FAQs

1.Am I required to be physically present to incorporate a company in Singapore?

No, a company can be incorporated remotely with the help of professional agencies like ours. However, as per KYC guidelines, we will have face-to-face interaction with you to understand your requirements.

 2.How long will you take to register my company?

In general, for most business activities, it takes one working day to register a company. However, for some businesses, it may take more time, where additional permission is required.

3.Can you also help in registering other forms of businesses, like Sole Proprietorship, Partnership or LLP?

Yes, we advise on the right structure for your business and support completing the formalities for relevant registration.

4.As per ACRA, anyone with Singpass can register a company, then why should I take your assistance?

Anyone residing in Singapore and have Singpass can register a company. However, there are benefits in collaborating with us, whereby our professional expertise can be helpful: a) Identifying the right business structure for you – Sole Proprietorship, Partnership, Limited Liability Partnership (LLP) or Limited Liability Company
b) Complete the required set of documentation
c) Provide name as Company Secretary
d) Guide on regular compliance to maintain the company

5.I am foreigner, can I incorporate a company?

Yes, a foreigner can register a Singapore Company, both as a subsidiary to your foreign entity or as a new entity. However, do note that there is a mandatory requirement to have a resident Director.

6.I do not know anyone locally to be a Director in my Company, can you arrange one for me?

Yes, we do provide the service of arranging a resident Director in Singapore. The Director so hired will be charging an annual feed and may require a security deposit.

7.Why do I need to have a local Director?

It is a mandatory requirement as per the Singapore Company Act. The person will be the contact point of the company and will be responsible for local compliance.

8.Can I use the local Director arranged by you as my local representative?

The Director arranged by us shall only be a Nominee Director and will not be responsible for business operations.

9.Does registration of company mean that I will be eligible to work and live in Singapore?

No, to live and work in Singapore, you will need a visa, for which a separate application to the Ministry of Manpower (MoM) is required. We can assist you with the application.

10.Can I open a bank account after the company is registered?

Yes, a company can open a bank account for business once it is legally registered and have a local address.

11.I will be starting small with no staff, do I still need to lease an office space?

For registering a company, you need a registered office address. If you are beginning small and do not wish to have a full-fledged staffed operation, you can choose to have a virtual office address for local communications. We will assist you in arranging the same.

12.Do I need to decide specific business activities before registering a company, or I can just register in general?

It is mandatory to disclose the main business activity the company will be undertaking. At most, you can select only two business activities, the list of which is available at Singapore Standard Industrial Classification (SSIC).

There should not be too much deviation from the disclosed business activities.

13.Can I open a bank account for my company without being physically present in Singapore?

It depends upon the bank’s KYC requirement. Due to recent travel restrictions, many banks have taken a flexible approach and have made arrangements to open the bank accounts for local companies with foreign Directors via video conferencing.
We do work with selected local banks to assist our clients in opening a bank account remotely.

14.What proof will you provide on company registration?

After the company is registered, we will give you an official Biz Profile issued by ACRA. In case you need further documents like a Certificate of Incorporation (COI), we can arrange the same at an additional cost as charged by the authorities.

15.What is the minimum capital requirement for registering a company in Singapore?

A company can be registered at S$1 per share and with one share.

1. Why should I outsource my accounts?

Accounts outsourcing is a strategic decision to enhance business productivity and reduce cost. We can relieve you by taking accounts into our expert hands and let you focus on core business.

2. Does outsourcing means leaking of confidential business information?

No, as a professional service provider we strictly follow data privacy and confidentiality laws. Moreover, data will be stored in the cloud-based secured servers provided by tech giants like Microsoft and Amazon.

3. Which accounting application do you use to record books?

We prefer to use Xero, which is a well-known cloud-based accounting application. As we are Xero partner. However, we are trained accountants with years of experience handling various other applications like Oracle, Navision, MYOB, and Accpac. So, in case you have been using some other application, based on your choice we can take over the same or can help you to migrate to Xero.

4. Will I have access to my accounts, even after outsourcing?

Yes, as we use cloud-based applications, your books will be available to you on a real-time basis from anywhere.

5. What is your reporting format, excel, word etc?

Your regular dashboard will be available online, giving you an insight into business essentials regularly. For the monthly report, we will send you a PDF file, that will include your business performance analysis.

6. Will you provide the reports as accepted by the regulatory authorities?

Yes, we will prepare the reports required to file with the regulatory authorities, i.e., ACRA and IRAS.

