Corporate Services
ACCOUNTING AND TAXATION
CORPORATE SECRETARIAL SERVICES
COMPANY & BUSINESS INCORPORATION
MANAGEMENT CONSULTING
Edwin Tay & Co. LLP offers a full spectrum of accounting, bookkeeping and taxation services to SMEs at reasonable and competitive prices. We aim to be professional, efficient and accurate in our work, and be transparent with how we price our services. “Best in Class Services at Competitive Prices”.
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FINANCIAL REPORT
GST MATTERS
TAX PLANNING & RETURNS
XBRL FINANICIAL REPORT
Financial Report
Compilation of Unaudited Financial Statements
(In accordance to Singapore FRS)
Section 201 of the Companies Act states the requirements for directors of Singapore incorporated companies to prepare financial statements that comply with Accounting Standards (also commonly known as Financial Reporting Standards). The Companies Act defines “Accounting Standards” as “accounting standards made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act 2007 (Cap 2B)”. Therefore, Financial Reporting Standards (“FRSs”) issued by the Accounting Standards Council (“AS Council”) have the force of law. This includes Interpretations of Financial Reporting Standards (“INT FRSs”).
Companies may state that their financial statements have been prepared in accordance with FRS only if they have complied with all FRSs and INT FRSs issued by the AS Council that are applicable to them.
The statutory financial statements for companies are filed with ACRA when filing the Annual Returns, together with the Directors’ Report and Statement by Directors. It is important to note that the Directors’ Report and Statement by Directors are not part of the financial statements.
Our Compilation of Unaudited Financial Statement package will include:
- Directors’ Report
- Statement by Directors
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income (Profit & Loss)
- Statement of Changes in Equity
- Statement of Cash Flow
- Noted to the Financial Statements.
GST Registration and Filing
Goods & Services Tax (GST) is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sale and lease of residential properties, the importation and local supply of investment precious metals and the provision of most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).
We will explain in detail how Singapore GST works and advise you on the benefits and trade-offs by being GST registered.
Our GST Services includes:
- GST Form 5 Preparation for GST returns to IRAS
- GST Registration
- Conduct GST assisted self-help kit (ASK)*
We can also help you ensure full compliance by:
- Reviewing your GST practices and recommend essential and good practices into your internal processes
- Providing you with a complete checklist for filing of GST return so that you do not make errors.
- Conducting GST compliance review
*Note: GST assisted self-help kit (ASK) is compulsory if you are applying for any of the following GST schemes:
a) Import GST Deferment Scheme (IGDS);
b) Approved Marine Customer Scheme (AMCS);
c) Approved Contract Manufacturer and Trader (ACMT) Scheme;
d) Approved Refiner and Consolidator Scheme (ARCS);
e) Major Exporter Scheme (MES); or
f) Approved Import GST Suspension Scheme (AISS).
Or if you are renewing any of the following:
a)Import GST Deferment Scheme (IGDS);
b)Major Exporter Scheme (MES); or
c)Approved Contract Manufacturer and Trader (ACMT) Scheme.
Tax Planning & Tax Returns
Tax Planning & Tax Returns Services
- Corporate Tax optimization planning and filing service
- Preparation of tax computation, optimized to minimize your tax liabilities.
- Submit Company Tax returns and Appendixes to IRAS. (Form C / Form C-S)
- Annual ECI filing
- Sole Proprietor/ Partnership / LLP Tax optimization planning and filing service (Form P, B1, B)
- Singapore Certificate of Residence Application (COR)
Company Tax Obligations:
The following income tax filing obligations will apply to all companies, except dormant companies for which IRAS has waived the requirement to file the Income Tax Return (Form C/ Form C-S):
- Filing of Estimated Chargeable Income (ECI) within three months from your financial year-end; and
- Filing of Income Tax Return (Form C/ Form C-S) on your actual income by 30 Nov in the year following the financial year.
What is a COR?
