Singapore Bank Account Opening
Companies can only apply for a corporate bank account after they have been incorporated. During the application process, the company needs to provide business proof documents for the bank's preliminary review. This review process may take approximately 3 to 4 weeks or longer. Most banks require the account signatory and company directors to be physically present in Singapore to sign the formal account opening documents. However, some banks may accept the signatory to sign at their overseas branches or through a video conference call with the company's authorized signatory. Additionally, the bank may require the company to submit additional documents in different cases.
Information Required
- Latest invoices for existing business (e.g. invoices from suppliers and customers)
- Certificate of incorporation for the existing company List of suppliers and customers for the existing business
- Resumes/CVs of the directors
- Any contracts or agreements for the existing business
Advantages For Opening Singapore Bank Account
- Not subject to foreign exchange controls, funds can be freely disbursed, and various currencies can be freely exchanged.
- Convenient for settling international trade payments. Easy to obtain trade financing from international banks.
- Clients can choose to use foreign tax numbers and passports so as to avoid financial storms.
- Low deposit requirements for corporate bank account in singapore, and there is no need to purchase any financial products such as wealth management plans.
How Agency Finance Helps You
According to the Singapore Company Law, a Singapore private limited liability company must submit to the Singapore Accounting and Corporate Regulatory Authority (ACRA) a financial report compiled in English in accordance with the standards of the Singapore Institute of Certified Public Accountants in each financial year.
Singapore Financial Agency Bookkeeping Materials
- Cash receipts: (travel expenses, business entertainment expenses, employee wages, social security expenses, communication expenses, transportation expenses, postage expenses, etc.)
- Bank documents (cash withdrawal, transfer, credit voucher, wire transfer, receipt, debit note, etc.)
- Invoices (all invoices issued from the 1st to the 31st of this month
- Value-added tax list (summary list of output items, detailed list of output items
- Monthly wages, ID number, gender, name of company employees
Singapore Company Agency Bookkeeping Process
- Evaluate, quote, and sign an agreement on accounting and tax declaration after negotiation
- full payment in advance
- Organize the documents and enter the accounting process
- After the accounting is completed, it is handed over to the auditor for audit.
- After the audit is completed, the accountant takes the audit report to the government to declare tax
- Relevant files to customers
Company Annual Review
In Singapore, accounting for private limited companies, tax returns, etc. only need to be done once a year, and there is no need to make accounting books every month. The annual general meeting (AGM) of the new company must be held within 18 months after the registration of the new company, the accounting yearly form and financial report shall be submitted to the Registrar (AR), and tax declaration shall be made to the tax bureau at the same time. This series of work shall be carried out once every financial year, collectively referred to as annual review.
Services Included In Singapore Company Annual Review
- Appointment and renewal of legal secretary and address.
- Preparation of accounting information and issuance of financial reports, judging. whether an audit is required depending on the situation.
- Convening of annual general meeting and submission of materials.
- Completion of corporate income tax forms.
Materials Needed
- A copy of company establishment documents (company registration certificate, articles of association)
- Company expenditure and income receipts (bank cash receipts and payments)
- Cash bill (cash receipt and payment voucher)
- Bank statement -employee salary statement
Access For Company Audit
Compulsory Things To Take Note:
Singapore Company Audit Conditions
Companies that meet any of the following criteria are required to be audited:
- The total sales and total assets of the Singapore company and its affiliated groups are greater than SGD 10 million.
- The total sales of Singapore companies and their affiliated groups are greater than SGD 10 million and the number of employees is greater than 50.
- The total assets of the Singapore company and its affiliated group are greater than SGD 10 million and the number of employees is greater than 50.
Information Required For Singapore Company Audit
The Main Content Of Singapore Company Audit
Singapore Company Audit Conditions
Companies that meet any of the following criteria are required to be audited:
- The total sales and total assets of the Singapore company and its affiliated groups are greater than SGD 10 million.
- The total sales of Singapore companies and their affiliated groups are greater than SGD 10 million and the number of employees is greater than 50.
- The total assets of the Singapore company and its affiliated group are greater than SGD 10 million and the number of employees is greater than 50.
Information Required For Singapore Company Audit
The Main Content Of Singapore Company Audit
A Guide For Your Tax Planning
Singapore Corporate Income Tax Filing
Singapore adopts the principle of territorial taxation, which means that only income derived from or earned in Singapore is taxed. Income earned by individuals or companies in other countries is not taxed in Singapore. Corporate income tax rate: 17%
Singapore Personal Income Tax Filing
The personal income tax rate remains between 0-22%. Exemption from personal income tax: Individuals' capital gains from overseas, income from overseas, and dividends from Singapore companies are all tax-free in Singapore.
Goods And Services Tax GST Filing
It is an indirect tax levied in Singapore on goods or services purchased by consumers. Singapore's current GST tax rate is 7%, and it is only taxed on domestic consumption. Products and services sold to foreign consumers are exempt from GST tax.
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