
Furthermore, incorporating a company in Singapore is a hassle-free process with minimal requirements. The procedure is simple and in most instances, it can be completed in less than a day, allowing for the swift establishment of a new company.
Why do companies need accounting, auditing and tax filing services in Singapore?
Businesses have crucial objectives to achieve and goals to reach. They should allocate the majority of their time and efforts to their core business activities to attain their goals, unhindered by non-core tasks like accounting, auditing and tax filing.
Every company registered in Singapore must adhere to the annual filing and reporting obligations set forth by the Accounting and Corporate Regulatory Authority (ACRA) and The Inland Revenue Authority of Singapore (IRAS), compliant with Singapore’s FRS (Financial Reporting Standards). The services include:
- Balance sheet, profit and loss account, cash flow statements.
- ECI (Estimated chargeable income) submission – a company registered in Singapore is required to submit its (ECI) for the Year of Assessment to the Inland Revenue Authority of Singapore (IRAS) within three months from the financial year-end.
- Corporate tax filing
- Preparation of financial statements using XBRL (Extensible Business Reporting Language).
- Submission of GST (Goods and Services Tax)
- Reports of Auditors and Directors and so forth.
Accounting, auditing, and tax filing services are essential for every business in today’s landscape. However, in-house management of these services can be burdensome, potentially resulting in errors and inefficiencies.
To effectively reduce these stresses, it is beneficial to outsource these services to a professional accounting team. As the leading provider of accounting services in Singapore, Jozef can effectively support a company’s accounting needs on a monthly, quarterly, half-yearly, and yearly basis.
Costs of Accounting, Auditing, and Tax Filing Services in Singapore
Outsourcing of accounting, auditing and tax filing services is gaining popularity in Singapore. However, their range of prices may vary, depending upon factors such as the business’s size, industry type, bookkeeping methods and so on.
Here are some price ranges for Accounting, Auditing, and Tax Filing Services to consider:
- Basic bookkeeping and accounting services start at SGD$100 per month.
- Payroll services may range from $10 to $20 per employee per month, and
- Tax services typically add another $400-$600 per year.
In certain cases, bookkeepers and accountants may also charge hourly rates.
- Bookkeepers: $25 to $80 per hour
- Accountants: $150 to $450 per hour
- It’s worth noting that Certified Public Accountants (CPAs) often have higher hourly rates.
- Certain firms may charge $300–$400 monthly for low-volume transactions, $500 to $800 for small to medium volume transactions, and $1500 or more for high-volume transactions.
- Some firms may have additional requirements beyond the basic services. For instance, during a business transition, you might need support with operational and transactional aspects. Extra fees will be incurred in such instances.
Note
The above are general benchmarks for professional fees and are provided as a reference. Actual fees may vary on a case-by-case basis. For the most accurate and up-to-date pricing information, it is recommended to directly contact accounting firms.
In summary, the costs for Accounting, Auditing, and Tax Filing Services in Singapore depend on various factors, including the complexity of services required and the service provider’s fee structure. It is advisable for businesses to engage with professional accounting firms or tax professionals such as jozef to obtain customized and accurate cost estimates based on their specific needs. This approach ensures transparency, compliance, and effective financial management tailored to the unique requirements of businesses operating in Singapore.