A COR is a letter certifying that the company is a tax resident in Singapore for the purpose of claiming benefits under the Avoidance of Double Taxation Agreement (DTA).
XBRL Financial Report
In general, all Insolvent Exempt Private Companies (EPCs) will be required to file XBRL. Please refer to ACRA website for current exemption criteria.
Our Services include:
- Preparation of full set of financial statements in XBRL format
- Preparation of XBRL Financial Highlights (FSH)
- Ensuring that the Bizfile Validation is completed and approved.
Document required for preparation of XBRL reporting:
- FRS Financial Report in MS Word format. Additional fees apply if only PDF format is available.
Company & Business Incorporation
COMPANY INCORPORATION
LIMITED LIABILITIES PARTNERSHIP (LLP)
COMPANY LIMITED BY GUARANTEE (CLG)
SOLE-PROPRIETOR & PARTNERSHIP
Company Incorporation
Incorporation of Private Limited Company (PTE. LTD.) Package includes:
- Professional fees for incorporating company
- ACRA Incorporation fees ($315)
- ACRA Business profile in PDF format
- Company Constitution in PDF format
- Free first year basic secretarial services
- Free first year Registered Address
Information Required for Incorporation of Private Limited Company:
- Proposed Company Name
- Business Activities Description
- Location of Registered Office
- Copy of NRIC information of all Local Directors/Shareholder/Company Secretary
- Copy of Passport and Proof of foreign address of all Foreign Directors/Shareholder
- Shareholding percentage breakdown
- Amount of ACRA Paid-up capital (Minimum S$1)
Advantages of a Private Limited Company:
- It is a separate legal entity, with unlimited lifespan
- Liabilities are limited to the assets of the Company
- Qualify for Tax incentives, Government grants & assistance
- Companies that qualify for Exempt Private Company (EPC) status does not need to be audited.
- An Exempt Private Company (EPC) is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act.
Important Statutory Requirements of a Private Limited Company:
- Number of Shareholders is limited to 50
- Must have at least one local resident Director
- Annual General Meeting
- A company is required to hold its first AGM within 18 months after its incorporation
- Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months
- Annual Return – The Annual Return must be filed to ACRA within one month after AGM
- Insolvent EPCs and Private Company will need to file Annual Return in XBRL format.
- Exempt Private Company and Dormant Company need not audit accounts.
Limited Liabilities Partnership (LLP)
Limited Liability Partnership (LLP) Registration Package
- Includes Professional fees to form business firm
- Includes ACRA fees
- Includes 3 sets of Business profile
- Free One year Website domain Name (.com.sg or .sg by SGNIC)
Information Required For Registration of LLP:
- 2 Proposed Business Names.
- Business Activities Description.
- Location of Registered Office
- Copy of NRIC information of all local Managers
- Copy of Passport and Proof of foreign address of all Foreign Owners
What is a Limited Liability Partnership (LLP)?
A Limited Liability Partnership (LLP) is a vehicle for doing business in Singapore. An LLP gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.
This means that the LLP is seen as a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession, which means any change in the partners of an LLP will not affect its existence, rights or liabilities.
An LLP is capable of:
- Suing and being sued in its name;
- Acquiring and holding property in its name;
- Having a common seal in its name and
- Doing such other acts and things in its name, as bodies corporate may lawfully do and suffer.
The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act or omission, but will not be held personally liable for such wrongful acts or omissions of any other partner of the LLP.
An LLP is required to keep accounting records, profit and loss accounts and balance sheets that will sufficiently explain the transactions and financial position of the LLP. In the event the LLP does not do this, the LLP and every partner shall be prosecuted and the penalty may be a fine or imprisonment, or both. In addition, the LLP shall submit to the Registrar an annual declaration of solvency or insolvency (i.e. being able or unable to pay its debts respectively) which will be made available to the public.
(Source: ACRA)
Company Limited By Guarantee
A public company limited by guarantee is one which its members contribute or undertake to contribute a fixed sum to the liabilities of the company by way of guarantee. It is commonly formed for carrying out non-profit making activities, such as for promoting art, charity, association etc.