7. Do I need to subscribe/buy the accounting application for you to maintain the books?

If we are using your existing application, we will need you to get us the usage rights. In case you choose Xero to maintain accounts, we will subscribe to one for your company. As we work with Xero closely, we will arrange a discount on the subscription. Please note that Xero plans are flexible and, payments are monthly.

8. I have a small business, will it be feasible for me to outsource the accounts?

We have flexible plans starting from as low as $150 per month. So you can choose based on your requirement and budget. Feel free to book a call with our expert, who will guide you on the plan to select.

9. Do I need to outsource full set of accounting?

It is your choice. We will help you to identify your needs and advise you of an ideal solution. It may vary from outsourcing a part to the full set of accounts.

10. What percentage of cost reduction can outsourcing of accounts bring to my business?

There is no defined answer. It depends upon the business you are in and the quantum or accounting process you are looking to outsource. In general, the savings can range from 20% to 80% of your annual business budget.

11. If I want can take-over my accounts back from you?

Yes, we maintain accounts in common accounting platforms. So whenever you decide, we will fully assist in transitioning your books back to your system.

1.What are the mandatory filings required in Singapore?

Every department/ministry has different requirements. In general, the following are the major mandatory ones:
ACRA: An Annual return has to be filed on Bizfile within six months from the end of the Financial Year. It includes the declaration of date of AGM held to present the financial statements.
IRAS: (a) An return for Estimated Chargeable Income (ECI) – within three months from the end of the Financial Year.
(b) A Corporate tax return 15 December of every year
(c) Quarterly and annual Goods and Service Tax (GST) return to be filed
(GST registration and filing is only mandatory if the company’s revenue is more than S$1 m)
Please note that all submissions in Singapore are online.

2.Do I need to maintain books of accounts in Singapore?

Yes, all the companies must maintain the books of accounts and prepare annual financial statements to file to ACRA.

3.What is Annual General Meeting (AGM) and is it compulsory to hold?

Every company, unless exempt/dispensed needs to hold an AGM whereby Directors present Financial Statements to the shareholders of the company. The date of AGM has to be declared in the Annual Return filed with ACRA.

4.Does a dormant company also need to file the corporate returns?

Yes, unless exempt, all the companies registered in Singapore need to file the necessary returns.

5.Is it mandatory to appoint a Company Secretary and Auditor in Singapore?

A Company Secretary should be appointed within 6 months of incorporation. Where required, Auditor should be appointed within 3 months of incorporation. Please note that “Small Companies” are exempt from the audit requirement.

6.Can a Sole Director also be appointed as a Company Secretary

No, a Sole Director cannot act as a Company Secretary.

7.Which Accounting Standards are followed in Singapore?

Singapore has its reporting standards known as Singapore Financial Reporting Standards (SFRS). They are framed in line with International Financial Reporting Standards (IFRS), with some differences to accommodate local needs.

8.What are the Statutory Records required to maintain in Singapore? Will you assist us in arranging the necessary compliance?

Following are required to maintain as per ACRA:

1) Register of Members and Directors

2) Register of Controllers

3) Minutes of Meetings

We will maintain these records and will ensure that you are fully compliant with the requirements

9.What is the mandatory period to keep the accounting records of the Company in Singapore?

As per local laws, books of accounts and necessary supporting should be maintained for at least 5 years (as per IRAS).

10.What is a “Small Company” and what are its benefits?

For simplifying the statutory requirements, ACRA has defined a Small Company as:
a) A Private Company
b) Meets two of the following criteria’s:
– Revenue <= 10m
– Assets <= 10m
– No. of employees <= 50
The company remains small unless disqualified based on two consecutive financial years.
As a benefit, Small Companies are exempt to get their accounts audited

11.Can I maintain my statutory records anywhere, say in my home country?

As per the Singapore Company’s Act, all the statutory records should be maintained at the registered office of the company or with a Registered Filing Agent (RFA). These records should be accessible during all official days and hours.

12.What is XBRL filing, is it mandatory to do so?

XBRL or eXtensible Business Reporting Language is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format. It is becoming a global format used to file Financial Statements to regulatory authorities.
Except for Exempt Private Companies (EPC), all the companies are required to file FS in XBRL format.

1.Where can I find more details about ACRA and its requirements?

Please visit official ACRA website at https://www.bizfile.gov.sg/

2.Which is the IRAS official website?

Please follow the following link https://www.iras.gov.sg/

3.Where can I check my eligibility for Employment Pass in Singapore?

You can check your eligibility for Employment Pass or other Singapore immigration passes from Self-Assessment tool available at Ministry of Manpower website. Please follow this link https://www.mom.gov.sg/eservices/services/employment-s-pass-self-assessment-tool