Our team of Chartered Certified Accountants provides corporate and business solutions designed for growing companies.
Bookkeeping and Accounting Services
All Singapore companies are required to prepare and keep a book of accounts. This consists of a P&L Account, Balance Sheet, CFS, and Equity Statement – all of which must be in accordance with the Singapore Financial Reporting Standard (SFRS).
Our Chartered Certified Accountants will maintain your Books, providing a true and fair representation of your company’s financial records.
How We Work
We will assign a dedicated personal account manager who will:
- Closely work with you to review your business accounting needs
- Organize your financial documents (sales, purchase orders, expense, bank statements, etc) and maintain your accounts ledger.
- Draft financial statements in accordance with the Singapore Financial Reporting Standards (SFRS) for statutory submissions.
- Monitor statutory compliance issues and ensure that you understanding of all account reports.
Keeping proper records is not only a statutory requirement but it also assists business owners in understanding their financial performance.
Depending on the number of transactions and complexity of the accounts, our fees starts from $100/month.
We offer a comprehensive range of accounting and bookkeeping services that are cost-effective. They are as follows:
- General Ledger Maintenance
- Accounts Payable & Receiver Ledger Maintenance
- Bank Reconciliation
- Fixed Assets Ledger Maintenance
- Cash Flow / Budgeting
- Financial Statements & Reports Monthly, Quarterly, Year-End Review
- Books Cleanup
- Management Reporting
- Financial Analysis
Singapore Payroll Service
Under the Employment Act, companies must pay their employees correct salaries within 7 working days after the end of the salary period. Failure to pay salaries in accordance with provisions of the Act is an offence.
Computation of basic wages, overtime wages, bonuses etc are some of the basic elements of payroll processing.
Employer must ensure Form IR8A, FORM IR8S, Appendix 8A and Appendix 8B are produced.
How We Work
An Accounts Manager will be assigned and work with you on your payroll needs.
Our Payroll Management Services include:
- Salary calculation on a weekly, bi-weekly or monthly basis.
- Salary payment to employees by cheque issuance or through bank transfer such as GIRO.
- Central Provident Fund (CPF) registration and timely monthly payment.
- Issuing of IR8A Form for personal tax including statutory annual filing returns.
- Preparation and submission of Auto-Inclusion Scheme (AIS) with IRAS
- Computing gross to net salary and CPF
Let us calculate the net pay list of employees amount and accounts for your action and ensure that they are compliant to the statutory requirements.
- Providing payroll reports and payroll journals for Management and Accounting purposes
- Issuing confidential pay slips (hard copy or electronic)
- Preparation and submission of IR21, GML, NS MUP, CPF refund, government statistical forms etc.
Singapore Tax Filing
Our Tax services involves Corporate, GST Personal.
Focus on building your business and leave the taxation to us.
1. Singapore Corporate Tax Filing
All companies must submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS). The deadline to submit audited or unaudited tax accounts is 30 November annually.
Singapore adopts the preceding year basis taxation. Therefore, the profits for the financial year ending in the preceding year will form the basis for filing the tax returns in the current year.
How We Work
Our corporate annual tax return service includes but not limited to the following accounting functions:
- Corporate tax computation
- Submission of Estimated Chargeable Income (ECI)
- Preparation of tax forms for corporate submission
- Preparation of Form C for submission
Our accounts managers will also guide you on the filing of audited or un-audited accounts as well as tax planning.
2. Goods and Services Tax (GST) Submission
GST is a consumption tax levied on the import of goods as well as nearly all supplies of goods and services in Singapore.
Businesses whose taxable supply exceeds or is expected to exceed S$1 million for any consecutive 12 month period are required to register for GST with IRAS.
GST-registered entities must submit quarterly GST returns.
Any GST paid by a company can be claimed from the IRAS.
Businesses may also voluntarily register for GST.
How We Work
VYBE Co offers a GST service that helps ease the process of filing and complying with statutory requirements.
Our accounts consultants can help you with the following:
I. GST Registration
We will register for GST on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration.
II. GST Filing
We offer an assessment that determines the impact of GST registration on your company and customers. Based on the assessment, we will advise you on the optimum GST filing cycle for your company. We offer monthly, quarterly and biannual GST filing.
Our service also includes providing advice on compliance matters as well as any incentives provided by the government for voluntary registration
3. Singapore Personal Income Tax Filing
Singapore Tax adopts a progressive personal tax rates, relative to an individuals amount of income.
It is mandatory under law to file for your annual personal tax returns to IRAS by 15 April every year.
IRAS diligently enforces the requirements relating to the filing of the personal tax.
Singaporeans whose overseas employment is for a period of at least six months in any calendar year can choose to be treated as a non-resident for the year of assessment following the year of overseas employment. Foreign income received in Singapore is not subject to tax under certain conditions.
How We Work
VYBE Co can assist you in your personal income tax filings. Our personal tax filing services include:
Registration for new tax payers
- Preparation and filing of income tax return
- Preparation of Form IR8A/IR21 for employees
- Tax planning
- Taxation of Allowances & Benefits-in-kind
- Taxation of Director’s Remuneration/Fees
- Payment & Refund of Tax
Audit is about much more than just the numbers. It’s about attesting to accomplishments and challenges, and helping to assure strong foundations for future aspirations.
We illuminates the what, how, and why of change so you’re always ready to act ahead.
1. Statutory Audit
Statutory audits are for clients who require an audit for statutory reasons associated with the filing of their annual report and financial statements with ACRA, in order to meet the requirements set by the Singapore Companies Act.
Our audit methodology, through thorough understanding of our client’s business and risks, bears the following four approaches:
Planning – We identify and develop the overall audit approach with particular focus on key audit risk areas
Controls – We understand, evaluate and validate the key internal control areas and advise management of any issues during the audit
Substantiation – We carry out test of details on significant account balances and transactions during both the interim and final audits
Completion – We submit our audit opinion and a management letter.
2. Internal Audit
Internal audit is a key driver of effective management control, proactive risk management, good corporate governance and ongoing process improvement. Our comprehensive ranges of internal audit solutions include:
Helping companies develop and implement risk based internal audit methodologies
Helping companies carry out risk assessment evaluation and testing
Advising on the establishment of robust internal control systems
Providing specialised additional resources to in-house internal audit departments
Liaising with external auditors in relation to their annual statutory audits
Annual Regulatory Compliance
Annual Regulatory Compliance – ACRA
Filing Annual Returns and AGM
All locally incorporated companies are required to hold their Annual General Meeting (AGM) and file their Annual Returns under S175, S197 and S201 of the Companies Act.
At the AGM, directors shall present a true and fair view of the Financial Statement to their shareholders. These accounts need to be prepared in accordance with Singapore Financial Reporting Standards (SFRS) which sets forth accounting standards in Singapore.
AGM – When?
First AGM: Required to hold the first AGM within 18 months after its incorporation.
Subsequent AGM: To be held every Calendar Year and the interval between AGM should not be more than 15 months.
AGM – What is Passed?
- Adoption of Accounts Laid at Meeting
- Approval of Dividends Declared
- Approval of Directors’ Fees
- Re-election of Director(s)
When? – The Annual Return must be filed with the Registrar within one month after the AGM.
- Minutes to AGM Meeting including members’ resolutions
- Financial Statements for the year relating to the AGM Meeting (not required if you are dormant)
Financial Statements presented at the AGM shall be made up to a date not more than 6 months before the AGM.