Incorporation of Public Company Limited by Guarantee (CLG) Package includes:
- Professional fees for incorporating company
- ACRA Incorporation fees
- ACRA Business profile in PDF format
- Company Constitution (Previously known as Memorandum & Articles of Association)
- Free first year basic secretarial services
- Free first year Registered Address
Information Required for Incorporation of CLG:
- Proposed Company Name
- Business Activities Description
- Location of Registered Office
- Copy of NRIC information of all Local Directors/Shareholder/Company Secretary
- Copy of Passport and Proof of foreign address of all Foreign Directors/Shareholder
Sole Proprietor & Partnership
Exempted Entities/Individuals
- Individuals carrying on any of the businesses specified in the First Schedule.
- Statutory authority or other body established under any written law.
- Institution, society or person specified in the First Schedule to the Income Tax Act.
- Registered Society.
- Registered co-operative society.
- Registered mutual benefit organisation.
- Person carrying on any business consisting solely of the exercise of any profession which under the law can be exercised only by those who posses certain prescribed qualifications and whose names are registered in the manner prescribed by the law (e.g. doctors, lawyers).
- Charitable institutions which is exempt from tax under the Income Tax Act.
- The Public Trustee or the Official Assignee of the property of a bankrupt.
- A foreign company carrying on business in Singapore which is registered under the Companies Act and carries on the business under its corporate name.
- Any other person or class of persons for the time being exempted by the Minister, by notification of the Gazette, from all provisions of this Act.
- Any company registered under the Companies Act or any previous legislation carrying on business under a business name that consists of its corporate name.
First Schedule
- Any business of a licensed hawker who sells or exposes for sale any drink, goods, wares or merchandise of any kind whatsoever, or who offers for hire his skill in handicraft or craftsmanship.
- Any business of a craftsman who –
- exercises his craft on his own domestic premises;
- does not display the products of his craftsmanship for sale in public; and
- does not employ any person other than members of his immediate family for the purpose of his business.
- Any business of –
- a taxi driver;
- a trishaw rider;
- a sampan man plying his sampan for hire; or
- a farmer, a fish pond keeper or a prawn pond keeper who: does not employ any person other than members of his immediate family; does not own the land on which his farm or pond stands; and does not charge members of the public any fee for admission.
(Source: ACRA)
Company Secretarial Services
When incorporating a company in Singapore, you are required to appoint a company secretary within six months of incorporation to manage the legal issues of your company, in accordance with Section 171 of the Singapore Companies Act, Chapter 50.
Our Singapore Company Secretarial Services includes:
- Consultation on secretarial/statutory/compliance matters
- Preparation of minutes for Board of Directors’ meeting and Annual General Meeting, submit Annual Return to ACRA when due.
- Preparation of standard resolution for Company Changes in Directorships, Shareholders, Registered Address, Bank Signatories and Lodgement of Changes in accordance to Resolutions Passed.
- Monitoring of Accounting and Corporate Regulatory Authority (ACRA) and IRAS filing Datelines, ensuring your Company is Compliant with the ACRA Rules & Regulations
- Documenting and E-stamping of Share Transfers
- Maintaining Company Registers
- If required: Provision of Named Secretary for your Company.
Management Consulting
Backed by more than 30 years of experience, we specialize in enabling Small to Medium-sized Companies (SMEs) to greater heights and it is our passion to be able to assist our clients to be successful and grow together with them. We will work with our clients to understand their strategic challenges and tailor solutions to enable them to be highly efficient and out-execute their competition.
Our Management Consulting Team’s mission statement: We enable our customers to create new value by delivering diligent and quality work at competitive prices. We achieve this with strong and proven methodologies and increased productivity.
Some of our capabilities include:
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Due diligence
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Market strategy
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Pricing strategy
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Brand Strategy
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Business unit strategy & Strategic planning
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Lean Six Sigma